If you’re looking for a great bank bonus, Truist Bank is near the top of the pack with a $400 offer. But, if a competitive high-yield checking account is more your speed, La Capitol Federal Credit Union offers an account with up to 6.25% APY. These deals each have their pros and cons, but Truist's bonus is much quicker and easier to take advantage of.

Earn $400 With a Bank Bonus

Bank bonuses provide a fast and relatively simple way to earn a significant reward. For the time they take, they can easily outpace typical investment vehicles like savings accounts and 澳洲幸运5官方开奖结果体彩网:certificates of deposit (CDs).

For example, you can earn a $400 bonus if you don’t currently have a Truist personal checking account and you live in an eligible state. To qualify, you must complete💟 the fo෴llowing:

1. Open a account by Oct. 30, 2024: You must open the account online, and you must use promo code TRUIST400DC24. The minimum deposit for opening an account is $50.
2. Receive a qualifying direct deposit of $500 or more within 90 days: A bi-weekly salary, government benefits payment, or similar income deposit can meet this requirement, but transfers from one bank account to another are not eligible. 
3. Make a minimum of 15 qualifying debit card purchases within 90 days: Your everyday debit card purchases (including recurring transactions, online purchases, and digital wallet purchases) can help meet this requirement, but ATM withdrawals and Zelle transactions do not count.

You canജ expect to receive your $400 bonus within four weeks of meeting the qualifications. To get the reward, your acc♕ount must remain open, have a positive balance, and be in good standing. 

From start to finish, if you make just the minimum $500 direct deposit and include the $50 opening deposit, you’ll earn a return of over 72🌸% in roughly four months. This wou𝔉ld likely be substantially more than what you could earn with any other investments in that time frame. 

But what about after you earn the bonus? Bank bonuses are usually one-time payments, with no additional earnings once paid out. So, unless you want to use this new account and you’re content with the fees, features, and interest rate (Truist’s ch𝓰ecking account pays nothing), there is no immediate incentive to keep the account long-term. If you do want 🌊to close an account after getting a bonus, read the fine print to make sure there isn’t an early-closing penalty.

Earn 6.25% APY With a High-Interest Ch🐽ecking Account

La Capitol Federal Credit Union’s♐ is currently the best nationwide high-interest checking account, offering up to 6.25% APY on up to $10,000. At that rate, an initial deposit of $500 and a monthly contribution of $100 over five years would earn $1,168, for an ROI of nearly 20%. 

But high-interest checking accounts tend to have some notable limitations and requirements. These are illustrated well by the ꧙terms for La Cap’s Choice Checking: 

• $10,000 balance maximum for the high APY: You will only earn 6.25% APY on up to $10,000. If your account balance exceeds this amount, the additional funds over $10,000 will only earn 0.72% APY.
• 15 monthly debit card transactions: You must make at least 15 monthly debit card purchases with the account, and each transaction must be at least $5. Not meeting this requirement will drop the APY down to 0.01% for that statement period.

Growing your money in a deposit account requires paꦺtience and perseverance. A $5,000 deposit at 6.25% APY stands to generate roughly $321 in the first year, but it’s delivered monthly at a bit over $25 for much of the year.

Financial institutions can change interest rates on checking and savings accounts at any time. Knowing this, it can be smart to act quickly on high APY offers. The 澳洲幸运5官方开奖结果体彩꧙网:Federal Reserve’s September rate cut encouraged banks and credit unions to lower the rates they pay on deposit accounts, and this downward trend is widely expected to continue in November and throughout next year. Given current market conditions, it seems likely that today's high APYs won’t last much longer.𒐪

Is T▨ruist’s Bank Bonus or La Capitol Federaඣl Credit Union’s High APY a Better Option?

Ultimately, the less complicated and more lucrative option is . If you want a fast option with a high return, it’s hard to beat a good bank bonus. Truist offers an excellent reward, with a short turnaround windo🥂w and relatively simple requirements.

If you only have $500 or so to deposit, a bank bonus is likely your best bet to grow your money significantly. If you were to deposit $550 in , at 6.25%, it would take nearly 10 years to earn $400 in interest. Bank promotions usually tꦕake just a few months and they don’t depend on interest rates, so you won’t have to worry🍒 about moving your money around to get the best APY as rates change, potentially opening up more accounts in the process. 

On the other hand, investors looking to park a significant amount of cash for the long game may be more attracted to La Cap’s high-interest checking. However, the strict requirements to earn the high APY and avoid fees make this a complicated option, and you’ll ne꧒ed to pay constant attention to earn♍ the best rate.

You don’t have to choose between Truist’s One Checking bonus and the high APY of La Capitol’s Choice Checking—if you have the funds available, you could pursue both offers. But that would require setting up two new checking accounts, keeping track of their fees and requirements, and making a lot of debit card transactions. So, although it’s possible, it’s not feasible in most cases.

How We Track Bank Account Bonuses

Every business day, Investopedia tracks 24 banks and the current, new, extended, and expired account bonuses they offer customers. Banks are chosen based on consumer interest, and we add banks to our list as needed to ensure we're always reporting on the best bank bonuses. We update our picks for the best bank account bonuses, the best checking account bonuses, and the best savings account bonuses as needed, chosen based on bonus amounts, bonus requirements, and account features. We aim to provide you with news about checking and savings account bonus offers so you can take advantage of them as soon as possible.