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Many banks offer a cash or points-based bonus when you open a new checking or savings account. Requirements for these one-time bank promotions usually mean you'll need to set up a direct deposit to the new account and keep it open for a few months.
Opening a high-yield savings account or a money market account could be a sound financial move, especially when they earn interest.
But why open a personal checking account or savings account when you get nothing in return? After all, banks should be competing for your business. Right?
That's why financial institutions extend bank bonus offers to new customers who are willing to try a new account.
Recommended Bank Bonuses
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SoFi Checking and Savings |
Chase Total Checking® |
Chase Business Complete Checking® |
U.S. Bank Business Checking (Member FDIC) |
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$50-$250
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$200
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$300
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Up to $800
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Expires 12/31/23 |
Expires 10/18/23 |
Expires 10/19/23 |
Expires 1/8/24 |
| Get Started | Get Started | Get Started | Get Started |
Best Bank Account Bonuses
Bank bonuses are a relatively risk-free way to earn money with your unused cash. However, earning bank bonuses for opening personal checking accounts and savings accounts does take effort, especially when you're working with multiple banks.
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Citizens Bank Checking |
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(Open to all U.S. residents; offers may vary by state) |
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First Tech Federal Credit Union Checking (Nationwide) |
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TD Bank Beyond and Convenience Checking Accounts (CT, DE, DC, FL, ME, MD, MA, |
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(CT, DE, FL, ME, MD, MA, NH, NJ, NY, PA, RI, VT, VA, DC, WV) |
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Huntington Bank Perks Checking and Platinum Perks Checking Accounts (OH, MI, IN, PA, KY, WV, IL) (CO, IL, IN, KY, MI, MN, OH, PA, SD, WV, WI) |
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First Bank (Bloom) Checking and Savings (AZ, CA, CO) |
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(Nationwide) |
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Stanford Federal Credit Union Checking Account (CA) |
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BMO Harris Smart Advantage, Smart Money and Relationship Checking Accounts (FL, IL, WI, MN, IN, AZ, KS, MO) |
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Bank of America Checking Accounts (Nationwide) |
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Wells Fargo Everyday Checking Account (Nationwide) |
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First Bank (Bloom) Checking and Savings (AZ, CA and CO) |
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Alliant Credit Union Ultimate Opportunity Savings Account (Nationwide) |
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Chase Business Complete Checking® (Nationwide) |
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U.S. Bank Business Checking (Member FDIC) (Nationwide) |
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Axos Business Checking Accounts (Nationwide) |
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Huntington Business Checking Accounts (CO, IL, IN, KY, MI, MN, OH, PA, SD, WV, WI) |
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PNC Bank Business Checking Accounts (Open to all U.S. residents) |
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(FL, IL, WI, MN, IN, AZ, KS and MO) |
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These bank promotions are updated periodically and are accurate as of September 2023.
Best Checking Account Bonus Offers
If you're unsure where to begin your search for new bank bonuses, we recommend you consider the following accounts. Each of these featured accounts offers something special to customers, be it an unusually high bonus, easy-to-complete requirements, or long-term ongoing value.
Chase Total Checking®: $200 Bonus Offer
Bank account bonuses aren’t exactly rare, but some of them require you to jump through a lot of hoops. For example, you may be required to make a certain number of debit card purchases, set up and use a bill pay feature, or deposit a significant amount of money and keep it there for several consecutive months.
However, with the Chase Total Checking bonus, all you have to do is open an account and set up direct deposit to earn the $200 bonus. Read our full review of Chase Total Checking.
- Offer expiration: October 18, 2023
- How much you get: $200
- How to qualify: Open a new account and set up a direct deposit of your paycheck, pension or government-issued benefits check
- How to get the offer: Open a new account through this partner link and set up a direct deposit within 90 days of account opening
- When you get it: Once eligibility requirements have been met, you'll receive your $200 bonus within 15 days, provided your account is in good standing
Verdict
While Chase Total Checking is a standard, no-frills account that, for some reason, carries a monthly fee, the upside is that Chase is a quality bank. It has a sound reputation for providing excellent customer service, and many people will likely find an ATM or branch within 10 miles of their homes. The bonus is generous, and if you prioritize in-person services—this could be the account for you.
