Look for Rewards when Depositing Money in a new Savings Account

With the recession causing Americans to tighten their belts and save money like they haven't in a long time, banks have been responding to this change by using promotions to generate new deposits from consumers.

One recent example is U.S. Bancorp, which is now offering $50 if someone deposits $1,000 into a new savings account with them. To add some more incentive, if the customer keeps that $1,000 in the savings account for over a year, they are then given another $50 in the form of a Visa gift card.

Think of this. No matter what interest rate you get on your money, if you keep the $1,000 or more in the bank for any period of time, you get a 10 percent return on your money. Now that's a good deal, and there are a lot of them out there.
Why settle for the same old thing when we're living in times where banks and financial institutions know people are looking to put away money and pay off their debt?

Most types of savings accounts, and even bank CDs, are offering many incentives for new or old customers to put their money in their banks. We should take a little time to search out these opportunities in order to get the maximum return on your money.

Even though in the case of U.S. Bancorp offering two $50 Visa gift cards in exchange for keeping your deposit in the bank for a year, that's real return, and you can use that $100 in whatever way you wish, saving $100 on purchases you would have made anyway. If you feel you need to see the money side of it, just put that $100 in the savings account and spend the $100 you get from them.

Other incentives offered in the deal include every time you spend money with your debit card the bank will send $1 from you checking to your savings. For those that have trouble remembering to put aside for their savings or don't pay themselves first, this is an excellent way to automatically build up a nice nest egg to protect you in difficult times.

The point of all of this is to do your research, because banks are hungry for deposits in a difficult credit environment, and so many incentives are going to be offered to induce you to park your money with them. Don't miss out on this when just a few minutes of research can turn up many of these deals.