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Taking advantage of a new bank account bonus could potentially be an easy way to earn some extra cash. But before you decide to open a new checking or savings account in an effort to score a bonus, here are a few key points about bank bonuses to learn first.

1. Read the Bonus Fine Print

mobile deposit

Review the terms of any bank account bonus offer thoroughly before you apply:

  • Make sure you're eligible for the bonus opportunity
  • Confirm when the offer expires
  • Review out the qualification criteria closely
  • Evaluate if you can realistically meet the requirements
  • Read the rest of the terms to see if there are any caveats or important dates to know

Bank account bonus offers often require you to deposit a certain amount of money or make a set number of qualifying transactions, which could include things like direct deposits or debit card transactions. You might also need to maintain a minimum balance for a period of time. Every bank and offer is different, so be sure to read that fine print carefully.

Chase Total Checking® Account

Open Account

at Chase

  • Our Rating 4/5 How our ratings work Read the review
  • APYN/A
  • Minimum
    Deposit Required
  • Intro Bonus $300Expires April 17, 2024 More Info

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

Chase Total Checking® is among the best entry-level accounts. It typically offers new customers a sign-up bonus, and it’s fairly simple to waive the $12 monthly fee. However, it's worth noting that it doesn’t offer many valuable features or benefits and it’s not an interest-bearing checking account.


Chase Total Checking® is a basic checking account that doesn’t offer many premium features. However, if you can easily meet the qualifications required for the new account bonus (and to waive its monthly fee), it’s a good option for those who want an entry-level account.


  • No minimum opening balance
  • Multiple ways to waive monthly fee
  • Access to nationwide Chase branches and ATM network


  • Monthly maintenance fee
  • Account does not earn interest

Let's look at the Chase Total Checking account for an example of bonus qualification criteria you might need to meet. With this bank promotional offer, you could earn $300 when you open a new account and complete the following actions: 

  • Open a new Chase Total Checking account 
  • Set up a direct deposit of your paycheck, government-issued benefits, or pension 
  • Receive at least $500 in direct deposits within 90 days of coupon enrollment.

With this offer, it's important not to close your account for at least six months after you open it. If you close your account before that time, you could lose your bonus.

Chase Bank exterior Related Article

Chase Total Checking Offer: $300 Cash Bonus for New Accounts

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2. Pay Attention to Bank Fees

You'll also want to check if the bank account you're considering comes with fees. Monthly service fees have the potential to offset or even wipe out any extra money you earn from opening a new account. 

Imagine the following scenario. You open a new checking account that offers a $100 bonus, but there's a monthly fee of $25. You also have to keep the account open for at least six months or the bank will claw back the bonus it gives you. In this situation, it would cost you more to keep the account open than what you would earn in the form of a bonus (unless you could qualify for a fee waiver). 

Recommended Bank Bonuses

Bank Account Intro Bonus Minimum Deposit Learn More

SoFi Checking and Savings

$50-$300Expires June 30, 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.

U.S. Bank logo

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

Up to $800Expires March 12, 2024 More Info

Earn up to $800 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 March 12, 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.

Chase logo

Chase Total Checking® Account

$300Expires April 17, 2024 More Info

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


Chase Business Complete Checking®

$400Expires April 18, 2024 More Info

Earn $400 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities.


3. Track Your Progress

Once you find a new checking or savings account you want to open, print the offer or take a screenshot so you have a copy of the offer details for your records.

Next, track your progress toward earning the new account bonus. If you need to have a certain dollar amount direct deposited into your account each month, you can use a spreadsheet, a note on your smartphone, or even a simple sticky note to write down each transaction that counts toward your goal. 

Finally, once you're 100% sure you've met the bank bonus requirements, keep an eye on your account. If the bank doesn't deposit the bonus within the promised time frame, you might need to follow up with customer service for help. 

4. Watch Out for the “Claw Back” 

There's a reason banks offer bonuses for opening new checking or savings accounts. They want to attract and keep new customers. 

As a result, it's common for these offers to contain restrictions in the fine print that prevent you from getting a bonus and closing your account immediately afterward. Many banks require you to keep your new account open for a period of time (usually several months) or they have the right to "claw back" the bonus. 

rolls of money and confetti Related Article

Best Bank Account Bonus Promotions in March 2024

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5. Be Aware of Credit Inquiries 

meeting at bank with financial professional

When you apply for a new bank account, there's a chance the financial institution could perform a credit check. In some cases, this credit report review might be considered a hard credit inquiry, which has the potential to cause credit score damage.

While it's relatively to fix occasional credit score issues, if you have a lot of hard credit inquiries within a short period, you might cause your credit score to decline. It's good to keep an eye on your credit score in general, and to track how many accounts you're applying for in short time period.

Does It Make Sense to Open Multiple Bank Accounts? 

Opening multiple bank accounts in an effort to chase new customer bonuses could be risky and time-consuming, but if you're in the market for a new account and can easily meet the bonus requirements without putting your finances at risk, it could be worth it.

What's more, there are several types of bank accounts you might want to open to make it easier to manage your money. From personal checking accounts and savings accounts to high-yield savings accounts and money management accounts, having multiple bank accounts might make sense for you. If you're a small business owner, you can open separate bank accounts for your business, too. 

The good news is that there are bank accounts that come with great features and promotions that could put a little extra cash in your pocket. Below are a few of my favorite bank accounts for both individuals and businesses: 

Personal Checking Accounts

  • Chase Total Checking®
  • Chase College Checking℠
  • PNC Bank Virtual Wallet with Performance Spend
  • TD Bank Beyond Checking

Personal Savings Accounts

  • CIT Savings Connect Account
  • Ally Online Savings Account
  • Marcus by Goldman Sachs® High-Yield Online Savings Account

Business Checking Accounts

  • Chase Business Complete Banking®
  • Citibank Business Checking
  • Axos Bank Basic Business Checking

If you or your business is in the market for a new bank account, it's wise to shop around for the best offers available. While finding a bank account that offers a generous new customer bonus can be great, pay attention to other details like fees, ATM accessibility, mobile deposit capabilities and any other features that might impact your day-to-day life.


Michelle Lambright Black

Michelle Black is founder of and Michelle is a leading credit card journalist with over a decade and a half of experience in the financial industry. She’s an expert on credit reporting, credit scoring, identity theft, budgeting, small business, and debt eradication. Michelle is also a certified credit expert witness and personal finance writer.