Which banks currently offer opening bonuses

Several large banks and online banks offer cash bonuses when you open a new checking account, though the banks that do this and the amounts they offer change throughout the year. Chase, Bank of America, Wells Fargo, Citi, Capital One, and Ally Bank have all run checking account bonus offers in recent years. Online banks like Charles Schwab, Discover Bank, and LendingClub also periodically offer bonuses.

The bonuses typically range from $50 to $300, depending on the bank and the specific offer running at that moment. Some banks offer higher bonuses if you meet additional conditions—like setting up direct deposit or maintaining a minimum balance for a set period. The offer you see may depend on your location, whether you already have other accounts at that bank, and how you access the offer (online versus in-branch).

Because these offers change frequently and vary by region, the best way to find current bonuses is to visit the bank's website directly or check financial comparison sites that track checking account offers. Be aware that some offers are only available to new customers who have not held an account at that bank within the past year or two.

Key Takeaways

  • Banks including Chase, Bank of America, Wells Fargo, and online banks like Ally and Discover regularly offer bonuses ranging from $50 to $300 for opening a checking account.
  • Many bonuses require you to meet conditions such as setting up direct deposit, maintaining a minimum balance, or keeping the account open for a specific number of months.
  • Bonus offers change monthly and may vary by location and whether you are a new or existing customer, so you should check the bank's website for the current offer.
  • Some banks require you to have closed your account with them at least one or two years ago before you become a new customer again and become may be able to access for the bonus.

What conditions usually come with the bonus

Most banks do not hand you the bonus straightforward for opening an account. They attach conditions that you must meet within a set timeframe—usually 30 to 90 days—or you forfeit the bonus. The most common condition is setting up direct deposit, meaning your employer or another source (like Social Security) deposits money directly into the account. Some banks require a minimum deposit amount, such as $500 or $1,000, within the first 30 days.

Other banks require you to maintain a minimum balance—often $500 to $1,500—for the entire may have access to period. A few require a certain number of debit card transactions or bill payments made through the account. Read the full terms before you open the account, because missing even one condition can mean the bonus disappears. Banks usually notify you by email or in your account dashboard whether you are on track to receive the bonus.

The timeframe matters too. If a bonus requires direct deposit and you do not set one up until day 60 of a 90-day window, you may still may have access to. But if the important date is day 45, you will miss it. Write down the exact important date and the exact conditions when you open the account.

How the bonus gets deposited into your account

Once you meet all the conditions and the may have access to period ends, the bank deposits the bonus directly into your new checking account. This usually happens within 5 to 10 business days after the important date, though some banks take up to 30 days. You will see it as a credit in your account—it shows up the same way a deposit would, and you can withdraw it when ready.

The bonus is treated as taxable income by the IRS. Banks that pay bonuses of $10 or more are required to send you a Form 1099-INT at the end of the tax year, which you will need to report on your tax return. If you receive multiple bonuses across different banks in the same year, each one counts as taxable income. Keep track of all bonuses you receive so you can report them correctly.

Comparing bonus offers across different banks

The bonus amount is only one piece of the decision. A bank offering $300 but charging $15 monthly maintenance fees may cost you more over time than a bank offering $100 with no monthly fees. Look at the full picture: monthly maintenance fees, overdraft fees, minimum balance requirements to waive fees, ATM access, and whether the bank offers the features you actually use (like mobile check deposit or international transfers).

Online banks tend to offer higher bonuses and lower or no monthly fees because they have fewer physical branches. Traditional banks with branch networks may offer lower bonuses but provide in-person service. If you need to deposit cash regularly, a bank with physical locations near you matters more than a $50 difference in bonus size.

Create a straightforward comparison: list the bonus, the monthly fee, the minimum balance to waive the fee, and any other costs you might incur. Multiply the monthly fee by 12 and subtract it from the bonus to see your real first-year gain. This helps you see which offer actually saves you money.

When you should not chase a bonus offer

A bonus offer is not worth it if meeting the conditions creates problems for you. If a bank requires direct deposit and you are self-employed or paid in cash, you cannot meet that condition—do not open the account. If the minimum balance requirement is $2,000 and you do not have that money available, opening the account to chase a $100 bonus will leave you short on cash and possibly trigger overdraft fees that wipe out the bonus.

Bonus offers also come with an invisible cost: your time and attention. If you open accounts at three different banks to collect three bonuses, you now have three accounts to monitor, three sets of login credentials, and three places where fraud could occur. Some people find this manageable; others find it chaotic. Be honest about whether you will actually use the account or if you are opening it purely for the bonus and will abandon it later.

Opening and closing accounts in quick succession can also affect your credit score slightly, though the impact is usually small. If you are planning to explore for a mortgage or loan in the next few months, opening multiple accounts to chase bonuses might not be the best timing.

How to track bonus offers and find current deals

Financial websites like Bankrate, NerdWallet, DepositAccounts, and The Motley Fool maintain lists of current checking account bonuses and update them regularly. These sites let you filter by bonus amount, bank type (online versus traditional), and region. You can also visit individual bank websites directly—most banks display current offers prominently on their homepage or in a promotions section.

Sign up for email alerts from comparison sites if they offer them, or check back monthly if you are actively looking for a bonus. Keep in mind that the best offers often go to people who have never had an account at that bank, so if you closed an account years ago, you may still be ineligible. Some banks have a "new customer" window—typically 12 to 24 months—before you can receive another bonus.

Frequently Asked Questions

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

No, but read the terms first. Some banks require you to keep the account open for a minimum period (often 90 days) to keep the bonus. Once that period ends, you can close the account without penalty. If you close it before the period ends, the bank may claw back the bonus.

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

Usually not. Most banks limit bonuses to customers who have not held an account there in the past 12 to 24 months. If you currently have an account at the bank, you are not a new customer and will not be may be able to access. Some banks offer bonuses for opening a second account type (like a savings account), but the checking bonus is typically for new customers only.

What happens if I do not meet the bonus conditions?

You straightforward do not receive the bonus. The bank will not penalize you or close your account—you just lose the money. Your account remains open and functional. This is why it is important to read the conditions carefully and set a reminder for the important date.

Is the bonus considered income for taxes?

Yes. Any bonus of $10 or more is taxable income and will be reported to the IRS on a Form 1099-INT. You must report it on your tax return for the year you received it. The amount is usually small enough that it does not significantly change your tax bill, but it does count as income.

Can I open multiple accounts at different banks to collect multiple bonuses?

Yes, as long as you meet each bank's conditions for new customers. Many people open accounts at two or three banks over the course of a year to collect bonuses. Just be aware that you will have multiple accounts to manage and monitor, and opening several accounts in a short time may have a small impact on your credit score.