Banks offer cash bonuses for opening accounts, but the money comes with conditions

Some banks will deposit $50 to $500 into a new account within weeks of opening it. The catch is real: you almost always have to meet specific requirements first. Most commonly, you need to set up direct deposit, maintain a minimum balance, or complete a certain number of transactions within a set timeframe. If you don't meet the terms, you won't see the bonus—and some banks will close your account if you don't keep it active.

The bonus itself is not information programs in the way a tax refund is. It's a marketing expense banks use to attract customers they hope will stay and use other services. Understanding what each bank requires before you open the account saves you from chasing a bonus you can't actually claim.

Key Takeaways

  • Bank bonuses typically range from $50 to $500 and require you to meet conditions like direct deposit setup or a minimum balance within 30 to 90 days.
  • Direct deposit is the most common requirement, and many banks define it narrowly—payroll deposits count, but transfers from another account usually do not.
  • You must keep the account open for a set period (often six months to a year) or the bank may claw back the bonus if you close it early.
  • Bonus offers change frequently and vary by region, so checking the bank's website directly is more reliable than relying on outdated comparison lists.

What banks are currently offering bonuses

Major national banks including Chase, Bank of America, Wells Fargo, and Citibank have run account opening bonuses at various times, though the specific offers, amounts, and requirements shift every few months. Regional banks and online-only banks like Ally, Charles Schwab, and Discover often have standing bonus offers because they rely more heavily on direct customer acquisition.

The size of the bonus often depends on the account type. A basic checking account might offer $100, while a premium checking account with higher balance requirements might offer $300 or more. Savings accounts typically offer smaller bonuses—$25 to $100—because banks make less money from them.

To find current offers, visit the bank's website directly and look for a banner or link labeled "New Customer Offer" or "Checking Bonus." Comparison sites exist, but they update slowly and sometimes display expired offers. A phone call to the bank's customer service line will confirm whether an offer is still active and what the exact requirements are.

The direct deposit requirement and how banks define it

Direct deposit is the requirement you'll encounter most often. It means your employer or benefit provider deposits your paycheck or payment directly into your account electronically, rather than you depositing a check yourself. Banks require this because it signals that you'll use the account regularly and have recurring income flowing through it.

The definition matters. Most banks accept payroll direct deposits from employers and government benefits (Social Security, unemployment, tax refunds). Some also accept direct deposits from a second job or a gig platform like DoorDash or Uber. What almost no bank accepts as "direct deposit" for bonus purposes is a transfer you initiate yourself from another bank account, even if it's automatic and recurring.

The timing also matters. You typically have 30 to 90 days from account opening to set up direct deposit and receive the deposit. Some banks require the direct deposit to actually land in your account within that window; others just require you to set it up. If your paycheck comes monthly and you open the account late in the month, you might miss the important date for the first deposit to arrive.

Minimum balance and transaction requirements

Some banks require you to maintain a minimum balance—often $500 to $1,500—for the entire bonus period. If your balance drops below that threshold even once, you may forfeit the bonus. Other banks require a certain number of debit card transactions, ACH transfers, or check deposits within the bonus period, typically 10 to 25 transactions.

Transaction requirements are usually easier to meet than balance requirements if you use your debit card regularly. Buying groceries, gas, or coffee counts. Balance requirements are stricter if you're living paycheck to paycheck, because you have to keep money sitting in the account that you might otherwise spend.

Read the fine print carefully. Some banks combine requirements—direct deposit AND a minimum balance AND a certain number of transactions. Others offer you a choice: either maintain the balance OR complete the transactions. The difference determines whether the bonus is realistic for your situation.

How long you must keep the account open

Banks typically require you to keep the account open for six months to one year after receiving the bonus. If you close the account before that period ends, the bank will deduct the bonus from your final balance or charge it back to a linked account.

This clawback is automatic and happens without warning in many cases. You won't receive a notice saying "we're taking back your $200 bonus." The money straightforward disappears from your account or appears as a debit. If you've already spent the bonus, you may end up with a negative balance and owe the bank money.

Some banks are more lenient and only require the account to be open for 30 to 60 days before you can close it without penalty. Always ask about the holding period before you open the account, especially if you're only interested in the bonus and don't plan to use the bank long-term.

Bonuses for savings accounts and money market accounts

Banks offer bonuses for savings and money market accounts less frequently than for checking, and the amounts are smaller. A savings account bonus might be $25 to $100, and it usually requires either a minimum deposit (like $10,000) or maintaining a minimum balance for a set period.

The requirements for savings bonuses are often simpler than for checking. You may not need direct deposit at all—just the ability to deposit money and keep it there. However, the bonus is smaller partly because savings accounts generate less revenue for the bank, and partly because the bank is testing whether you'll use the account at all.

If you're opening a savings account anyway to build an emergency fund, a bonus offer can add a small amount to your starting balance. But don't open a savings account you don't need just to chase a $50 bonus.

What happens if you don't meet the requirements

If you open an account, receive the bonus, and then fail to meet the conditions—say, you don't set up direct deposit in time—the bank straightforward won't deposit the bonus. You won't be penalized; you just won't receive the money. Your account remains open and functional.

The more serious scenario is closing the account before the holding period ends. If you close the account within six months of receiving a $200 bonus, the bank deducts $200 from your final balance. If you've already spent the bonus and have less than $200 in the account, you'll owe the bank that difference. Some banks will send you a bill; others will report it to ChexSystems, a banking history database that can make it harder to open accounts elsewhere.

If you're unsure whether you'll meet the requirements, don't open the account. A bonus is only valuable if you can claim it without financial strain or penalty.

Frequently Asked Questions

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

Most banks limit 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 closed an account recently, you may have to wait before you're may be able to access for a new bonus. Some banks offer bonuses for opening a second account type (like a savings account if you already have checking), but this is less common.

Do I have to keep money in the account after I get the bonus?

You have to keep the account open for the holding period (usually six months to a year), but you don't have to maintain a specific balance unless the bonus terms require it. Once the holding period ends, you can withdraw all your money and close the account without penalty. However, if the bonus terms included a minimum balance requirement, you must maintain that balance during the bonus period or forfeit the bonus.

What if my direct deposit is delayed and doesn't arrive before the important date?

Contact the bank before the important date expires. Some banks will extend the important date if you can show proof that you set up direct deposit on time but the deposit itself was delayed by your employer or the payment processor. Others will not. It's worth asking, because the worst they can say is no.

Can I transfer money from another bank to meet the transaction requirement?

Transfers between your own accounts at different banks usually do not count as transactions for bonus purposes. Debit card purchases, ATM withdrawals, and ACH transfers to other people's accounts typically do count. Check the bank's terms to confirm what counts before you open the account.

Is the bonus taxable income?

Bank bonuses are generally considered taxable income by the IRS. The bank will send you a 1099-INT or 1099-MISC form at the end of the year if the bonus is $10 or more. You'll need to report it on your tax return. The amount is usually small enough that it doesn't significantly change your tax liability, but it does count as income.