Banks offering account opening bonuses right now

Several large banks and online banks run promotions where they deposit money into your account after you open it and meet certain conditions. The amount ranges from $50 to $500 depending on the bank and the type of account. The money is real — it goes into your account like any other deposit — but it comes with strings attached: you usually have to keep a minimum balance, set up direct deposit, or make a certain number of debit card transactions within a set timeframe.

The banks running these promotions change their offers every few months. Chase, Bank of America, Wells Fargo, Ally, Charles Schwab, and Discover have all offered bonuses in recent years, but which ones are active right now and what they require varies. You need to check the current offer on each bank's website before you open the account, because the terms printed on their homepage are the ones that bind you.

The catch is that these bonuses are marketing tools, not information programs. The bank is betting that once you open the account, you will keep your money there and use their other services. If you open an account just to collect the bonus and then close it, some banks will claw back the bonus or charge you a fee. Read the fine print on the specific offer before you commit.

Key Takeaways

  • Banks offering account opening bonuses typically require you to meet conditions like setting up direct deposit, maintaining a minimum balance, or making a set number of debit card purchases within 30 to 90 days.
  • The bonus amount varies from $50 to $500 and is deposited directly into your new account, but you must meet the conditions to keep it.
  • Bonus offers change frequently and differ by bank and account type, so you must check the current terms on the bank's website before opening the account.
  • Closing the account shortly after opening it may result in the bank clawing back the bonus or charging you a fee, so treat the account as a real banking relationship.

How the bonus conditions actually work

The most common condition is direct deposit. The bank will deposit the bonus only after your employer or another source (like Social Security or a pension) sends money directly to your account. This usually has to happen within 30 to 90 days of opening the account. If you do not have direct deposit set up, you cannot get the bonus, even if you deposit cash or transfer money yourself.

The second common condition is a minimum balance. You have to keep a certain amount in the account — often $500 to $1,500 — for a set number of days. If your balance drops below that threshold, the bonus may be forfeited or the bank may charge you a fee that wipes out the bonus. Some banks measure the balance on a specific date; others measure it as a daily average over the entire may have access to period.

A third condition is debit card transactions. The bank will deposit the bonus after you use your debit card a certain number of times — typically 10 to 25 transactions — within the may have access to window. Each transaction counts separately, so buying coffee five times counts as five transactions. Some banks count only purchases, not ATM withdrawals.

A few banks combine these conditions. For example, Chase might require both direct deposit and 10 debit card transactions within 90 days. If you meet only one condition, you do not get the bonus. The bank will tell you in writing whether you have met the conditions, usually 30 to 60 days after the important date passes.

Checking current offers and comparing terms

The only reliable way to know what bonus a bank is offering right now is to visit the bank's official website and look for the account opening promotion. Marketing sites and comparison tools sometimes show outdated offers. Go directly to the bank's homepage, find the account type you want (checking, savings, or money market), and look for a banner or link that says "open an account" or "special offer."

Write down the exact bonus amount, the conditions, and the important date for meeting those conditions. The important date is critical — if you miss it, you lose the bonus even if you meet the conditions later. Some banks give you 30 days; others give 90. A few have no important date but require you to meet the conditions within a specific window after opening.

Pay attention to whether the bonus applies to new customers only or to existing customers opening a second account. Some banks will not pay a bonus if you have had an account with them in the past 12 months. If you closed an account recently, you may not be may be able to access for the current offer.

What happens if you do not meet the conditions

If you open the account but do not meet the conditions by the important date, the bank straightforward does not deposit the bonus. You keep the account and can use it normally, but you lose the money. There is no penalty to you beyond missing out on the bonus.

However, if you meet the conditions and the bonus is deposited, then close the account within a short time (usually 90 to 180 days), some banks will claw back the bonus. This means they will reverse the deposit and remove that money from your account. The bank's terms will specify the clawback period. If you close the account after that period ends, you keep the bonus.

A few banks charge an early closure fee if you close the account within a certain timeframe, regardless of whether you got the bonus. This fee is separate from the clawback and can range from $25 to $100. Always read the account terms for closure fees before you open.

Online banks versus traditional banks

Online banks like Ally, Charles Schwab, and Discover often offer higher bonuses than traditional banks because they have lower overhead costs. An online bank might offer $200 for a checking account, while a traditional bank offers $100 for the same type of account. However, online banks typically require direct deposit to get the bonus, and they may have stricter rules about minimum balances.

Traditional banks like Chase, Bank of America, and Wells Fargo have physical branches, which some people prefer for depositing cash or speaking to someone in person. Their bonuses tend to be smaller, but they may have more flexible conditions. For example, a traditional bank might let you meet the minimum balance condition instead of setting up direct deposit, while an online bank requires direct deposit.

The trade-off is convenience versus money. If you value being able to walk into a branch, a traditional bank's smaller bonus might be worth it. If you do not need a branch and want the highest bonus, an online bank is usually the better choice.

Timing your account opening to meet conditions

If you are planning to open an account to get a bonus, time it so that you can meet the conditions without changing your normal banking habits. If the bonus requires direct deposit and you get paid monthly, open the account at least a week before payday so that your next paycheck hits the account within the may have access to window. If the bonus requires debit card transactions and you normally use your card, you will meet that condition naturally.

If you cannot meet a condition naturally — for example, you do not have direct deposit — do not open the account just for the bonus. The conditions exist to filter out people who are not going to be real customers. Trying to game the system by making fake transactions or borrowing money to meet a minimum balance is not worth the effort and may violate the bank's terms.

Some people open multiple accounts at different banks to collect multiple bonuses. This is allowed, but each bank's offer applies only to new customers, and some banks track whether you have had an account with them recently. Space out your account openings by a few months if you plan to do this, and keep track of which banks you have opened accounts with and when.

Frequently Asked Questions

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

No, but some banks will claw back the bonus if you close the account within 90 to 180 days. Check the specific bank's terms to see how long you have to keep the account open to keep the bonus. After that period, you can close it without penalty.

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

Most banks limit bonuses to new customers only, which usually means you have not had an account with them in the past 12 months. If you closed an account recently, you may not be may be able to access. Check the bank's terms or call to ask whether you may have access to.

What if my employer will not set up direct deposit?

You cannot get a bonus that requires direct deposit if your employer will not set it up. Some banks offer bonuses with different conditions — like a minimum balance instead of direct deposit — so check whether that bank has an alternative offer. If not, you may need to choose a different bank.

Is the bonus taxable income?

Yes, the IRS treats bank account bonuses as taxable income. 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 have to report it on your tax return. The amount is usually small enough that it does not significantly affect your taxes, but it is income.

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

Most banks limit one bonus per customer per year, even if you open multiple accounts. Some banks are stricter and allow only one bonus per customer ever. Check the terms or call the bank to ask whether you can open a second account and get a second bonus.