Deciding to move is a major decision and location is one of the most important aspects you should consider when planning a move. Whether it's a new neighborhood, a new city, or a new state--once you get there, you want to make sure your new community truly makes you feel welcome.
The post Four Things to Consider When Choosing Your Next Community appeared first on Homes.com.
Source: homes.com
Source: themortgageleader.com
Mikolette/Getty ImagesWhen I was buying my first house, everything seemed too good to be trueâat least at the start of the process. I found a home within a couple of weeks, the price was fabulously low, it was in a cute lake community with a style I loved, and funding came through quickly and easily. I even received a first-time home buyerâs bonus for tax time. Plus, I didnât need much of a down payment.
But it turned out too good to be true. My smooth path to homeownership suddenly became rocky when the inspection report came back with a big fat failure on it. I immediately panicked. What did it mean? Was I still able to buy the house? And if I did, was it going to fall apart?
After a few calls with my real estate agent (who, at that point, had become more of a home-buying therapist), I learned that a bad inspection isnât that rare. In fact, my new home wasnât in as bad of shape as I initially feared. We were able to make some repairs and, after a second inspection, the house was appraised and the sale was able to go through.
During the process, though, I learned a lot more than I ever expected about home inspections. Whether you’re a first-time or repeat home buyer, hereâs my advice for getting the house you want after a shaky home inspection.
Though my home inspection appeared to be a failure, homes aren’t actually graded on a pass/fail system.
âThere is no such thing as a failed inspection,â said Karen Kostiw, an agent with Warburg Realty in New York. âThe inspection just points out small and potentially larger issues that you may not be aware of.â
Sure, some houses can sail through the process and others may fare poorly, but itâs not a âYou can never buy thisâ situation if there are problems with the property.
For me, my mortgage hinged on a solid inspectionâso the initial results meant I wouldnât get the loan unless things were fixed. That being said, if I had enough cash on hand or wanted to try a different mortgage lender, I could have continued with the purchase even with a negative inspection report.
So if the house you’re set on buying ends up having issues, donât panic. You still have options.
Itâs important to remember every home inspection report will come back with something, according to Kate Ziegler, a real estate agent with Arborview Realty in Boston. My inspection report had noted about 40 fixes. But a lot of times, the problems arenât as bad as you think.
Keep in mind that the inspector’s job is to call out any trouble spot. Also, all issues noted in the report aren’t equal: Some problems flagged by an inspector can wait.
âThe inspector will find defectsâsometimes many defectsâbut that does not mean buyers are not purchasing a good home,â Kostiw says. âThe small leak might mean a bolt needs to be tightened, or the dishwasher is not working because the waterline was switched off by accident. These are easy fixes. However, when buyers see a laundry list of items, it can seem as if the home is falling down. This is most often not the case.â
Ziegler and Kostiw agree that though most repairs are easy fixes, some items should give you pause if you see them on your report.
Structural problems, antique electrical systems, old windows, unexplained water damage, evidence of termites or wood rot, a bad roof, asbestos, mold, radon, and lead paint are all red flags that can show up during a home inspection. If fixing these problems is impossible or way beyond the means your budget, you may want to reconsider your purchase.
âWhether or not inspection items warrant backing out entirely depends quite a bit on any individual buyer’s experience and bandwidth, as well as personal risk tolerances and financial situation,â Ziegler says. âIt’s true that houses don’t stay in good repair on their own. They require maintenance and care, just like your houseplants and your sourdough starter!â
Unless a repair is something truly minor like caulking a bathroom tub or putting a cabinet door back on its hinges, donât try to fix anything on your own. You could make things worse or even injure yourself. Hire licensed contractors that youâve vetted to handle any problems. And try not to leave it all up to the sellerâthey’re not going to be living in the home. You will be.
âMotivations in this case are not aligned,â Ziegler says. âThe seller wants to spend as little as possible to meet their contractual obligations, but [a] buyer should be more concerned with the quality of the repair.â
At first I worried I would have to pay to fix everything that was wrong with my house. But itâs important to know you can work the cost of repairsâand how long it should take to make themâinto the sale.
Say you can’t afford to fix the busted water heater but the seller can. You can raise the offer price by that cost, or you can trade off: The seller fixes one thing, and you fix another. In my case, I only had to add a banister to one stairwell. The sellers were particularly motivated to unload the home so they handled everything else.
