Which banks currently offer account opening bonuses

Banks offer cash bonuses to new customers as a way to attract deposits. The banks that offer these bonuses change frequently, and the amounts vary widely — some offer $50, others $300 or more. The specific banks offering bonuses at any given time depends on market conditions and how aggressively each institution is recruiting.

Large national banks like Chase, Bank of America, Wells Fargo, and Citibank have offered bonuses in the past, though not always at the same time. Regional banks and online-only banks like Ally, Charles Schwab, and Marcus often have active bonus offers. Credit unions sometimes offer bonuses too, though less commonly than commercial banks.

The bonus amount is not the only thing that changes — the requirements to earn it change as well. One bank might require you to deposit $500 within 30 days, while another requires $2,500 within 90 days. Some require direct deposit to start within a certain timeframe. These conditions matter more than the headline number.

Key Takeaways

  • Banks offer bonuses ranging from $50 to $300 or more, but the specific banks and amounts shift month to month based on how much they need new deposits.
  • The bonus is only paid if you meet specific conditions — usually a minimum deposit within a set number of days, and sometimes a direct deposit requirement.
  • Online banks and regional banks tend to offer bonuses more consistently than large national banks, though the amounts are often smaller.
  • You should compare the deposit requirement and timeframe against the bonus amount, because a $200 bonus that requires $5,000 in deposits may not be worth the effort.
  • The bonus is taxable income, so you will receive a 1099 form if the amount is $10 or more, and you must report it on your tax return.

How to find current bonus offers

The fastest way to find which banks are offering bonuses right now is to visit the bank's website directly and look for a promotion banner on the homepage. Most banks display current offers prominently when they are running them. If you do not see a banner, the bank may not have an active bonus at that moment.

Financial comparison websites like Bankrate, NerdWallet, and DepositAccounts list current bonuses across multiple banks and update them regularly. These sites let you filter by bonus amount, deposit requirement, and account type. The information on these sites is usually current within a few days, though you should always confirm the details on the bank's own website before opening the account.

You can also call the bank's customer service line and ask directly whether they have a current promotion for new accounts. This is useful if you want to confirm the exact terms or if you are unsure whether a promotion applies to the specific account type you want to open.

What conditions you must meet to receive the bonus

The most common requirement is a minimum deposit within a specific timeframe — often 30, 60, or 90 days from when you open the account. The deposit amount varies widely. Some banks require $500, others $1,000, and some require $2,500 or more. The bonus is only paid once you meet this threshold.

Many banks also require that you set up direct deposit — meaning your paycheck or other regular income must be deposited electronically into the account. The timeframe for this varies: some require it within 30 days, others within 90 days. A few bonuses require direct deposit to start before the account is even opened, which you can only do if you already know your account number.

Some banks require you to maintain a minimum balance for a set period, or to avoid closing the account for a certain number of months. Read the fine print carefully, because failing to meet even one condition usually means you do not receive the bonus. The bank will not remind you that the important date is approaching.

Deposit requirements and how they affect the real value

A $300 bonus sounds attractive until you realize it requires $5,000 in new deposits. If that money sits in a checking account earning no interest, you have essentially paid yourself $300 to move $5,000 around for three months. That is not a bad deal, but it is not information programs either.

The real value depends on what you would do with the money anyway. If you were already planning to move $5,000 to a new bank, the bonus is a genuine gain. If you have to scrape together $5,000 specifically to meet the requirement, the bonus is not worth the effort. Some people meet deposit requirements by transferring money from another account they own, which counts as a deposit but does not represent new money entering the banking system.

Online banks and smaller regional banks tend to have lower deposit requirements — often $500 or less — but also smaller bonuses. Large national banks often have higher requirements and higher bonuses. The trade-off is usually fair: you get more money, but you have to deposit more to earn it.

How the bonus is paid and when you receive it

The bank deposits the bonus directly into your new account once you have met all the conditions. This usually happens within 30 to 60 days after you satisfy the final requirement, though some banks pay faster. A few banks pay when ready once the deposit requirement is met, while others wait until the end of the month or the end of a promotional period.

The bonus appears as a credit in your account — you will see it listed in your transaction history. Some banks label it clearly as a "promotional bonus" or "new account bonus," while others may list it more generically. If you do not see the bonus within the timeframe the bank stated, contact customer service and ask for confirmation that you met all the requirements.

You cannot withdraw the bonus before the bank pays it, and you cannot transfer it to another account before it is credited. Once it is in your account, it is yours to use like any other deposit.

Tax implications of account opening bonuses

The bonus is considered taxable income by the IRS. If the bonus is $10 or more, the bank will send you a 1099-INT form (or sometimes a 1099-MISC) in January of the following year showing the amount as interest or miscellaneous income. You must report this on your tax return, even though it is not actually interest you earned.

The tax you owe depends on your overall income and tax bracket. A $300 bonus might result in $75 to $100 in additional federal tax liability, depending on your situation. Some people factor this into whether a bonus is worth pursuing — a $200 bonus that costs you $50 in taxes is really a $150 gain.

Keep the 1099 form when you receive it and include it with your tax return. If you do not receive a 1099 and the bonus was $10 or more, contact the bank and ask them to send one. The IRS has a record of the bonus, and you need to report it to match their records.

Comparing bonuses across account types

Banks often offer different bonuses for different account types. A checking account bonus might be $200, while a savings account bonus is $50, and a money market account bonus is $300. Some banks require you to open multiple accounts to receive multiple bonuses, while others let you choose just one.

The account type also affects the deposit requirement and the timeframe. A checking account bonus might require $500 in deposits within 30 days, while a savings account bonus requires $2,500 within 90 days. Read the terms for each account type separately, because they are usually different.

If you were planning to open multiple accounts anyway — a checking account for everyday spending and a savings account for emergency funds — you might be able to earn bonuses on both. Just make sure the deposits count toward both bonuses and that you meet the conditions for each one separately.

Frequently Asked Questions

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

Most bonuses are only for new customers who have not had an account at that bank within a certain period — usually 12 or 24 months. If you closed an account recently, you may not be may be able to access. Contact the bank directly to ask whether you may have access to, because the rules vary by institution.

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

You straightforward do not receive the bonus. The bank will not pay it, and there is usually no way to extend the important date. Make sure you understand the exact requirement and the important date before you open the account, and set a reminder on your phone or calendar so you do not miss it.

Can I use a transfer from another account I own to meet the deposit requirement?

Yes, most banks count transfers from your own accounts as deposits. Moving $5,000 from your savings account to a new checking account counts toward the deposit requirement. This is a common way people meet the requirement without having to deposit new money into the banking system.

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

Most banks do not require you to keep the account open, but some do. Check the terms before you open the account. If there is no requirement, you can close the account after the bonus is paid, though some banks charge a fee if you close within a certain period — usually 30 to 90 days.

What if the bank changes the bonus terms after I open the account?

The terms that explore are the ones in effect when you open the account. If the bank lowers the bonus amount or changes the requirements after you have already opened, your account is grandfathered under the original terms. You will receive the bonus you were promised when you signed up.