Which banks offer money for opening an account

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 region. Banks including Chase, Bank of America, Wells Fargo, Citibank, and online-only banks like Ally, Charles Schwab, and Marcus have run these promotions in recent years. The amount ranges from $50 to $500 depending on the bank and account type, though most common offers fall between $100 and $300.

These bonuses are real money deposited into your new account, not discounts or credits. The bank pays it directly to you once you meet the conditions—usually opening the account and making a deposit within a set timeframe. However, the specific banks offering bonuses right now, the amounts they offer, and the conditions attached change every few weeks, so you will need to check current offers before you decide where to open your account.

The most reliable places to find current offers are the banks' own websites (look for a "promotions" or "special offers" section), comparison sites like Bankrate or DepositAccounts, or your email if you are an existing customer—banks often send targeted offers to people who already bank with them.

Key Takeaways

  • Bank bonuses typically range from $50 to $500 and are deposited into your account once you meet the bank's conditions, usually within 30 to 90 days of opening.
  • Most bonuses require you to make a minimum deposit (often $500 to $2,500) and sometimes to set up direct deposit or maintain a minimum balance for a set period.
  • The offers change frequently—a bonus available this month may be gone next month—so check the bank's website or a comparison site before you commit.
  • Online banks tend to offer higher bonuses than brick-and-mortar banks because they have lower operating costs, but they do not have physical branches.
  • A bonus is only worth taking if you were planning to open an account at that bank anyway; switching banks solely for a bonus often costs more in fees and inconvenience than the bonus is worth.

What conditions you have to meet to get the bonus

Every bank bonus comes with conditions. The most common are opening the account, making a deposit within a certain window (usually 30 days), and maintaining a minimum balance for a set period. Some bonuses also require you to set up direct deposit or make a certain number of debit card transactions within the first month or two.

Read the fine print carefully. If a bonus requires $2,500 in deposits and you only deposit $1,500, you will not receive the bonus—the bank will not give you a partial payment. Similarly, if the condition is to maintain a $1,000 minimum balance for 90 days and you drop below that on day 85, you may forfeit the bonus. A few banks will claw back the bonus from your account if you close the account within a certain period (often 6 to 12 months), so check whether that applies before you open.

The timeline matters. Most bonuses are deposited 30 to 90 days after you meet all the conditions, not when ready. If you need the money right away, a bank bonus is not a reliable source of funds.

Online banks versus traditional banks: why the offers differ

Online banks typically offer larger bonuses than traditional banks with physical branches. An online bank might offer $200 to $500 for opening a checking account, while a brick-and-mortar bank in your area might offer $50 to $150 for the same account type. The reason is straightforward: online banks have no branch overhead, so they can afford to spend more to attract customers.

The trade-off is access. An online bank has no teller, no drive-through, and no physical location to visit. If you need to deposit cash, you will have to use an ATM network (some online banks reimburse ATM fees, others do not) or transfer money from another account. For most people this is not a problem, but if you regularly deposit cash or need in-person banking, a traditional bank may be worth the smaller bonus.

Hybrid banks—those with both online and physical locations—sometimes split the difference, offering moderate bonuses and moderate convenience. Check what you actually need before you chase the biggest bonus number.

How to compare bonuses across banks

Do not compare bonuses by dollar amount alone. A $300 bonus on an account with a $2,500 minimum deposit requirement and a $15 monthly fee is not the same as a $150 bonus on an account with no minimum and no monthly fee. Calculate the real value by subtracting the costs.

For example: Bank A offers $300 but requires $2,500 deposited upfront and charges $12 per month if you drop below $1,500. Bank B offers $150, requires $500 deposited, and charges no monthly fee. If you plan to keep $1,000 in the account, Bank A will cost you $12 per month in fees, while Bank B costs nothing. Over a year, Bank A's $300 bonus is reduced to $156 in real value ($300 minus $144 in fees). Bank B's $150 bonus is worth the full $150.

