Banks offering account opening bonuses change their offers every few months

Banks periodically offer cash bonuses to new customers who open checking or savings accounts and meet specific conditions—usually depositing a minimum amount within a set timeframe. These offers are real, but they are temporary and vary by bank, by account type, and by region. A bonus available this month may be gone next month, and a different one may take its place.

The banks most likely to run these promotions include Chase, Bank of America, Wells Fargo, Citibank, and various regional and online banks. The bonus amounts range from $50 to $500 or more, depending on the account type and the deposit requirement. Some banks offer bonuses only on checking accounts, others only on savings accounts, and some offer different bonuses for each.

Because these offers change frequently and vary by location and account type, the best way to find current offers is to visit each bank's website directly or call their customer service line. Financial websites that track account bonuses—such as Bankrate, DepositAccounts, or NerdWallet—also list active offers, though you should verify the terms on the bank's own site before opening an account.

Key Takeaways

  • Banks change their account opening bonuses every few months, so an offer you see today may not be available next week.
  • Most bonuses require you to deposit a minimum amount—often $500 to $2,500—within 30 to 90 days of opening the account.
  • The bonus is usually deposited into your new account after the bank confirms you have met all the conditions.
  • Online banks and regional banks often offer higher bonuses than large national banks, but may have fewer physical branches.
  • You should read the full terms on the bank's website before opening an account, because some bonuses exclude certain account types or customer situations.

What conditions you typically need to meet to receive the bonus

Most account opening bonuses come with three main conditions: opening a new account with that bank, depositing a minimum amount within a set timeframe, and maintaining the account for a minimum period (often 90 days). Some banks also require that you set up direct deposit or make a certain number of debit card transactions.

The deposit requirement is the most important one to understand. If a bank offers a $200 bonus on a checking account with a "$1,000 deposit requirement," you must deposit at least $1,000 into that account within the timeframe stated—usually 30 to 90 days. If you deposit only $500, you will not receive the bonus. The deposit does not have to be new money; some banks accept transfers from other accounts you already own.

The timeframe matters. If the offer says "deposit $1,500 within 60 days," you have 60 days from the day you open the account to meet that requirement. If you deposit the money on day 61, you have missed the important date and the bonus will not be paid. Mark the important date on your calendar or set a phone reminder.

How to compare bonuses across different banks

A larger bonus number does not always mean a better deal. A $300 bonus that requires a $5,000 deposit and direct deposit setup is not the same as a $150 bonus that requires only a $500 deposit with no other conditions. To compare fairly, look at the deposit requirement, the timeframe, any ongoing account fees, and the interest rate the account pays (if it is a savings account).

Write down the key terms for each offer you are considering: the bonus amount, the deposit requirement, the important date, any fees, and the interest rate. Then decide which combination makes sense for your situation. If you have $2,000 to deposit and need to move it quickly, a bonus requiring $5,000 will not work for you, no matter how large it is.

Also check whether the bonus is taxable income. Banks report bonuses of $10 or more to the IRS on a Form 1099-INT, which means you may owe tax on the bonus amount. This does not change whether you should take the bonus, but it is worth knowing before you open the account.

Online banks versus traditional banks: where bonuses tend to be larger

Online banks—such as Ally, Marcus, Discover, and Charles Schwab—typically offer larger bonuses than traditional brick-and-mortar banks because they have lower operating costs. An online bank might offer a $200 bonus on a savings account with a $25,000 deposit, while a national bank offers $100 with the same deposit. Online banks also often pay higher interest rates on savings accounts.

The tradeoff is access. An online bank has no physical branches, so you cannot walk in to deposit cash or speak to someone in person. Most online banks let you deposit checks by taking a photo with your phone, and they reimburse ATM fees if you use an out-of-network machine. If you need in-person banking, a regional bank or a large national bank may be a better fit, even if the bonus is smaller.

Some people open accounts at both types of banks—an online savings account for the higher interest rate and bonus, and a checking account at a local or national bank for everyday use. There is no rule against having accounts at multiple banks.

What happens after you meet the bonus conditions

Once you have met all the conditions—deposited the required amount, waited the required timeframe, and kept the account open—the bank will deposit the bonus into your account. This usually happens within 5 to 10 business days after the important date, though some banks take longer. You will see it as a credit in your account statement.

The bonus is yours to keep and use however you want. You do not have to leave the money in the account or use it for any specific purpose. If you want to close the account after receiving the bonus, you can, though some banks have terms that say you must keep the account open for a certain period (usually 90 days) or you must return the bonus. Read the full terms before you open the account.

If you do not meet the conditions by the important date, the bank will not pay the bonus. There is usually no penalty for missing it—you straightforward do not receive it. The account itself remains open and active.

Red flags and terms to watch for

Some account opening offers come with hidden costs or restrictions. Watch for monthly maintenance fees, minimum balance requirements, or fees for falling below a certain balance. A $200 bonus means nothing if the account charges $15 per month in fees and you plan to keep a small balance.

Also check whether the offer applies to you. Some banks exclude customers who have had an account with them in the past 12 or 24 months. Some offers explore only to certain account types—for example, a bonus on a premium checking account but not a basic one. Some banks exclude business accounts or joint accounts. Read the full terms, which are usually in small print at the bottom of the offer or in a separate document labeled "Terms and Conditions."

Be cautious of any offer that asks you to pay money upfront or provide sensitive information like your Social Security number before you have opened the account. Legitimate bank bonuses do not require upfront payment. You will provide your Social Security number as part of the normal account opening process, but not before.

How to find the current offers at specific banks

The fastest way is to go directly to the bank's website and look for a banner or link about new account bonuses. Most banks put this on their homepage or in the "Checking" or "Savings" section. If you do not see it, call the bank's customer service number and ask what bonuses are currently available.

Financial comparison websites like Bankrate, DepositAccounts, and NerdWallet maintain lists of current offers from many banks. These sites are useful for getting an overview of what is available, but always verify the terms on the bank's own website before you open an account. The terms on a comparison site may be out of date or incomplete.

If you have a specific bank in mind, sign up for their email list or follow them on social media—banks often announce new offers to existing customers first. You can also ask a bank representative directly whether a bonus is available for the account type you want.

Frequently Asked Questions

Do I have to use direct deposit to get the bonus?

Not always. Some banks require direct deposit as a condition of the bonus, but many do not. Check the specific terms of the offer you are interested in. If direct deposit is required and you do not have an employer or regular income source that offers it, that bonus may not work for you.

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

Usually not. Most banks limit the bonus to one per customer per year, and some exclude customers who have had any account with them in the past 12 to 24 months. You can open accounts at different banks to collect multiple bonuses, but you cannot open two accounts at Chase, for example, and receive two bonuses.

What if I close the account before the bonus is paid?

If you close the account before you have met all the conditions, you will not receive the bonus. If you close it after the conditions are met but before the bonus is deposited, the bank may still pay the bonus to your closed account or may forfeit it. Read the terms to see what the bank's policy is.

Is the bonus considered income for tax purposes?

Yes. Banks report bonuses of $10 or more to the IRS on a Form 1099-INT. You will owe income tax on the bonus amount at your regular tax rate. The bank will send you the form in January of the following year.

Can I transfer money from another bank to meet the deposit requirement?

Yes, most banks accept transfers from other banks to meet the deposit requirement. Some banks specify that the deposit must come from an external source (not from another account you own at the same bank). Check the terms to confirm.