$1,000 Bank Bonus Offers for October 2023

Bank bonuses can be a great way to make extra money, but they’re not always worth it. But a $1,000 bank bonus offer may make you think twice.

Banks often run bonuses or promotions to get you to open an account. It’s their way of attracting more business, but they’re usually tied to a specific task.

For example, you may need to set up direct deposit for a minimum amount per month or meet a minimum balance requirement for a specific number of months.

This means you don’t get the bonus just because you signed up. You must first satisfy the conditions and then receive the bonus.

Bank bonuses can range from $50 to several hundred dollars or more, depending on the bank, type of account, and the balance required.

Best $1,000 Bank Bonus Offers for October 2023

U.S. Bank: up to $1000 bonus
Citi®: up to $2000 w/activities bonus
Chase: up to $3000 bonus
Acorns: $1100 bonus
Citi®: up to $2000 bonus
Citi®: up to $2000 bonus
Wells Fargo: $2500 bonus
VyStar Credit Union: up to $1200 bonus
M1: up to $15000 bonus
BMO Harris: up to $3500 bonus
BMO Harris: up to $1000 bonus
First National Bank of Pennsylvania: up to $1000 bonus
Cambridge Trust Company: up to $2500 bonus
Citi®: $5000 bonus
Huntington: $1000 bonus

1. U.S. Bank

U.S. Bank is offering up to a $1,000 bonus for opening a new Smartly® Checking and Standard Savings account. This is the highest bonus we've seen from U.S. Bank. This is a multipart bonus, meaning the more activities you complete, the more you can earn.

The direct deposit threshold for the checking bonus is rather steep, starting at $5,000 to earn the checking bonus, but if you have the income, this is an easy bonus. You'll have 90 days to reach this target, but keep in mind that unlike some banks that let you hit the bonus in a single transaction, U.S. Bank requires at least two direct deposits to qualify for this promotion.

The second part of the bonus is for opening a Standard Savings account and maintaining a minimum balance. Again, be ready for somewhat steep requirements with $25,000 being the minimum balance to earn this portion. While going for the savings portion of the bonus is optional, you'll be rewarded with an additional $100 if you complete both.

U.S. Bank Smartly® Checking - up to $1000 bonus

Expires: October 31, 2023

The U.S. Bank Smartly® Checking signup offer requires you to set up direct deposits, and optionally, deposit and maintain a minimum balance in order to earn the $1000 bonus. Full requirements to receive this bonus are:

Earn up to $1,000 when you open a new U.S. Bank Smartly® Checking account and a Standard Savings account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through October 31, 2023. Member FDIC.
U.S. Bank Smartly® Checking bonus (up to $500): Within 90 days, enroll in online banking or the U.S. Bank Mobile App AND Make two or more direct deposit(s) totaling $5,000 to $9,999.99 to earn $300 or $10,000+ to earn $500 – Bonus will be credited to your new checking account within 60 days of verification of qualified activities as long as your account is open and has a positive balance.
U.S. Bank Standard Savings bonus (up to $400): Open a Standard Savings account and make new money deposit(s) totaling $25,000 to $49,999.99 to earn $200 or $50,000+ to earn $400 by November 30, 2023 AND Maintain that balance until May 31, 2024 – Bonus will be credited into your new savings account within 30 days of final savings account balance verification as long as your account is open and has a positive balance.
Earn an additional $100 for opening both!
Applicant must reside in AZ, AR, CA, CO, ID, IL, IN, IA, KS, KY, MN, MO, MT, NE, NV, NM, NC, ND, OH, OR, SD, TN, UT, WA, WI, WY to be eligible for Checking account.

read the full terms

Apply now to earn the $1000 bonus from U.S. Bank

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2. Citi®

Citi® is offering up to a $2,000 cash bonus when you open a new Citi Priority Relationship Tier account with activities. Like most Citi promotions, this is a tiered offer based on the amount you're able to deposit and maintain in your new checking account.

