What you need to know about depositing a fiver
If you are reading this you probably already know that bingo sites that accept a minimum £5 pound initial deposit are few and far between but then with the vast number of bingo sites there are still plenty of options.
The catch is that very few of them will give you a decent deal if you only deposit a fiver, although some will so if you want a chance of winning from just a fiver then read on.
The low down is that there are two ways bingo sites calculate (and advertise) deposit bonuses, as follows:
1. A fixed bonus after making a first deposit of any value
Bingo sites that give players a fixed fee for signing up irrespective of the value of their initial deposit. This will be advertised as something like "£25 Welcome Bonus", which is what you are looking for when depositing a small amount like £5.
2. A bonus calculated on the percentage of a players first deposit
Bingo sites give players a percentage of their initial deposit in bonus money and it will be read out as something like "200% deposit bonus". If you are planning to deposit a fiver then you need to steer clear of this unless you are offered 400%+.
Quite clearly when depositing £5 you are far better off with the first option and finding a bingo site that offers a fixed bonus amount irrespective of the value of the deposit made.
Sometimes its better to make a £10 first deposit
In addition to the above information its also important to understand that a lot of bingo sites that allow a £5 minimum deposit are geared towards a players initial deposit being £10 or more and they advertise their sign up incentives around this.
Lets look at Wink Bingo for a good example of this; even though Wink will accept a minimum £5 deposit, players will only get an additional £10 added to their account based on their 200% initial deposit bonus. However, as advertised if you make a 1st deposit of £10 you will become eligible to 'Spin the Wheel' for a bonus of between £15 - £1000 as well as get an additioanl £20 from their 200% 1st deposit bonus, which will total a minimum of £45 from an initial £10 deposit as opposed to the measly £15 you will get from a £5 deposit. The bottom line is if you play at Wink you are far better off making an initial £10 deposit. The same rule goes for many other sites so its important to understand the 1st deposit bonus terms correctly.
A good £5 deposit bingo offer
Others brands are more straight forward and will give you the fixed welcome bonus advertised irrespective of your initial deposit amount. A good example is Paddy Power Bingo that offers a £20 welcome bonus after making just a £5 deposit. In this example Paddy Power are clear, concise and you end up with a £25 total to play bingo with from a £5 deposit.