• Signing up for a new checking account can have its rewards.check book image by Rob Hill from Fotolia.com
  
  If you are in the market to open your first checking account or are not pleased with your current bank, it is worth looking around at the array of incentives and special rewards that banks offer you to become a customer. Take a look at some of the more common benefits offered by banks as well as what to look for to make sure you get the rewards promised to you.
  
  

Cash Bonus

• Some banks will offer a fixed amount cash bonus for opening a new account. In October 2010, these ranged from $25 to $125. This money is automatically deposited into your account per the terms and conditions set forth by the bank, such as debit card use or keeping your account open for a certain period of time. The requirements are often listed in the fine print at the bottom of the bank's website or can be obtained from a customer service representative.
  
  

Interest

• As a new checking account customer, some banks will pay you interest on funds you have sitting in your checking account. In October 2010 these rates of 0.1 to 1 percent were lower than a money market or CD interest rate of 1 to 3 percent. Some banks may offer promotional interest rates that expire after an introductory time period at which time the rate often switches to a more standard schedule that offers higher rates on higher balances and lower rates on lower balances.
  
  

Discounts on Other Services

• Banks may offer incentives to get you to do more business with them. These include incentives if you have multiple products from the same bank. For instance, if you are a checking account customer, a bank may offer you a free high-yielding savings account with no fees or balance requirements or offer you lower interest rates on home and automobile loans.
  
  

Fee and Reward Incentives

• Many banks are offering such incentives as refunds on ATM fees, fee waivers on such bank services as loan application fees, cashier checks, or wire transfers. Some banks offer rewards points that can be redeemed for gift certificates or airline tickets. Banks offer online money management and budgeting tools to help you improve your finances, and mobile banking that lets you check your balances, receive account alerts, and make deposits from your cell phone.