For most people in the United States, the first few weeks of the year are the biggest spending months. Between back-to-school supplies, home improvements and winter gear, tracking how much you’re spending can take time. But if you have a $300 checking account bonus from your Bank, you’ve got some extra money to play with. So what can you do with that $300 bonus? Here are some ideas:
Prepaid cards
A prepaid card is a debit card that does not require a credit check. It can be used for purchases at any business that accepts debit cards, including ATMs and online retailers. Prepaid cards are a good option for people with bad credit, who may not qualify for traditional bank accounts; the only other way to open an account is through a payday loan company, which charges high fees and interest rates.
You should use your new $300 bonus from the Bank wisely because it will help you build up your financial education and gain experience in managing personal finances.
Money market accounts
Money market accounts are a good choice for your $300 bonus. Money market accounts offer higher interest rates than regular savings accounts, and they’re FDIC-insured, so your money is safe. But, unlike checking or savings accounts, you can withdraw money without penalty from a money market account without.
Certificates of deposit
One of the best ways to save money is with a certificate of deposit (CD). These are deposit accounts offered by banks and credit unions where you can lock up your money for the term of the CD and get a higher interest rate than you would in a savings account. The catch is that you have to leave it locked up for that period, which can be anywhere from three months to five years.
Retail bank accounts
This is the best way to get extra money if you want a new bank account. You need to open an account with the Bank that offers bonuses and meets the requirements. Many banks offer higher bonuses if you open new accounts with them through an affiliate website. This means that even if your friends or family members have signed up for their bank rewards system, they may need help to refer you. However, this does not mean you cannot find ways of getting access to these special promotions!
Use shopping portals
You need to check if your Bank offers a shopping portal. If it does, you can use it when shopping online or in-store to get cash back or extra rewards points on purchases. In some cases, there are no fees for using the shopping portal at all; but in others, a small charge may be attached.
SoFi professionals explain, “Direct deposit is the most common way to get paid in America. For example, 82% of U.S. workers get their paychecks electronically as a direct deposit.” When you get one, you can utilize them in the ways mentioned above.
There are many things you can do with the $300 bonus you get from a bank. For example, you can buy something for yourself or someone else and save money. Or, you can invest part of it in stocks or bonds if you want more income in the future. But, as we have seen above, many options are available for people who have earned this money for free! All you need to do is choose one of them and start saving immediately!
