Which banks are offering bonuses and what you get

Bank bonuses change monthly, so there is no single answer that stays true for long. Right now, Chase, Bank of America, Wells Fargo, Ally, and Charles Schwab typically run promotions, but the dollar amounts, account types, and requirements shift. A bonus that exists this month may be gone next month, and a new one may appear in its place.

The bonuses themselves range from $100 to $500 for checking accounts, depending on the bank and how much you deposit or how long you keep the account open. Some banks offer bonuses on savings accounts instead, or on both at once. The catch is always the same: you have to meet a condition—usually a minimum deposit, a certain number of debit card transactions, or keeping the account open for a set period.

The fastest way to see what is actually available right now is to visit the bank's website directly and look for a "promotions" or "offers" section. You can also call the bank's customer service line and ask what bonuses they are running on checking and savings accounts. They will tell you the exact dollar amount, what you have to do to earn it, and when the offer ends.

Key Takeaways

  • Bank bonuses change every month, so you need to check the bank's website or call directly to see what is current.
  • Most bonuses require a minimum deposit, a set number of debit card transactions, or keeping the account open for 30 to 90 days.
  • Bonuses range from $100 to $500 for checking accounts, with some banks offering separate bonuses for savings accounts.
  • The bonus is usually deposited into your account automatically once you meet the conditions, but timing varies by bank.

How to find the current offer at a specific bank

Start by going to the bank's main website. Look for a link labeled "Promotions," "Special Offers," "New Accounts," or "Open an Account." Banks put this information front and center when they are running a bonus, so it should be straightforward to spot. If you do not see it on the homepage, try the checking or savings account product page.

Read the full terms before you open the account. The bank will tell you exactly what deposit is required, how many debit card transactions you need to complete, or how long you need to keep the account open. Some bonuses require all three conditions. Others require just one. The terms also say when the bonus will be deposited—usually within 30 to 60 days of meeting the conditions, though some banks take longer.

If the website does not show a current offer, call the bank's customer service number. Representatives can tell you whether a promotion is running and what the terms are. This is especially useful if you are considering multiple banks and want to compare offers side by side.

What conditions you typically have to meet

Most bank bonuses require one or more of these conditions: a minimum deposit (often $500 to $2,500), a set number of debit card transactions within a time window (often 10 to 25 transactions in 60 days), or keeping the account open and in good standing for a certain period (usually 90 days to six months).

Some banks stack conditions—you might need to deposit $1,000 and make 15 debit card transactions and keep the account open for 90 days. Others have simpler terms: deposit $500 and the bonus is yours. Read the fine print carefully, because missing even one condition can mean you do not receive the bonus.

A few banks also exclude certain account types from bonuses. For example, a bonus might explore to checking accounts but not to savings accounts, or vice versa. Some banks do not offer bonuses to customers who have held an account with them in the past, or who closed an account within the last year. Check whether you are may be able to access before you open the account.

How the bonus gets into your account

Once you meet all the conditions, the bank deposits the bonus directly into your new account. You do not have to do anything else—no forms to fill out, no codes to enter. The bank tracks your activity automatically and credits the bonus when the conditions are satisfied.

Timing varies. Some banks deposit the bonus within 30 days of meeting the conditions. Others wait 60 or 90 days. A few deposit it when ready once the final condition is met. The bank's terms page will tell you the expected timeline. If the bonus does not appear by the date the bank promised, contact customer service and ask them to check the status.

Whether a bonus is worth the effort

A $200 bonus sounds good, but it only makes sense if you were planning to open a checking or savings account anyway. If you have to deposit $2,000 to earn $150, you are earning less than 1% on that money over the time you have to keep the account open. That is not a strong return.

The real value comes if you were already going to switch banks or open a second account for a specific reason—to get a better interest rate on savings, to avoid monthly fees, or to use a bank's ATM network. In that case, a bonus is a small bonus on top of a decision you were making anyway. If you are opening an account purely to chase the bonus, the math usually does not work in your favor.

Also consider the account itself. Some banks offer bonuses on accounts with high monthly fees or low interest rates. A $300 bonus loses its value if the account costs you $15 a month in fees. Look at the full account terms, not just the bonus amount.

Where to compare bonuses across multiple banks

You can visit each bank's website individually, but that takes time. A few financial websites track current bank bonuses and update them regularly. Sites like Bankrate, NerdWallet, and DepositAccounts list active promotions from major banks and let you filter by account type, bonus amount, and requirements. These sites do not offer the bonuses themselves—they just show you what each bank is running.

Keep in mind that these comparison sites update regularly but not in real time. A bonus listed on one of these sites may have ended by the time you read it. Always confirm the offer on the bank's own website before you open the account.

Frequently Asked Questions

Do I have to pay taxes on a bank bonus?

Yes. Bank bonuses are 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 report it on your tax return. The bonus amount is usually small enough that it does not push you into a higher tax bracket, but it does count as income.

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

Some banks allow it; others do not. Many banks limit bonuses to one per customer per year, or one per household. Check the terms before you open a second account. If the bank's policy is unclear, call and ask directly.

What if I do not meet the debit card transaction requirement?

You do not receive the bonus. The bank will not waive the requirement or give you a partial bonus. If you are close to the important date, you can make the remaining transactions yourself to reach the target. Some people use their debit card to buy small items at the grocery store or gas station to rack up transactions quickly.

Can I withdraw the bonus money right away?

Yes, once the bonus is deposited into your account, it is yours to use. There is no holding period or restriction on how you spend it. However, if the bank's terms require you to keep the account open for 90 days, closing it early may trigger a clawback—the bank takes the bonus back. Read the terms to see whether closing the account early has consequences.

What if the bank closes my account before the bonus is deposited?

If the bank closes your account for any reason before the bonus is credited, you typically do not receive it. Banks close accounts for reasons like repeated overdrafts, suspected fraud, or violation of account terms. If your account is closed, contact the bank and ask whether the bonus will still be paid. Some banks will honor it; others will not.