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Best Bank Bonuses: New Promotions in December

Stack multiple bank bonus offers to give you more bang for your buck.

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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 is 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.

New Bank Account Offers By Type:

Chase Total Checking®
(Nationwide)
Bonus Offer: $200
Minimum Deposit: $0
Direct Deposit: Yes
Expiration Date: 1/25/23
Chase Secure Banking℠
(Nationwide)
Bonus Offer: $100
Minimum Deposit: $0
Direct Deposit: No
Expiration Date: 1/25/23
Chase College CheckingSM
(Nationwide)
Bonus Offer: $100
Minimum Deposit: $0
Direct Deposit: No
Expiration Date: 1/25/23
Citi Priority Account
(Nationwide)
Bonus Offer: $200 – $2,000
Minimum Deposit: $10,000 – $300,000
Direct Deposit: No
Expiration Date: 1/9/23
Axos Rewards Checking
(Nationwide)
Bonus Offer: $150
Minimum Deposit: $3,000
Direct Deposit: Yes
Expiration Date: 12/31/22
HSBC Premier Checking
(Nationwide)
Bonus Offer: $500
Minimum Deposit: $30,000
Direct Deposit: Yes
Expiration Date: 2/15/23

SoFi Checking and Savings
(Nationwide)
Bonus Offer: $50-$250
Minimum Deposit: $1,000-$5,000
Direct Deposit: Yes
Expiration Date: 1/31/23
Citizens Bank Checking
(CT, DE, D.C., FL, MA, MI, NH, NJ, MD, NY, OH, PA, RI, VT and VA)
Bonus Offer: $400
Minimum Deposit: $500
Direct Deposit: Yes
Expiration Date: 1/20/23
PNC Bank Virtual Wallet with Performance Spend
(Open to all U.S. residents)
Bonus Offer: $200
Minimum Deposit: $2,000
Direct Deposit: Yes
Expiration Date: 1/2/23
PNC Bank Virtual Wallet with Performance Select
(Open to all U.S. residents)
Bonus Offer: $400
Minimum Deposit: $5,000
Direct Deposit: Yes
Expiration Date: 1/2/23
First Tech Federal Credit Union Checking
(Nationwide)
Bonus Offer: Up to $350
Minimum Deposit: $0
Direct Deposit: Yes
Expiration Date: 12/31/22
TD Bank Beyond Checking
(CT, DE, DC, FL, ME, MD, MA,
NH, NJ, NY, NC, PA, RI, SC, VT & VA)
Bonus Offer: $300
Minimum Deposit: $2,500
Direct Deposit: Yes
Expiration Date: 10/31/23
TD Bank Convenience Checking
(CT, DE, DC, FL, ME, MD, MA,
NH, NJ, NY, NC, PA, RI, SC, VT & VA)
Bonus Offer: $200
Minimum Deposit: $500
Direct Deposit: Yes
Expiration Date: 10/31/23
mph.bank “Spend” Accounts
(Nationwide)
Bonus Offer: $365
Minimum Deposit: $12,000
Direct Deposit: Yes
Expiration Date: 12/31/22
M&T Bank Checking Account
(CT, DC, DE, MD, NJ, NY, PA, VA, WV)
Bonus Offer: $200
Minimum Deposit: $500
Direct Deposit: Yes
Expiration Date: 12/31/22
Huntington Bank
Perks Checking

(OH, MI, IN, PA, KY, WV, IL)
Bonus Offer: $200
Minimum Deposit: $1,000
Direct Deposit: No
Expiration Date: 2/7/23
Huntington Bank
Platinum Perks Checking

(OH, MI, IN, PA, KY, WV, IL)
Bonus Offer: $300
Minimum Deposit: $25,000
Direct Deposit: No
Expiration Date: 2/7/23
First Bank (Bloom) Checking & Savings
(AZ, CA, CO)
Bonus Offer: $300
Minimum Deposit: $1,500
Direct Deposit: Yes
Expiration Date: 12/31/22
Stanford Federal Credit Union
Checking Account

