Which banks are offering account bonuses and how much they pay

Major banks and online banks regularly offer cash bonuses when you open a new checking or savings account and meet their requirements. The bonus amounts range from $50 to $500 or more, depending on the bank and the account type. Banks like Chase, Bank of America, Wells Fargo, Ally, Charles Schwab, and Capital One have all run bonus offers in recent months, though the specific amounts and terms change frequently.

The bonus is not automatic. You typically have to deposit a minimum amount of money within a set timeframe—often 30 to 90 days—and sometimes maintain a minimum balance or set up direct deposit. Some banks require you to complete a certain number of debit card transactions. The exact conditions vary by bank and by offer, so you need to read the terms before you open the account.

These bonuses are real money the bank pays you, not a discount or a promotional credit that expires. Once you meet the requirements, the bonus posts to your account as a deposit. You can withdraw it or leave it there. The bank does not take it back after a certain period.

Key Takeaways

  • Bank bonuses range from $50 to $500 depending on the account type and the bank, and you must meet specific deposit or activity requirements to receive them.
  • The most common requirement is depositing a minimum amount within 30 to 90 days, though some banks also require direct deposit or a set number of debit card transactions.
  • Bonus offers change frequently, so the amount a bank is offering this month may be different next month or may not be available at all.
  • You can only receive a bonus once per account type at each bank, and some banks have rules about how long you must wait before opening another account with them to get another bonus.

How to find current bonus offers

The best place to check is the bank's own website. Go directly to the bank's homepage and look for a banner or link that says "New Customer Offer" or "Account Bonus." Read the full terms before you click to open the account, because the terms page will spell out exactly what you have to do and when you have to do it.

Financial comparison websites like Bankrate, NerdWallet, and DepositAccounts also list current offers from multiple banks in one place. These sites update regularly, though not always in real time. The information is usually accurate, but the safest move is still to verify the offer on the bank's website before you explore.

Be cautious of third-party sites that claim to help you "find" bonuses or that ask you to enter personal information before showing you offers. You do not need a middleman to open a bank account or to see what bonus a bank is offering. Go directly to the bank.

What requirements you typically have to meet

The most common requirement is a minimum deposit within a set window, usually 30 to 90 days from when you open the account. This might be $500, $1,000, $2,500, or more depending on the bank and the bonus amount. Some banks let you meet this requirement with a single deposit; others require the money to stay in the account for a certain period.

Direct deposit is another frequent requirement. The bank wants you to set up automatic paycheck deposits or transfers from another account. Some offers require direct deposit to happen within 60 days; others require it to be ongoing. A few banks offer a smaller bonus if you skip direct deposit but meet other requirements instead.

Debit card transactions are sometimes part of the deal. You might need to make 10 or 15 purchases with the debit card within a certain timeframe. These are usually small purchases—a coffee, a gas station fill-up—and they count toward the requirement.

Account type matters. A bonus for opening a checking account is different from a bonus for opening a savings account. Some banks offer bonuses on both. If you open both at the same time, you may be able to collect both bonuses, but you have to meet the requirements for each account separately.

Timing: when the bonus posts and what disqualifies you

Once you meet all the requirements, the bonus usually posts within 5 to 10 business days, though some banks take up to 30 days. Check your account statement or log into online banking to confirm it arrived. If it does not show up within the timeframe stated in the terms, contact the bank's customer service and ask them to verify that you met the requirements.

You can lose the bonus if you close the account before the bonus posts. Some banks have a waiting period—typically 90 days to six months—during which you must keep the account open. If you close it early, the bonus is forfeited. Read the terms to see if there is a holding period.

Most banks will not let you open the same account type twice and collect two bonuses. If you opened a checking account with Chase and received a bonus, you cannot open another Chase checking account and get another bonus right away. Banks track this using your Social Security number. Some banks have a rule that you must wait a certain number of years—often two to five—before you are may be able to access for another bonus from them.