Chase Secure Banking℠: $100 Bonus Offer
Right now, new Chase Secure Banking customers can enjoy a $100 bonus when they open a new checking account with qualifying activities.
While the $4.95 monthly service fee means that your account won’t be free, it does feature several valuable benefits, including zero fees on most everyday transactions. Read our full review of Chase Secure Banking.
- Offer expiration: October 18, 2023
- How much you get: $100
- How to qualify: Open a new account and complete qualifying transactions
- Qualifying transactions: Complete at least 10 qualifying transactions within the first 60 days of coupon enrollment (account opening). Qualifying activities include debit card purchases, online bill payments, Zelle transactions, remote deposits (aka Chase QuickDeposits) and ACH credits. (Note: Direct deposit is not a qualifying transaction for this sign-up bonus offer.)
- How to get the offer: Open a new account through this partner link
- When you get it: Once eligibility requirements have been met, you'll receive your $100 bonus within 15 days, provided your account is in good standing
Verdict
You won’t frequently find a bank bonus for a second-chance account, which is what Chase Secure Banking is essentially designed to be. If you’re in the process of rebuilding your personal finances and credit profile, then this account offers flexible qualifications for account opening. So an extra $100 to get you started could be a lucrative opportunity—just be sure you have the liquid finances to waive the monthly fee.
Chase Business Complete Checking®: $300 Bonus Offer
Chase Business Complete Checking is the bank's flagship business checking account, and it offers all of the benefits you'd expect from one of the largest banks in the U.S.
Qualifying for its bonus isn’t difficult, but there are a series of qualifying activities you’ll need to complete to be eligible. Our full review details everything you need to know about Chase Business Complete Checking.
- Offer expiration: October 19, 2023
- How much you get: $300
- How to qualify: Open and fund a new account with at least $2,000 within the first 30 days from account opening, maintain at least a $2,000 balance for 60 days, and complete at least five qualifying transactions within the first 90 days of opening your account.
- Qualifying transactions: Qualifying activities include debit card purchases, Chase QuickDeposit, Chase QuickAccept Deposits, ACH credits, Chase Online Bill Pay and wire transfers
- How to get the offer: Open an account through this partner link
- When you get it: After you have completed all the above checking requirements, your bonus will be deposited into your new account within 15 days
Verdict
Chase Business Complete Checking stands out with its generous bonus for new customers and its nationwide network of ATMs and branches. Keep in mind that this account does carry a sizable monthly fee, which can be waived. Still, for those who don’t require in-branch services, you may find more affordable options that also pay a higher rate of interest.
Related Article
Who Should (and Shouldn’t) Open a Chase Business Complete Checking Account?
TD Bank Beyond Checking: $300 Bonus Offer
With a TD Bank Beyond Checking account, you’ll pay a $25 monthly maintenance fee unless you set up $5,000 in monthly direct deposits, have a minimum $2,500 daily balance or have a combined $25,000 balance across eligible TD accounts.
You can earn interest at tiered interest rates, get overdraft protection, receive free checks and bank statements and be eligible for rate discounts on home equity or personal loans. TD fees waived at any ATM, and non-TD fees reimbursed when you keep at least a $2,500 daily balance.
Read our full review of TD Bank.
- Offer expiration: September 30, 2023
- How much you get: $300
- How to qualify: Open an eligible checking account and make a qualifying direct deposits totaling $2,500 during the first 60 days of account opening
- Qualifying transactions: Make a total of $2,500 in qualifying direct deposits in the first 60 days
- How to get the offer: Open an account online or in-branch at a brick-and-mortar location
- When you get it: You're $300 bonus will be deposited into your account no later than 180 days after eligibility requirements are met
This offer is available to residents of the following states: CT, DE, DC, FL, ME, MD, MA, NH, NJ, NY, NC, PA, RI, SC, VT and VA.
Verdict
While this checking account won’t impress you with a competitive APY, it does offer a few unique features, including annual overdraft fee reimbursements and a free outgoing wire transfer per statement cycle. If you meet the criteria to waive the hefty monthly fee, then its $300 bonus could be a good reason to bank with TD.
