Mobile Banks That Pay You to Open an Account: A Comprehensive Guide

Mobile banking has become increasingly popular due to its convenience and cost-saving benefits. Many mobile banks now offer cash bonuses to new customers as a way to stand out in a crowded market. These bonuses can be a great way to earn extra money simply by opening an account and meeting certain requirements. Below, we delve into the details of these offers, including the top mobile banks that pay you to open an account, how to qualify for these bonuses, and tips for maximizing your earnings.
Top Mobile Banks Offering Sign-Up Bonuses
Several mobile banks provide cash incentives for new customers. Here are some of the most notable ones:
- Chime : Offers a $100 bonus when you set up direct deposits totaling $200 or more within the first 45 days.
- Varo : Provides a $50 bonus when you open an account and receive direct deposits totaling $1,000 or more within the first 30 days.
- Current : Pays $50 when you open an account and receive a direct deposit of $200 or more within 45 days.
- SoFi : Offers a $250 bonus when you set up direct deposits totaling $5,000 or more within 25 days.
How to Qualify for Mobile Bank Bonuses
To earn these bonuses, you typically need to meet specific requirements. These may include:
- Opening a new account with the mobile bank.
- Setting up direct deposits from your employer or other income sources.
- Maintaining a minimum balance for a certain period.
- Completing a minimum number of transactions.
It’s important to read the fine print carefully to ensure you meet all the criteria. Some banks may also have time limits for qualifying, so be sure to act promptly.
Comparison of Mobile Bank Bonuses
Mobile Bank | Bonus Amount | Requirements | Timeframe |
---|---|---|---|
Chime | $100 | Direct deposits totaling $200+ | 45 days |
Varo | $50 | Direct deposits totaling $1,000+ | 30 days |
Current | $50 | Direct deposit of $200+ | 45 days |
SoFi | $250 | Direct deposits totaling $5,000+ | 25 days |
Tips for Maximizing Mobile Bank Bonuses
To make the most of these offers, consider the following tips:
- Compare multiple offers to find the one that best suits your financial situation.
- Set up direct deposits as soon as possible to meet the requirements within the given timeframe.
- Keep track of the terms and conditions to avoid missing out on the bonus.
- Consider the long-term benefits of the bank, such as fees, interest rates, and customer service, not just the sign-up bonus.
By following these tips, you can earn cash bonuses while enjoying the convenience and benefits of mobile banking.