Hopefully by the end of this process, every issue will be fixed and youâll be ready to purchase your home. And youâll be able to move in with a clear head, knowing everything is really as good as it seems.
The post My House Failed Its First Real Estate InspectionâHere’s What I Did To Get Through Escrow appeared first on Real Estate News & Insights | realtor.com®.
Source: realtor.com
Sally Elford/Getty ImagesThe best way for first-time home buyers to come up with a down payment for a home: save for one, of course! But sometimes you’re in a hurry. Maybe your dream house just popped up on the market, or youâve simply had it with being a renter. Whatever the reason, youâre ready to buy a house, now. But while your credit is good and your career is stable, you still need to come up with that big chunk of change for a down payment.
Never fear: There are plenty of ways to amass a sizable down payment fast. Check out these tactics, along with their pros and cons.
If you’ve been socking away money in your 401(k), it is possible to borrow from that for a home loanâand get that cash in hand fast.
âMost 401(k) plans allow you to borrow up to 50% of the vested balance, or up to $50,000, and it takes about a week,â says Todd Huettner, owner of Huettner Capital, a residential and commercial real estate lender in Denver.
But it will cost you: If you take funds out of your 401(k) earlyâthat is, before you’re 59½ years oldâyouâre going to take a 10% penalty on that withdrawn money. And it counts as gross income, which can bump you into a higher tax bracket.
Check out this Wells Fargo calculator to see what your penalties would be. In addition to penalties, most companies require you to repay that vested money over five yearsâor sooner if you quit or get axed. So be sure your career is stable.
Digging into your IRA usually carries the same 10% penalty of breaking open your 401(k) piggy bank, with one major difference: The penalty doesn’t apply to first-time home buyers. And unlike a 401(k), you donât have to repay what you take out of an IRA. However, the withdrawal is still taxable. Plus thereâs the matter of not repaying yourself, which can hurt your long-term retirement. So if you take out a sizable chunk, restoring this nest egg to its former level will take you many years.
Let’s get real: You donât want to stroll into your bossâ office and demand help buying your house. But you can ask if your company has an employer-assisted housing program. Think about it: Companies hate employee turnover, so what better way to keep you around than pitching in to help you buy a home? It’s a win-win: Home loans are often low- or zero-interest and are usually structured to be forgivable over a period of time, often five years, which further encourages employees to stay put. The downside? Not all employers offer it. Hospitals and universities most often do, so be sure to ask to avoid overlooking this ready source of financial assistance.
Local assistance programs abound to help you scratch up cash for a down payment. Offered by either your state, your city, or nonprofits, these programs often partner with banks, who hope to gain clientele they might pass over otherwise: Bank of America, for instance, recently launched a searchable database of local programs. Wells Fargoâs partnership with NeighborhoodLIFT offers down payment assistance up to $15,000.
The catch? You’ll need to qualify. For NeighborhoodLIFT, for instance, your household income has to be no more than 120% of the median in your area.
Understandably, many home buyers turn to their family for help buying a home, and for good reason: There are no limits on how much a family member can “gift” another family member, although only a specific portion can be excluded from taxes ($14,000 per parent).
But it’s not just as easy as that. Gifters, even family, will need to provide paperwork in the form of a gift letter. And if the gifter is a friend, it gets even more complicated. For example, you’ll have to wait about 90 to 120 days before you can use any of those funds.
The post 5 Speedy Ways to Come Up With a Down Payment appeared first on Real Estate News & Insights | realtor.com®.
Source: realtor.com
Homeownership makes many positive social contributions, but the most important may be that it is the predominant way families build wealth. And now, numbers are soaring.
The post Why is the Homeownership Rate Soaring? appeared first on Homes.com.
Source: homes.com
Along with the excitement of purchasing a new home, comes the additional costs that you will be expected to pay as a homeowner. Apart from covering the mortgage of your home, you’ll have additional expenses – such as home insurance – that you will be expected to cover. If you’re looking to budget for a home purchase, it’s important that you consider these costs as they can add up to thousands of dollars each year.
To help you make educated decisions when budgeting, we’ve compiled a list of the major home ownership costs in one free, downloadable guide. Get the Home Ownership Costs to Consider guide here.
Home insurance policies help protect against serious damage and destruction, like fires, leaks, floods, or break-ins. It also protects a homeowner from personal liability. Some banks may offer home insurance products, although you can typically purchase a home insurance policy through a home insurance agent or broker.
