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 running these offers change seasonally, and the amounts range from $50 to $500 depending on the institution and the type of account. Common names include Chase, Bank of America, Wells Fargo, Ally Bank, and Charles Schwab, though not all of them run offers at the same time.

The money is real — the bank deposits it directly into your new account once you complete the conditions. You do not have to maintain a minimum balance afterward or pay a fee to keep the account open, though some accounts charge monthly fees if your balance drops below a threshold. The catch is that the offer is temporary and tied to specific actions: you typically need to set up direct deposit, make a certain number of debit card purchases, or transfer money in within a set timeframe.

These offers are most common at online banks and at large national banks trying to grow their customer base. Local and regional banks rarely run them, and credit unions almost never do. If you are looking for an account primarily to get the bonus rather than to bank there long-term, you should read the terms carefully — some bonuses come with strings that make them not worth the effort.

Key Takeaways

  • Banks offering account opening bonuses typically require you to complete a condition like setting up direct deposit or making a minimum number of debit card transactions within 60 to 90 days.
  • The bonus amount varies widely — from $50 at smaller banks to $500 at major institutions — and changes based on which offers are currently running.
  • You receive the bonus as a deposit into your new account, not as a separate check or transfer, and it is taxable income that the bank will report to the IRS.
  • Some accounts charge monthly maintenance fees if your balance falls below a set amount, so confirm the account has no ongoing costs before opening it just for the bonus.
  • Online banks tend to offer larger bonuses than brick-and-mortar banks, but they require you to manage your account entirely through their website or app.

How the bonus conditions actually work

The most common requirement is direct deposit. The bank specifies a minimum amount — often $500 or $1,000 — that must be deposited electronically from your employer or another source within a set window, usually 60 days. If you do not have direct deposit set up, you cannot meet this condition and will not receive the bonus. Some banks allow you to use payroll direct deposit, Social Security, or transfers from another bank account; others accept only payroll.

The second common path is a debit card spending requirement. The bank might ask you to make 10 transactions of any amount, or to spend $500 total, within 90 days. Each transaction counts separately — a $1 purchase at a coffee shop counts the same as a $100 purchase at a grocery store. This is easier to control than direct deposit if you do not have a regular paycheck, but it requires you to actually use the card.

Some banks combine both: direct deposit of at least $500 plus 10 debit card transactions. A few offer a choice — you can meet either the direct deposit requirement or the spending requirement, but not necessarily both. Read the fine print on the specific offer before you open the account, because the conditions determine whether you can actually get the money.

What happens after you meet the requirements

Once you complete the conditions — direct deposit posts, or you make your final debit card purchase — the bank deposits the bonus into your account automatically. This usually happens within one to two weeks, though some banks take longer. You will see it as a credit in your account history. The bank will also send you a 1099-INT or 1099-MISC form at tax time reporting the bonus as income, which means you owe federal and state income tax on it.

After the bonus arrives, you own the account outright. You can close it when ready if you want, though some banks have a clause stating that if you close the account within a certain period (often 6 months to a year), you forfeit the bonus. Check the terms to see if there is a holding period. If there is not, you can take the money and move on.

The account itself may have a monthly maintenance fee — typically $5 to $15 — if your balance drops below a minimum or if you do not meet other conditions like direct deposit. Some accounts waive the fee if you keep a certain balance or set up direct deposit. If you plan to close the account after getting the bonus, confirm that there is no early closure fee or that the fee is waived if you close within the bonus period.

Where to find current offers

Bank websites list their current offers on their homepage or in a promotions section, though the terms are often buried in small print. A faster way is to search "bank account bonus" plus the current month and year — financial websites and blogs track which banks are running offers and what the conditions are. Bankrate, NerdWallet, and DepositAccounts all maintain updated lists.

When you compare offers, look at three things: the bonus amount, the condition you have to meet, and any ongoing fees. A $200 bonus sounds better than $100, but not if it requires $2,000 in direct deposit and you do not have that, or if the account charges $12 per month and you plan to keep it open for a year. Calculate the real value by subtracting any fees you will actually pay.

Offers change frequently — a bank might run a $300 bonus in January and a $100 bonus in March, or stop running offers altogether for several months. If you see an offer you like, check the terms and open the account within a few days, because the offer can disappear without notice.

Online banks versus traditional banks

Online banks like Ally, Charles Schwab, and Discover typically offer larger bonuses — often $200 to $500 — because they have lower overhead costs and no physical branches to maintain. The tradeoff is that you cannot walk into a location to deposit cash or speak to someone in person. You manage everything through their website or mobile app, and you deposit checks by photographing them with your phone.

Traditional banks like Chase, Bank of America, and Wells Fargo offer smaller bonuses — often $50 to $200 — but you can visit a branch if you need to. They also tend to have more ATMs nationwide, which matters if you withdraw cash frequently. The account features are similar, but the experience of using the bank is different.

If you already bank somewhere and want to avoid managing multiple institutions, opening an account at your current bank might be simpler even if the bonus is smaller. If you are willing to manage an account online and want the largest bonus, an online bank is usually the better choice.

Taxes and reporting on the bonus

The bonus counts as taxable income. The bank reports it to the IRS on a 1099 form, and you must include it on your tax return. If the bonus is $600 or more, the bank is required to send you a 1099-INT or 1099-MISC. If it is less than $600, the bank may still report it, or may not — either way, you are responsible for reporting it if you receive it.

The tax you owe depends on your overall income and tax bracket. If you are in the 22% federal tax bracket, a $200 bonus means you owe roughly $44 in federal tax. State income tax varies by location. This is not a reason to avoid the bonus, but it is a reason to understand that the $200 you receive is not the same as $200 in take-home money after taxes.

Red flags and what to avoid

Be cautious of offers that require you to maintain a very high balance — $25,000 or more — to avoid a monthly fee. The bonus might be $300, but if you cannot maintain the balance and the account charges $15 per month, you will lose money over time. Read the fee schedule carefully.

Avoid offers that require you to sign up for services you do not want, like credit cards or investment accounts. Some banks bundle their offers, and the fine print might obligate you to open a credit card or brokerage account to get the checking account bonus. Stick to straightforward offers that require only the account itself.

Do not open multiple accounts at the same bank to collect multiple bonuses. Banks track this and will deny the bonus or close the accounts if they detect abuse. You can open accounts at different banks in the same month — that is fine — but not multiple accounts at the same institution within a short period.

Frequently Asked Questions

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

Usually not. Most banks limit the bonus to new customers who have not held an account there in the past 12 months. If you already have a checking account open, opening a savings account at the same bank might may have access to for a separate bonus, but check the terms first — some banks exclude existing customers entirely.

What if I cannot meet the direct deposit requirement?

Look for banks offering a debit card spending requirement instead, or a combination where you can choose one or the other. If you do not have direct deposit and the only offer available requires it, wait for a different bank's offer or choose a bank without that condition.

Do I have to keep the money in the account, or can I withdraw it right away?

You can withdraw the bonus when ready after it posts, unless the bank's terms state otherwise. Some banks require you to keep the account open for a set period — often 6 months — or they will claw back the bonus if you close it early. Check the offer details before opening the account.

Will the bonus affect my credit score?

No. Opening a checking or savings account does not trigger a hard credit inquiry and does not appear on your credit report. The bank may do a soft check to verify your identity and check for fraud, but this does not affect your score.

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

Banks can close accounts for cause — fraud, suspicious activity, or violation of their terms — but they cannot close an account straightforward because you collected a bonus and left. If your account is closed, the bank must tell you why. If you believe it was closed in error, you can contact the bank's customer service or file a complaint with the Consumer Financial Protection Bureau.