Where to Find Checking Account Bonuses Right Now
Banks offer sign-up bonuses on checking accounts to attract new customers, but which banks have them available changes month to month. The bonus typically ranges from $50 to $500, depending on the bank and how much you deposit or how many transactions you complete. Some of the banks most likely to have active offers include Chase, Bank of America, Wells Fargo, Citibank, and various regional banks and online-only banks like Ally and Charles Schwab.
The catch is that bonus offers are not permanent. A bank might advertise a $200 bonus one month and pull the offer the next. The best way to find current offers is to visit the bank's website directly, call their customer service line, or check financial comparison sites like Bankrate, NerdWallet, or DepositAccounts, which track active promotions. These sites update regularly as offers change.
Before you open an account for a bonus, read the fine print. Most bonuses come with conditions: you might need to deposit a minimum amount within a certain timeframe, set up direct deposit, or make a set number of debit card transactions. If you do not meet these conditions, you will not receive the bonus.
Key Takeaways
- Sign-up bonuses on checking accounts range from $50 to $500 and vary by bank and by month, so you need to check current offers directly rather than rely on what you saw last week.
- Most bonuses require you to meet specific conditions within a set timeframe, such as depositing a minimum amount or making a certain number of transactions.
- Online banks and regional banks often offer higher bonuses than large national banks, but may have fewer physical branches or ATMs.
- You should read the terms carefully before opening an account, because missing a important date or failing to meet a condition means you lose the bonus.
What Conditions Come With the Bonus
The bonus itself is information programs, but the bank attaches strings. The most common conditions are a minimum deposit (often $500 to $2,500), a requirement to set up direct deposit within a certain number of days, or a requirement to make a minimum number of debit card transactions (often 10 to 15 within 60 days). Some banks require all three.
The timeline matters. If a bank says you must set up direct deposit within 60 days of opening the account, and you open the account on day one but do not set up direct deposit until day 65, you will not receive the bonus. Banks track this strictly. Write down the important date and set a phone reminder.
A few banks offer bonuses with no conditions at all, but these are rare and usually smaller amounts ($25 to $50). If you see a bonus with no strings attached, that is genuinely unusual and worth investigating further to make sure the offer is real.
How Much the Bonus Is Worth After Fees and Requirements
A $200 bonus sounds good until you realize the account charges $15 a month in maintenance fees. If you keep the account open for a year, the bank takes back $180 in fees, leaving you with only $20 in actual benefit. Before you commit, check whether the account has a monthly fee, what that fee is, and whether it can be waived by maintaining a minimum balance or setting up direct deposit.
The minimum deposit requirement also costs you something: your money. If you have to deposit $2,000 to get a $200 bonus, you are earning a return on that $2,000 for the time it sits in the account. If the account pays 0.01% interest and you keep the money there for one year, you earn about $0.20 in interest. That $200 bonus is real, but the cost of locking up $2,000 is real too.
The debit card transaction requirement is usually the easiest to meet. Making 15 transactions in 60 days is roughly one transaction every four days, which most people do naturally if they use the debit card for groceries, gas, or coffee.
Large National Banks vs. Online and Regional Banks
Chase, Bank of America, and Wells Fargo are the largest banks in the United States and have the most branches and ATMs. Their bonuses tend to be smaller ($50 to $200) because they do not need to work as hard to attract customers. However, if you value having a physical branch nearby or prefer a bank you recognize, the smaller bonus might be worth it.
Online banks like Ally, Charles Schwab, and Discover have no physical branches, which means lower overhead costs for them. They often pass those savings to customers in the form of higher bonuses ($200 to $500) and higher interest rates on savings. The tradeoff is that you cannot walk into a branch to deposit cash or speak to someone in person. Most online banks let you deposit checks by taking a photo with your phone, and they reimburse ATM fees nationwide.