Also consider whether the account itself meets your needs. A bonus is worthless if you open an account you will not use, or if the account lacks features you need (like a debit card, online bill pay, or mobile deposit). Read the account terms, not just the bonus amount.

When a bank bonus is not worth it

A bonus is only valuable if you were already planning to open an account at that bank. If you are switching banks solely to capture a bonus, you will likely lose money. Switching costs time (setting up direct deposit, updating bill payments, moving recurring transfers), and it can disrupt your finances if something goes wrong during the transition.

Avoid opening multiple accounts in a short time to collect multiple bonuses. Banks track this behavior and may deny bonuses to people who open and close accounts frequently. Some banks also have rules about how many bonuses you can receive in a set period—for example, you might not be able to earn a bonus on a new checking account if you earned one on a savings account at the same bank within the last 12 months.

If you are happy with your current bank and it offers no bonus, the inconvenience of switching usually outweighs a $100 to $300 bonus. The exception is if you are opening your first account or moving to a new area and need to choose a bank anyway—then a bonus is a reasonable tiebreaker between two banks you are already considering.

How bonuses are taxed

Bank bonuses are considered taxable income by the IRS. If you receive a bonus of $600 or more in a calendar year, the bank will send you a 1099-INT form reporting the bonus as interest income. You will owe federal income tax on that amount at your ordinary tax rate.

Bonuses under $600 are not reported to the IRS, but you are still technically required to report them on your tax return. In practice, very few people do, and the IRS does not typically pursue small unreported bonuses. However, if you are audited, the bank's records could be reviewed, so it is safer to report it.

If you are in a low tax bracket or receive tax credits, a bonus might reduce your refund or increase the taxes you owe. Factor this in when you are deciding whether a bonus is worth the effort. A $300 bonus might net you only $200 after taxes, depending on your income and tax situation.

Red flags and how to avoid scams

Legitimate bank bonuses come directly from the bank's website or from established comparison sites like Bankrate, DepositAccounts, or NerdWallet. Be cautious of third-party websites that claim to offer "exclusive" bonuses or ask you to enter personal information before directing you to the bank. These sites are sometimes phishing operations designed to steal your information.

Never pay money upfront to receive a bonus. A legitimate bank bonus requires no payment—you open the account and the bank deposits the bonus. If a website asks for a fee, a credit card number, or personal details before you can claim a bonus, it is a scam.

Verify the offer directly with the bank before you open the account. Call the bank's customer service number listed on their official website (not a number from a third-party site) and confirm that the bonus is real, what the conditions are, and when it will be deposited. This takes five minutes and protects you from fake offers.

Frequently Asked Questions

Do I have to keep the money in the account after the bonus is deposited?

No. Once the bonus is deposited and the promotional period ends, the money is yours to withdraw or spend. However, check whether the bank claws back the bonus if you close the account within a certain timeframe—some banks do, and the terms vary. If you plan to close the account soon after the bonus arrives, confirm the bank's policy first.

What if I do not meet the conditions by the important date?

You will not receive the bonus. Banks do not give partial bonuses or extensions. If the condition is to deposit $2,500 within 30 days and you deposit $2,000 on day 31, you forfeit the bonus. Read the terms carefully and set a calendar reminder so you do not miss the important date.

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

Usually not for the same account type. However, some banks offer bonuses on new savings accounts if you already have a checking account with them, or vice versa. A few banks allow you to earn a bonus on a new account if you closed a previous account more than 12 months ago. Check the bank's specific rules—they vary widely.

Is the bonus the same for everyone?

No. Banks sometimes offer different bonuses to different customers based on location, account history, or how you found the offer. An offer you see online might be different from an offer sent to you by email. Always check the specific terms for the offer you are considering, not an offer you saw someone else receive.

What happens if the bank changes the bonus after I open my account?

You will receive the bonus that was in effect when you opened the account, not the new bonus. Banks cannot reduce or cancel a bonus you have already earned. However, they can change the bonus for new customers at any time, which is why offers change so frequently.