TD Bank Convenience Checking: $200 Bonus Offer
TD Bank Convenience Checking carries a monthly maintenance fee of $15, unless you maintain a minimum daily balance of $100 or you’re 17 to 23 years old. This is not an interest-bearing account, but online statements are free. You’ll get discounts on your first order of select check styles, overdraft protection and rate discounts on home equity or personal loans.
- Offer expiration: September 30, 2023
- How much you get: $200
- How to qualify: Open an account and receive direct deposits totaling $500 or more within the first 60 days of account opening
- Qualifying transactions: Receive direct deposits totaling $500 or more in the first 60 days
- How to get the offer: Open an account online or in-branch at a brick-and-mortar location
- When you get it: You're $200 bonus will be deposited into your account no later than 180 days after eligibility requirements are met
This offer is available to residents of the following states: CT, DE, DC, FL, ME, MD, MA, NH, NJ, NY, NC, PA, RI, SC, VT and VA.
Verdict
In an era of fee-free banking, there’s nothing exciting about a standard checking account that charges a monthly maintenance fee, especially when you can get the same account online for free. But for those who need brick-and-mortar locations, in-person customer service, and the ability to make cash deposits, TD Bank Convenience Checking could be what you’re looking for. And, with a $200 bonus, becoming a new customer is slightly more enticing.
PNC Bank Business Checking: $200 Bonus Offer
New PNC business customers can earn a $200 bonus after opening a Business Checking account and meet eligibility requirements.
The new account won’t be eligible for the offer if any signer has signing authority on an existing PNC Bank business checking account or has closed an account within the past 90 days. They also wouldn’t qualify if they had been paid a promotional premium in the past 12 months. There will be a soft pull of your credit to see if you can open an account. This offer is open to all U.S. residents.
- Offer expiration: September 30, 2023
- How much you get: $200
- How to qualify: Open and fund an account with $100 or more and then maintain a minimum average ledger balance of $5,000 for each of the first three statement cycles. Plus, you'll need to make at least 20 total qualifying PNC Bank Visa Debit Card transactions within the first three statement cycles
- Qualifying transactions: Maintain an average ledger balance of $5,000 for three statement cycles and use your debit card 20 times—also within the first three statement cycles
- How to get the offer: Open an account online or in-branch (coupon automatically applied with online application)
- When you get it: Once conditions have been met, your $200 bonus will be deposited into your account within in 90 days
Verdict
This is PNC Bank's basic business checking account, and it’s best for smaller businesses that don’t exceed 150 transactions per month and those who prefer in-person banking. Since the monthly fee is nominal and easily waived, opening the account for the bonus will be agreeable for many.
PNC Bank Analysis Business Checking: $500 Bonus Offer
New PNC business customers who open either an Analysis Business Checking or Treasury Enterprise Plan can earn a $500 promo.
The Analysis Business Checking carries a $25 monthly account maintenance fee. Then there are pay per-item-usage fees for the activity levels and services your business uses.
The Treasury Enterprise Plan has a $50 monthly account maintenance fee, unless you maintain $30,000 average combined monthly balance in the Master and all additional beneficiary business checking accounts.
- Offer expiration: September 30, 2023
- How much you get: $500
- How to qualify: Open and fund an account with $100 or more and then maintain a minimum average ledger balance of $30,000 for each of the first three statement cycles
- Qualifying transactions: Maintain an average ledger balance of $30,000 for three statement cycles
- How to get the offer: Open an account online or in-branch (promo coupon automatically applied with online application)
- When you get it: Once conditions have been met, your bonus will be deposited into your account within in 90 days
Verdict
Analysis Business Checking is a niche product for businesses that need to link multiple checking accounts and only pay for the services they use. For the right enterprise, this can mean big savings overall, especially with the ability to offset these various fees with earning credits. So, if this is the specialty solution you are looking for, then a new account bonus is probably going to be appealing.
Huntington Bank Business Checking Accounts: $100-$1,000 Bonus Offers
Whether you're a newly minted LLC or a well-established local business, Huntington Bank’s lineup of business checking accounts has you in mind. Plus, for a limited time, Huntington Bank is offering new customers a chance to earn a welcome bonus. Keep in mind that this promotion is only available to residents in Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Dakota, West Virginia or Wisconsin.
