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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. In 2021, the average refund was $3,176. 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.

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. It pays to keep up with the forums on SlickDeals so you don’t miss the best bank bonus offers. Here are a few of the latest offers where you can earn a big bonus by opening an account with your tax refund:

Chase Business Complete Checking℠

Open Account

at Chase

  • Our Rating 5/5 Read the review
  • APYN/A
  • Minimum
    Deposit Required
    N/A
  • Intro Bonus $300Expires May 18, 2023 More Info

    New Chase Business Complete Checking customers can earn a $300 bonus with qualifying activities.

The Chase Business Complete Checking℠ account is an attractive option, so long as you can meet the requirements to waive its monthly fees. With a $300 bonus available for new accounts and access to useful perks like Chase QuickAccept℠, Chase offers a lot of value to its business checking customers.

Overview

The Chase Business Complete Checking℠ account comes loaded with a valuable sign-up bonus and an assortment of helpful perks, so long as you can meet the requirements to waive its monthly fees. It’s a good fit for many business checking customers, regardless of business size.

Pros

  • Generous signup bonus
  • Several options to waive monthly fee
  • Same-day deposits using QuickAccept℠ service
  • Huge network of in-person branches and ATMs

Cons

  • Monthly maintenance fee
  • Overdraft fees are relatively high
  • Limit on fee-free cash deposits and physical transactions

SoFi Checking and Savings

Open Account

at SoFi

  • Our Rating 5/5 Read the review
  • APY2.50% – 3.75% More Info

    Customers earn 2.50% APY on checking balances and 3.75% APY on savings balances when they set up recurring monthly direct deposit of their paycheck or benefits provider via ACH deposit.

  • Minimum
    Deposit Required
    N/A
  • Intro Bonus $50-$250Expires March 31, 2023 More Info

    New customers can earn a $250 bonus for opening a new SoFi Checking and Savings account and receiving a total of $5,000+ in qualifying direct deposits within the specified evaluation period; receive $1,000 – $4,999 in qualifying direct deposits to earn a $50 bonus.

SoFi Checking and Savings has a lot to offer. The signup bonus is strong, and customers receive a few major perks such as the opportunity to earn up to 3.75% APY, no account fees, getting paid up to two days early and automatic savings features.

Overview

SoFi Checking and Savings features remarkably strong interest rates for customers who receive recurring monthly direct deposit. This account also doesn’t have any maintenance fees, overdraft fees or non-sufficient funds fees. To top it off, new customers can earn a signup bonus worth up to $250.

Pros

  • Accounts with monthly direct deposit earn interest
  • No minimum opening balance or minimum monthly balance
  • No maintenance fees, non-sufficient fund fees or overdraft fees
  • Access to Allpoint’s worldwide ATM network
  • Get paid up to two days early

Cons

  • No physical branch locations

Axos Rewards Checking Account

Open Account

at Axos

  • Our Rating 5/5 Read the review
  • APYUp to 1.25% More Info

    Earn up to 1.25% APY for completing qualifying activities.

  • Minimum
    Deposit Required
    $50
  • Intro Bonus $100Expires March 31, 2023 More Info

    Use the promo code RC100 when you apply for a Rewards Checking account by 3/31/2023. Then have qualifying direct deposit(s) to earn a $100 welcome bonus!

With the Axos Rewards Checking Account, you can earn up to 1.25% APY, which is remarkably high for a checking account. While you’ll have to jump through some hoops to earn the maximum APY, it’s well worth it for those who want to earn interest on their checking balance.

Overview

While it takes a bit of work to unlock the maximum interest rate, Axos Rewards Checking customers can potentially earn an impressive 1.25% APY. This account also does not include any monthly fees.

Pros

  • Strong APY compared to similar accounts
  • No monthly maintenance fee or monthly minimum balance
  • No overdraft or non-sufficient fund fees
  • Unlimited domestic ATM fee reimbursements

Cons

  • Minimum deposit required for account opening
  • Several qualifying activities required to earn maximum interest
  • No physical branch locations

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. Remember, bonus promotions change regularly, so if you don’t see any that you like today, check the Slickdeals forums again in a couple of weeks.

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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.