Tip: You may get better rates if you use a broker or agent. It’s also important to keep in mind that policies typically renew on an annual basis.
The cost of maintenance fees should be taken into account when you’re buying a condo. This recurring cost is in addition to your mortgage and impacts how much home you can afford.
Your mandatory monthly fee will vary by your building and square footage. It typically covers:
If you’re looking to purchase a condo, you’ll want to look into obtaining a status certificate so that you have as much information about the building and your unit as possible before buying. A status certificate provides valuable information about the condo corporation and its financial
situation. It includes details on the budget, legal issues, the reserve fund, maintenance fees, and any fee increases expected in the future.
Tip: You’ll want to carefully review your status certificate with your lawyer before making a purchase.
Property taxes are paid annually by homeowners to their municipality. These taxes are ongoing and are separate from your mortgage. Your annual property tax can often be paid in installments.
Tip: It’s important to remember that this cost is not due at closing, but is a recurring cost.
Your property tax rate will vary depending on the value of your property as assessed by your provincial assessment authority. This is then multiplied by a rate that falls between 0.5% to 2.5%.
You can pay your property taxes either through your mortgage provider or directly to your municipality.
When you purchase a home, you’ll have to set up or transfer your utility bills to your new home. If you live in a condo, these costs may be included in your monthly maintenance fee. Your utility bill will include:
For the full details on the home buyer’s journey including examples, advice, pictures and sample calculations, download a copy of our free Home Ownership Costs to Consider Guide here.
The post A Guide To Everything You Need To Know About Home Ownership Costs [Free Download] appeared first on Zoocasa Blog.
Source: zoocasa.com
Using the Hudhomestore to buy a HUD home is easy.
If you’re looking to buy a HUD home, the Hudhomestore website is the best place to do it. It can be found here at hudhomestore.com. HUD homes are listed for sale at the site.
While anyone can buy a HUD home, you will need to get approved for a loan first.
Just like buying a house through the conventional route, all financing options are available for HUD homes. That includes conventional loans, FHA loans, VA loans, etc.
However, most people used an FHA loan to buy a HUD home due to its low down payment and credit score requirements.
If you have questions beyond buying a HUD home at the hudhomestore website, consult a financial advisor.
The hudhomestore is a website operated by the U.S Department of Housing and Urban Development (HUD). The website can be found here at hudhomestore.com.
Homes are listed there for sale after they have gone through foreclosures. Real estate agents and/or brokers can place bids on your behalf to buy a house.
A HUD home (usually a 1 to 4 unit) is a property owned by HUD. Before a home became a HUD home, it was owned by a homebuyer who had purchased the home with an FHA loan.
Once the borrower stopped paying his or her FHA loan, the home went to foreclosures. Then the home goes to HUD and becomes a HUD home.
The benefits of buying a HUD home are huge. The main benefit is that most of these homes are priced below market value.
In addition, if you’re an EMS personnel, police officer, firefighter, or teachers, and live in revitalized areas and plan to live there for at least 36 months, HUD’s Good Neighbor Program offers HUD homes at a 50% discount.
This program is listed at the hudhomestore website.
In addition, HUD offers other perks such as low down payment and sales allowances you can use to pay for moving, repair and closing costs. The low down payment, that is on top of the FHA financing that you may be qualified for.
Another huge benefit of buying a HUD home is that HUD gives preferences to buyers who intend to live in the home for at least one year. So this puts you ahead of investors.
All financing options, including conventional loans, VA, and FHA loans, are available when it comes to buying a HUD home.
But FHA loans are very popular among first time home buyers, due to its low requirements. But before you start searching for HUD homes through the Hudhomestore website, you should compare multiple loan offers so you can the best mortgage rates.
If your credit score is below 580, you can still be qualified but you’ll have to pay at least 10% down. Or, you can always take time to raise your credit score.
Don’t know what your credit score is, visit CreditSesame.
Our Review of Credit Sesame.
HUD homes can be hard to find if you don’t know where to look. In other words, they are not listed on conventional real estate websites such as Zillow or Redfin.
Instead, they are listed at the HUDhomestore webiste, which can be found at hudhomestore.com. They also have HUD Homestore Mobile Apps.
Knowing these steps is important to mastering one of the best strategies to buy a house at below market or wholesale prices.
Before you start searching your house through the hudhomestore site, it’s a good idea to
The worst thing that can happen is to find a house that you like to then realize that you cannot secure a home loan.
