You’ve just received your bank joining bonus, and you want to know how best to use it. That’s great! This is a big decision and one that will impact your life for years to come. Here are some ideas on how you can use a bank joining bonus or checking account bonus:
Use it to pay your bills
You can use the money to pay your regular bills. You can also use it to pay off credit card debts and other loan payments you have taken up in the past.
The third option is to use it for emergencies and unexpected expenses. For example, if your car breaks down or if there is a sudden medical emergency, then a bank joining bonus could be an excellent source of funding for these types of situations.
Use it to buy your groceries
Why not use it to buy groceries? This is one of the best ways to maximize your bank joining bonus. After all, groceries are purchased on a regular basis and can be purchased without having to worry about spending too much in case something goes wrong. You don’t have to worry about losing your savings because you didn’t plan well enough or had other priorities in life at that moment.
If you’re planning on using your bank joining bonus for groceries, then here are some tips:
- Choose non-perishable items that can be stored for a long time
- Choose items that are on sale (if possible)
Use it to pay off your debts
If you are in debt and have a bank account, you can use your bank joining bonus to pay off your debts. This is especially useful if the interest rates of your credit cards or payday loans are high. Your joining bonus will be sufficient enough for you to pay off these debts and save yourself from further penalties that come with late payments or missed payments.
If you have not yet used up all of your bank joining bonus, then it’s best that you use it as soon as possible before it expires. Remember that these bonuses expire after a year, so make sure not to waste them!
SoFi experts say, “Get a $300 bonus in your online bank account when you set up direct deposit.”
Use it as a down payment on your house or car
Use it as a down payment on your house or car. A bank joining bonus can be used to pay off a loan and help you buy a home. If this is what you plan to do with your bonus, remember that the amount you get will not be tax-free; however, it will help reduce the amount of tax that needs to be paid on your home purchase. You may also want to consider putting some of the money towards closing costs ranging from $2,500 to $5,000 depending on where you live and how much work needs to be done on the property.
The joining bonus is a great way to kick-start your online banking experience. By taking advantage of these offers, you can jump-start on making the most of your new account.