- Offer expiration: January 15, 2024
- How much you get: $100-$1,000
- How to qualify:
- Open an eligible business checking account and deposit new money consistent with the account’s bonus requirement and required time frames.
- Business Checking 100: Deposit $2,000 within 60 days of account opening and keep your account open for a minimum of 90 days.
- Unlimited Business Checking: Deposit $5,000 within 60 days of account opening and keep your account open for a minimum of 90 days.
- Unlimited Plus Business Checking: Deposit $20,000 within 30 days of accounting opening and maintain that daily balance for 60 days after meeting the deposit requirement. The account also needs to stay open for at least 90 days.
- Eligible Huntington business accounts:
- Business Checking 100: Deposit $2,000 to earn a $100 bonus
- Unlimited Business Checking: Deposit $5,000 to earn a $400 bonus
- Unlimited Plus Business Checking: Deposit $20,000 to earn a $1,000 bonus
- How to get the offer: Open a new account online or in-branch
- When you get it: Receive your bonus within 14 days of meeting requirements
Verdict
While each of these eligible accounts offers its own suite of features and tools to help you grow your business, small business owners and freelancers have a lot to like about Huntington Bank. It offers both mobile and online banking, as well as in-person customer service at your local branch. Still, if you’re looking for an interest-bearing business checking account that pays a high-yield, you may be better off looking elsewhere.
Huntington Bank Perks Checking: $400 Bonus Offer
You can earn a $400 cash bonus for opening a Huntington Perks Checking account and receiving a qualifying direct deposit within 90 days of account opening. The funds must be new money, so deposits cannot be made from a previous savings or checking account with Huntington Bank.
The bank requires that you provide your Social Security number and a government-issued ID when applying for a personal checking account.
The bank is going to do a soft pull of your credit as well. You must be 18 years or older, a U.S. citizen, a resident of Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Dakota, West Virginia or Wisconsin, and open an individual or joint account. Read our full review of Huntington Perks Checking.
- Offer expiration: October 7, 2023
- How much you get: $400
- How to qualify: Open a new account and receive a qualifying direct deposit within 90 days of account opening and keep your account open for 90 days
- How to get the offer: Either open an account online or in-branch (coupon automatically applied with online application)
- When you get it: Your bonus will be deposited in your new account within 14 business days of meeting requirements
Verdict
The most intriguing aspect of this account is its ample bonus offer. Other than that, there’s little difference between this account and the fee-free Asterisk-Free Checking. Even so, it has a bonus and Asterisk-Free Checking doesn't, so you could consider starting with Huntington Perks for the promotional period and then downgrading to the bank’s free checking account.
Huntington Bank Platinum Perks Checking: $600 Bonus Offer
Huntington Platinum Perks Checking is the bank's premier consumer checking account, and, for a limited time, new customers can earn a generous $600 bonus for opening a new account and meeting eligibility requirements.
The account is interest bearing and charges a $25 fee that can be waived when you maintain at least $25,000 in combined balances across any eligible deposit accounts with Huntington National Bank.
- Offer expiration: October 7, 2023
- How much you get: $600
- How to qualify: Open a new account and make at least $25,000 in cumulative new money deposits within 90 days from account opening and keep your account open for 90 days
- How to get the offer: Either open an account online or in-branch (coupon automatically applied with online application)
- When you get it: Your bonus will be deposited into your new account within 14 business days of meeting requirements
Verdict
Similar to the Huntington Perks account, this account is nothing to get too excited about. It’s marketed as an interest-bearing account, but the APY is embarrassingly modest, and the monthly fee is more costly than it has reason to be. Opening the Huntington Platinum Perks for the promotional period and then downgrading to the bank’s free account is probably the prudent move.
Best Savings Account Bonus Offers
While not quite as common as checking account bonus offers, you can still usually find several savings accounts with bonus promotions for new accounts. Typically, a savings account with a bonus will not be a high-yield savings account, as these tend to draw in new customers with high interest rates. However, some accounts, such as SoFi Checking And Savings, manage to offer a high yield of return on deposits and a strong sign-up bonus.
The best savings account bonus offers typically require a minimum amount of qualifying deposits, and yield cash bonuses of $200 or more.