To get the best mortgage rates, you need to compare multiple loan offers. Buying a home is major expense, and getting the best rates could save you a lot of money. I can spend a lot of time talking about why it is a bad idea to only speak with one mortgage lender.
But when it comes to having multiple loan offers, I highly suggest LendingTree.
LendingTree is an online platform that connects you to several mortgage lenders without visiting a dozen bank branches.
LendingTree will provide you up to 5 loan offers from multiple lenders for free, so you can compare and make sure you get the best deal.
So if youâre at this step right now, go and compare current mortgage rates for free at LendingTree, and come back to this article.
Our LendingTree Review.
To find a HUD home, simply go to the hudhomestore website. It can be found at hudhomestore.com.
There are three ways to find HUD homes on the hudhomestore website. The first way is through a map.
Once you on the website, you will see a map to the right with all of the states listed there. You simply look for your state and click on it to see all of the available HUD homes.
The hudhomestore site will show you a list of all of the HUD homes available for that particular state. It will include the photo of the HUD home, the address, the asking price, etc.
If you click on the photo of the house, you will be able to see more information of the property, including more photos, street views and information of the property.
Another way to find a house through the hudhomestore website is by clicking on the HUD Special program links.
The hudhomestore site specifically lists three HUD Special Programs: Good Neighbor Next Door; Nonprofits; $1 Homes-Government Sales. It specifically states on the hudhomestore website that if you click on any of these special programs, you will see available properties.
The third way to find a HUD home via the hudhomestore site is through the Search Properties. At the middle of the homepage, you will see a Search Properties where you can enter more detailed criteria.
Once you have found your desired HUD Home at the hudhomestore, it’s time to buy your HUD home.
But note that HUD homes are sold through an auction process. When you’re searching for the property through the hudhomestore site, it will tell you a deadline by which to submit your offer.
So if the deadline has not passed, submit your bid. Once it has passed, HUD reviews all offers. Just like any auction, the highest bid wins. If all of the offers are too low, HUD will extend the offer period and/or lower the asking price.
Note that you will not be able to place the bid yourself. Only real estate agents need to register to place bids on the hudhomestore website. You will need to find a real estate agent or you can specifically search for HUD registered agents at hudhomestore.com.
For more information on buying a home through the hudhomestore website, visit www.hudhomestore.com.
If you have additional questions beyond buying a HUD home at the Hudhomestore, you can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning for retirement, saving, etc).
So, find one who meets your needs with SmartAssetâs free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.
The post How to Buy a HUD Home at the Hudhomestore Website? appeared first on GrowthRapidly.
Source: growthrapidly.com
So, youâre looking for a new bank account.
Youâve got several factors to consider â ATM access, interest rates, monthly fees, minimum balances, mobile app reviews, and more.
Another factor to consider: bank promotions. These are cash bonuses you can earn when opening a new checking or savings account with a bank or credit union during the promotion window, meeting any specific criteria and keeping the account open at least long enough to earn the extra cash.
While a savings or checking bonus shouldnât be your top reason to choose a bank, donât rule it out entirely. After all, wouldnât it be nice to fund your shiny new account with some extra cash?
Many banks offer such sign-up bonuses, but often, these bonuses arenât advertised, meaning finding the best bank account bonuses can be tricky. Thatâs why we did some digging for you and found some hefty cash offers.
Weâve researched the best cash bonuses available this month so you donât have to. Below, youâll find our favorite checking and savings account bonuses.
Keep an eye on what it takes to qualify, as well as any limitations. Direct deposit and minimum balances are commonly factors in securing these bonuses. Also pay attention to any monthly fees the account might carry; over time, these could weigh out the actual cash bonus. Otherwise, happy bank bonus shopping!
Bonus amount: $100
How to get the bonus: To earn your $100, hereâs all you need to do: Open your Aspiration account and deposit at least $10. Aspiration will send you a debit card associated with the account. Use the Aspiration debit card to make at least $1,000 of cumulative transactions within the first 60 days of opening your account. Thereâs no need to spend extra money â just use your card to buy groceries and pay your utilities.
Where to sign up: Enter your email address here, and link your bank account.
When youâll get the bonus: Allow up to 120 calendar days from account opening to receive the bonus; you must have completed the requirements within the first 60 days.
The fine print: With Aspiration, your money is FDIC insured and under a military-grade encryption. The account offers up to 1.00% APY on savings and allows fee-free withdrawals at more than 55,000 ATMs. There are no hidden fees with Aspiration (monthly fees are on a âPay What is Fairâ policy, and that can be zero every month!), and youâll earn cash back when you spend at socially conscious businesses.
