Should You Open a New Bank Account for a Cash Bonus? Do the Math First

WSJ Your Money Briefing

The Wall Street Journal

News, Business News

3.8 • 1.6K Ratings

🗓️ 25 July 2024

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

After years of paying nearly zero-percent interest, many banks are offering cash and attractive savings rates for consumers to open new accounts. Wall Street Journal personal-finance reporter Imani Moise joins host J.R. Whalen to discuss what’s in the fine print that could cause you to think twice about moving your money. Sign up for the WSJ's free Markets A.M. newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:18.0	Here's your money briefing for Thursday July 25th. I'm J. R. Whelan for the Wall Street Journal.
0:27.0	For the past few years, banks have had enough cash on hand and didn't have to offer much incentive for people to make deposits.
0:36.0	Savings rates were near zero. Fast forward and banks are pulling out all the stops to get your money in the door.
0:43.0	You're seeing a lot of one-time bonuses, cash bonuses,
0:46.8	sometimes as high as $500 to open up a new account.
0:50.3	You're also seeing some promotional rates on savings accounts as high as 5%.
0:54.0	Wall Street Journal personal finance reporter Amani's will join us
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1:45.0	zero trust AI. Should you take advantage of a new wave of promotions offered by banks to open a new account?
2:00.0	Wall Street Journal of Personal Finance reporter Amani's joins me.
2:03.6	Amani, for several years, most banks weren't offering customers much to keep their money in
	...

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