Banks offer cash bonuses to open checking accounts, but the amount and conditions vary widely
Many banks will pay you $50 to $500 to open a checking account, though the actual money you receive depends on which bank you choose, how much you deposit, and whether you meet their activity requirements within a set timeframe. These bonuses are real—banks use them to attract new customers—but they come with strings attached. You won't see the money automatically; you have to complete specific steps, and if you don't, the bonus disappears.
The catch is that most bonuses require you to deposit a minimum amount (often $500 to $2,500) and keep the account open for a set period, usually 30 to 90 days. Some also require direct deposits or a certain number of debit card transactions. If you close the account early or fail to meet the conditions, you forfeit the bonus and may face a fee.
Key Takeaways
- Bank bonuses typically range from $50 to $500, but you must meet deposit minimums and activity requirements to receive them.
- Most bonuses require you to keep the account open for 30 to 90 days and complete actions like direct deposits or debit card purchases.
- If you close the account before the bonus period ends, you will lose the bonus and may owe a closure fee.
- Bonus offers change frequently and vary by location, so the amount available at one bank may differ from what another offers in your area.
- The bonus is taxable income, so you may receive a 1099 form if the amount exceeds $600.
How much banks typically offer and what they require
The size of the bonus depends on the bank and the type of account. Large national banks like Chase, Bank of America, and Wells Fargo usually offer smaller bonuses—often $100 to $300—because they attract customers through brand recognition and branch networks. Online banks and regional banks often offer larger bonuses, sometimes $400 to $500, because they have fewer physical locations and need to compete harder for deposits.
The deposit requirement is the first hurdle. A bank might offer $200 to open an account, but only if you deposit at least $1,500 within the first 30 days. Some banks set the minimum at $500; others at $2,500 or more. If you don't meet the minimum, you won't get the bonus, even if you open the account.
Activity requirements are the second hurdle. Common conditions include setting up direct deposit, making a certain number of debit card transactions (often 10 or more), or maintaining a minimum balance. A few banks require all three. If you don't complete these steps within the stated timeframe—usually 30 to 90 days—the bonus is forfeited.
Where to find current bonus offers
Bank bonus offers change constantly, and what's available depends on your location and the bank's current marketing push. Checking a bank's website directly is the most reliable way to see what they're offering right now. Look for a banner on the homepage or search for "checking account bonus" on their site.
Comparison websites like Bankrate, DepositAccounts, and NerdWallet track current offers across multiple banks, though the information may lag by a few days. These sites are useful for comparing bonuses side by side, but always verify the offer on the bank's own website before you open the account, because terms change and regional offers vary.
Some banks advertise bonuses only to new customers who don't already have an account with them. If you've had an account at that bank in the past, you may be ineligible even if the offer doesn't explicitly say so. Check the fine print or call the bank to confirm.
What happens if you close the account early
If you close the account before the bonus period ends—usually 30 to 90 days after opening—you will lose the bonus. The bank will not pay you the money you were promised. Some banks also charge a closure fee if you close within a certain window, typically 6 months to a year. These fees range from $25 to $100.
The safest approach is to treat the bonus period as a commitment. Open the account, meet the requirements, receive the bonus, and then decide whether to keep the account or move your money elsewhere. If you know you won't use the account long-term, calculate whether the bonus is worth the hassle and any fees you might incur.
Tax implications of bank bonuses
Bank bonuses are considered taxable income by the IRS. If a bonus exceeds $600, the bank will send you a 1099-INT or 1099-MISC form at the end of the year, and you must report it on your tax return. Even bonuses under $600 are technically taxable, though the bank won't issue a form.
The tax impact is usually small—a $200 bonus might add $40 to $60 to your tax bill depending on your tax bracket—but it's worth factoring in. If you're in a lower tax bracket, the impact is minimal. If you're in a higher bracket, the bonus is worth slightly less than the stated amount.
Comparing bonuses across account types
Banks offer different bonuses for different account types. A checking account bonus might be $200, while a savings account bonus might be $50, and a money market account bonus might be $300. Some banks bundle bonuses—you might get $150 for opening checking and $100 for opening savings if you do both at the same time.
If you're considering multiple accounts, read the terms carefully. Some banks require you to maintain a minimum balance in each account to keep the bonus. Others require the accounts to be linked. Make sure the combined bonus is worth the effort of managing multiple accounts and meeting multiple sets of requirements.
Red flags and things to avoid
Be cautious of offers that seem too good to be true. A $1,000 bonus with no deposit requirement or activity requirement is extremely rare and usually signals a scam or a very limited offer (like a one-time promotion for a specific group). Verify any offer directly with the bank before providing personal information.
Avoid opening accounts just to chase bonuses if you don't actually need the account. Each new account appears on your credit report and can temporarily lower your credit score. If you open five accounts in a month to collect bonuses, lenders may see you as a credit risk. Space out account openings if you plan to explore for a loan or credit card soon.
Don't assume a bonus offer applies to you. Some offers are limited to specific states, age groups, or people without recent banking history at that institution. Read the may be able to access section carefully before you start the process.
Frequently Asked Questions
Do I have to keep a minimum balance to get the bonus?
Not always, but many banks require it. Some require a minimum balance only during the bonus period; others require it indefinitely to avoid monthly fees. Check the specific terms for each bank. A few banks offer bonuses with no balance requirement, though these are less common.
What if I already have a checking account at the bank offering the bonus?
Most banks restrict bonuses to new customers only, defined as people who haven't had an account with them in the past 12 to 24 months. If you already have an account, you're usually ineligible. Call the bank or check the fine print to confirm before you explore.
Can I get the bonus if I open the account online?
Yes. Most banks allow you to open accounts online and still receive the bonus. Online banks offer bonuses exclusively through their websites. Some traditional banks offer different bonuses for online versus in-branch openings, so compare both options.
How long does it take to receive the bonus after I meet the requirements?
Bonuses typically post to your account within 30 to 60 days after you meet all the requirements, though some banks take longer. Check your account statements or contact the bank to confirm the bonus has been credited. If it doesn't appear within the stated timeframe, contact customer service with proof that you met the requirements.
Will the bonus affect my credit score?
Opening a checking account does not affect your credit score because banks don't run a hard credit inquiry for deposit accounts. However, if the bank performs a soft inquiry or checks ChexSystems (a banking history report), it won't impact your score. Your credit is only affected if you explore for credit products like loans or credit cards.