Citi recently added a lower tier to this bonus, making it easier for more people to participate. However, some of the middle tier requirements have increased. All told, the bonus amount ranges from $200 for depositing $10,000, up to the full $2,000 for depositing $300,000.

Depending on when you deposit the cash (it needs to be there by the 20th day), the bonus represents an effective rate of roughly 4-11% on your savings. The $200 offer nets you the best effective rate, but every offer is significantly more than what you can find on most savings accounts. So if you have the cash, this is a great way to put it to work, risk-free.

It's important to note that this offer is available in most, but not all states.

Citi Priority Relationship Tier - up to $2000 w/activities bonus

Expires: January 9, 2024

The Citi Priority Relationship Tier signup offer requires you to deposit and maintain a minimum balance in order to earn the $2000 w/activities bonus. Full requirements to receive this bonus are:

Open a new Citi Priority Relationship Tier using the link below and enroll in the offer the same day.
Within 20 days, deposit $10,000 into your new account to earn $200, $30,000 to earn $500, $75,000 to earn $1,000, $200,000 to earn $1,500 or $300,000+ to earn $2,000.
Maintain that balance for 60 days or more after the 21st day that the account was opened.
Bonus will be credited to your open, eligible account within 30 calendar days after completing the requirements.
New to Relationship Tier customers can choose their relationship tier.

read the full terms

Apply now for a Citi Priority Relationship Tier to earn the $2000 w/activities bonus

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3. Chase Bank

Available nationwide, Chase Bank is offering up to a $3,000 bonus when you open or upgrade to a new Chase Private Client Checking℠ account.

This time around, Chase is offering tiers which lower the barriers to entry, but also provide higher bonus opportunities for those with higher balances.

To earn this premium checking account bonus from Chase, you'll need to transfer at least $150,000 for the first tier (down from $250,000), with the upper tier being $500,000 or more into eligible checking, savings and/or investment accounts – so this promotion is clearly geared toward those with deep pockets.

That said, the new funds can be cash from another bank or securities held at a competitor brokerage, and the deposits can go into one or a combination of Chase accounts. There are some rules about which accounts are eligible though, so be sure to read the fine print!

Like most Chase coupons, you'll need to first enter your email to receive an 'upgrade code'. You'll then take that code into your local Chase branch to enroll in the offer.

Tip: If you already have a Chase Private Client Checking account, you can skip the code and branch visit, and simply deposit the new funds to your eligible accounts.

Chase Private Client Checking℠ - up to $3000 bonus

Expires: October 18, 2023

The Chase Private Client Checking℠ signup offer requires you to deposit and maintain a minimum balance in order to earn the $3000 bonus. Full requirements to receive this bonus are:

Receive an upgrade code using the link below (you may need to use a private or incognito browser).
If you don't already have a Chase Private Client Checking℠ account, meet with a Chase Private Client Banker to open or upgrade to one.
Within 45 days of enrolling in the coupon, transfer a total of $150,000 - $249,999 in new money or securities to one or a combination of your eligible accounts (see fine print), earn $1,000; $250,000 - $499,999 earn $2,000; $500,000+ to earn $3,000
Maintain that balance for 90 days from the coupon enrollment.
Bonus will be deposited into your Chase Private Client Checking℠ account within 40 days of meeting the requirements.

read the full terms

Apply now to earn the $3000 bonus from Chase

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4. Acorns

Every week, Acorns reintroduces its referral bonus, which gives you cash for referring friends to the FinTech. This week, Acorns is offering a $1100 bonus when you refer 4 friends who open a new Invest account and make their first investment. It's a pretty solid "average reward per person" deal and super easy if you know people.

You don't need to already have an Acorns account to qualify, either.

Just sign up for one using the link below, make an initial deposit of at least $5, and you'll have instant access to your unique referral link, which you can then pass along to your friends. In your account, you'll be able to see the number of pending and successful referrals so that you can keep track of your progress to the bonus.

This offer will also automatically stack with their regular $20 bonus offered to BankBonus.com users, for additional earnings.