No offer expiration.
Bonus amount: $300
How to get the bonus: Open a new TD Beyond Checking account. You must receive a total of $2,500 or more via direct deposit within 60 days of opening your new account.
Where to sign up: Visit this TD Checking page. Click the orange âopen accountâ button, and follow the instructions to open a TD Beyond Checking account.
When youâll get the bonus: The $300 bonus will be deposited into your account within 140 days of opening.
The fine print: While this bonus offer sounds too good to be true, it is definitely attainable. However, only open the account if you regularly get sizable monthly deposits or can maintain a healthy minimum balance. Thatâs because the account charges a monthly maintenance fee, but TD will waive the fee if you receive monthly direct deposits of $5,000, keep a minimum daily balance of $2,500 or maintain a combined balance of $25,000 across all your TD bank accounts.
TD fees â and the bankâs capacity for waiving them â extend to ATMs. You wonât face fees for making withdrawals at TDâs own ATMs, and itâll reimburse all fees for withdrawing at non-TD ATMs as long as you keep your daily balance at $2,500 or more.
No offer expiration.
Bonus amount: $150
How to get the bonus: Open a new TD Convenience Checking account. You must receive a total of $500 or more via direct deposit within 60 days of opening your new account.
Where to sign up: Visit this TD Checking page. Click the orange âopen accountâ button, and follow the instructions to open a TD Beyond Checking account.
When youâll get the bonus: The $150 bonus will be deposited into your account within 140 days of opening.
The fine print: While this bonus offer sounds too good to be true, it is definitely attainable. Unlike the TD Bank Beyond Checking account, this checking account option is easier for financial beginners to manage. You only need to maintain a minimum balance of $100 to have the monthly maintenance fee waived. And if youâre between the age of 17 and 23, there are no minimum balance requirements and no monthly maintenance fee.
However, the Convenience Checking account does not earn interest; the Beyond Checking account does.
No offer expiration.
Bonus amount: $100
How to get the bonus: Open a new Bank of American Advantage Banking account online using the offer code DOC100CIS. You must then set up and receive two qualifying direct deposits, each totaling $250 or more, within 90 days of opening the new account. This offer is only available to new Bank of America personal checking account customers.
Where to sign up: Visit the offer page and use the offer code DOC100CIS when opening the account.
When youâll get the bonus: Bank of America promises to âattemptâ to deposit the bonus into the account within 60 days of satisfying all requirements. However, while the âattemptâ language may seem suspect, we could not find traces of reviews citing unpaid bonuses.
The fine print: A qualifying direct deposit means the direct deposit must be regular monthly income, whether through salary, pension or Social Security benefits. Deposits through wire transfer, apps like Venmo or ATM transfers will not qualify.
Advantage Banking accounts come in three varieties: SafeBalance, Plus and Relationship. All three carry monthly maintenance fees that can be waived:
Offer expires June 30, 2021.
Bonus amount: Up to $500
How to get the bonus: Open a new Associated Access Checking account with a minimum deposit of $25 and receive direct deposits totaling at least $500 within 90 days of opening your account. Bonus values will vary based on the sum of the average daily balance of all Associated Bank deposit accounts from days 61 to 90:
Where to sign up: Visit this Associated Bank account sign-up page and select the appropriate account.
When youâll get the bonus: You will receive the bonus as a deposit to your account within 120 days of account opening.
The fine print: Must be a new Associated Access Checking customer. If easy access to a physical branch is important to you, note that the bank has locations in Illinois, Minnesota and Wisconsin, but members have free access to MoneyPass ATMs nationwide. Account must remain open for a minimum of 12 months; if you close it early, Associated Bank reserves the right to deduct the paid out bonus before account closure.
The account requires a minimum deposit of $25, charges $4 a month if you require paper statements and does not earn interest.
Offer expires May 31, 2021.
Bonus amount: Up to $500
How to get the bonus: Open a new Associated Balanced Checking account with a minimum deposit of $25 and receive direct deposits totaling at least $500 within 90 days of opening your account. Bonus values will vary based on the sum of the average daily balance of all Associated Bank deposit accounts from days 61 to 90:
Where to sign up: Visit this Associated Bank account sign-up page and select the appropriate account.
When youâll get the bonus: You will receive the bonus as a deposit to your account within 120 days of account opening.