Checking accounts versus savings accounts

Checking account bonuses tend to be larger because banks want to establish an ongoing relationship with you—they hope you will use the account for direct deposit and regular spending. Savings account bonuses are usually smaller because the bank is paying you to park money there, not to use the account actively.

A checking account bonus might require direct deposit or debit card transactions. A savings account bonus typically just requires you to deposit a minimum amount and keep it there for a set period. Savings bonuses are often easier to meet if you do not have a paycheck to deposit or do not want to link the account to your employer.

Some banks offer bonuses on both account types simultaneously. If you are opening accounts at a new bank anyway, it is worth checking whether you can meet the requirements for both and collect both bonuses.

Online banks versus traditional banks

Online banks—like Ally, Charles Schwab, and Marcus—often offer higher bonuses than brick-and-mortar banks because they have lower overhead costs. An online bank might offer $200 for a checking account while a traditional bank offers $100 for the same type of account. The tradeoff is that you cannot walk into a branch to deposit cash or speak to someone in person.

Traditional banks with physical branches—Chase, Bank of America, Wells Fargo—offer smaller bonuses but may be more convenient if you need to deposit cash regularly or prefer face-to-face service. Some people maintain accounts at both types of banks depending on their needs.

The bonus offer itself is not a reason to choose a bank. The bonus is a one-time payment. What matters more is whether the bank's fees, interest rates, and features fit your actual banking habits. A $200 bonus is not worth it if the bank charges $15 per month in maintenance fees or pays almost no interest on savings.

Things to watch out for

Do not assume a bonus offer is still active just because you saw it advertised last week. Banks change their offers frequently, sometimes weekly. The amount, the requirements, and the may be able to access rules can all shift. Always check the current terms on the bank's website before you open the account.

Watch for monthly maintenance fees that might eat into your bonus. Some banks waive the fee if you meet certain conditions—like maintaining a minimum balance or setting up direct deposit—but if you do not meet those conditions, you could lose $10 to $15 per month. A $200 bonus disappears quickly if you are paying $15 a month in fees.

Be wary of offers that seem unusually high. If one bank is offering $500 and all the others are offering $100 to $200, read the fine print carefully. The requirements might be much stricter, or there might be a catch you missed on the first read.

Do not open accounts just to collect bonuses if you do not actually need the accounts. Each new account is a hard inquiry on your credit report, and opening multiple accounts in a short time can temporarily lower your credit score. If you are planning to explore for a mortgage or a loan soon, the timing matters.

Frequently Asked Questions

Can I get a bonus from the same bank twice?

Not when ready. Most banks have a rule that you must wait a set period—often two to five years—before you are may be able to access for another bonus from them. Some banks track this by Social Security number, so opening an account under a different name does not work. Check the bank's bonus terms to see what their waiting period is.

What if I do not have direct deposit?

Many banks offer bonuses that do not require direct deposit. You can meet the requirement by making a large deposit, setting up automatic transfers from another bank, or completing debit card transactions instead. Read the terms to see what alternatives the bank offers. Some banks give a smaller bonus if you skip direct deposit.

Does the bonus count as income for taxes?

Yes. Bank bonuses are considered taxable income by the IRS. The bank will send you a 1099-INT or 1099-MISC form at the end of the year if the bonus is $10 or more. You have to report it on your tax return. The amount is usually small enough that it does not change your tax bracket, but it is still income.

What happens if I close the account before the bonus posts?

You will not receive the bonus. Most banks require you to keep the account open until the bonus posts, and some require you to keep it open for 90 days to six months after that. If you close the account early, the bonus is forfeited. Check the terms to see how long you must keep the account open.

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

Yes, in most cases. You can transfer money from another bank account to meet the minimum deposit requirement. Some banks specify that the deposit must come from an external source (not from another account at the same bank), so read the terms. A few banks exclude transfers and require the deposit to be a direct deposit from an employer, but this is less common.