Acorns Invest [Referral Program] - $1100 bonus

Expires: October 7, 2023

The Acorns Invest [Referral Program] signup offer requires you to complete the following in order to earn the $1100 bonus. Full requirements to receive this bonus are:

If you do not already have an Acorns Invest account, create one using the link below and make an initial deposit of at least $5 and earn a $20 bonus.
Refer 4 friends using your personal referral link during the promo period, and ensure they make their first investment by October 21, 2023.
Referees must maintain their account in good standing for at least 30 days from the last day of the Qualification Period.
Bonus(es) will be deposited within 30 days of promotional period ending.

read the full terms

Apply now to earn the $1100 bonus from Acorns

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5. Citi®

Citi® is offering up to a $2,000 cash bonus when you open a new Citigold® Account. This time around they've added a lower tier to make it easier to participate, but have raised some of the middle tiers which could make higher bonus levels slightly harder to achieve. It's important to note that this offer is available in most, but not all states.

This is a tiered bonus based on the amount you're able to deposit and maintain in your new account. $10,000 in new funds will earn you $200; $30,000 in new funds will earn you $500; $75,000 will earn you $1,000; $200,000 will earn you $1,500; or $300,000+ will earn you the full $2,000.

Depending on when you deposit the cash (it needs to be there by the 20th day), the bonus represents an effective rate of roughly 5-11% on your savings. The $200 offer nets you the best effective rate, but every offer is significantly more than what you can find on most savings accounts. So if you have the cash, this is a great way to put it to work, risk-free.

Tip: They're running this same deal on other accounts, too, like the Citi Priority Account.

Citigold® Checking Account - up to $2000 bonus

Expires: January 9, 2024

The Citigold® Checking Account signup offer requires you to deposit and maintain a minimum balance in order to earn the $2000 bonus. Full requirements to receive this bonus are:

Open a new Citigold® Account using the link below.
Within 20 days, deposit $10,000 into your new account to earn $200, $30,000 to earn $500, $75,000 to earn $1,000, $200,000 to earn $1,500 or $300,000+ to earn $2,000.
Maintain that balance for 60 days or more after the 21st day that the account was opened.
Bonus will be credited to your open, eligible account within 30 calendar days after completing the requirements.

read the full terms

Apply now to earn the $2000 bonus from Citi®

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6. Citi®

CitiBusiness if offering up to $2,000 when you open a new business checking account in-branch and make a minimum deposit within 30 days.

This is a tiered offer, where the more you deposit the more you earn (starting at a $300 bonus for $5,000, up to the full $2,000 for depositing a cumulative $200,000). They've removed a few tiers this time around.

If you have the cash and live close to a physical branch, this is a solid welcome bonus. The lowest tier represents a 12% effective rate on your savings – not bad!

Branches currently located in the following metropolitan areas: Los Angeles (CA), Orange County (CA), Riverside (CA), San Diego (CA), San Francisco (CA), Miami (FL), Chicago (IL), Baltimore (MD), Las Vegas (NV), New York City (NY), and Washington, DC.

Business Checking Account - up to $2000 bonus

Expires: October 4, 2023

The Business Checking Account signup offer requires you to deposit and maintain a minimum balance in order to earn the $2000 bonus. Full requirements to receive this bonus are:

Open a new Citibank business checking account in-branch and ask to be enrolled in this offer.
Within 30 days, deposit $5,000 to earn $300, $20,000 to earn $750, $100,000 to earn $1,500, or $200,000 to earn $2,000.
Maintain that balance for 60 days.
The bonus will be credited to your business checking account within 90 days from the end of the month in which you complete the requirements.

read the full terms

Apply now to earn the $2000 bonus from Citi®

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7. Wells Fargo Bank

Have a bunch of cash just sitting in the bank earning little interest? Why not earn a large bonus on it by transferring to Wells Fargo?

