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Home News Macro

Score More Cash: Banks Raise the Stakes with Bigger Bonuses

by Team Lumida
July 19, 2024
in Macro
Reading Time: 3 mins read
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Photo by Arne Tho on Unsplash

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Key Takeaways:

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  1. Banks are increasing cash bonuses to attract new customers.
  2. Higher bonuses reflect intense competition among banks for new accounts.
  3. Expect more lucrative offers as banks vie for your business.

What Happened?

Banks are ramping up their efforts to attract new customers by offering larger cash bonuses for opening new accounts. For instance, Chase Bank has increased its new account bonus to $600, up from the previous $500. Similarly,

Wells Fargo is now offering a $400 bonus, a significant rise from its earlier $300 offer. These incentives are part of a broader trend where banks across the country are sweetening their deals to draw in more clients.

Why It Matters?

These larger bonuses underscore a highly competitive banking environment. With interest rates remaining relatively low, banks are finding it harder to attract deposits the traditional way. Cash bonuses offer a quick and direct method to entice new customers.

For investors, this signals that banks are willing to invest heavily in customer acquisition, potentially impacting their short-term profitability but aiming for long-term gains.

What’s Next?

Look for even more aggressive marketing and promotional strategies from banks as they continue to compete for your business. Expect a steady stream of lucrative offers, not just in cash bonuses but also in other perks like reduced fees and higher interest rates on deposits.

Investors should monitor how these strategies affect banks’ bottom lines and customer retention rates in the long run. Keep an eye on quarterly earnings reports for insights into how effective these bonus offers are in boosting new account sign-ups and overall profitability.

Source: Wall Street Journal
Tags: banks
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© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
‍Address: Lumida Wealth Management, 25 W 39th Street Suite 700, New York, NY 10018