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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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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

U.S. Bank Smartly® Checking Account (Member FDIC)

Up to $700Expires June 27, 2024 More Info

Earn up to $700 when you open a new U.S. Bank Smartly® Checking account and a Standard Savings account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through June 27, 2024. Member FDIC. Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.


SoFi Checking and Savings

$50-$300Expires December 31, 2024 More Info

New customers can earn a $300 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.

Chase logo

Chase Total Checking® Account

$300Expires July 24, 2024 More Info

New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities


Key Smart Checking®

$200Expires July 19, 2024 More Info

Earn $200 after qualified activities until 7/19/24 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


Chase Business Complete Checking®

$300Expires July 22, 2024 More Info

Earn $300 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities.


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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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.