Big banks offering money to attract your business

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Big banks offering money to attract your business
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“I’m from a giant monster mega-bank and I have a deal for you.” Actually, I’m not kidding! The Wall Street Journal reports 15 of the nation’s largest banks are desperately seeking your deposit dollars.

After years of not caring whether you came and went, the giant banks are now doing everything they can to get you into relationship products (aka “stickies”) with special rates on CDs, mortgages and checking accounts if you open multiple accounts with them.

Below is a rundown of the offers, as reported by the Journal. (Editor’s note: These deals are for a limited time only.)

  • Citibank is offering $250 to open a savings account with $25,000 or more.
  • Chase is offering a $125 coupon if you open both a savings account and a checking account.
  • PNC is offering a $100 coupon if you open a checking account with direct deposit.
  • HSBC is offering a $500 gift card for Apple or Amazon if you open an account with $100,000 or more.

Why are the big banks doing this? Because their marketshare has suffered as people take their business to online banks like Ally or ING Direct; to local small community banks; and to credit unions.  

Are these deals good for you? It depends on what happens after the promo period. Too often people will open an account and never close it. If the deal gets crummy and you sit on your hands, you don’t want to do one of these deals. But if you’re willing to pick up your business and take it elsewhere if and when the relationship sours, these deals could make sense for you. Otherwise, don’t be tempted!

Note: This segment originally aired February 2011

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Clark Howard About the author:
Clark Howard is a consumer expert whose goal is to help you keep more of the money you make. His national radio show and website show you ways to put more money in your pocket, with advice you can trust. More about Clark
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