Promotional advertising is a smart marketing strategy used by companies who want to attract new customers. Banks will often offer different types of promotions in hopes of attracting new consumers to open accounts with them and become long-time customers. This method helps them to build their customer base as well as establish a relationship with potential consumers.

There are many types of bank account promotions available. Many banks will offer free money for opening up a new account. Currently, Bank of the West is offering $100 for every account opened with a minimum of $100 and setup of direct deposit. The first 2 direct deposits must occur of $250 or more and must be deposited into the account within 60 days of opening. Payment of $100 will be made by Bank of the West within 60 days of meeting the requirements. Bank of the West is only available to residents of Arizona, California, Colorado, Idaho, Iowa, Kansas, Minnesota, Missouri, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Utah, Washington, Wisconsin, and Wyoming.

Several banks are participating in the cash bonus program when new customers set up direct deposit to a new account. Chase is currently offering a $125 bonus for new customers who open an account and deposit at least $100 within the first 60 days of opening. The bonus deposit will be placed into the account within 10 days of when the first direct deposit is made.

Regions Bank is offering something a little different. Once an account has been opened and established for one year, they will pay a bonus of up to $250; however, it will be paid exactly one year after opening and the amount of the bonus will be based on the monthly average of the customer’s savings account over that year. A monthly transfer of $10 from checking account to savings account is required to receive the bonus.

For consumers interested in online banking, ING Direct is offering a bonus of $50 for all new customers who open an Electric Orange account and make 3 card purchases or Person2Person payments within 45 days. They will deposit the bonus on day 50 of opening after meeting those requirements. This offer is available to both new and existing customers as long as they have never had an Electric Orange checking account.

Looking to switch from a standard bank to an online checking account and you have reservations about many online banks? The top two available on the ‘net are both FDIC insured institutions and offer some of the most competitive rates you’ll see for interest earning checking accounts. Still not sure if you want to switch? Check out these deals offered by three of the top online banks with the most competitive checking accounts available online.

1. Ally Bank – Ally bank is currently one of the best internet banking providers not only for checking accounts, but also for CDs & IRAs. Ally has managed to stay on top by offering some of the best benefits for using their banking services, including:

- $0 minimum deposit balance
- Free checks for the life of the account
- No ATM fees at any ATM nationwide
- Variable rate for balances over $15,000
- 1% interest on checking accounts
- No Annual Fee

Because of these highly competitive rates, Ally has remained on top for several years. The only downside of banking with Ally is they don’t currently offer a mobile app, so checking your balance, transferring funds, and scanning checks to be deposited are something offered by competitors that Ally currently doesn’t support.

2. ING Direct – ING Direct competes directly with Ally so their rates similar, but with a few key differences. ING Direct has been established as a banking institution for more than 20 years, so if establishment is a concern for you, then ING Direct might offer more piece of mind than a rebranded bank like Ally.

- $0 minimum deposit balance
- Free checks
- 35,000 fee-free ATMs
- No overdraft or monthly fees
- .25% interest on accounts under $50,000
- Mobile app for fast banking

While the Ally account is designed more for small time account holders, ING Direct pays out bigger rewards to those who store more cash with them. ING Direct has the added benefit of having a mobile banking app, so you can make deposits and transfer funds no matter where you go.

3. Schwab Bank – Schwab has been around and is an established financial institution, but it is relatively new to the online banking scene. Schwab now offers some of the most competitive rates online for banking and investing.

- $0 minimum deposit balance
- No ATM fees
- .25% interest rate on all accounts

As you can see, the benefits aren’t as great as Ally or ING Direct, but Schwab is definitely a contender for the best checking accounts available online.