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Banks want your deposits - and are willing to pay you for them

Despite seven interest-rate increases by the Federal Reserve since 2015, many banks have resisted rewarding deposit customers with higher rates. In an effort to stanch deposit declines, lenders are offering new customers one-time payments of hundreds of dollars to open accounts. For the banks, these bonuses can have the benefit of being tucked away in obscure parts of earnings reports where they don’t weigh on closely followed profitability metrics.