You can now read 10 articles in a month for free on BostonGlobe.com. Read as much as you want anywhere and anytime for just 99¢.

The Boston Globe

Business

Interest rates can’t entice, so banks offer bonuses

Sovereign Bank is offering up to $125 to anyone who signs up for new checking account. Washington Savings Bank in Lowell hands out $150 gift certificates from Coach, known for its luxury handbags. And East Boston Savings Bank promises $100 and a digital food scale.

With attractive interest rates a distant memory, banks and credit unions across Massachusetts and elsewhere are using glitzy gifts and cash to lure customers. J.D. Power and Associates recently found that 8 percent of US customers who switched banks said they did so primarily because of a promotion.

Loading comments...

You have reached the limit of 10 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week