Bank Bonus Calculator
Want to know what a new bank account bonus is worth? The bank bonus calculator lets you compare the potential value of bank welcome offers. This rewards calculator gives you the cash value and yield of the offer. It will consider any new account bank bonuses, required deposit amount and length of time, and any APY the account earns. You can use this to compare what the same money will do for you elsewhere, like high-yield savings account (HYSA) or money market fund.
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Bank Account Bonus Calculator FAQ
What is a Bank Account Bonus Calculator?
A Bank Bonus Calculator is a tool that helps you determine how much you can earn from various bank account bonuses offered by different financial institutions. By inputting specific info like the bonus offer, required deposit amount, minimum balance hold time, and interest rate, you can see the full potential of the offer. It’s a great way to compare different bank offers and figure out which one is the best for your needs.
What kinds of bank bonuses can I find?
You can find all sorts of bank bonuses, ranging from cash rewards to higher interest rates on savings accounts. Some common offers include bonuses for opening a new bank account, depositing and maintaining a minimum balance, or setting up direct deposits. Always be sure to check the fine print to see what you need to do to earn the bonus, as every financial institution is different.
Do I have to maintain a minimum balance to earn the bank bonus?
Many bank account bonuses do require you to maintain a minimum balance to earn the bonus. This amount can vary from one bank or credit union to another, so it’s important to read the details of the offer carefully. You sometimes have up to 30 days to deposit the money, so it may not need to be done immediately. If you fail to meet the minimum balance, the bank won’t honor the welcome offer.
Can I earn interest on the bank account while waiting for the bonus?
Absolutely! Many savings or hybrid banking accounts offer an interest rate that allows you to earn money on your balance while you meet the requirements of the new account offer. When you look at the overall value of the bonus, the accrued interest will add more value.
How long do I need to keep the bank account open?
If the account is working for you and aligns with your needs, you should plan to keep the account open and active. However, if you tried a banking product that includes a welcome offer but found it does not work for you long term, you aren’t obligated to keep it open. It’s advised that you keep an account open for at least 12 months before closing.