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.