Checking Account Promotions

Checking account promotions have far surpassed the toaster that new account holders use to be rewarded with. The down turn in the economy has forced the banks to become more competitive. In most cases the promotions include interest bearing accounts, freebies and a host of other promotions to get you to sign up with the bank. Banks are hurting for business right now so they are really going above and beyond to win back confidence and your business.

Free Checking Accounts  

By now most folks are sort of immune to the free checking account promotions because they are so prevalent. Just about every bank offers some sort of free something on the account to get you to sign up with them.  This immunity does not make them not a great deal. They are still the perfect deal.  You do need to go into the deal with your eyes wide open though and pay attention to the fine print.  

Are Promotions Forever?

Free checking account promotions may be a good deal but typically they are not forever. The idea of any promotion is to drum up business. Once the business is drummed up than the promotion will end, if you don’t get in on the promotion on time than you risk losing out.  Usually a promotional campaign will run for three to six months and when it is done it is done.  

Smart Consumers

Being a smart consumer means that you understand that checking account promotions are used to get your business which also means that you are going to make sure you understand the terms of what you are agreeing to.  

In some cases the promotion may offer terms that are only good for a certain period of time say six months but you are agreeing that you will keep the account active for one year. A great introductory rate on an interest bearing account may dwindle down to nothing right after the introductory period is over.  

In order to take full advantage of checking account promotions you have to understand the terms and pay attention to the rules.  

Restrictions  

It is important to understand what restrictions you have to adhere to.  If the promotion has any restrictions and you do not follow those restrictions it could wind up costing you money in the long run.  For example in some case the free account may stay free as long as you limit transactions to what the restrictions state.  Once you go over the limits you may wind up paying heavy fees or forfeiting some of the interest you would have otherwise earned. In some cases the restrictions apply to how many times you can call into customer service.  You may be limited to a certain number of times and once you call in too many times you are charged per call.  

Overall, taking advantage of checking account promotions is a great way to locate a free checking account.