Sometimes A Bank Will Actually Pay You
I've seen these kinds of incentives before, but this one is particularly good and has a lot of other interesting benefits so I thought I would share. Wells Fargo is running a promotion right now that gives new customers $250 for signing up for a new checking account. There are a few caveats (of course) but most people should be able to meet the minimum requirement to qualify for the $250 (which is deposited into your checking account within 60 days of opening the account). The account you have to open to qualify either requires you to have a paycheck deposited in the account or has a minimum number of purchases per month, otherwise there in a monthly fee for the account. Again, most people will have no problem qualifying for the no monthly fee but please pay attention to this when considering it.
There are several reasons I wanted to share this. One is that Wells Fargo is one of the few big banks out there that offer a free checking account and debit card for teenagers. We specifically setup and account with Wells Fargo several years ago so we could get our teenage daughter a debit card and will be doing the same for our son soon. The other reason I wanted to share this is that the Wells Fargo VISA Signature credit card has a free benefit included with it. If you pay your cell phone bill with your Wells Fargo credit card then any cell phones on your plan are covered by an insurance plan. This insurance plan essentially will pay for a full replacement of your phone if it damaged (minus a small deductible). This paid for one replacement of my wife's iPhone last year, so we have already benefited greatly from it.
Switching banks is never fun I would never recommend doing it unless you absolutely have to. That being said, if are looking to move anyway or looking for a way to get your teenager a debit card then you might give this Wells Fargo promotion a look...