What's the Deal: Earn free money by opening a new bank account

Banks are going through great lengths to get your business, sometimes even offering free money!

And now is the time to cash in.

Forget the free pen or free checking, this month many banks are giving away free money to lure in new customers.

For example, Citibank is offering a $500 Cash Bonus if you open a checking account by the end of February.

Now, there are stipulations that you do need to look into before you sign at any of these banks to get the bonus - like minimum deposit, balance or purchases made.

But there are some great incentives.

You can get up to $300 at Chase, $100 at Wells Fargo, $100 for Bank of America and $100 at Charles Schwab bank - all for opening checking accounts.

And finally, Citizens Bank is currently offering a $1,000 bonus for those who sign up for a CollegeSaver savings account.

For more information on these promotions, CLICK HERE.