Regional banks (banks that operate in a specific state or region) sometimes offer bonuses to compete with national banks. A regional bank in the Midwest or South might offer a $150 bonus to draw customers away from Chase. These bonuses are worth checking if you live in an area with strong regional banks.
How the Bonus Appears in Your Account
Once you meet all the conditions, the bank deposits the bonus directly into your checking account. This usually happens within 30 to 90 days of the date you completed the final requirement. If the requirement was direct deposit, the bonus might arrive 30 days after your first direct deposit posts. If the requirement was a minimum number of transactions, the bonus might arrive 30 days after you complete the final transaction.
The bonus is taxable income. The bank will send you a 1099-INT or 1099-MISC form at the end of the year if the bonus is $10 or more. You will owe federal income tax on the bonus amount. If you received a $200 bonus and you are in the 22% tax bracket, you owe about $44 in federal tax on that bonus. Some people factor this into their decision about whether the bonus is worth the effort.
If you do not meet the conditions, the bonus straightforward does not appear. The bank will not notify you that you missed it. You have to track the important date yourself.
Banks That Frequently Offer Bonuses
Chase has offered checking bonuses regularly for years, though the offer is not always active. When it is available, it is usually $200 to $300 and requires direct deposit or a large minimum deposit. Bank of America offers bonuses less frequently than Chase, but when they do, they are typically $100 to $200. Wells Fargo has been less aggressive with bonuses in recent years.
Citibank, Ally, Charles Schwab, and Discover all run regular bonus promotions. Ally and Charles Schwab tend to have higher bonuses ($300 to $500) because they are online-only. Smaller regional banks like PNC, U.S. Bank, and Truist also run promotions, though the bonuses are usually smaller.
The safest approach is to check the websites of the banks where you already have accounts or where you have a relationship, then compare those offers to what online banks are advertising. A financial comparison site like Bankrate or NerdWallet can show you multiple offers side by side, which saves time.
What Happens to the Account After You Get the Bonus
Once the bonus is in your account, you own it. The bank cannot take it back. However, you still have to follow the account rules. If the account has a monthly fee and you do not meet the waiver requirements (such as maintaining a minimum balance), you will pay that fee every month going forward.
Some people open a checking account for the bonus, receive the bonus, and then close the account. This is allowed, but closing an account within a short time (usually within 90 days to six months) can flag you in the banking system. Some banks have policies against paying bonuses to customers who have opened and closed accounts with them before. If you plan to close the account after getting the bonus, check the bank's policy first.
If you decide to keep the account open, make sure the ongoing fees and features work for you. A $200 bonus is not worth it if you end up paying $180 in annual fees and the account does not meet your needs.
Frequently Asked Questions
Can I get a bonus if I already have an account at that bank?
Most banks limit bonuses to new customers only. "New" usually means you have not had an account with that bank in the past 12 to 24 months. If you closed an account with Chase two years ago, you might be considered a new customer now. Call the bank or check the terms to confirm.
Do I have to keep the money in the account after I get the bonus?
No. Once the bonus is deposited, it is yours. You can withdraw it when ready. However, if the bonus required a minimum deposit and you withdraw that deposit before the bonus posts, you may lose the bonus. Wait until the bonus appears before you move the money.
What if I miss the important date for one of the conditions?
You will not receive the bonus. Banks do not extend important date or offer partial bonuses. If you were supposed to set up direct deposit by day 60 and you do it on day 61, you lose the bonus. Read the terms carefully and set reminders.
Are there bonuses for opening a savings account instead of a checking account?
Yes, many banks offer bonuses on savings accounts too, though they are usually smaller ($25 to $100) because savings accounts require less activity. The conditions are similar: minimum deposit, minimum balance, or a waiting period before the bonus posts.
Do I have to use the debit card to meet the transaction requirement?
Most banks count debit card transactions, online bill payments, and transfers as transactions. Check the specific terms, because some banks count only debit card purchases at merchants, not ATM withdrawals or transfers. If you are not sure, call the bank and ask which transactions count.