Noteworthy Bank Bonus Offers from Our Partners

If you want to open a new bank account, make sure to do your research and look at important factors, such as fees and ATM network size. But also keep in mind that some banks and credit unions offer cash bonuses to new customers as a way to incentivize sign-ups for personal checking accounts, money market accounts, spending accounts or savings accounts. Digital banks and financial technology firms — commonly referred to as fintechs — will sometimes offer bigger bonuses and more generous deposit account benefits and rates because of their lower overhead and non-traditional structure.

Some new bank account bonuses are relatively low, in the $50 range, and likely won’t contribute to your financial decision. However, we’ve seen some promotional bank bonuses go as high as $2,000 – nothing to sneeze at regardless of your financial situation.  

These new bank customer bonuses are typically offered through limited-time promotions. Given the variety of accounts that can offer these bonuses (checking accounts, savings accounts, business accounts, money market accounts, etc.) the requirements to earn the promotions can differ greatly across financial institutions. 

Chase Business Complete Checking℠

New customers can earn Up to $500 bonus when they open a new Chase Business Complete Checking℠ account, deposit at least $2,000 worth of new money into the account within the first 30 days of account opening to qualify for a $300 bonus (at least $15,000 to qualify for a $500 bonus), then maintain a minimum balance of $2,000 for 60 days. If your balance falls below the threshold during the 60 days, your offer amount will change.

Additionally, you’ll need to complete at least five qualifying transactions within 90 days of account opening to qualify for this bonus. These can include debit card purchases, Chase QuickAccept℠ or QuickDeposit℠ transactions, ACH credits, Chase Online Bill Pay, or wire transfers.

Chase Total Checking® Account

Open a new Chase Total Checking® Account and set up recurring direct deposits for your paycheck, pension or government-issued benefits to qualify for this $200 bonus. As far as new account bonuses go, few are easier to earn than this one.

*With Chase Overdraft AssistSM, Chase won’t charge an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.

SoFi Checking and Savings

For a limited time, new SoFi Checking and Savings customers can also earn a signup bonus worth up to $250. To do so, you must receive at least $1,000 in qualifying direct deposits within the specified “Evaluation Period” that begins the day your first qualifying direct deposit is received.

This bonus breaks out into the following tiers:

  • Total Qualifying Direct Deposits: $1,000 – $4,999 | Cash Bonus: $50
  • Total Qualifying Direct Deposits: $5,000+ | Cash Bonus: $250

Once you’ve completed the above requirements, you’ll receive your bonus within seven days of the end of the Evaluation Period.

HSBC Premier Checking

HSBC Premier Checking offers new accountholders the chance to earn a $500 Welcome Deposit; one of the most generous bank bonuses currently available.

To qualify, you’ll need to open a new checking account online, then make at least $10,000 in qualifying direct deposits during each of the first three calendar months after account opening.

Axos Basic Business Checking Account

Eligible business owners can earn up to $100 by opening a Basic Business Checking account and meeting certain requirements.* Note that you’ll need to use promotional code SBIZ100 and you can earn $25 per statement cycle for up to five cycles if you meet the bonus requirements.


To be eligible to earn all or a portion of the cash incentive as part of the “SBIZ100″ $100 promotion, a Basic Business Checking (BBC) or Business Interest Checking (BIC) that includes the promotional code “SBIZ100″ must be submitted between 05/15/2023 at 12:00am PT and 11:59pm PT on 06/30/2023. Axos Bank reserves the right to limit each primary account holder to one (1) checking account promotional offer per year and customers who have held primary ownership of an Axos Bank or Axos Bank for Nationwide checking or savings account at any time in the past 12 months may be disqualified from the “SBIZ100″ offer. Promotional terms and conditions are subject to change or removal without notice. Bonus cash may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After initial requirements above are met, the amount of cash bonus earned will depend on meeting the additional requirements outlined below:

Small Business Checking bonus up to $100: You must be approved for your new Small Business Checking account and fund it within 60 days of account opening. A cash bonus of up to $100 can be earned in the following manner during the first five (5) statement cycles. A statement cycle is a calendar month consisting of the days your account was open during that month. $25 will be earned for each statement cycle during which the average daily balance in your Small Business Checking account must be at a minimum $5,000 or greater. A maximum of four (4) payouts can be earned during the five (5) statement cycles and the bonus will be deposited into your Small Business Checking account within 10 business days following the end of the statement cycle in which the balance requirement was met. Your Small Business Checking account must be open and in good standing at the time the bonus is paid to be eligible to receive the bonus and your Small Business Checking account must remain open for 120 days or an early closure fee of up to $100 may apply.

