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Uncertain economic times can drive many consumers to find novel ways to earn additional money. And for those also looking to open a new checking or savings account, current promotions at some banks provide an additional financial incentive to move their funds now to a new home as much as an extra $200 or $300 (or more). Compare these bank bonus offers to find the best deal and check out other incentives, too, like the bonuses offered for opening a brokerage account.

What to watch out for

Not every bank account bonus is a good deal. Before signing up, read the fine print and be realistic about your ability to meet the requirements. Watch out for sky-high minimum balance requirements and monthly fees that could eat into your earnings.

If you’re applying for a checking account, make sure it’s a good match that meets your needs. For example, if you need to use branches and ATMs, double-check that there are plenty of them in your area. That way, you’re not driving miles to meet with a banker or wasting money on out-of-network ATM fees. And with online banking becoming more popular and convenient, look for a bank or credit union that offers a solid set of digital tools.

If you’re looking for a new savings account, consider whether you’re better off finding another bank that pays more interest. For instance, one-time bonuses are typically offered on accounts that pay minimal interest. So while the bonus is great initially, you may be sacrificing the long-term return.

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Why banks have sign-up bonuses

Banks use sign-up bonuses to distinguish themselves from others in the industry. Cash bonuses also help financial institutions bring in new customers and new deposits. Banks are particularly inclined to offer bonuses in a rising interest rate environment, when the spread between the interest rate they offer customers for deposits versus the interest rate they can get by lending money widens.

While they could pay account holders a higher yield, for some banks, offering a bonus is preferable.

“It’s much easier to quantify the bonus than it is to raise the rate on what you’re paying out on deposits,” says Greg McBride, CFA, Bankrate chief financial analyst.

Some banks offer more than one sign-up bonus. But qualifying for multiple bonuses at the same time at the same bank usually isn’t possible. Bank account bonuses are typically available only to new checking or savings account holders.

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