SoFi Checking and Savings
When you open this hybrid checking-savings account, you can get between $50 and $250, depending on how much you receive in direct deposits. The account also offers no account fees, an impressively high yield on your balance, no-fee overdraft coverage and up to 15% cash back when you use your debit card to shop at local businesses.
- Offer expiration: December 31, 2023
- Bank sign-up bonus: $50 or $250
- How to qualify: Open an account and receive at least $1,000 in direct deposits within 25 days of your first qualifying direct deposit. You'll receive $50 for $1,000 to $4,999 in direct deposits or $250 for $5,000 or more in deposits.
- Qualifying transactions: Qualifying direct deposits include deposits from your employer, payroll or benefits provider in the form of ACH transfers
- How to get the offer: Open a new account through this partner link
- When you get it: Once the evaluation period has ended, SoFi will determine your eligibility and deposit the earned bonus into your account within seven business days
Verdict
SoFi's bonus is relatively easy to earn if you receive regular direct deposits, but you'll need to work with your payroll manager or benefits provider to switch bank accounts. If you end up moving all of your direct deposits over to the new account, though, you may need to be ready to switch bill payments and other recurring charges, which requires more legwork than most savings bonuses.
TD Bank Savings
Open a TD Simple Savings or Signature Savings account and meet the balance requirement, and you can earn a cool $200. Both accounts charge a monthly maintenance fee—$5 and $15, respectively—but you can get that fee waived if you meet certain requirements.
- Offer expiration: September 30, 2023
- Bank sign-up bonus: $200
- How to qualify: Deposit $10,000 or more in new money within 20 days of account opening, then maintain that balance for 90 days from the date you met the deposit requirement
- Qualifying transactions: Deposits must be money not already held in a personal TD checking or savings account
- How to get the offer: Open a new account through this link
- When you get it: Once you've completed the bonus requirements, you'll receive the cash on or before 180 days from account opening
Verdict
The bonus is easy to earn, but only if you have $10,000 or more in cash lying around that you don't need for a few months. Also, unless you can easily meet the requirements to avoid a monthly fee, this may not be a good account for long-term usage. Also, keep in mind that this bonus is only available in some states, so check the list before you apply.
FirstBank (Bloom) Checking & Savings
You can earn a solid $300 when you set up a Bloom Package with checking and savings—or even just a checking account—enroll in online banking and set up a modest direct deposit on your account. Online banking is free, but you will have to pay a $10 annual fee for the account's debit card unless you're 25 years old or younger.
- Offer expiration: December 31, 2023
- Bank sign-up bonus: $300
- How to qualify: Open a Bloom Package or checking account, enroll in online banking and receive at least one qualifying direct deposit of $500 or more into your checking account for three consecutive months. The first deposit must be made within 60 days from account opening
- Qualifying transactions: Qualifying direct deposits include payroll, pension, Social Security or other recurring government benefit deposits
- How to get the offer: Open a new account through this link
- When you get it: FirstBank will deposit the bonus within 30 days of the final qualifying deposit
Verdict
The bonus is easier to obtain than the SoFi Checking & Savings bonus, but the account is only available to residents of Arizona, Colorado and Riverside County, California, making it unattainable for most U.S. consumers.
Alliant Credit Union Ultimate Opportunity Savings Account
It takes a year to earn this $100 bonus, but if you want to make the switch to Alliant Credit Union for the long haul, it won't take a lot to earn it. The account also has no monthly fee if you opt for e-statements and no overdraft fees.
- Offer expiration: December 31, 2023
- Bank sign-up bonus: $100
- How to qualify: Open an account as a new Alliant Credit Union member, deposit at least $100 into the account each month for 12 consecutive months and have a balance of at least $1,200 at the end of the promotional period
- Qualifying transactions: Qualifying deposits include total deposits of $100 or more each month
- How to get the offer: Open an account through this link
- When you get it: If you meet all the requirements, Alliant will deposit the bonus within four weeks
Verdict
You'll need to jump through some extra hoops to join the credit union, and the bonus isn't as sizable as the others on our list. But if you want to switch to Alliant anyway, this bonus can serve as icing on the cake.
How to Find Bank Bonuses
Bank account bonuses can be difficult to find because banks and credit unions don't usually advertise them. You may get an offer in the mail, which doesn't happen often, or you might search eBay and spend a few bucks for a mail offer someone else received.