The fine print: Must be a new Associated Balanced Checking customer. If easy access to a physical branch is important to you, note that the bank has locations in Illinois, Minnesota and Wisconsin, but members have free access to MoneyPass ATMs nationwide. Account must remain open for a minimum of 12 months; if you close it early, Associated Bank reserves the right to deduct the paid out bonus before account closure.
The account requires a minimum deposit of $100 and does not earn interest.
Offer expires May 31, 2021.
Bonus amount: Up to $500
How to get the bonus: Open a new Associated Choice Checking account with a minimum deposit of $25 and receive direct deposits totaling at least $500 within 90 days of opening your account. Bonus values will vary based on the sum of the average daily balance of all Associated Bank deposit accounts from days 61 to 90:
Where to sign up: Visit this Associated Bank account sign-up page and select the appropriate account.
When youâll get the bonus: You will receive the bonus as a deposit to your account within 120 days of account opening.
The fine print: Must be a new Associated Choice Checking customer. If easy access to a physical branch is important to you, note that the bank has locations in Illinois, Minnesota and Wisconsin, but members have free access to MoneyPass ATMs nationwide. Account must remain open for a minimum of 12 months; if you close it early, Associated Bank reserves the right to deduct the paid out bonus before account closure.
The account requires a minimum deposit of $100. This account is the only Associated option that earns interest and offers complimentary checks.
Offer expires May 31, 2021.
Bonus amount: $200
How to get the bonus: Open a new Chase Total Checking account as a new Chase customer. Within 90 days of opening the account, have a qualifying direct deposit made into the account from your employer or the government.
Where to sign up: Visit this page on Chaseâs website to sign up for the account and receive the $200 bonus. You can also open the account at a Chase location near you.
When youâll get the bonus: Chase will deposit the $200 bonus into your account within 10 business days after you meet the criteria. This is the fastest turnaround of any banking bonus included on this list.
The fine print: Direct deposits from person-to-person payments do not qualify for the sake of this bonus. The Total Checking account carries a $12 monthly service fee, but you can have it waived if you receive direct deposits each month totaling $500 or more, keep a minimum balance in the account at the start of each day of at least $1,500, or keep a minimum balance across all your Chase accounts at the start of each day of at least $5,000.
If you close the account within six months of opening, Chase will deduct the bonus amount at closing.
Offer expires April 14, 2021.
Bonus amount: $150
How to get the bonus: Open a new Chase Savings account as a new Chase customer. Within 20 days of opening the account, deposit at least $10,000 in new money and then maintain a balance of at least $10,000 for 90 days.
Where to sign up: Visit this page on Chaseâs website to sign up for the account and receive the $150 bonus. You can also open the account at a Chase location near you.
When youâll get the bonus: Chase will deposit the $150 bonus into your account within 10 business days after you meet the criteria. This is the fastest turnaround of any banking bonus included on this list.
The fine print: The new money deposited into the account cannot be $10,000 that you already hold in another Chase account. The Chase Savings account carries a $5 monthly service fee, but you can have it waived if you keep a daily balance of at least $300 at the start of each day, have $25 or more in Autosave, have an associated Chase College Checking account for Overdraft Protection, have an account owner who is 18 or younger or link one of several Chase checking accounts.
If you close the account within six months of opening, Chase will deduct the bonus amount at closing.
Offer expires April 14, 2021.
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Bonus amount: $200
How to get the bonus: Open a new checking account in the Basic Banking Package. Within 30 days, deposit $5,000 in funds that are new to Citibank. Maintain a minimum balance of $5,000 for 60 days in a row.
Where to sign up: Click âapply nowâ for the Basic Banking Package on this page to have the bonus applied.
When youâll get the bonus: Citibank pays out the cash bonus into your account within 90 days of meeting the criteria.
The fine print: The deposited funds must be new to Citibank, meaning they canât come from another Citibank account. Citibank charges a $12 monthly service fee, but you can have it waived in one of two ways:
Citibank also waives the fee if you are 62 or older. Sometimes, it pays to be living in those golden years.
Rates and promotions may vary by location; verify your promotion details by entering your ZIP code on the site.
Offer expires January 5, 2021.
Bonus amount: $400
How to get the bonus: Open a new checking account in the Account Package. Within 30 days, deposit $15,000 in funds that are new to Citibank. Maintain a minimum balance of $15,000 for 60 days in a row.
