That’s why anyone interested in pursuing one, says Akers, will need to be ready to read.

Are cash bonuses worth it?Ĭlearly many of the biggest sign-up offers come with layers of big promises and marketing jargon. “The financial institutions with the ‘welcome bonus’ or ‘checking offer’ believe and, frankly know, they can make money on your deposits even after incentivizing you to park your money with them,” he says, adding that “banking institutions use your new account balances to make loans that generate significantly higher ROIs than just one year ago.” Akers adds: “They are willing to pay cash for your cash deposits because the profitability is there for them,” he says. Why do banks offer cash bonuses?Īs the Federal Reserve continues to raise interest rates in its effort to tackle high inflation, many banks are pursuing greater deposits to help pay down their own debt and balance their books in the process, Akers explains.

We’ll also list the 10 highest-paying bonuses right now. Here we’ll talk about why banks offer cash bonuses and what you’ll need to know before attempting to qualify.