Banks are practically giving away $100! Here’s how to get it

Banks were practically handing out free cash to lure in new customers.

With competition at its peak and interest rates easing, financial institutions scrambled to sweeten the deal.

For seniors in particular, these offers created a rare chance to pocket extra money while reviewing long-term banking options.

Banks had turned to cash incentives as a way to win new customers in a crowded market.

With multiple interest rate cuts in 2025, competition between the big players intensified, leading to deals that felt more like retail promotions than traditional banking.

As one analysis put it:

The reason banks were prepared to pay up was simple—once customers set up their direct debits, savings accounts, and automatic payments, they were far less likely to switch again.

For older Australians, the combination of patience, financial stability, and a keen eye for detail made these promotions particularly valuable.

The standout offers on the table

ING’s $100 double-account bonus

ING offered $100 for customers who opened both an Orange Everyday and Savings Maximiser account with code OEJOIN100, deposited $1,000, and made five debit purchases by 30 November 2025.

The appeal was clear—ING had a solid reputation for customer service and rates—but being a digital-only bank meant those preferring face-to-face service might have found it less suitable.

Westpac’s mobile wallet deal

Westpac handed out $50 for opening a Choice transaction account by 30 September 2025, linking the Debit Mastercard to a mobile wallet, and spending $50 within 15 days.

This required using smartphone payments, which some found daunting, though Westpac branches offered set-up support.

St.George and Bank of Melbourne’s identical offer

As part of the Westpac Group, both banks mirrored the $50 cashback deal, with the same mobile wallet and contactless payment requirements.

The advantage here lay in their extensive branch networks, offering seniors the reassurance of in-person support.

Newcastle Permanent’s cashback incentive

Through code 'cashback5', Newcastle Permanent provided up to $100 cashback, returning 5 per cent of Visa purchases up to $2,000 within 45 days.

Unlike the fixed offers, this payout depended on spending habits, rewarding those with higher transaction levels.

Beyond the lure of cash

While tempting, bonuses were only one piece of the puzzle.

Mobile wallets played a big role in many deals, yet they often made seniors hesitate.

The reality was that smartphone payments were often more secure than physical cards, thanks to biometric protections and instant notifications.

Staff could usually walk customers through the process in minutes.

What to watch in the fine print

'Free money' almost always came with conditions.

The focus on mobile wallets stood out across several deals.

Though this reflected the banking sector’s digital shift, it also required patience and learning for those not already comfortable with smartphone technology.

Taking a practical approach

For anyone considering switching, preparation was key.

Before applying, it was important to check eligibility, ensure spending requirements fit comfortably within the budget, and research each bank’s reputation.

During the process, seniors benefited from keeping clear records, setting reminders for deadlines, and saving confirmation emails.

After opening the account, tracking progress toward bonuses and keeping old accounts active until the new ones ran smoothly avoided headaches.

These promotions reflected broader trends in banking—fiercer competition, regulatory scrutiny, and improved service standards.

Seniors, in particular, were recognised as valuable long-term customers, often with stable finances and strong loyalty.

Questions worth asking

Do you really need to switch banks, or is the bonus the only attraction?

Can you meet the spending requirements without stretching your budget?

Will the bank’s ongoing services align with your needs?

Are you prepared to adopt new technology if required?

Does the bank provide enough support for your comfort level?

The truth was simple—cash bonuses were a pleasant extra, but the real value came from ongoing features like low fees, strong service, and better savings opportunities.

With banks competing more aggressively than ever, customers were in a powerful position to choose relationships that genuinely worked for them.

If you’re considering switching banks for a cash bonus, it helps to see how others have navigated the process successfully.

One story breaks down the steps, challenges, and benefits of moving accounts, giving practical insights you can apply today.

It’s a useful follow-up for anyone wanting real-life examples of bank switching strategies in action.

Read more: The Great Bank Switch of 2025: Why Australian seniors are finally ditching their old banks

Have you ever switched banks for a sign-up bonus, and did the experience live up to your expectations?