(CA)
Bonus Offer: $100
Minimum Deposit: $5
Direct Deposit: Yes
Does Not Expire
BMO Harris Premier Account
(FL, IL, WI, MN, IN, AZ, KS, MO)
Bonus Offer: $350
Minimum Deposit: $7,500
Direct Deposit: Yes
Expiration Date: 12/30/22
BMO Harris Smart Advantage
(FL, IL, WI, MN, IN, AZ, KS, MO)
Bonus Offer: $200
Minimum Deposit: $4,000
Direct Deposit: Yes
Expiration Date: 12/30/22
BMO Harris Smart Money
(FL, IL, WI, MN, IN, AZ, KS, MO)
Bonus Offer: $200
Minimum Deposit: $4,000
Direct Deposit: Yes
Expiration Date: 12/30/22
Fifth Third Bank Checking Accounts 
(FL, GA, IL, IN, KY, MI, NC, OH, TN, WV, SC)
Bonus Offer: $250
Minimum Deposit: $1,000
Direct Deposit: Yes
Expiration Date: 12/31/22
Bank of America Advantage Banking
(Nationwide)
Bonus Offer: $100
Minimum Deposit Required: $1,000
Direct Deposit: Yes
Expiration Date: 12/31/22
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Chase Business Complete℠ Checking
(Nationwide)
Bank Bonus: $300
Minimum Deposit: $2,000
Direct Deposit: No
Expiration Date: 2/16/23
Huntington Bank
Business Checking 100

(OH, MI, IN, PA, KY, WV, IL)
Bank Bonus: $100
Minimum Deposit: $2,000
Direct Deposit: No
Expiration Date: 2/5/23
Huntington Bank
Unlimited Business Checking

(OH, MI, IN, PA, KY, WV, IL)
Bank Bonus: $400
Minimum Deposit: $5,000
Direct Deposit: No
Expiration Date: 2/5/23
Huntington Bank
Unlimited Plus Business Checking

(OH, MI, IN, PA, KY, WV, IL)
Bank Bonus: $750
Minimum Deposit: $20,000
Direct Deposit: No
Expiration Date: 2/5/23
U.S. Bank Business Checking
(Nationwide)
Bank Bonus: $400-$500
Minimum Deposit: $1,500
Direct Deposit: No
Expiration Date: 12/21/22
PNC Bank Business Checking
(Open to all U.S. residents)
Bank Bonus: $200
Minimum Deposit: $5,000
Direct Deposit: No
Expiration Date: 12/31/22
PNC Bank Analysis Business Checking
(Open to all U.S. residents)
Bank Bonus: $500
Minimum Deposit: $30,000
Direct Deposit: No
Expiration Date: 12/31/22
BMO Harris Business Checking
(FL, IL, WI, MN, IN, AZ, KS and MO)
Bank Bonus: $300-$500
Minimum Deposit: $5,000-$10,000
Direct Deposit: No
Expiration Date: 1/31/23
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TD Bank Savings
(CT, DE, DC, FL, ME, MD, MA,
NH, NJ, NY, NC, PA, RI, SC, VT & VA)
Bank Bonus: $200
Minimum Deposit: $20,000
Direct Deposit: Yes
Expiration Date: 10/31/23
SoFi Checking and Savings
(Nationwide)
Bonus Offer: $50-$250
Minimum Deposit: $1,000-$5,000
Direct Deposit: Yes
Expiration Date: 1/31/23
First Bank (Bloom) Checking & Savings
(AZ, CA and CO)
Bank Bonus: $300
Minimum Deposit: $1,500
Direct Deposit: Yes
Expiration Date: 12/31/22
Alliant Credit Union
Ultimate Opportunity Savings Account

(Nationwide)
Bank Bonus: $100
Minimum Deposit Required: $1,200
Direct Deposit: No
Expiration Date: 12/31/22
Axos Business Savings
(Nationwide)
Bank Bonus: $100$200
Minimum Deposit Required: $2,500
Direct Deposit: No
Expiration Date: 12/31/22
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These bank promotions are updated periodically and are accurate as of December 2022.

Best Bank Bonuses and Promotions in December 2022

Bank bonuses are a 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.

The best bank bonuses are typically tied to accounts with no monthly fees (or easy ways to waive monthly fees), and tend to require direct deposit. This guide to bank bonuses can help you hit your goals and stay organized.

Checking Account Bonus: Recommended Offers

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: January 25, 2023
  • Bank sign-up bonus: $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: January 25, 2023
  • Bank sign-up bonus: $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 $300 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: February 16, 2023
  • Bank sign-up bonus: $300
  • How to qualify: Open and fund a new account with $2,000 or more 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 business 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.


