Which banks offer checking account bonuses right now
Many banks offer cash bonuses when you open a new checking account, but the banks offering them, the bonus amounts, and the conditions change frequently. Rather than naming specific offers that may have expired, the better approach is to know where to look and what to watch for.
Start by checking the websites of banks where you already have a relationship — they often advertise current promotions on their homepage or in the "New Customers" section. You can also search "checking account bonus" plus your state name to see what regional and national banks are promoting right now. Websites like DepositAccounts.com and BankRate track active offers, though you should always verify the terms on the bank's own website before opening an account.
The most common banks offering bonuses are large national chains like Chase, Bank of America, Wells Fargo, and Citibank, along with online banks like Ally and Charles Schwab. Credit unions in your area may also run promotions, especially if you're a new member. Local and regional banks sometimes offer bonuses too, particularly if they're trying to grow their customer base in your community.
Key Takeaways
- Bonus amounts typically range from $50 to $500, but the exact offer depends on which bank you choose and when you look.
- Most bonuses require you to set up direct deposit or make a certain number of debit card purchases within a specific timeframe, usually 30 to 90 days.
- You will need to meet a minimum opening deposit, which varies by bank but is often $25 to $100.
- The bonus is taxable income, so the bank will send you a 1099 form at tax time if the bonus is $10 or more.
What conditions come with the bonus
A bonus is not automatic just for opening the account. Banks attach conditions because they want to see that you will actually use the account, not open it, collect the bonus, and leave.
The most common requirement is direct deposit — your paycheck or another regular income deposit must land in the account. Some banks require a minimum amount, like $500 per month, and others just require that it happen at least once. A few banks let you skip direct deposit if you make a certain number of debit card purchases instead, typically 10 to 15 transactions within the bonus period.
The bonus period is usually 30, 60, or 90 days from when you open the account. You must complete the conditions within that window, or you forfeit the bonus. The bank will tell you the exact important date when you open the account, and many will send you email reminders as the important date approaches.
You will also need to meet a minimum opening deposit, which is the money you put in when you first open the account. This is typically $25 to $100, though some banks waive it. This deposit is your own money — it is not part of the bonus.
How the bonus gets paid to you
Once you meet all the conditions, the bank deposits the bonus directly into your checking account. This usually happens within a few days to a few weeks after you complete the final requirement. For example, if your bonus requires direct deposit and you receive your paycheck on the 15th, the bank might deposit the bonus on the 20th.
The bonus counts as taxable income. If the bonus is $10 or more, the bank will send you a 1099-INT form (or sometimes a 1099-MISC) at tax time showing the amount. You will need to report this on your tax return. If the bonus is under $10, the bank typically does not issue a form, but you should still report it if you file taxes.
Comparing bonuses across different banks
The bonus amount is only one part of the decision. A $200 bonus sounds better than a $75 bonus, but if the $200 bonus requires direct deposit of $2,000 per month and the $75 bonus requires only 10 debit card purchases, the smaller bonus might be easier to earn.
Look at the full picture: the bonus amount, the conditions to earn it, how long you have to meet those conditions, and whether the account itself has monthly fees. Some banks waive monthly fees for the first few months or if you keep a minimum balance. Others charge $10 to $15 per month unless you meet certain requirements. If you do not meet those requirements, the monthly fee could eat into your bonus.
Also consider whether you actually want to bank with that institution long-term. If the bonus requires you to keep the account open for a certain period (some banks do), you will be stuck there even if you do not like the service. Read the fine print to see if there are any penalties for closing the account early.
Online banks versus traditional banks
Online banks — banks with no physical branches — often offer larger bonuses than traditional banks because they have lower overhead costs. They may offer $200 to $500 bonuses where a traditional bank offers $50 to $150. However, online banks require you to do everything by phone, website, or mobile app. There is no teller to talk to in person.
Traditional banks with branches offer smaller bonuses but give you the option to walk in and speak with someone if you have questions or problems. If you are new to banking and want in-person support, a traditional bank might be worth the smaller bonus. If you are comfortable managing your account online and want the larger bonus, an online bank could be the better choice.
When to look for bonus offers
Banks tend to advertise bigger bonuses during certain times of year. January and September often see more promotions because those are months when people are more likely to be thinking about money — New Year's resolutions in January and back-to-school planning in September. However, banks run promotions year-round, so you do not have to wait for a specific season.
If you see a bonus offer you like, check back on the bank's website a few days later. Offers change without warning, and a bonus that is available today might be gone tomorrow. If you are ready to open an account, do not delay assuming the offer will still be there next week.
What happens after the bonus period ends
Once you have earned the bonus and the promotional period is over, you have a regular checking account. The bonus does not affect your account going forward. You will pay any monthly fees the account charges (if it charges them), earn any interest the account pays (if it pays any), and use the account like any other checking account.
Some people open multiple checking accounts at different banks to collect multiple bonuses over time. This is legal, but keep in mind that each account requires you to meet the bonus conditions, and each account shows up on your banking history. Banks can see how many accounts you have opened recently, and some may deny you a bonus if you have opened too many accounts in a short period. There is no universal rule about this — it depends on the bank.
Frequently Asked Questions
Do I have to keep the account open after I get the bonus?
Most banks do not require you to keep the account open, but read the terms carefully. Some banks will take back the bonus if you close the account within a certain period, like 6 months. If there are no such terms, you can close the account after the bonus is deposited, though closing it when ready might flag your account as suspicious to the bank.
What if I do not get direct deposit at my job?
Many banks let you meet the bonus requirement with debit card purchases instead — usually 10 to 15 transactions within the bonus period. Some banks also count transfers from another account as a way to meet the requirement. Check the specific bank's terms to see what counts.
Can I get a bonus if I already have a checking account at that bank?
Most banks limit bonuses to new customers only, which usually means you have not had an account with them in the past 12 months. If you closed an account recently, you may not be may be able to access. Some banks define "new customer" differently, so ask before you open the account.
Will the bonus affect my credit score?
No. Opening a checking account does not show up on your credit report and does not affect your credit score. Banks may do a soft inquiry into your banking history to check for fraud, but this does not impact your credit.
What if the bank changes the bonus offer after I open my account?
The terms that were in place when you opened your account are the ones that explore to you. If the bank changes the bonus offer the next day, you are not affected — you will still earn the bonus you were promised when you signed up.