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Although filing your taxes can be a major chore, receiving a tax refund is a welcome reward for all of that hard work. The average tax refund is $3,054, according to October 2023 data from the IRS. Although the opportunities for that money are endless, I like putting my refund to work for me. As a former banker, I know that banks offer valuable sign-up bonuses when you open a new account and meet their deposit requirements. In fact, I earned over $3,000 in 2020 by opening new accounts. Here's how you can earn a big bonus with your tax refund.
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Best Bank Account Bonus Promotions in July 2024
How to Earn a Bonus by Opening a New Account
Just like you can earn a welcome bonus by applying for a new credit card, you can do the same by opening a new bank account. Banks offer these bonuses to encourage good customers to leave their current bank and try something new.
In order to earn the bonus, most banks require some combination of the following:
- Minimum opening deposit
- Monthly average balance
- Direct deposit
- Perform certain transactions (ACH, EFT, debit card)
- Keep the account open for a certain period of time
If you fail to meet the requirements, you won't earn the bonus. When an account is closed before the deadline, the bank may recover the bonus from your closing withdrawal.
Earn a Big Bonus With Your Tax Refund With These Accounts
Bank account bonus promotions change on a regular basis, but we've rounded up a number of the best current opportunities. Here are a few of the latest offers where you can earn a big bonus by opening an account with your tax refund:
Recommended Bank Bonuses
| Bank Account | Intro Bonus | Minimum Deposit | Learn More |
|---|---|---|---|
|
Member FDIC |
$50-$300Expires December 31, 2024
See full terms and disclosures at sofi.com/banking. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. SoFi members with Direct Deposit can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.60% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. |
N/A | Open Account |
|
|
$300Expires October 16, 2024
New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities |
N/A | Open Account |
Axos Rewards Checking Account |
Up to $500Expires July 31, 2024
Cash in on up to a $500 bonus† and up to 3.30% APY* with a new Rewards Checking account. Just use promo code RC500 before July 31. |
N/A |
This product is currently not available via Slickdeals. All information about this product was collected by Slickdeals and has not been reviewed by the issuer. |
|
|
$300Expires October 17, 2024
Earn $300 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities. |
N/A | Open Account |
Ready to File Your Taxes?
As you get your receipts and tax forms in order, it's also a great time to figure out how you'll file taxes this year. For complex returns, many people opt for a tax expert, but if you're in the market for a more DIY option, be sure to compare tax preparation services so you can find the best one for you.
Our roundup of the best and cheapest online tax services looks at all the popular services and compares pricing and features.
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9 Best and Cheapest Online Tax Services in July 2024
Bottom Line
After you file your taxes, put your tax refund to work for you by earning a new bank account bonus. It's an excellent way to build your emergency fund or earn some extra cash to pay down your debt. You can do more than one bonus offer at a time if you have the funds and can keep track of the requirements.
Bonus promotions change regularly, so if you don't see any you like today, check our bank bonus roundup again in a few weeks.
Ben Luthi
Ben Luthi is a personal finance and travel writer and credit card expert. He has a degree in finance from Brigham Young University and worked in financial planning, banking and auto finance before writing full-time for NerdWallet and Student Loan Hero. Ben is now a full-time freelance writer and enjoys traveling and spending time with his two kids. His work has appeared in several publications, including U.S. News & World Report, USA Today, Money, Success and Slickdeals.
