In the competitive banking landscape of Maryland, financial institutions are continually offering enticing sign-up bonuses to attract new customers.
These promotions can provide significant financial incentives for individuals considering opening new accounts.
Here, we explore five banks in Maryland that currently offer some of the most attractive online sign-up bonuses, along with insights into the terms and conditions associated with each offer.
1. Bank of America Advantage Banking – $300 Bonus
Bank of America is extending a $300 bonus to new checking customers who open an eligible Bank of America Advantage Banking account online by May 31, 2025.
To qualify, customers must set up and receive direct deposits totaling $2,000 or more into the new account within 90 days of opening.
It’s important to note that Bank of America Advantage SafeBalance Banking® accounts are not eligible for this promotion. Once all requirements are met, the bonus will be credited to the account within 60 days.
2. TD Bank Beyond Checking – $300 Cash Bonus
TD Bank is offering a $300 cash bonus to new customers who open a Beyond Checking account and receive direct deposits totaling $2,500 or more within 60 days of account opening.
This account also provides benefits such as no monthly maintenance fees, provided certain balance requirements are met, and reimbursement of non-TD ATM fees.
3. M&T Bank Personal Checking – $200 Bonus
M&T Bank presents a $200 bonus for new personal checking account customers who make direct deposits totaling at least $500 within 90 days of account opening.
The bonus will be credited within 90 days after meeting the direct deposit requirement. This offer is available to residents of several states, including Maryland, and is set to expire on March 31, 2025.
4. PNC Virtual Wallet® – Up to $400 Bonus
PNC Bank offers a tiered bonus system for its Virtual Wallet® product:
- $50 Bonus: Open a Virtual Wallet® and receive direct deposits totaling $500.
- $200 Bonus: Open a Virtual Wallet® with Performance Spend and receive direct deposits totaling $2,000.
- $400 Bonus: Open a Virtual Wallet® with Performance Select and receive direct deposits totaling $5,000.
These direct deposits must be received within 60 days of account opening to qualify for the respective bonuses.
5. Firstrust Savings Bank Eagles FirstPay℠ Premier – 50,000 Bonus Points
Firstrust Bank is offering new Eagles FirstPay℠ Premier checking customers 50,000 bonus reward points, which can be redeemed for $500 in gift cards, merchandise, or travel.
To qualify, customers need to open a new account and make debit card purchases totaling $500 within 60 days. The bonus points will be credited within 30 days after meeting the purchase requirement.
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Considerations Before Signing Up
While these bonuses are appealing, it’s crucial to understand the associated terms and conditions:
- Eligibility: Most bonuses are available only to new checking customers who do not have existing accounts or have not recently closed accounts with the bank.
- Direct Deposit Requirements: Many promotions require a minimum amount in direct deposits within a specified period. Ensure you can meet these requirements to qualify for the bonus.
- Account Maintenance Fees: Some accounts may have monthly maintenance fees that can offset the bonus if not waived. Typically, maintaining a minimum balance or setting up direct deposits can help waive these fees.
- Tax Implications: Bonuses received for opening bank accounts are generally considered taxable income. Banks may issue a Form 1099-INT or 1099-MISC if the bonus amount exceeds a certain threshold, but even if you do not receive a form, you are still responsible for reporting the income on your tax return.
Maximizing the Benefits
To make the most of these promotions:
- Assess Your Banking Needs: Choose an account that aligns with your financial habits and goals.
- Understand the Requirements: Carefully read the terms and conditions to ensure you can meet the bonus qualifications.
- Monitor Your Account: Keep track of direct deposits, balances, and any actions required to maintain eligibility for the bonus and to avoid fees.
- Plan for Taxes: Set aside a portion of the bonus to cover any potential tax liabilities.
By staying informed and proactive, you can take full advantage of these sign-up bonuses offered by Maryland banks, enhancing your financial well-being while meeting your banking needs.
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