Which banks are offering account opening bonuses right now
Several large banks and online banks offer cash bonuses when you open a checking or savings account, but the offers change frequently and vary by location. Banks like Chase, Bank of America, Wells Fargo, and online banks such as Ally and Charles Schwab have run these promotions in the past, though not all of them are running them at every moment. The amount ranges from $50 to $300 or more, depending on the bank and the type of account.
The catch is that these bonuses almost always come with conditions. You typically need to deposit a minimum amount of money (often $500 to $2,500), keep the account open for a set period (usually 30 to 90 days), and sometimes set up direct deposit from your employer or another source. If you close the account early or don't meet the conditions, the bank keeps the bonus or may even charge you a fee.
Because offers shift regularly, the best way to find current bonuses is to visit the bank's website directly or check financial comparison sites that track promotions. Be cautious of sites that claim to show "all available offers" — they may be outdated or incomplete.
Key Takeaways
- Banks offering account bonuses change their offers frequently, so you should check directly with the bank or a current comparison site rather than relying on older information.
- Most bonuses require you to deposit a minimum amount of money and keep the account open for 30 to 90 days, or the bank will not pay the bonus.
- Some bonuses require you to set up direct deposit from your paycheck or another regular income source before the bank will pay out.
- The bonus amount varies widely — from $50 to $300 or more — and depends on the bank, the account type, and the current promotion.
How the bonus conditions actually work
When a bank advertises a $200 bonus, that money is not automatic. The bank sets specific rules, and you have to meet all of them. The most common requirement is a minimum deposit — you must put at least a certain amount into the account within a set timeframe, usually 30 days. If the requirement is $1,000 and you deposit $900, you typically will not receive the bonus.
The second common requirement is the holding period. You must keep the account open and active for a set number of days, often 60 to 90 days from when you open it. If you close the account on day 45, the bonus disappears. Some banks also require a direct deposit — your paycheck or a regular transfer from another account must land in the new account. Without that, no bonus.
Read the fine print before you open the account. Banks publish the full terms on the promotion page, usually in smaller text below the headline offer. If you cannot find the terms, call the bank and ask them to explain the conditions in writing before you proceed.
Comparing bonuses across different account types
Banks often run different bonuses for checking accounts versus savings accounts, and the amounts are not always the same. A checking account bonus might be $150 while a savings account bonus is $50, or vice versa. Some banks offer bonuses only on certain account tiers — for example, a premium checking account might have a larger bonus than a basic one.
When you are comparing offers, look at the total picture, not just the bonus size. A bank offering $300 but charging a $15 monthly fee is not necessarily better than one offering $100 with no monthly fee. Calculate what you will actually have after the bonus and after a year of fees. If you plan to keep the account open long-term, the fee structure matters more than the opening bonus.
Online banks versus traditional banks
Online banks — institutions that operate only through websites and apps, with no physical branches — often offer larger bonuses than traditional banks. This is because they have lower overhead costs and can afford to pass some savings to customers. However, online banks also have different trade-offs: you cannot walk into a branch to deposit cash or speak to someone in person, though many have partnerships with ATM networks or accept mobile check deposits.
Traditional banks with physical locations tend to offer smaller bonuses but may provide services online banks do not, such as in-person customer service, the ability to deposit cash at a teller, or a local branch where you can resolve problems face-to-face. Neither is inherently better — it depends on what you need from a bank.
What to watch out for when chasing bonuses
The biggest trap is opening multiple accounts in a short time to collect multiple bonuses. Banks track this. Many have rules stating that you cannot receive a bonus if you have opened or closed an account with them in the past 12 months. If you open three accounts in three months to get three bonuses, the bank may deny all three bonuses or close your accounts.
Another risk is not meeting the conditions by accident. If the requirement is "direct deposit within 60 days" and you forget to set it up, you lose the bonus. Set a calendar reminder for the important date. If the requirement is a minimum balance, make sure you understand whether it means the balance on a specific day or an average balance over the month — these are different, and missing the distinction can cost you the bonus.
Finally, be wary of promotional sites that claim to help you "find and claim" bonuses. Many of these sites are outdated, and some may collect your personal information without clear privacy practices. Stick to the bank's official website or well-known financial comparison sites like Bankrate or NerdWallet.
How to actually claim the bonus once you meet the conditions
In most cases, the bonus deposits automatically into your account once you meet all the conditions. You do not have to do anything special to "claim" it — the bank tracks whether you have deposited the minimum, kept the account open, and set up direct deposit, and if all boxes are checked, the money appears within a few days to a few weeks after the final condition is met.
Some banks send you a notice when the bonus has been deposited, and some do not. Check your account statement or log into your online banking to confirm the bonus arrived. If you met all the conditions and the bonus did not appear within the timeframe stated in the promotion terms, contact the bank's customer service and ask them to review your account.
Frequently Asked Questions
Do I have to use the bonus money or can I withdraw it right away?
Once the bonus is in your account, it is yours to use or withdraw however you want. However, remember that if you withdraw money and fall below the minimum balance requirement before the holding period ends, you may lose the bonus. Check the terms to see whether the minimum balance must be maintained throughout the entire period.
What if I do not have direct deposit from an employer?
Some bonuses require direct deposit, but not all do. If you do not have a job or your employer does not offer direct deposit, look for bonuses that only require a minimum deposit and a holding period. You can also set up a recurring transfer from another account you own, though some banks specify that it must be from an employer or government benefit.
Can I get a bonus if I already have an account at that bank?
Most banks restrict bonuses to new customers only, defined as someone who has not held an account with them in the past 12 months. If you already have a checking account at Chase, you typically cannot open a new Chase checking account and receive a bonus. However, you might be able to open a different product — like a savings account — if the bank runs separate promotions for each.
What happens if I close the account before the bonus period ends?
If you close the account before the holding period is complete, you will lose the bonus. Some banks may even charge you a penalty or claw back the bonus money from your account. Always wait until the full holding period has passed before closing an account if you want to keep the bonus.
How do I know if an offer is real or a scam?
Go directly to the bank's official website — type the bank name into your browser and go to their site, do not click a link from an email or ad. Legitimate bank promotions are always posted on the official website. If you see an offer on a third-party site, verify it by visiting the bank directly. Real banks never ask you to pay money upfront to receive a bonus.