The internet changed the way that people do their banking. Consumers can shop around for the best interest rates from banks all over the country. This country wide competition has caused banks to up the ante when it comes to bonuses. There are many banking options now available online that offer attractive bonuses just for signing up.
Within the last three months I signed up for savings accounts with ING, Etrade, and Citibank, just to get the bonuses that were offered. Each bank had slightly different terms and I will discuss my experience with each.
INGOrangeSavings
In order to get a $25 bonus with ING you have to open an Orange Savings Account with a minimum balance of $250. You also have to get referred by an existing ING Orange Savings customer. Finding a referral is not difficult. Just perform an internet search for ING referral bonuses and you’ll find many referrals available.
What I liked about ING Orange Savings was that the bonus was applied to my account immediately after the account was opened. Even after the bonus money is applied, you have to wait 30 days to withdraw it. A waiting period of at least 30 days was standard with all of the bank bonuses I did.
I withdrew my money with an online transfer to my traditional bank. ING did not charge a fee for this service and the transaction was very simple. Out of all of the accounts my ING transactions were the smoothest. I would suggest ING as a way of making some quick cash, and at 4.5% interest it is a great option for long term savings.
Etrade allows you to open a Complete Savings Account with only $1. Considering the $25 bonus I received I thought it was a great deal. I had some issues trying to figure out how to view my account online, but Etrade had excellent customer service that helped me through the process quickly.
After 30 days I received my bonus, and I was able to transfer my money fee free to my traditional bank account. I would recommend the Etrade Complete Savings because of their customer service, and because of the nice bonus. They also have an excellent interest rate at 5.05% interest. Setting up online account access isn’t the easiest, but in the end the bonus is worth it.
Citibank Ultimate Savings Account
Citibank offers the best terms on the internet when it comes to online banking bonuses. I got a $50 bonus for opening up my Ultimate Savings Account and I only had to deposit $1 of my own money. The bonus was credited to my account about four weeks after my account was opened.
I transferred the bonus fee free to my traditional bank account without any problems. The only problem I had with Citibank was with my timing. Two days after I signed up for the $50 bonus, Citibank raised the bonus to $100! I missed out on another free $50 by a just a couple of days.
I would recommend Citibank as the best bonus deal on the internet. They also offer a competitive interest rate of 5.00%.
All three of the bank accounts were good experiences for me. Whether you just want a quick bonus, or you are looking for a long term savings account, any of these banks offer excellent terms.
