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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 $3,004, according to October 2024 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 2025
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 |
|---|---|---|---|
|
|
Up to $400Expires July 31, 2025
Earn up to $400 when you open a new U.S. Bank Smartly® Checking account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through July 31, 2025. Member FDIC. Offer may not be available if you are an existing U.S. Bank customer or live outside of the U.S. Bank footprint. |
$25 | Open Account |
|
Member FDIC |
$50-$300Expires January 31, 2026
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% 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 1/24/25. 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 15, 2025
New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities |
N/A | Open Account |
|
|
$300Expires October 17, 2025
Earn $300 after qualified activities until 10.17.25 with the no-monthly-maintenance-fee Key Smart Checking®. Geographic restrictions apply and account opening is subject to approval. Offer is available in these states: AK, CO, CT, ID, IN, ME, MA, MI, NY, OH, OR, PA, UT, VT, WA |
$10 | Open Account |
|
|
$300-$500Expires October 16, 2025
Earn up to $500 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.
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9 Best and Cheapest Online Tax Services
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.
