Which banks offer money for opening an account

Several large banks and online banks offer cash bonuses when you open a checking or savings account and meet their requirements. The banks that currently offer these bonuses change frequently, but they typically include Chase, Bank of America, Wells Fargo, Ally Bank, Charles Schwab, and various regional banks. The bonus amounts range from $50 to $500 depending on the bank and account type, though most fall between $100 and $300.

These bonuses are real money deposited into your new account, not discounts or credits. However, they come with conditions. You must usually maintain a minimum deposit for a set period, set up direct deposit, or complete a certain number of transactions within a timeframe. If you close the account early or fail to meet the requirements, the bank may claw back the bonus or refuse to pay it.

The catch is that bonus offers change monthly and vary by region. A bonus available in one state may not be available in another. Online banks tend to offer larger bonuses because they have lower overhead costs, but they also require you to bank entirely through their app or website.

Key Takeaways

  • Chase, Bank of America, Wells Fargo, Ally Bank, and Charles Schwab currently offer account opening bonuses, though the amounts and requirements shift regularly.
  • Most bonuses require you to deposit a minimum amount, set up direct deposit, or complete a set number of debit card transactions within 30 to 90 days.
  • Online banks often offer larger bonuses ($200 to $500) than brick-and-mortar banks ($50 to $150) because their operating costs are lower.
  • If you close the account within the required holding period or fail to meet conditions, the bank will not pay the bonus and may charge you a penalty fee.

How to find current bonus offers

The best way to find active bonuses is to visit the bank's website directly and look for a banner or link labeled "New Customer Offer" or "Checking Bonus." Do not rely on third-party comparison sites, which often show outdated information or bonuses that have already expired.

When you find an offer, read the full terms before you open the account. The terms document will specify the exact deposit requirement, the timeframe for meeting it, whether direct deposit is mandatory, and when the bonus will be deposited. Some banks require you to open the account through a specific link or promo code to may have access to, so using the wrong link can disqualify you even if you meet all other conditions.

If you have an existing account at a bank, you may not be able to earn the new account bonus. Most banks restrict bonuses to customers who have not held an account with them in the past 12 to 24 months. Check the terms for this "prior relationship" rule before you explore.

What requirements you typically need to meet

The most common requirement is a minimum deposit within a set timeframe, usually 30 days. This might be $500, $1,000, or $2,500 depending on the bank and account type. The deposit must come from outside the bank — transferring money between your own accounts at the same bank does not count.

Many banks also require direct deposit, meaning your paycheck or government benefit payment must be routed to the new account. This typically needs to happen within 60 days. If you are self-employed or do not receive regular direct deposits, this requirement may disqualify you.

Some banks require a minimum number of debit card transactions — often 10 to 15 purchases within 60 days. Small purchases like a coffee or gas count toward this total. A few banks require you to maintain a minimum balance for the duration of the bonus period, usually $500 to $1,500.

Online banks sometimes have looser requirements than traditional banks. Ally Bank, for example, has offered bonuses with only a deposit requirement and no direct deposit mandate. However, online banks do not have physical branches, so you cannot deposit cash in person.

Comparing online banks versus traditional banks

Online banks typically offer larger bonuses because they operate with fewer physical locations and lower staff costs. Ally Bank, Marcus by Goldman Sachs, and Discover Bank have offered bonuses in the $200 to $500 range. However, you must be comfortable banking entirely through a mobile app or website. Depositing cash requires using an ATM network or mailing a check.

Traditional banks like Chase and Bank of America offer smaller bonuses ($50 to $200) but give you access to physical branches where you can deposit cash, speak to a representative, and handle complex transactions in person. If you need to deposit cash regularly or prefer face-to-face banking, a traditional bank may be worth the smaller bonus.

Regional banks and credit unions sometimes offer competitive bonuses and may have fewer restrictions than national chains. However, their offers are harder to find because they do not advertise as widely. If you have a local bank or credit union, call and ask whether they offer new account bonuses.

When the bonus gets deposited and what happens if you miss the important date

Most banks deposit the bonus 30 to 60 days after you meet all requirements. Some deposit it when ready after the final requirement is met; others wait until the end of the promotional period. The terms will specify the exact timeline. The bonus is treated as regular income for tax purposes, so the bank will send you a 1099-INT form if the bonus is $10 or more.

If you miss a important date — for example, you do not set up direct deposit within 60 days — you lose the bonus. The bank will not pay it retroactively. If you close the account before the bonus is deposited, you also forfeit it. Some banks will claw back the bonus if you close the account within a certain period after it is deposited, typically 90 to 180 days.

If you fail to meet requirements but the bank deposits the bonus anyway, they may later reverse the deposit and charge you a fee. This is rare but possible, so do not assume the bonus is final until the promotional period has fully ended.

Red flags and what to avoid

Do not open an account just for the bonus if you do not plan to use it. Banks track account activity, and an account that sits dormant may be closed without notice. Additionally, if you open multiple accounts at the same bank within a short period, the bank may deny bonuses on the second and third accounts, even if each one technically meets the requirements.

Avoid third-party websites that claim to have "exclusive" bonus codes. Banks do not give exclusive codes to comparison sites. If a code is posted publicly, it is not exclusive. These sites may also be outdated or may redirect you to the wrong link, causing you to miss the bonus.

Be cautious of bonuses that seem unusually high ($1,000 or more for a basic checking account). These are rare and often come with hidden requirements like maintaining a very high balance or setting up multiple products. Read the full terms before you commit.

Frequently Asked Questions

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

Most banks restrict bonuses to new customers only, defined as someone who has not held an account with them in the past 12 to 24 months. If you already have a checking account, you typically cannot earn a bonus by opening a savings account at the same bank. Check the specific terms for the offer you are considering.

What if I cannot meet the direct deposit requirement?

Some banks will waive the direct deposit requirement if you meet other conditions, such as a higher minimum deposit or more debit card transactions. Others will not. If direct deposit is mandatory and you cannot meet it, look for a different bank or account type. Online banks are more likely to offer bonuses without direct deposit requirements.

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

Technically no, but many banks will claw back the bonus if you close the account within 90 to 180 days of receiving it. Check the terms to see if there is a holding period. If there is not, you can close the account after the bonus is deposited, though the bank may flag your account if you do this repeatedly.

Is the bonus taxable income?

Yes. If the bonus is $10 or more, the bank will send you a 1099-INT form and report it to the IRS. You must include it as income on your tax return. The tax liability depends on your overall income and tax bracket.

What if the bank changes the bonus offer after I open my account?

The terms you agreed to when you opened the account are locked in. If the bank raises or lowers the bonus for new customers after you open your account, it does not affect your bonus. You will receive what was promised when you signed up.