Marcus Marion, CMA™ Every business seeks new customers, and the banking sector is no different. When you think about it, competition for customers is fiercer among banks since most people of legal age already have an account. And once a customer opens a bank account, it can last a lifetime.
Most banks are ready to throw out cash in the form of bonuses to incentivize the customer acquisition process. These cash bonuses go to anyone prepared to get bring in new customers. They have different packages and even special rewards for existing customers convincing others to join the bank’s line of new customers.
It doesn’t get better than this because everyone wins with bank referrals, the new account holder, the existing customer, and the bank. However, bank referral programs vary widely. If you know a few buddies looking to open a new bank account soon, here are the banks offering the best banking apps with referral bonus programs.
1. Acorns
For those with a large pack of friends, Acorns’s referral program is among the greatest (and smoothest) referral systems available, although it differs slightly from most.
They send out weekly emails with fresh incentives for those recommending their peers. For instance, the November 2022 special Acorn referral bonus for introducing two friends was $300, and those who invited three friends in September 2022 received a $600 compensation. (The most lucrative is $1,500 for seven Acorns referrals in October 2021.)
Before getting too excited, you should know these come with a caveat (obviously). The catch is that your friends must use your referral link to register for Acorns and deposit at least $5 each within the promotional period.
To ensure no one deviates from the course, you may monitor their progress inside the app.
The bank will verify the requirements when the business week ends and transfer the amount to each person’s investment account. You will also receive the regular referral bonus for invitations, ranging from $5 to $10 per person, as extra revenue.
Remember that this bonus is either all or nothing. Acorns will forfeit everyone’s bonus if you bring three friends, but only two complete the requirements on time.
2. LendingClub Bank
LendingClub Bank is what you would call an internet-only bank, and it enables its customers from all over the country to hold checking and savings accounts with no fees. The company’s checking accounts require only $100 to open, and customers can receive reimbursement for any ATM fees they incur.
Anyone looking for an uncomplicated bank account with instant access to their money may appreciate this option.
Similarly, LendingClub Bank’s referral scheme is easy to understand and complete. Their bank apps with sign-up bonuses contain everything you need to refer friends, like your unique referral code. Unlike other banks, you can begin to recommend this bank’s services to friends after 30 days of account ownership.
Friends can each earn $50 when one person refers another using your referral code to signup for an account. But the new account must have a balance of at least $500 for the following 60 days.
LendingClub Bank sometimes increases the referral incentive, so keep checking for the opportunity to make some free money with your friends.
3. Regions Bank
Regions Bank offers both personal and business banking as a full-service vendor. Their brick-and-mortar banking offices are spread across the South, the Midwest, and Texas.
Their various account options, in addition to their debit and credit cards, provide consumers with a wide variety of benefits.
Only certain bank accounts are eligible for referral bonuses through their loyalty scheme.
If you recommend someone who opens a Personal LifeGreen checking account, you could get a $50 Visa Reward Card. When you inform someone about the business checking account, and they open one, you could get a $150 Visa Reward Card, provided you meet all the requirements.
When you refer someone you know to Regions, you may submit their email addresses on the bank’s website or by giving the referral’s contact information to a branch associate.
Regions will then get in touch with the reference to provide an invitation to open a qualifying account. The referee has 90 days from the date they get the bank invitation to create a personal or business checking account. Once referred, new business checking account owners must also submit an opening deposit of $500 and above.
New customers who open Regions Personal LifeGreen Checking Accounts have 60 days from account opening to meet the following requirements:
- Make a direct deposit of $300 or more (paycheck or government benefit deposit).
- Spend a minimum of $10 with the new Regions Visa CheckCard account.
- Sign up for digital bank statements online.
- New Regions Business Checking Accounts holders must meet the following requirements during the first 60 days.
- Buy at least one thing with your new Visa Business CheckCard.
- Use their Internet banking to sign up for online statements.
4. Chime
If you and your buddies ever need an Online bank Chime offering accounts without minimum balance and ongoing monthly fees, the answer is Chime.
The advantages it gives its account holders are on par with those of other banks. Some perks it offers include rebates on certain purchases, interest-free overdrafts of up to $200, and free cash withdrawals at certain ATMs.
As exciting as this sounds, their app is even more renowned among customers for its “Pay Anyone” feature. This function enables quick, app-free money transfers to anyone, Chime user or not.
Chime employs a strategy that is distinct from that of traditional referral marketing and bank referral programs. For starters, you must sign up as an Affiliate with Chime before you can take advantage of their referral program.
You can register by filling out an application form and forwarding it to Chime for approval. You’ll get a Chime Affiliate link immediately after the bank accepts your application, and you can then freely share your link among your social circle.
You will receive a referral incentive for every person you refer who signs up for Chime and begins using the service. While Chime’s referral bonuses are unlimited, the current referral price, $100 per referral, may change over time.
5. TD Bank – $50
Customers who recommend their friends to TD Bank can earn a bonus, regardless of whether they prefer banking in person or online.
Basic checking accounts offered by TD Bank are subject to certain minimum balance requirements and monthly maintenance fees. However, you’ll find these criteria are relatively easy to fulfill. TD’s basic checking account has no monthly charges, provided you keep at least $100. Likewise, the savings account has no fees as long as it has a $300 balance.
If you recommend a friend to TD Bank, you and your buddy each receive a bonus of up to $50. However, your referral must complete and submit a printed form at a branch. To qualify for the incentive, your friend must make ten debit card purchases or have $250 deposited directly into their account within the first 60 days of account opening.
6. HSBC
HSBC is a multinational bank that provides its clients with various banking services. If you want a simple, inexpensive experience, HSBC has an account that can satisfy your needs. HSBC also offers premium accounts to clients with considerable assets.
Because HSBC gives referral benefits to both the person who sends the referral and the person who receives it, everyone involved can benefit from the program. Anyone who refers a friend gets a $100 bonus, and your friend who opens an account can get anywhere from $100 to $600, depending on their preferred account type.
Here too, referrals are a breeze. Simply visit the Refer a Friend page inside your online HSBC account and note down your referral code. However, ensure your friend remembers correctly entering your code when creating an account. Other conditions surrounding the referral cash bonus include the following:
- Your buddy must open their new account in person or through the phone.
- The account must remain active for 8 weeks, after which you’ll receive $100.
7. Axos Bank
Axos Bank is an American financial company that operates under a national franchise with its headquarters in San Diego, California. It provides a range of accounts, including business checking and savings accounts and personal checking and savings accounts.
In addition to personal and commercial loans, they specialize in corporate banking. You can get money back on certain purchases, get your ATM fees reimbursed infinite times, and never pay a monthly charge with one of your accounts.
They provide a very handsome refer-a-friend program for their Essential Checking Account customers to earn some extra bucks. Using their online banking platform, you can acquire your exclusive referral link, which you can distribute among the members of your social circle as you see fit.
Once the person you referred starts an Essential Checking Account and makes the minimum deposit, you and referred customer will each get a $20 cash prize. You can expect an extra reward when each referral deposits into their Essential Checking Account after opening one using your link.
Summary
Despite the attractive referral packages available at these banks, you need to ensure the needs of your friends align with the bank’s services.
Usually, most people think just because they love their bank and the thought of leaving didn’t cross their mind after years, others will love it too. However, you’ll need to dig deeper to have a successful referral. Bonuses like these can quickly add up to a substantial amount!
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