Key Takeaways
- Many banks and credit unions offer unique perks, such as referral bonuses and cash back rewards for everyday debit card purchases.
- You can also find out-of-the-box benefits, such as free subscriptions, entertainment discounts and cell phone insurance.
- Being aware of these perks can help you choose a bank that meets your financial needs.
When choosing a bank, you might focus on fees, interest rates and accessibility. However, it’s important to also consider the benefits that a bank offers in your decision, too. And while there are plenty of common features available, such as overdraft protection, access to peer-to-peer payments and online bill pay, there are many unique perks you may have never realized. Here are some of the lesser-known benefits offered by banks and credit unions:
Cell phone protection
Your cell phone is likely always by your side. Protecting your technology will ensure your constant companion stays safe. Some credit unions offer cell phone protection if your phone breaks (some have stipulations you must pay your phone bill with their debit or credit card). This can help cover repairs or replacement for damage or theft.
America First Credit Union customers with a Premium Checking account can file a claim for accidental cell phone damage on the first day of the month after opening the account. Theft claims don’t have a waiting period.
Where to find cell phone protection: America First Credit Union, PenFed Credit Union, Randolph Brooks Credit Union (RBFCU), Security Service Federal Credit Union
Special event access and upgrades
If you’re looking to save money on a fun night out, your financial institution might be able to help you snag a deal, upgrades or special access. SoFi members, for example, get an exclusive SoFi Stadium experience. Members receive NFL game perks like 25 percent cash back rewards, express entry and VIP access.
Bank of America offers debit cardholders free general admission on the first full weekend of every month to more than 225 museums across the United States.
Where to find event access, discounts and upgrades: Chase, SoFi, Suncoast Credit Union, America First Credit Union, Boeing Employees’ Credit Union
Cash back and other rewards
Many people may have a credit card that offers cash back or deals, but your debit card can offer this perk as well. Bank of America customers can earn cash back on everyday purchases with their debit card through BankAmeriDeals. Customers can see available deals when they use the mobile app or log in online.
With a Discover checking account, you can earn 1 percent cash back on up to $3,000 in debit card purchases per month. With your Chase Bank debit card, you can select specific merchants to earn a percentage cash back on your purchase.
Where you can cashback and other rewards: Bank of America, Discover Bank, LendingClub, PNC Bank, American Express
Financial literacy resources
Sometimes you need a little help managing your finances. Fortunately, some banks offer financial education tools and guidance.
Bank of America’s website features financial literacy tools with Better Money Habits. After answering a few questions, customers are directed to resources that can assist them based on their life stage. Some of the resources include guidance on saving and budgeting, credit management, homeownership and investing.
Suncoast Credit Union has partnered with Balance to provide free financial counseling to members. Both PNC and SoFi have a section on their websites dedicated to student loan education. Boeing Employees’ Credit Union offers a free financial health check providing one-on-one financial coaching.
Where you can find financial literacy resources: Bank of America, PNC Bank, Truist, Chase
Relationship rates
You can earn higher interest rates at some banks when you have additional banking products at the same bank, which is known as a relationship rate. For example, you might be rewarded with a higher certificate of deposit (CD) annual percentage yield (APY) if you also have a checking account.
At U.S. Bank, the standard APY for a savings account is 0.05 percent. However, with a relationship rate, you can earn up to 3.50 percent depending on your balance.
Where to find relationship rates: BMO, Chase, Huntington Bank, U.S. Bank, Wells Fargo
Free or discounted subscriptions and services
Some financial institutions partner with subscription services to offer discounts. For example, Navy Federal Credit Union offers members discounts on car rentals, home and auto insurance and SiriusXM.
Security Service Federal Credit Union offers access to Telehealth to speak with healthcare professionals as well as roadside assistance.
Where to find discounted subscription services: Chase, Navy Federal Credit Union, Pen Fed Credit Union
Travel Perks
Many banks provide enhanced benefits specifically for traveling. These can include ATM reimbursements and wide access to ATMs and free domestic and international wire transfers.
Capital One and Charles Schwab, for example, don’t charge an additional foreign transaction fee when using your debit card. Bask Bank has a Bask Mileage Savings account where every $1 saved earns two American Airline miles. With the Citigold Checking Account, there’s a complimentary concierge service to help book travel and the ability to get foreign currency delivered to you the next business day.
Where to find travel perks: Bask Bank, Capital One, Charles Schwab, Citi Bank
Referral bonuses
If you’re happy with your bank, some banks offer the opportunity to earn cash by simply referring it to your family and friends. These referral bonuses often come with specific criteria to meet, but they can be a simple way to increase your savings.
M&T Bank customers can receive a $50 Visa Reward card, and Chime customers can receive $100 for a referral and $100 to the referred customer. Axos Bank offers $50 for a referral and $50 to the referred customer.
Many banks also offer sign-up bonuses for new customers who meet certain requirements, such as setting up direct deposit.
Where you can find referral bonuses: Axos Bank, Chase, Chime, M&T Bank, Regions Bank
Budgeting resources
An important part of financial management is creating a budget and making sure you stick to it. Some banks help with this by providing budgeting resources.
Ally Bank accounts, for example, have a savings bucket feature. These buckets help you organize your savings into categories to make it easier to save for certain goals. Customers can create up to 30 savings buckets within one account. You can also set up various “boosters” to increase your savings, such as scheduling recurring transfers or round-ups, which rounds-up your purchase to the nearest dollar and adds it to your savings.
Where to find budgeting resources: Ally Bank, Bank of America, Wells Fargo
Advanced security features
Regardless of your bank account balance, you want to make sure your money stays safe. In addition to a secure log-in process and account alters, some banks offer additional features such as credit monitoring and free credit scores.
Citibank offers a robust lineup of security features, including automatic notifications if risky activity is suspected and a Fraud Early Warning system that reviews accounts for fraudulent activity.
Where to find advanced security features: Capital One, Chase, Citibank, PNC
Note: The benefits and APYs mentioned in this article may change and availability may vary. Please check with the bank or credit union on whether a benefit mentioned is still available.
Bottom line
Banking perks are much more than free checking accounts. Customers now have access to an array of benefits, such as referral bonuses, travel perks and relationship rates. By researching these unique benefits, you can maximize your banking experience while saving money on everyday purchases. Before opening an account, make sure to consider what benefits mean the most to you.
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