Banks that offer money for opening an account

Many banks offer cash bonuses when you open a checking or savings account and meet certain conditions. These bonuses typically range from $50 to $500, though the amount varies by bank and by the type of account. The bonus is real money deposited into your new account — not a discount or a promotional rate that expires.

The catch is that you have to do more than just open the account. Most banks require you to deposit a minimum amount of money (often $500 to $2,500) within a set timeframe, or to set up direct deposit of your paycheck, or both. Some require you to make a certain number of debit card purchases. If you don't meet these conditions, you won't receive the bonus.

Banks change their bonus offers frequently — sometimes monthly. The best way to find current offers is to visit the bank's website directly or call their customer service line. Websites that compare bank offers can show you what's available right now, but by the time you read them, some offers may have ended.

Key Takeaways

  • Bank bonuses for new accounts are real money, usually between $50 and $500, but you must meet specific conditions to receive them.
  • Most bonuses require you to deposit a minimum amount within 30 to 90 days, set up direct deposit, or make a set number of purchases.
  • Bonus offers change frequently, so check the bank's website or call directly rather than relying on comparison sites.
  • You should only open an account at a bank you actually plan to use — chasing bonuses at banks with poor service or high fees will cost you more than the bonus is worth.

What conditions you typically need to meet

The most common requirement is a minimum deposit. This means you have to put at least a certain amount of money into the account within a specific number of days — usually 30, 60, or 90 days from when you open it. The deposit can be a transfer from another bank account, a check you deposit, or cash you bring in. Once the money is in, you can use it or move it elsewhere; the bank doesn't care. They just want to see that you funded the account.

A second common requirement is direct deposit. This means your employer or a government agency (like Social Security) deposits your paycheck or benefit payment directly into your new account. Some banks require direct deposit of a minimum amount, like $500 per month. Others just require that you set it up, regardless of the amount. Direct deposit usually takes one or two pay periods to arrange, so if you're chasing a bonus with a 30-day important date, you may not have time to meet this condition.

Some banks also require a certain number of debit card purchases — for example, 10 purchases within 60 days. These can be small purchases at any merchant that accepts debit cards. A few banks require you to maintain a minimum balance in the account for a set period, though this is less common than it used to be.

How long you have to meet the conditions

The timeframe to meet bonus conditions is usually between 30 and 120 days from the day you open the account. Some banks give you 30 days; others give you 90 or 120. This matters because direct deposit can take time to set up — if your important date is 30 days away and you haven't arranged direct deposit yet, you may not make it in time.

The bonus itself usually appears in your account within 5 to 10 business days after you meet all the conditions. Some banks deposit it when ready; others wait until the end of the month. Check the terms when you open the account so you know when to expect it.

Banks currently offering bonuses

Large national banks like Chase, Bank of America, Wells Fargo, and Citibank have offered bonuses in the past, though the specific amounts and conditions change. Online banks like Ally, Charles Schwab, and Marcus have also run bonus promotions. Credit unions sometimes offer bonuses too, though they call them by different names — "membership incentives" or "new member bonuses."

Because offers change so often, the best approach is to search for "[Bank Name] checking account bonus" or "[Bank Name] savings account bonus" on Google, or visit the bank's website directly. Look for a banner or link that says "New Customer Offer" or "Promotion." Call the bank's phone number if you can't find the offer online — customer service can tell you what's currently available and what you need to do to get it.

Whether a bonus is worth your time

A $100 bonus sounds good, but it's only worth pursuing if the bank itself is a good fit for you. If the account has a monthly fee, a high minimum balance requirement, or poor customer service, you'll lose the bonus money quickly in fees or frustration. Before you open an account just for the bonus, check the account's regular terms: what the monthly fee is (if any), what the minimum balance is, what interest rate you'll earn, and whether the bank has branches or ATMs near you.

If you're planning to open a bank account anyway — because you need a place to deposit your paycheck or receive government benefits — then a bonus is a nice extra. But if you're only opening the account to get the $75 bonus and you'll never use it again, you're probably wasting your time.

What happens if you don't meet the conditions

If you open an account but don't meet the bonus conditions by the important date, the bank straightforward won't deposit the bonus. You still have the account, and you can use it normally. There's no penalty for not earning the bonus — you just don't get the money. Some banks will close your account if you don't use it within a certain period, so check the terms to see if there's an inactivity policy.

If you're close to the important date and worried you won't make it, contact the bank and ask. Some banks will extend the important date if you're working on setting up direct deposit or if you have a legitimate reason for the delay. It doesn't hurt to ask.

Frequently Asked Questions

Do I have to pay taxes on a bank bonus?

Yes. The IRS treats bank bonuses as taxable income. If the bonus is $600 or more, the bank will send you a 1099-INT form at tax time. Even if it's less than $600, you're technically supposed to report it. The amount is usually small enough that it won't change your tax bill much, but you should know it's taxable.

Can I open multiple accounts at the same bank to get multiple bonuses?

Some banks allow it; others don't. Check the terms of the promotion. Many banks have rules that say you can only get one bonus per customer per year, or one bonus per account type. If you try to open two accounts to get two bonuses and the bank's terms say you can't, they may deny the second bonus or close one of the accounts.

What if the bank closes my account after I get the bonus?

The bank can close your account for various reasons — if you don't use it, if you overdraft repeatedly, or if they suspect fraud. Once the bonus is deposited into your account, it's your money and the bank can't take it back. However, if the account is closed and you have a negative balance (because of fees or overdrafts), the bank may deduct that from the bonus before closing the account.

Can I transfer the bonus money out right away?

Yes. Once the bonus is deposited, it's your money. You can transfer it to another bank account, withdraw it as cash, or leave it where it is. The bank has no claim on it after it's been credited to your account.

Is there a bonus for opening a savings account instead of checking?

Yes, many banks offer bonuses for savings accounts too. The amounts are often smaller than checking bonuses, and the conditions may be different — for example, a savings account bonus might require you to maintain a higher minimum balance. Check the bank's website to see what they're currently offering for each account type.