Not all banks offer checking account bonuses, and the ones that do change their offers constantly

Most large national banks—Chase, Bank of America, Wells Fargo, Citibank—do offer checking bonuses at various times, but they are not permanent fixtures. A bank might run a $200 bonus for three months, then pause it for six months, then restart it at $150. Regional banks and credit unions offer them less frequently. Some banks have never offered a bonus at all, and some stopped years ago and have not returned.

The banks most likely to have an active bonus right now are online banks and smaller regional institutions competing for deposits. But "likely" does not mean "may provide"—you have to check each bank's current offer page to know what is actually available this week.

Key Takeaways

  • Large national banks offer checking bonuses intermittently, not year-round, so a bonus that existed last month may not exist today.
  • Online banks and credit unions that are actively recruiting customers are more likely to have a bonus posted than established brick-and-mortar banks.
  • Bonus amounts range from $50 to $500 depending on the bank and the deposit requirement, and the requirement is usually the real cost of the offer.
  • You cannot find out whether a specific bank has a bonus by calling—you have to visit their website or check a comparison site that updates daily.
  • A bonus is only worth pursuing if you would open that account anyway; chasing bonuses at banks with high fees or poor service costs more than the bonus pays.

Why banks stop and start bonus offers

Banks use bonuses to attract new deposit customers when they need deposits to lend out. When a bank has enough deposits, it stops the bonus. When loan demand picks up or deposits drop, the bonus returns. Interest rates also affect this: when the Federal Reserve raises rates, banks can attract deposits without bonuses because savings accounts pay more interest. When rates fall, bonuses come back.

A bank may also pause a bonus because it received too many applications and hit its customer acquisition target. Chase, for example, has offered and withdrawn its checking bonus multiple times over the past five years. This is normal and does not mean the bank is in trouble or that the bonus will never return.

Which types of banks are most likely to have an active bonus

Online banks—Ally, Charles Schwab, Discover, Marcus—tend to have bonuses more consistently because they have no physical branches and rely entirely on online marketing to bring in customers. They also have lower overhead, so they can afford to pay bonuses more often.

Regional banks and credit unions with active growth plans sometimes offer bonuses, but it depends on their local market and their deposit needs. A credit union in a growing suburb might run a $100 bonus; a credit union in a stable rural area might never offer one.

Large national banks with thousands of branches—Bank of America, Wells Fargo, Citibank—offer bonuses less frequently because they have brand recognition and existing customer relationships. When they do offer a bonus, it is usually smaller ($100 to $200) because they do not need to pay as much to attract attention.

What the deposit requirement actually costs you

A $300 bonus sounds good until you read the fine print: "Deposit $25,000 within 30 days." That requirement is the real price of the bonus. If you have to move $25,000 from another bank to get $300, you are paying yourself a 1.2% return on that money for one month—which is not terrible, but it is not information programs either.

Some bonuses have no deposit requirement or a very low one ($500 to $1,000). Those are genuinely easier to claim. Others require $10,000 or $25,000, which means you have to have that money available to move. If you do not, the bonus is not actually open to you, even if the bank advertises it.

Read the full terms before you decide. The deposit requirement, the time window to meet it, and any monthly fee that might cancel out the bonus are all in the fine print.

How to find out what bonuses exist right now

The fastest way is to visit the bank's website directly and look for a banner or link that says "New Customer Offer" or "Checking Bonus." If you do not see one on the homepage, check the checking account product page itself. Some banks bury the offer in the terms and conditions.

If you are comparing multiple banks, use a comparison site that updates daily—Bankrate, DepositAccounts, or NerdWallet all track current offers. These sites are not perfect (some banks do not report their offers to them), but they give you a starting point and let you see which banks have bonuses active right now versus which ones do not.

Do not rely on information from more than a few days ago. A bonus can end or start between the time an article is published and the time you read it. If you find an offer you want to pursue, go directly to the bank's website to confirm it is still active before you open the account.

When a bonus is not worth the effort

A $150 bonus sounds like a win until you realize the account has a $12 monthly fee and no interest on the balance. Over a year, the fee costs you $144, which nearly wipes out the bonus. If you keep the account open for two years, the fee has cost you $288—you have lost money.

Before you open an account for a bonus, check three things: the monthly maintenance fee (and whether it can be waived), the interest rate on the balance, and any other fees (overdraft, ATM, transfers). A $200 bonus at a bank with a $10 monthly fee is only worth it if you plan to keep the account open for at least two years or if you can waive the fee by meeting a minimum balance or direct deposit requirement.

The best bonus is one at a bank you would use anyway. If you are switching banks because you like their app, their customer service, or their ATM network, and they happen to have a bonus, that is a real win. If you are opening an account purely for the bonus and plan to close it in three months, you are probably wasting your time.

Frequently Asked Questions

Can I get a bonus if I already have a checking account at that bank?

Most bonuses require you to be a new customer or to have closed your previous account at that bank at least 90 days ago. Some banks define "new customer" as someone who has not had any account with them in the past 12 months. Check the terms—they will tell you whether you are may be able to access based on your history with that bank.

Do I have to keep the account open after I get the bonus?

No, but some banks claw back the bonus if you close the account within a certain time frame—usually 90 days to six months. Read the terms to see if there is a holding period. If there is not, you can close the account after the bonus posts, though closing accounts frequently can affect your credit score slightly.

What if the bank's website does not show a bonus?

The bank may not have an active offer right now. You can call and ask, but customer service representatives often do not know about bonuses or cannot discuss them over the phone. Your best bet is to check a comparison site or wait a few weeks and check again—bonuses rotate in and out regularly.

Are checking bonuses taxable?

Yes. The bank will send you a 1099-INT form at the end of the year if the bonus is $10 or more, and you will owe income tax on it. A $200 bonus might result in $40 to $60 in federal tax depending on your tax bracket. Factor that in when you decide whether a bonus is worth pursuing.

Can I open multiple accounts at the same bank to get multiple bonuses?

No. Banks track this and will deny the bonus or claw it back if you open more than one account in the same promotion period. Some banks also have rules against holding multiple checking accounts at the same time. Read the terms before you try this.