Citi Priority Checking: $200-$2,000 Bonus Offer

Citi Priority Checking, from our partner Citi, is currently offering new-to-Citi customers a chance to enjoy its Priority banking relationship and a generous welcome bonus. If you have at least $10,000 in your current bank account, you could earn a $200 bonus by switching to Citi. And for those with a higher net worth, you can pick up either a $500, $1,000, $1,500 or $2,000 in bonus cash. Keep in mind that the Citi Priority checking account has a $30 monthly service fee for those who cannot maintain a $30,000 balance across all eligible Citi accounts

Read our full review of the Citi Priority account.

  • Offer expiration: January 9, 2023
  • Bank sign-up bonus: $200-$2,000
  • How to qualify: Open a new account with new-to-Citi funds, and, within 20 calendar days, fund it with the minimum balance requirements for the bonus tiers below. Lastly, maintain your minimum balance until you receive your bonus
  • Minimum balance requirements: This is a tiered bonus, which means the amount you earn depends on how much you deposit and keep in your account. Here are the tiers:
    • Deposit $10,000-$29,999 to earn $200
    • Deposit $30,000-$74,999 to earn $500
    • Deposit $75,000-$199,999 to earn $1,000
    • Deposit $200,000-$299,999 to earn $1,500
    • Deposit $300,000 or more to earn $2,000
  • How to get the offer: Open a new account through this partner link
  • When you get it: Receive your bonus within 90 calendar days after you successfully complete all required activities

Verdict

This $2,000 bonus is among the largest bank bonuses available today. Those who can meet the bonus requirements will likely find a lot of value in continuing to bank with Citi. The bank has a nationwide footprint with over 72,000 fee-free ATMs and 700 branches in the U.S. alone (over 2,600 branches worldwide). Still, for those who do not want the worry of monthly maintenance fees, there are other options—such as SoFi Checking and Savings.


HSBC Premier: $500 Bonus Offer

Those who have their feet firmly planted in two or more countries have unique banking needs, such as currency conversions, multiple international transfers, and avoiding the ever-looming threat of a foreign transaction fee. HSBC understands these needs and is offering a $500 bonus to global citizens to discover why HSBC Premier is a favorite of international banking customers who need quick access to dollars, Sterling, Deutschmarks, and yen.

Read our full review of HSBC Premier.

  • Offer expiration: February 15, 2023
  • Bank sign-up bonus: $500
  • How to qualify: Open a new account and receive direct deposits totaling $10,000 or more for three consecutive calendar months, from the second full calendar month, after opening an account.
  • How to get the offer: Open a new account online
  • When you get it: Receive your bonus within eight weeks after completing all qualifying activities.

Verdict

Those who have enough liquid cash in their accounts to both earn this $500 bonus and avoid the rather expensive monthly maintenance fees may find what they’re looking for with HSBC Premier. Yet, global customers do have cheaper options available to them — but without this enticing cash bonus.


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: October 31, 2023
  • Bank sign-up bonus: $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 140 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: October 31, 2023
  • Bank sign-up bonus: $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 140 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.

Huntington Bank Perks Checking: $200 Bonus Offer

You can earn a $200 cash bonus for opening a Huntington Perks Checking account and making cumulative deposits of at least $1,000 into the new checking account within 60 days. 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 Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania or West Virginia, and open an individual or joint account. Read our full review of Huntington Perks Checking.

  • Offer expiration: February 7, 2023
  • Bank sign-up bonus: $200
  • How to qualify: Open a new account and make at least $1,000 in cumulative new money deposits within 60 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 $200 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, the bonus is larger, 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: $300 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 $300 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: February 7, 2023
  • Bank sign-up bonus: $300
  • How to qualify: Open a new account and make at least $25,000 in cumulative new money deposits within 60 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 $300 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. Still, the bonus is twice the size as the Asterisk-Free — so opening the Huntington Platinum Perks for the promotional period and then downgrading to the bank’s free account is probably the prudent move.


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: December 31, 2022
  • Bank sign-up bonus: $200
  • How to qualify: Open and fund an account with $100 or more and then maintain a minimum average statement cycle 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 account 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, pay per-item-usage fees for the activity levels and services your business actually 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: December 31, 2022
  • Bank sign-up bonus: $500
  • How to qualify: Open and fund an account with $100 or more and then maintain a minimum average cycle balance of $30,000 for each of the first three statement cycles
  • Qualifying transactions: Maintain an average monthly 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-$750 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, and Wisconsin,

  • Offer expiration: February 5, 2023
  • Bank sign-up bonus: $100-$750
  • How to qualify: Open an eligible business checking account, and, within 60 days of opening, deposit new money consistent with the account’s bonus requirement. Lastly, maintain that balance for 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 $750 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.