One of the best ways to find a bank bonus is by searching through crowdsourced information. Slickdeals provides a list of scores of the best bank account bonuses available. You can search for bonuses that are available nationally, as well as for promotions specific to where you live. You'll also get the full details about each bonus to help you decide if it's a good offer for you.
How to Choose Bank Bonuses
Some people tend to take every bonus they could find, even the ones under $100. But you might get a better return for your time by being picky about the accounts you chose.
For instance, some bank accounts require you to spend a certain amount to earn the bonus, which can take a month or two with regular spending habits. On the flip side, other banks and credit unions simply require you to set up direct deposit, which only takes a few minutes. Since you can log in to your payroll account and do that on your own, the direct deposit bonuses can be one of the easiest to earn.
Quick Tip
If you have a regular direct deposit already, switching it to a new bank could be an easy way to qualify for a bank bonus.
How to Qualify for a Bank Account Bonus
Many banks and credit unions offer introductory cash bonuses to incentivize people to sign up for a new personal checking account, money market, spending account or savings account.
Depending on the financial institution, we've seen bank account bonuses ranging from $50 to $1,000.
These new customer bonuses are often offered through limited-time promotions—both for checking accounts and savings accounts—and the requirements to earn one can vary.
Here are some common eligibility actions banks require to earn a bank bonus money:
- Make a certain amount of debit card purchases within a defined promotional period
- Sign up for direct deposit and meet a minimum deposit requirement
- Deposit a minimum amount of cash and hold it there for a set time frame
- Make a minimum number of bill payments from your account within a set period
- Initiate a set number of qualifying deposits or qualifying transfers, typically within a 3- to 12-month period
- Haven't received a bonus from the bank in the last year or two
- Don't already have the same type of account open with the bank
- Have your account open and in good standing at the time of the bonus payment (and often for a period of time after)
Because there are so many ways to earn a bank account bonus, you can pick and choose the accounts that you can earn one with easily. Just pay attention to whether the bank is FDIC insured, as that is an indicator of how safe the bank is in the event of a bank failure.
Bank Account Fee Waiver Tips How to Avoid Monthly Fees on a Bank Account
Waiving a fee might be easier than you think
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1
Maintain a Required Minimum Balance
One of the most common ways to waive a monthly fee is to keep your account balance at the minimum required by the bank. Minimums can be relatively low and achievable in many cases, especially for checking accounts, but they can be quite high for some accounts, so it’s worth researching before you commit to a new account.
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Set Up Direct Deposit
A lot of checking accounts waive fees if you get a certain amount of money direct deposited into your account each month. These amounts can vary a lot depending on the account, but if you have a regular paycheck from your employer or government benefits, this can be an easy way to waive a fee at many institutions.
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Meet Monthly Transaction Requirements
In some cases, monthly fees can be waived by using your debit card a certain amount each month. Check if you account has a requirement for monthly transactions—if it’s something you can meet through your typical banking and spending activity, you might be able to waive a fee.
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Go Paperless
Some banks waive or reduce fees if you sign up for paperless statements or do your banking online or in a mobile app. Check the fees schedule with any potential account to see what fees you’re in for—and if they can be waived for these activities.
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Open More Than One Account With the Bank
Some banks also waive fees if you meet an aggregate balance minimum across all your accounts with the institution. If you have a range of financial needs one bank can meet, consider opening multiple accounts (that meet the waiver requirements) to handle more of your finances under one roof—and save on fees in the process.
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See if You Qualify for a Waiver Another Way
Certain demographics can qualify for a fee waiver in some cases. For example, some accounts waive fees for college kids or seniors. If you can’t find another way to waive a monthly fee, it’s worth checking with the bank to see if there are any other options to avoid that extra cost.
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Find an Account With No Monthly Fee
Many accounts, especially at online banks, have no monthly fee to worry about in the first place. If you find one that fits your needs, this could be the best bet. Just be sure to check if the account has any other fees for things like overdrafts or wire transfers before you sign up.
Monthly fees aren’t common with credit unions, but they’re pretty standard with major banks. As you compare checking account bonuses and savings account offers, don't forget to look at the product’s fee structure and make an effort to avoid the fee if possible.
