Finding the Best Banks Post-Recession

The economic turnaround

Now that the economy is turning around, consumers are shopping again. Savvy comparison-shoppers aren’t just looking for retail products and services; they’re looking for banks, too. Banks were hit hard by the recession and many changed their rules to mitigate the damage. Now that the recession shows signs of ending, banks are once again creating competitive programs and specials to lure new customers through their doors.

Banks in 2010

In recent years, banks became tight-fisted about their lending standards and interest rates. They felt the cash crunch of the recession and many consumers were suffered as a result. Now that things are turning around, there are some great banking deals to be found. Here are some of the best bank deals available today.

Bank of America. Bank of America has been a huge bank for years now and has remained that way because of its great deals. The bank is now offering $100 to new customers who open a MyAccess checking account online. The only requirement is that the banking customer must deposit $500 and use his or her debit card at least once within the first 30 days.

Flagstar Bank. Flagstar Bank is also giving away $100 to anyone who opens a checking account and signs up for direct deposit. The direct deposit can be as low as $250. The free money will be deposited into the account within 30 days.

ING Direct. ING Direct is pushing their Electric Orange checking account. Along with the account, users can receive a $50 bonus. The requirements are to make three purchases on the account within the first 45 days.

M&I Bank. This bank is also offering a $100 give-away. This one gives the money to anyone who opens a checking account and makes five minimum purchases with the M&I check card during the first 45 days.

Perkstreet Financial. Perkstreet Financial is also pining for new customers! Perkstreet is offering a $50 bonus for first-time customers only. All a first-time customer has to do is open an online checking account and keep the account opened for at least three months. There’s no minimum monthly balance requirement or fee attached to the account.

PNC. PNC’s unique offer involves a $50 cash bonus plus 50,000 reward points. The reward points can be redeemed for cash, gift cards, and electronics. That’s a great deal at a time when many people are still reeling from the recession.

BB&T. Last but not least, BB&T is offering a $100 bonus for opening a free checking account. To qualify, customers must make three payments using the bank’s online tools and sign up for direct payroll deposit.

Finding new deals

In today’s market it’s easy to find good deals. Banks, like many other kinds of businesses, are coming out of the recession looking for new ways to attract customers. That means that banks are competing with each other to create the most attractive bonuses and rewards possible. If you’re thinking about opening a new bank account or switching your account to a new bank, a little strategic searching before you make a decision can really pay off.

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