Savings Account Bonus: Recommended 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 signup 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 $300, 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: January 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 25-day 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: October 31, 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 16 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 — 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, 2022
  • Bank sign-up bonus: $300
  • How to qualify: Open a Bloom Package or checking account 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, 2022
  • 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. 


Axos Bank Business Savings

This online business savings account offers up to $200 to new account holders, but it has a steep $1,000 minimum opening deposit and charges a $5 monthly fee unless you keep an average daily balance of $2,500 or more. The account also offers a modest APY on your balance. 

  • Offer expiration: December 31, 2022
  • Bank sign-up bonus: $100 or $200, depending on when you opened your business.
  • How to qualify: If you registered your business after June 1, 2020, use the promo code NEWBIZ 200 when you open the account to get $200. If your business is older than that, use the promo code NEWAXOSBIZ to receive $100. In both instances, you’ll need to maintain an average daily balance of $2,500 over the first two months from account opening to qualify for the bonus offer  
  • Qualifying transactions: Any deposits that ensure an average daily balance of at least $2,500 is considered qualifying
  • How to get the offer: Open an account through this partner link and use the corresponding promo code
  • When you get it: Once you meet the requirement, Axos will deposit the bonus within five business days of your statement cycle

Verdict

The bonus can be nice, but if you’re looking for a business savings account for long-term use, you may prefer one that doesn’t require you to maintain a minimum balance to avoid a monthly fee. And while the account does offer interest, the APY doesn’t compare to other high-yield business savings options.


How Bank Account Bonuses Work

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 timeframe
  • Make a minimum number of bill payments from your account within a set period
  • Initiate a set number of qualifying deposits or qualifying transfers with a 3- to 12-month period

Because there are so many different ways to earn a bank account bonus, you can pick and choose the accounts that you can earn one with easily.

Soft inquiries and hard pulls

When opening a new deposit account to earn a bank bonus, there’s usually no hard inquiry on your credit report like you get when you apply for a credit card. Instead, banks typically 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.

Other common eligibility terms

Typically, to receive your promotional cash, your account needs to be open and in good standing at the time of bonus payment. This means you must not have a negative balance and you cannot close your account until after the bank awards you the bonus.

Additionally, many banks may only allow you to receive one new checking account bonus per calendar year.

How to Avoid Monthly Fees on Your New Accounts

A monthly maintenance fee is a fee charged by a financial institution to a customer if certain requirements aren’t met. For example, some banks may charge a monthly maintenance fee if your checking account balance is under a defined threshold during a calendar month or statement cycle.

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, look at the product’s fee structure to determine how much bonus money you’ll actually earn.

For example, new customers may get a $100 savings bonus on an account with a $12 monthly fee. What’s more, if you close the account within six calendar months, the bank may clawback your bonus.

In the example above, if you can’t find a way to get that monthly fee waived — which is often possible — your actual earnings from the bonus payment, minus the monthly fees, are just $28.

Bank Bonuses FAQ

What banks have the best checking account bonus offers?

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.

Why do banks offer bonus for opening account?

The majority of checking accounts and savings accounts offer similar terms, regardless of the financial institution. To help entice new customers to open new deposit accounts, banks offer sign-up bonuses in the form of cash, statement credits or some other lucrative reward.

Are bank bonuses taxable?

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.

What banks have the best saving account bonus offers?

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.

What is a direct deposit?

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.

Is a service fee the same as a monthly maintenance fee?

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.

What is considered a direct deposit?

Employer payroll checks are the most common example of a direct deposit, but government-issued monies, social security benefits, stimulus checks and tax refunds are also considered direct deposits.

Can you earn a bonus for opening a money market account?

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.

Do I need a promo code to get a bank bonus?

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 Checking and Savings requires no code at all.

Can you earn two bonuses if you open a joint bank account?

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.

More Current Bank Bonuses and Promotions:

While we work hard on our research, we do not always provide a complete listing of all available offers from credit-card companies and banks. And because offers can change, we cannot guarantee that our information will always be up to date, so we encourage you to verify all the terms and conditions of any financial product before you apply.

Ryan M Tronier
Ryan M Tronierhttps://ryantronier.com/
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.

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