Which banks offer cash bonuses for opening accounts

Several large banks and online banks offer cash bonuses when you open a checking or savings account, though the offers change frequently and vary by region. Banks including Chase, Bank of America, Wells Fargo, Ally Bank, and Charles Schwab have run these promotions in recent years. The bonus amounts typically range from $50 to $300, depending on the bank and the type of account.

The catch is that these bonuses come with conditions. You usually have to deposit a minimum amount of money within a set timeframe—often $500 to $2,500 within 30 to 90 days—and keep the account open for a specified period, sometimes 90 days or longer. Some banks also require you to set up direct deposit or complete a certain number of debit card transactions. If you close the account early or fail to meet the conditions, the bank will not pay the bonus and may claw it back if it was already deposited.

Key Takeaways

  • Cash bonuses for new accounts typically range from $50 to $300, but you must meet deposit and activity requirements to receive them.
  • Most banks require you to deposit between $500 and $2,500 within 30 to 90 days and keep the account open for at least 90 days.
  • Some promotions require direct deposit setup or a minimum number of debit card transactions to may have access to for the full bonus.
  • Online banks and credit unions sometimes offer higher bonuses than traditional brick-and-mortar banks, but verify current offers directly with each institution.

How to find current bank account bonuses

The best way to find active offers is to visit the bank's website directly and look for a "promotions" or "special offers" section. Many banks display current bonuses prominently on their homepage, especially during competitive seasons like the start of the year or tax season. You can also call the bank's customer service line and ask what bonuses are available for new checking or savings accounts in your state.

Websites that track banking promotions—such as DepositAccounts.com, BankRate, and NerdWallet—list current offers from multiple banks side by side. These sites update regularly, but the information can lag behind what the bank itself is advertising. Always confirm the offer on the bank's own website before opening an account, because promotional terms and amounts change without notice.

What conditions you must meet to get the bonus

Read the fine print carefully before opening the account. The most common requirements are a minimum deposit within a specific window (usually 30 to 90 days), keeping the account open for a set period (often 90 days to six months), and maintaining a minimum balance. Some banks waive the balance requirement if you set up direct deposit, which means your paycheck or benefits payment goes straight into the account.

Other banks require you to use the debit card a certain number of times—often 10 to 15 transactions—within the first 60 days. A few banks require you to open both a checking and savings account to receive the full bonus. If you do not meet all the conditions by the important date, you typically lose the bonus entirely. Some banks will deposit the bonus first and then reverse it if you fail to meet requirements, so the money may appear in your account temporarily before disappearing.

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. You might see $200 to $300 offers from online banks, whereas a local branch bank might offer $50 to $100. The tradeoff is that you cannot walk into a physical location to deposit cash or speak to someone in person, though most online banks partner with ATM networks or allow mobile check deposit.

Traditional banks with physical branches tend to have lower bonuses but offer in-person service and the ability to deposit cash at a teller window. Credit unions sometimes offer bonuses too, though they are less common and usually smaller. If you need to deposit cash regularly, a traditional bank or credit union may be more practical even if the bonus is lower.

Timing and tax implications

Bank bonuses are considered taxable income by the IRS. If you receive a $200 bonus, the bank will send you a Form 1099-INT at the end of the year, and you will owe income tax on that $200. The tax liability depends on your overall income and tax bracket, but you should expect to owe federal income tax and possibly state income tax on the bonus amount. Plan for this when deciding whether the bonus is worth the effort of meeting the requirements.

The best time to pursue these bonuses is when you actually need to open a new account anyway—for example, when you move to a new state, switch jobs, or want to separate your finances. If you are opening accounts purely to chase bonuses and closing them shortly after, the tax bill and the time spent may not be worth the small amount of money you receive.

What happens if you do not meet the requirements

If you fail to meet the deposit requirement, the bonus straightforward will not be paid. If you meet the deposit requirement but do not complete other conditions—like setting up direct deposit or making debit card transactions—some banks will still pay a partial bonus, while others will pay nothing. The bank's terms will specify whether the bonus is all-or-nothing or if you can earn a reduced amount.

If you close the account before the holding period ends, the bank will not pay the bonus. In some cases, if the bonus was already deposited, the bank will reverse the transaction and remove the money from your account. This can result in a negative balance if you have already spent the bonus money, so be careful about closing accounts too quickly after opening them.

Frequently Asked Questions

Do I have to use the bank's debit card to get the bonus?

Most banks that require debit card transactions will count any purchase made with the card, including small amounts like a coffee or gas. Some banks count ATM withdrawals as transactions, while others do not. Check the specific terms before opening the account, because the definition varies by bank and promotion.

Can I get a bonus if I already have an account with that bank?

Most bank bonuses are for new customers only, and the bank defines "new" as someone who has not held an account with them in the past 12 to 24 months. If you closed an account recently, you may not be may be able to access. Some banks allow bonuses on different account types—for example, you could get a bonus for opening a savings account if you already have a checking account with them, but this varies.

What if the bank changes the bonus terms after I open the account?

Once you open the account, the terms you agreed to at that time are locked in. If the bank later advertises a higher bonus for new accounts, you will not receive the difference. However, the bank cannot change the requirements for your specific bonus after you have opened the account.

Do online banks' bonuses come with the same conditions as big banks?

Yes, online banks typically have the same types of requirements—minimum deposits, holding periods, and sometimes direct deposit or transaction requirements. The main difference is that online banks often offer higher bonus amounts because they have lower operating costs. Read the terms for each bank individually, because requirements vary.

Will the bonus affect my credit score?

Opening a new bank account does not affect your credit score. Banks do a soft inquiry when you open a checking or savings account, which does not show up on your credit report. However, if the bank reports the account to ChexSystems (a banking history system), closing the account shortly after opening it could make it harder to open accounts at other banks in the future.