Available nationwide, Wells Fargo is offering a $2,500 welcome bonus when you upgrade an existing consumer checking account to Premier Checking account or open a new Premier Checking account. Keep in mind, if you upgrade your account, you'll need to bring in $250,000 or more in new deposits to be eligible, which can be kind of steep if you already use Wells Fargo for your primary bank account.

Premier Checking - $2500 bonus

Expires: October 10, 2023

The Premier Checking signup offer requires you to deposit and maintain a minimum balance in order to earn the $2500 bonus. Full requirements to receive this bonus are:

Get a code from the link above.
Upgrade an existing consumer checking account or open a new Premier Checking account with your offer code.
Within 45 days, bring $250,000 or more in new money to a deposit or investment account.
Maintain at least a $250,000 balance through Day 90 after account upgrade or opening.
Bonus payment will be deposited within 30 days of meeting the requirements.

read the full terms

Apply now to earn the $2500 bonus from Wells Fargo

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8. VyStar Credit Union

If you're looking for professional advice for your retirement, annuity, etc, check out this bonus from VyStar Credit Union. Members can earn up to $1,200 in a tiered format that rewards you the more you have to deposit. One thing to note is that the minimum tier you'll need to have to earn the bonus in $100,000 with the max bonus rewarded for deposits of $1,000,000 or higher.

Advisory Investment - up to $1200 bonus

Expires: October 23, 2023

The Advisory Investment signup offer requires you to deposit and maintain a minimum balance in order to earn the $1200 bonus. Full requirements to receive this bonus are:

Be a member of VyStar Credit union and open a new advisory account.
Within 60 days of opening deposit monies as follows: $100,000 - $249,999, earn $500; $250,000 - $499,999, earn $700; $500,000 - $999,999, earn $900; $1M+, earn $1,200.
Maintain those deposit levels for at-least 90 days from the deposit date.
Bonus will be issued to the account holder within 14 business days.

read the full terms

Apply now to earn the $1200 bonus from VyStar Credit Union

Learn More:

See all current offers from VyStar Credit Union

9. M1 Finance

If you already have funds invested on another platform, you can earn big when you transfer funds to an M1 Finance account.

Right now, you can earn a bonus of up to $15,000 for making the switch. This is the largest bonus they've offered to date! This time around they've doubled the minimum to qualify ($100K) and added a new upper tier for $5M+.

All you have to do is open a new account that matches the type you’re transferring from, upload some documents, and you’ll be in line for the bonus.

The total bonus that you get depends on the amount of your transfer:

$100,000 – $249,999.99: $250
$250,000 – $499,999.99: $1,000
$500,000 – $999,999.99: $2,000
$1,000,000 – $1,999,999.99: $4,000
$2,000,000 – $4,999,999.99: $10,000
$5,000,000+: $15,000

What's more, if you're a new M1 Invest customer, you can stack this bonus with their new account bonus, which offers $75-$500.

M1 Invest [ACATS Transfer] - up to $15000 bonus

Expires: November 15, 2023

The M1 Invest [ACATS Transfer] signup offer requires you to deposit and maintain a minimum balance in order to earn the $15000 bonus. Full requirements to receive this bonus are:

Open a new M1 Invest account that matches the account type you have at another brokerage.
Within 60 days, submit a transfer request from your current brokerage(s). The size of your bonus will depend on the total account value: $100,000 to earn $250; $250,000 to earn $1,000; $500,000 to earn $2,000; $1M to earn $4,000; $2M to earn $10,000; $5M+ to earn $15,000.
Bonus will be credited to your account on August 15, 2024.

read the full terms

Apply now to earn the $15000 bonus from M1

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10. BMO Harris Bank

If you live in a qualifying state that BMO Harris operates from, you seriously need to check out this bonus. We've never posted about a BMO MMA bonus before and this time it's a hefty one!

BMO Harris is offering up to $3,500 for individuals that open a new Relationship Plus Money Market account and deposit new money. This is a tiered bonus, so the more money you can deposit, the more you can earn. To earn the highest bonus you'll need to deposit at least $500,000.

