Which banks offer money to open an account

Several banks and credit unions offer cash bonuses when you open a checking or savings account, but the offer changes based on where you live, what type of account you choose, and how much you deposit. The bonus is not automatic — you usually have to meet specific conditions, like setting up direct deposit or maintaining a minimum balance for a set period. The amount ranges from $50 to $500 in most cases, though some offers go higher.

The banks running these promotions shift their offers every few months. A bank offering $200 in January might offer $100 in March or pause the promotion entirely. Credit unions sometimes offer bonuses too, but usually only to people who live or work in their service area. The best way to find current offers is to visit the bank's website directly or call their customer service line — comparison sites often show outdated information.

Not every bank offers a bonus. Smaller regional banks and some online-only banks do; large national chains like Bank of America and Wells Fargo rarely do. If you are looking for a bonus, you will need to check what is available in your area right now, because the landscape changes constantly.

Key Takeaways

  • Bank bonuses for opening an account typically range from $50 to $500 and require you to meet conditions like setting up direct deposit or keeping a minimum balance.
  • The offer you see depends on your location, the account type, and the current month — the same bank may offer different amounts to different customers.
  • You must usually complete the bonus requirement within a specific timeframe, often 30 to 90 days, or you forfeit the money.
  • The bank deposits the bonus into your account after you meet all conditions; it does not appear on the first day.
  • Online banks and credit unions are more likely to offer bonuses than large national chains, but credit union offers usually require membership in their service area.

What conditions you have to meet to get the bonus

The most common requirement is setting up direct deposit — your employer or benefits provider sends your paycheck or government payment directly to the account. Some banks require a minimum deposit amount, usually $500 to $2,500. Others require you to keep a certain balance in the account for a set number of days, or to complete a specific number of debit card transactions.

The timeframe matters. Most banks give you 30, 60, or 90 days to meet the requirement. If you set up direct deposit on day 45 of a 60-day window, you still have time. If you wait until day 61, you have missed the important date and the bonus disappears. The bank will not remind you when the important date is approaching — you have to track it yourself.

Some offers stack requirements. You might need to set up direct deposit AND maintain a $1,000 balance AND make five debit card purchases, all within 90 days. Read the terms carefully before you open the account, because once the important date passes, the bank will not extend it or give you a second chance.

How long it takes to receive the bonus after you open the account

The bonus does not arrive when ready. After you meet all the conditions — direct deposit posted, balance maintained, transactions completed — the bank typically waits another 30 to 60 days before depositing the bonus into your account. Some banks are faster and credit the bonus within two weeks; others take up to three months.

You will see the bonus appear as a deposit in your account. It will show up in your transaction history with a description like "New Account Bonus" or "Promotional Credit." The money is yours to use once it posts; there are no restrictions on how you spend it.

If you close the account before the bonus posts, you will not receive it. Some banks require you to keep the account open for a minimum period — often 90 to 180 days — or they will claw back the bonus if you close early. Check the terms to see if there is a holding period.

Where to find current bonus offers

Start with the bank's own website. Most banks list current promotions on their homepage or in a dedicated "Offers" section. Call the bank's customer service number and ask what bonuses are available for your state — the phone representative can tell you the exact amount, the requirements, and the important date.

Credit unions list bonuses on their websites too. If you are a member of a credit union or may be able to access to join one (through your employer, your school, or your family), check their promotions page. Some credit unions offer bonuses only to new members; others offer them to existing members who open a second account.

Comparison websites like NerdWallet, Bankrate, and DepositAccounts track some offers, but they do not always have the most current information. Use them to get a sense of which banks are running promotions, then visit the bank's website directly to confirm the offer is still active and see the exact terms.

Bonuses for different account types

Checking account bonuses are the most common. Savings account bonuses exist but are rarer and usually smaller — often $25 to $100. Money market account bonuses fall somewhere in between. If you are opening both a checking and savings account at the same bank, ask whether you can receive separate bonuses for each, or whether the bank limits you to one bonus per customer per year.

Some banks offer higher bonuses if you open an account with a larger deposit or set up a higher direct deposit amount. A bank might offer $100 for a $500 deposit but $300 for a $5,000 deposit. The terms vary by bank and by promotion, so compare what you are being asked to put in against what you are getting back.

Student accounts, senior accounts, and accounts for people under 25 sometimes have their own bonus offers. If you fall into one of these categories, check whether the bank has a special promotion for you.

What happens if you do not meet the requirements

If you do not meet the requirement by the important date, the bonus straightforward does not post. The bank will not charge you a fee or close your account — you just do not receive the money. Your account remains open and functions normally.

If you set up direct deposit but it does not post within the timeframe, contact your employer or benefits provider to confirm they are sending the payment to the correct account number. If there is a delay on their end, ask the bank whether they will extend the important date. Some banks will; most will not.

If you close the account before the bonus posts, you forfeit it. If you close the account after the bonus posts but within a clawback period (usually 90 to 180 days), the bank may reverse the bonus and remove it from your account. Read the fine print to see whether there is a holding period.

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 at that bank in the past 12 months. Some banks allow existing customers to receive a bonus for opening a different type of account — for example, a bonus for opening a savings account if you already have a checking account. Call the bank to ask whether you are a new customer under their definition.

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

Once the bonus posts to your account, it is your money and you can withdraw it when ready. There are no restrictions on how you use it. Some banks require you to keep the account open for a holding period (usually 90 to 180 days) to avoid a clawback, but the bonus itself can be spent right away.

What if I miss the direct deposit important date by a few days?

Most banks enforce the important date strictly — if the requirement was to set up direct deposit within 60 days and yours posts on day 61, you have missed it. Some banks will make exceptions if you can show the delay was on your employer's end, not yours. Contact the bank and explain the situation; they may extend the important date or may not, depending on their policy.

Can I open multiple accounts at different banks to collect multiple bonuses?

Yes. Each bank tracks new customers separately, so you can open an account at Bank A and receive a $200 bonus, then open an account at Bank B and receive a $150 bonus. Make sure you meet each bank's requirements within their timeframe. Some banks have rules about opening multiple accounts at the same time, so space them out by a few weeks if possible.

Is the bonus considered income for tax purposes?

Bank bonuses under $600 are typically not reported to the IRS, and you do not owe tax on them. Bonuses of $600 or more may be reported on a 1099-INT form. Consult a tax professional if you are receiving multiple large bonuses in the same year, as the rules can vary by situation.