Opening a new bank account can take time and effort. It's enough to make your head spin between the paperwork, minimum balance requirements, and extra fees!

But what if I told you you could get paid to open a new checking or savings account? Hard to believe. With the right strategy, you can earn up to $300 just to become a new banking customer.

Intrigued? Of course, you are! Money doesn’t grow on trees, and we could use extra cash.

So before you open your next bank account, follow these six tips to score big without lifting more than a pen:

1.Do Your Research

You’d never buy a car without knowing the mileage, checking under the hood, and taking it for a test drive. Treat a bank account the same way.

Before you commit, research and compare features across bank and credit union offerings. Pay attention to monthly fees, overdraft policies, interest rates, ATM access, remote deposit availability, etc.

And don’t just read the marketing materials. Check third-party review sites and talk to friends about their experiences. Go in with eyes wide open. That way, you can choose the bank that best fits your needs.

2.Seek Out “New Customer” Offers

Here’s the big secret to scoring $300 just for opening an account: seek out banks running promotional offers for new customers.

Many national banks, local banks, and credit unions offer cash incentives for account openings ranging from $50 to $300+. They want to win your business, so they dangle bonus cash on a string.

Some common offers:

● Up to $300 for opening a new checking account

● Up to $200 for opening a new savings account

● Up to $500 for opening a new checking and savings account

The specifics around qualifying balances, direct deposit requirements, time limits, etc., vary. But rest assured, offers are out there if you look around!

3.Avoid Monthly Fees

One of the easiest ways a $300 bonus gets erased is through account maintenance fees. Monthly checking account fees typically run $10-20 unless certain balance or usage minimums are met.

When searching for account opening bonuses, prioritize no-fee accounts or choose accounts with easy-to-waive fees. The terms will be spelt out in the product brochure or website.

You worked hard for your $300 bonus. Don’t lose $60+ out of the gate from a monthly fee you could have avoided!

4.Automate the Bonus

Are you jumping through hoops to earn your bonus? Set up automation so you don’t miss qualification requirements and risk losing bonus money.

Criteria like monthly direct deposits or a minimum account balance for 60+ days are prime for automation. Set calendar reminders, automate transfers to/from your accounts, and streamline as much as possible.

You must manually submit account opening paperwork and wait six weeks for bonuses to post. But once approved, keep an eye on the timeline. Let automation do the heavy lifting in the background.

5.Avoid Early Account Closure Fees

Speaking of leaving money on the table, don’t forfeit your bonus by closing the account too quickly! Make sure you understand the post-bonus account requirements.

Many banks require you to keep the account open for 6-12 months after receiving the new customer funds. If the account closes early, you may have to repay the bonus.

So, enjoy that new cash only after the account anniversary date passes. Mark your calendar if needed! No one wants bonus remorse.

6.Compare Online vs Local Banks

Consider checking offers from online banks in addition to large national and local brick-and-mortar banks or credit unions.

Online banks are getting more competitive by the year. Thanks to not having the overhead costs of traditional bank branches, many online banks offer premium interest rates, charge fewer (or no) fees, and provide some of the most lucrative account opening bonuses available.

It is worth considering if you are comfortable banking primarily online and having ATM-only access to your cash.

Conclusion

While $300 definitely won’t change your life, money is money. And who couldn’t use a little extra cash to splurge on a vacation, boost their emergency savings or knock down debt?

Follow the six tips above, and that $300 bonus could be yours. Thanks to a thoughtful account opening strategy, you can finally take that dream trip you’ve been putting off.

Your future self will thank you!