How to Organize Multiple Bank Bonuses
At one point, I was juggling six or seven bank accounts. That's not necessarily a bad thing, but it can make it challenging to keep track of where you are in the process of earning each bonus. Also, I ended up with a couple of overdraft charges because I wasn't paying enough attention and accidentally made transfers from the wrong accounts.
To fix this problem, I created a spreadsheet to keep track of each bonus, including:
- The bank or credit union
- Amount of the bonus
- Account opening date
- Terms of the bonus
- Monthly fees and how to avoid them
- Early termination charge, if applicable
- Dates I earned and received the bonus
- Account closing date
With this spreadsheet, I was able to safely track each account. I also used a budgeting software called You Need a Budget to make sure I always knew the balances of each account, along with deposits and withdrawals.
Bottom Line
Bank account bonuses can be a great way to earn a little extra cash on the side. Over the years, I've used mine mostly to supplement my travel rewards when I go on vacation—I can get award flights, hotel stays and car rentals with credit cards, but not groceries or other travel activities.
If you're thinking of trying to earn bank account bonuses, though, use these tips to help you pick the right ones and maximize how much you earn from them.
FAQs
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Checking account bonus offers vary depending on the financial institution and the time of year. However, online banks and financial technology firms—commonly referred to as fintechs—are known to be able to offer bigger bonuses and more generous deposit account benefits and rates because of their lower overhead and non-traditional structure. However, this is not always true—for example, multinational Santander Bank offered new personal checking customers a sizable $400 cash bonus in 2020 just for opening a new account.
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Banks offer sign-up bonuses to motivate new customers to open a deposit account. Since many checking and savings accounts offer indistinguishable perks and similar fees, financial institutions use limited-time promotions to persuade people to become clients.
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Yes, bank account bonuses are taxable as interest-bearing income. So remember to watch out for 1099-INT forms when you get ready to file your tax return.
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Similar to checking account bonus offers, online-only banks and fintech services are generally able to offer more generous savings account bonus offers. However, savings account bonuses are not as common as checking account bonus offers because checking accounts typically come with debit cards that can be used as a form of payment. Banks make money every time you swipe or tap your debit card, and therefore, they tend to incentivize checking accounts more frequently.
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A direct deposit is an automated electronic deposit of funds directly into a checking or savings account, rather than through a physical check, fund transfer or cash deposit. Direct deposits are the most secure way to deliver electronic funds.
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No, a service fee is a fee charged to customers for something specific, such as a bank charging a service fee for using an ATM that's not part of its network or a vendor charging a maintenance fee for making a payment with a credit card. Monthly maintenance fees are recurring fees banks charge to hold a checking account or savings account.
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Yes, new money market customers have been known to earn bonus money for opening new accounts. However, a bank must first offer a sign-up bonus to new money market customers in order to earn one.
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Whether or not you need a promotional code to earn a bank bonus depends on an individual bank's bonus requirements. Some banks do not require a code, while others do. Sometimes these codes will be referred to as a coupon. As an example, M&T Bank may require a promotional code to be applied at the time of account opening to qualify for a bonus. On the other hand, Regions Bank requires a coupon code and SoFi Money requires no code at all.
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No, banks will only award a bonus to the primary owner of an account, not one for each joint owner. A primary owner is the main user or record holder of an account. While both joint owners are responsible for account management, the primary owner is indicated on the signature block of the account terms and conditions.
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No, opening a new bank account will not affect your credit in most cases. That's because there’s usually no hard inquiry on your credit report like you get when you apply for a credit card (a hard inquiry does ding your credit slightly). Instead, banks usually only require a soft pull on your credit report—which has no impact on your credit score.
However, bank accounts do get reported to ChexSystems, and if your ChexSystems report shows too many recent accounts opened in a certain number of consecutive calendar months, you may get denied.
Ryan Tronier
Ryan Tronier is a personal finance expert and writer. His work has been published on NBC, ABC, USATODAY, The Mortgage Reports, Yahoo Finance, MSN, and more. Ryan is the former managing editor of the finance website Sapling, as well as the former personal finance editor at Slickdeals. Find him online at ryantronier.com.