Relationship Plus Money Market - up to $3500 bonus

Expires: December 8, 2023

The Relationship Plus Money Market signup offer requires you to deposit and maintain a minimum balance in order to earn the $3500 bonus. Full requirements to receive this bonus are:

Open a new BMO Relationship Plus Money Market account using the link below.
By day 30, deposit new money as follows: $25,000 - $49,999.99, earn $300; $50,000 - $99,999.99, earn $500; $100,000 - $249,999.99, earn $1,000; $250,000 - $499,999.99, earn $2,500; $500,000+, earn $3,500.
From Day 31 - Day 120, maintain the minimum new money balance requirement in your Relationship Plus Money Market account for the assigned Tier (If your balance drops to a lower tier, your bonus amount will be recalculated to the lower tier amount).

read the full terms

Learn more at BMO Harris

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11. BMO Harris Bank

Available in select states within their footprint, BMO Harris is offering up to a $1000 welcome bonus when you open a new Elite Business Money Market account and meet the minimum balance requirements. This is a tiered bonus, the higher the balance, the more you can earn. It's worth noting that this is the first time we've seen this bonus

What's more? You can earn an extra bonus up to $600 when you also open a new BMO business checking account with qualifying activities.

Elite Business Money Market - up to $1000 bonus

Expires: December 8, 2023

The Elite Business Money Market signup offer requires you to deposit and maintain a minimum balance in order to earn the $1000 bonus. Full requirements to receive this bonus are:

Open a new Elite Business Money Market account online or in branch using the link below.
Within the first 30 days, deposit new money as follows: $25,000 - $49,999.99, earn $300; $50,000 - $99,999.99, earn $500; $100,000+, earn $1,000.
Maintain the minimum new money balance requirement in your Elite Business Money Market account for the assigned Tier from Day 31 through Day 120.
Bonus will be deposited into the new checking account on approximately Day 130.

read the full terms

Apply now to earn the $1000 bonus from BMO Harris

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12. First National Bank of Pennsylvania

First National Bank of Pennsylvania is not known for offering a lot of bonuses; however, this time they've come out swinging with a $1,000 bonus offer for opening a new business account and meeting certain deposit requirements. One of the best things about this offer is it can be done online, unlike many business checking offers.

Compak Business Checking - up to $1000 bonus

Expires: December 15, 2023

The Compak Business Checking signup offer requires you to deposit and maintain a minimum balance in order to earn the $1000 bonus. Full requirements to receive this bonus are:

Open a new FNB Compak Business Checking or a Small Business Financial Solutions checking account with promocode SB100023SB.
Within 30 days, deposit a minimum of $5,000 to $14,999.99 and maintain a minimum balance of $5,000 for 60 days (to earn $300) OR deposit $15,000 or greater and maintain a minimum balance of $15,000 for 60 days (to earn $600).
Within 90 days, make 20 qualifying transactions (including but not limited to point-of-sale transactions that settle and post to your account within the 90-day period), earn $200.
Enroll in Online Banking within 90 days of account opening to earn another $200.

read the full terms

Apply now to earn the $1000 bonus from First National Bank of Pennsylvania

Learn More:

See all current offers from First National Bank of Pennsylvania

13. Cambridge Trust Company

Available in Massachusetts and New Hampshire with the ability to open online, Cambridge Trust Company is offering up to a $2,500 welcome bonus when you open a new Premium Plus Relationship checking account and deposit new money. There's an added kicker if you also set up a qualifying direct deposit. Previously, the direct deposit bonus was the only thing available.

It's important to note that the new money bonus amount is determined by the average daily balance over 6 months, so you'll need to deposit quite a bit of money (and quickly) to ensure you qualify for the highest levels.

