Big banks in the US are boosting the amount of cash they’re handing to new customers as the fight for deposits intensifies for the first time in years.

JPMorgan Chase and Wells Fargo in particular are battling it out to curb deposit flight triggered by the Federal Reserve’s interest rate hikes, reports the Wall Street Journal.

Both banks are now offering $300 cash bonuses to new customers. And here’s the catch – newcomers must set up direct deposit in order to claim the reward.

Bank of America is offering $200 for the same set up, and Citi has a new promo offering 5% interest on new savings accounts for the first 90 days.

The moves come as earnings reports confirm banks are paying up to retain deposits and combat the rising popularity of money market funds.

Says BofA Chief Financial Officer Alastair Borthwick,

Our instructions to our team are to grow our deposit base a little bit faster than the economy. That means you have to price across the board to achieve that.”

Data from the market research firm Curinos shows the average cash offer for new checking accounts hit $400 this year. For comparison, that number was $160 in 2016.

However, compared to 2016, customers must now hold higher balances in their accounts in order to receive the rewards.

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Former President Donald Trump says one of Bitcoin’s biggest critics is warming up to the crypto industry.

In a newly-released interview transcript from Bloomberg, Trump says JPMorgan Chase CEO Jamie Dimon’s notoriously negative views on crypto are evolving.

“You ask Jamie Dimon, Jamie Dimon was, you know, very negative and now all of a sudden he’s changed his tune a little bit.”

Trump gave the answer while addressing his own views on crypto, which have changed dramatically in recent months.

The former President, who once called Bitcoin a scam based on thin air, has said he’ll protect the industry’s presence in the US and support people’s rights to self-custody digital assets.

In his new interview, Trump says his views on crypto have changed over time. If the US doesn’t move the industry forward, Trump says other countries will.

“If we don’t do [crypto], China is going to pick it up and China’s going to have it. Or somebody else, but most likely China. China’s very much into it. Also, it’s not going away. It’s amazing. I’ve gotten to know a lot of people, like even the meeting in San Francisco [Trump’s June 6 fundraiser]. I went to San Francisco, I met many people that—these are people that this is really becoming an industry [for].

Now, if I throw it aside, it’s going to be picked up in another country, most likely China—they’re pretty advanced in that sphere. So you have to look at it—what I want, again, is what is good for the country. If we don’t do it… The other thing is, I did things like NFTs and, you know, stuff. And I noticed that 80% of the money was paid in crypto. It was incredible. So, NFTs are, you know, I did the—very successful. We had one year to sell it out and it sold out in one day. The whole thing sold out: 45,000 of the cards. And I did it three times [and] I’m going to do another one, because the people want me to do another one. It’s unbelievable spirit. Beautiful.

But the thing I really noticed was everything was paid in—I would say almost all of it was paid in crypto, in this new currency. And it opened my eyes. So we have a good foundation. It’s a baby. It’s an infant right now. But I don’t want to be responsible for allowing another country to take over this sphere. And so I think we’re going to be good. Also, I’ve gotten to know people in the industry, they’re top-flight people.”

In the interview, Trump said he’d consider Dimon as his US Treasury Secretary.

Trump’s new running mate, JD Vance, is also pro-crypto.

In 2022, disclosures showed the 39 year-old Ohio Senator bought between between $100,000 and $250,000 worth of BTC.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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