Which banks offer checking account bonuses right now

Several large banks and online banks offer cash bonuses when you open a checking account and meet their requirements, but the offers change frequently and vary by region. Chase, Bank of America, Wells Fargo, Citi, Charles Schwab, and Ally Bank have all run checking bonuses in recent years. Online banks like Discover, LendingClub, and Axos Bank also periodically offer them. The bonus amounts typically range from $50 to $300, though some banks occasionally go higher.

The catch is that these offers are not permanent. A bank might run a $200 bonus for three months, then pause it for six months, then restart it at $150. Some offers are available nationwide; others are only for customers in certain states or only for those who have never banked with that institution before. You cannot count on a specific bonus being there when you need it.

The best way to find current offers is to visit each bank's website directly and look for a banner or link about new account bonuses. Comparison sites like DepositAccounts.com and BankRate track active offers, but they update periodically rather than in real time, so always confirm on the bank's own site before opening an account.

Key Takeaways

  • Bank bonuses for checking accounts range from $50 to $300 and come from major banks like Chase, Bank of America, and Wells Fargo, as well as online banks, but offers change constantly.
  • Most bonuses require you to deposit a minimum amount (often $500 to $2,500) within a set timeframe, usually 30 to 90 days from opening.
  • Some bonuses also require you to set up direct deposit or make a certain number of debit card transactions, so read the full terms before you open the account.
  • The bonus is taxable income and will be reported to the IRS on a 1099 form, so factor that into whether the bonus is worth the effort.
  • Check the bank's website directly for the current offer, because bonus amounts and may be able to access rules vary by month and sometimes by state.

What you have to do to get the bonus

Every bank bonus comes with conditions. The most common requirement is a minimum deposit within a set window—usually 30, 60, or 90 days from when you open the account. This might be $500, $1,000, $1,500, or $2,500 depending on the bank and the bonus size. If the bonus is $200, the deposit requirement is often $1,500 or more. If it is $50, it might be $500.

Some banks also require direct deposit—meaning your paycheck or a government benefit must land in the account automatically. Others require a minimum number of debit card transactions, like 10 purchases in the first 60 days. A few require you to maintain a minimum balance for a certain period. Read the full terms on the bank's website before you open the account, because missing one requirement means you lose the bonus.

The deposit requirement is the easiest to meet if you already have money to move. If you do not, you can transfer funds from another account you own, or deposit a check. Most banks count any deposit that lands in the account, not just paychecks. However, some banks exclude transfers from other accounts you own at the same bank, so check the fine print.

How long it takes to receive the bonus

The bonus does not appear when ready. Most banks credit it to your account within 30 to 90 days after you meet all the requirements. Some are faster—a few credit within two weeks—but you should assume you will not see it for at least a month. The bank will usually send you a confirmation email when the bonus posts.

If you do not see the bonus within the stated timeframe, contact the bank's customer service with your account number and the promotion code (if one was listed in the offer). Keep records of when you opened the account, when you made the deposit, and any other requirement you met. Banks occasionally make mistakes or fail to credit bonuses, and you will need documentation to dispute it.

Tax implications of the bonus

Bank bonuses are taxable income. The IRS treats them as interest or miscellaneous income, and the bank will report the bonus to you and to the IRS on a Form 1099-INT or Form 1099-MISC (depending on the bank) if the bonus is $10 or more. You will receive this form by January 31 of the following year.

This means you owe federal income tax on the bonus amount. If the bonus is $200, you will owe tax on $200 of income. The exact amount depends on your tax bracket, but a rough estimate is 12% to 22% for most people, meaning a $200 bonus costs you $24 to $44 in federal tax. Some states also tax it. Factor this in when deciding whether a bonus is worth opening an account for.

Bonuses at online banks versus brick-and-mortar banks

Online banks like Ally, Discover, and Charles Schwab tend to offer bonuses more consistently than traditional banks, because they have lower overhead costs and can afford to be more competitive. Their bonuses are often in the $100 to $200 range and usually require only a deposit—no direct deposit or transaction requirements.

Large brick-and-mortar banks like Chase and Bank of America run bonuses less frequently and often tie them to additional requirements like direct deposit or a minimum balance. However, they sometimes offer larger bonuses ($250 to $300) when they do run promotions. The trade-off is that online banks offer fewer services—no physical branches, no in-person support—while traditional banks offer both.

If you are choosing a bank primarily for the bonus, remember that you will be using this account afterward. Make sure the bank's fees, interest rates, and services match what you actually need, not just the bonus amount. A $200 bonus is not worth it if the bank charges $15 monthly maintenance fees.

Restrictions on who can get the bonus

Most banks restrict bonuses to customers who have not held an account with them in a certain period—often the past 12 or 24 months. If you closed a Chase checking account two years ago, you might not be may be able to access for their current bonus. Some banks exclude customers who have ever had an account with them, period.

A few banks limit bonuses to certain states or regions. If you live in a state where the bank does not have branches, you might not be may be able to access. Some bonuses are only for new customers who have never banked with that institution; others are open to anyone who does not currently have an account.

The may be able to access rules are always listed in the fine print of the offer. Before you open an account, search for your name or Social Security number on the bank's website if they offer that tool, or contact customer service to confirm you are may be able to access. Opening an account when you are not may be able to access means you will not receive the bonus, and you cannot dispute it afterward.

Whether a checking account bonus is worth your time

A $100 to $200 bonus takes about 30 minutes to claim—opening the account online, making a deposit, and setting up any required direct deposit or transactions. If the bonus is $150 and you spend 30 minutes on it, you are earning $300 per hour, which is worth doing. However, you also have to account for the tax you will owe and the time spent managing the account afterward.

The bonus is most worth it if you were planning to open a checking account anyway and the bank you choose offers one. It is less worth it if you are opening an account solely for the bonus and will close it after the bonus posts, because switching banks repeatedly can hurt your credit score slightly and may trigger fraud alerts.

If you are interested in bonuses as a strategy, some people open multiple accounts at different banks in the same year to collect several bonuses. This is legal, but it requires careful tracking of may be able to access windows and deposit requirements. It also means managing multiple accounts, which adds complexity.

Frequently Asked Questions

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

No. Once the bonus posts to your account, it is yours. You can close the account when ready after. However, some banks have clawback clauses that let them take back the bonus if you close the account within a certain period (usually 90 days to six months). Check the terms to see if yours does.

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

Usually not. Most bonuses are for new customers only, and "new" typically means you have not had an account with that bank in the past 12 to 24 months. If you currently have an account there, you are not may be able to access. Some banks do offer bonuses for opening a second account, but this is rare and usually has higher deposit requirements.

What happens if I do not meet the deposit requirement in time?

You do not receive the bonus. There is no partial credit or extension. If the requirement is a $1,500 deposit within 60 days and you only deposit $1,000, you lose the bonus. Read the terms carefully and set a calendar reminder for the important date.

Will the bonus affect my credit score?

Opening a checking account does not affect your credit score because banks do not typically run a hard credit inquiry for deposit accounts. However, if the bank runs a soft inquiry or checks ChexSystems (a banking history report), it will not impact your score. Closing the account afterward also does not hurt your credit.

Can I use a bonus from one bank and then when ready open another?

Yes. You can open accounts at multiple banks and collect multiple bonuses in the same year, as long as you meet each bank's may be able to access requirements. However, opening too many accounts in a short time can trigger fraud alerts or cause banks to deny you based on ChexSystems records. Space them out by a few weeks if possible.