Chase College Checking℠ Account

Bonus offers for student accounts are a rarity, which is part of what makes this Chase College Checking℠ offer special.

New customers have the chance to earn a $100 bonus when they complete 10 or more qualifying transactions within 60 days of account opening. These include debit card purchases, online bill payments, Chase QuickDeposit℠ transactions, Zelle® transactions or ACH credits.

Once you’ve completed the required number of qualifying transactions, you’ll receive your bonus within 15 days.

*With Chase Overdraft AssistSM, Chase won’t charge an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.

Common New Bank Account Bonus Eligibility Requirements

While all bank bonuses work differently from one another, the following are common requirements we’ve seen in a large number of bank bonuses:

  • Complete a set number of debit card purchases within a fixed promotional period
  • Deposit a prescribed minimum balance and don’t allow your balance to fall below that minimum for a certain timeframe 
  • Make a minimum number of bill payments from your account within a set period
  • Set up recurring direct deposits (and meet a minimum deposit requirement if necessary)
  • Initiate a specific amount of qualifying deposits or transfers with a 3- to 12-month period

There are many different ways to earn new bank account bonuses, which makes it easy to select requirements that match up with your lifestyle and financial situation.

Other Common New Bank Bonus Eligibility Terms

Almost without exception, your new bank account needs to be open and in good standing in order to receive your bonus payment.  So, you can’t have a negative balance and you cannot close your account until after the bank awards you the promotional bonus.

Additionally, some banks may only allow you to receive one new checking account bonus per calendar year. Other banks may take it further, and require you to have not opened an account with them in the past 18 months.

Credit Reports: Soft Inquiries vs Hard Pulls

When you open a new deposit account to earn a bank bonus, there’s usually no hard inquiry on your credit report—like what you receive when you apply for a credit card. Hard inquiries can impact your credit score. Instead, banks typically only require a soft pull on your credit—which has no impact on your credit score.

However, new bank accounts do get reported to ChexSystems. If your ChexSystems report shows too many recent account openings in a set number of consecutive calendar months, you may get denied.

Bank Bonus FAQ

  • Checking account bonus offers vary depending on the financial institution and the time of year. While fintechs may offer bigger bonuses on average, that rule of thumb does not always hold true. For example, multinational Santander Bank offered new personal checking customers a sizable $400 cash bonus in 2020 just for opening a new account.

  • 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.

  • The majority of checking accounts and savings accounts offer similar terms, regardless of the financial institution. Usually these terms involve keeping your account open for a set amount of time, with a certain amount of money in it. This allows the banks to take advantage of the capital in accounts for that period, at low cost to them. Therefore, to 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.

  • A direct deposit is a secure, automated electronic deposit of funds directly into a checking or savings account, rather than through a physical check, fund transfer or cash deposit. Most often, direct deposits are used by employers to compensate workers for their efforts.

  • No. Service fees are typically charged to customers for something specific, such as using an ATM that’s not part of a bank’s network or a wire transfer to or from an outside financial insitution. Monthly maintenance fees are recurring fees charged by banks to hold a checking account or savings account.

    Monthly maintenance fees can often be waived by meeting certain minimum balance requirements or deposit amounts. On the other hand, customers are usually not able to waive service fees regardless of account balance.

  • Yes. We’ve seen banks offer promotional bonuses for all kinds of deposit accounts, and money market accounts are no exception. However, as with most other bank bonuses, we usually only these types of promotions apply to new money market accounts.

  • 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.

  • No – typically banks only award a bonus to the primary owner of an account, not one for each joint owner. A primary owner is defined as the main record holder of an account. While the responsibility of account management falls upon both joint owners, the primary owner is indicated on the signature block of the account terms and conditions.