Where to sign up: Click âapply nowâ for the Account Package on this page to have the bonus applied.
When youâll get the bonus: Citibank pays out the cash bonus into your account within 90 days of meeting the criteria.
The fine print: The deposited funds must be new to Citibank, meaning they canât come from another Citibank account. A savings account is required with this package. Citibank charges a $25 monthly service fee, but you can have it waived if you maintain a combined monthly average of $10,000 or more in all linked accounts.
Rates and promotions may vary by location; verify your promotion details by entering your ZIP code on the site.
Offer expires January 5, 2021.
Bonus amount: $700
How to get the bonus: Open a new checking account in the Priority Account Package. Within 30 days, deposit $50,000 in funds that are new to Citibank. Maintain a minimum balance of $50,000 for 60 days in a row.
Where to sign up: Click âapply nowâ for the Account Package on this page to have the bonus applied.
When youâll get the bonus: Citibank pays out the cash bonus into your account within 90 days of meeting the criteria.
The fine print: The deposited funds must be new to Citibank, meaning they canât come from another Citibank account. A savings account is required with this package. Citibank charges a $30 monthly service fee, but you can have it waived if you maintain a combined monthly average of $50,000 or more in all linked accounts.
Rates and promotions may vary by location; verify your promotion details by entering your ZIP code on the site.
Offer expires January 5, 2021.
Bonus amount: 3% cash bonus up to $600
How to get the bonus: Open a new HSBC Premier Checking account, then set up qualifying direct deposits into the account once per calendar month for six consecutive months. You will then receive a 3% cash bonus based on the amount of your qualifying direct deposits, with a max of $100 a month for six months.
Where to sign up: Use this offer page to sign up for the offer. Click âapply nowâ on the HSBC Premier Checking account.
When youâll get the bonus: You will receive your 3% cash bonus in your account approximately eight weeks after completing each monthâs qualifying activities.
The fine print: To get the bonus, you cannot have had an HSBC account from September 30, 2017 through September 30, 2020. You must also have been a U.S. resident for at least two years and must be 18 or older.
HSBC applies a monthly maintenance fee of $50 unless you maintain a balance of $75,000 across your accounts, receive monthly recurring deposits of $5,000 or more or have an HSBC US residential loan with an original loan amount of at least $500,000.
Offer expires January 7, 2021.
Bonus amount: 3% cash bonus up to $240
How to get the bonus: Open a new HSBC Advance Checking account, then set up qualifying direct deposits into the account once per calendar months for six consecutive months. You will then receive a 3% cash bonus based on the amount of your qualifying direct deposits, with a max of $40 a month for six months.
Where to sign up: Use this offer page to sign up for the offer. Click âapply nowâ on the HSBC Advance Checking account.
When youâll get the bonus: You will receive your 3% cash bonus in your account approximately eight weeks after completing each monthâs qualifying activities.
The fine print: To get the bonus, you cannot have had an HSBC account from September 30, 2017 through September 30, 2020. You must also have been a U.S. resident for at least two years and must be 18 or older.
HSBC applies a monthly maintenance fee of $50 unless you maintain a balance of $75,000 across your accounts, receive monthly recurring deposits of $5,000 or more or have an HSBC US residential loan with an original loan amount of at least $500,000.
Offer expires January 7, 2021.
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In the spirit of not listing approximately 193 bank promotions, we kept this list short and sweet â only highlighting the best bank promotions for checking and savings accounts.
But maybe youâre interested in banking with your local credit union, opening up a small business checking account or finding the perfect investment account? There are often bonus offers attached to these account openings, too.
The banks donât always make finding these promotions easy, so here are a few tips to help you get your hands on that cash bonus.
Overall, be smart. Donât let that promise of an account bonus blind you. Also, read the fine print so you donât get stuck paying high monthly fees, interest rates or closing penalties.
If youâre worried that opening a new bank account or closing an old one will hurt your credit score, donât be. Your bank accounts are not included in your credit report and therefore have no effect on your score, unless you have an outstanding negative balance that the bank turns over to a collection agency.
Sometimes when you go to open a new bank account, banks will do a soft credit check. However, that wonât affect your score.
Now, go enjoy your fresh new bank account and that nice cash bonus youâre about to pocket. Add it to your savings account, put it toward student loan payments or, heck, treat yourself!
Editorial Disclosure: This content is not provided by the bank advertiser. Opinions expressed here are the authorâs alone, not those of the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
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