Premium Plus Relationship - up to $2500 bonus

Expires: December 31, 2023

The Premium Plus Relationship signup offer requires you to optionally, set up direct deposits and deposit and maintain a minimum balance in order to earn the $2500 bonus. Full requirements to receive this bonus are:

Open a Premium Plus Relationship Account.
For the first 6 months, maintain a cumulative average daily balance as follows to earn a bonus: $25,000 to $99,999.99, earn $500; $100,000 to $499,999.99, earn $1,000; $500,000+, earn $2,000.
Within the first 6 months, make direct deposits totaling $2500 or more for 3 consecutive statement cycles, earn $500.
New money bonus will be deposited within 45 days of the 6 month period ending.
Direct deposit bonus will be deposited within 60 days of the 3rd direct deposit.

read the full terms

Apply now to earn the $2500 bonus from Cambridge Trust Company

Learn More:

See all current offers from Cambridge Trust Company

14. Citi®

Earn up to $5,000 when you open or enroll a new or existing eligible Personal Wealth Management account with new-to-Citi funds.

This is a tiered bonus based on how much you deposit and maintain for the first 3 months. They've up the reward amounts for their upper tiers this go around.

There are 5 levels, starting with a $500 bonus for deposits $50,000 - $199,999 and going up to $5,000 for $2,000,000+.

Personal Wealth Management - $5000 bonus

Expires: December 31, 2023

The Personal Wealth Management signup offer requires you to deposit and maintain a minimum balance in order to earn the $5000 bonus. Full requirements to receive this bonus are:

Contact Citi to open or enroll a new or existing eligible Citi Personal Wealth Management account
Fund the Citi Personal Wealth Management account with New-to-Citi Funds within 2 months of account opening (deposit $50,000 for a $500 bonus, $200,000 for a $1,000 bonus, $500,000 for a $2,000 bonus, $1,000,000 for a $3,000 bonus and $2,000,000+ for the $5,000 bonus)
Enroll into e-delivery of statements within 2 months of account opening.
Maintain the new funding through the end of the next month (or 3 months after the month of account enrollment).

read the full terms

Apply now to earn the $5000 bonus from Citi®

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15. Huntington National Bank

Huntington is offering a welcome bonus to those opening new business checking accounts. This one offers $1,000 for a $20,000 deposit. Don't have $20k? They're also running $100 and $400 offers for $2,000 and $5,000 deposits, respectively.

While the account needs to remain open for 6 months to avoid forfeiting the offer, you will get the bonus within 2 weeks of meeting the requirement which is pretty great!

Unlimited Plus Business Checking - $1000 bonus

Expires: January 15, 2024

The Unlimited Plus Business Checking signup offer requires you to deposit and maintain a minimum balance in order to earn the $1000 bonus. Full requirements to receive this bonus are:

Open a new Unlimited Plus Business Checking account using the link below.
Within 60 days, make deposits totaling $20,000.
Maintain minimum daily balance of $20,000 for 60 days after meeting deposit requirement.
Keep the account open for at least 90 days.
Bonus will be deposited to your new account within 14 days of meeting the requirements.

read the full terms

Apply now to earn the $1000 bonus from Huntington

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Are $1,000 Bank Bonuses Worth It?

$1,000 bank bonuses can be worth it if you aren’t causing yourself financial stress to meet the goals. For example, if a bank requires you to have a $5,000 balance for three months to receive a $1,000 bonus, but you need that $5,000 within those three months, it’s not worth it.

However, if you don’t need the funds and can set them aside for that time, consider yourself earning free $1,000 just for opening a bank account!

Common Bank Bonus Criteria to Be Met

Every bank has different criteria to get a bank bonus, but here are some of the most common:

Deposit or transfer a specific amount of money
Spend $X on your debit card within the first three months of opening the account
Opening a new account at a bank that you’ve never had an account at before
Make a certain number of debit card purchases (the dollar amount doesn’t matter)
Make X number of online bill payments
Maintain a specific balance for a certain number of months (usually 3 to 6)

Choosing the Best Account with a $1,000 Bank Bonus

So should you consider bank bonuses when choosing a checking account? While it should play a role when comparing checking accounts from different banks, it’s not the only factor to consider.

Bank bonuses are a one-time deal, but the account’s features, costs, and interest rates are long-term. So here’s what to consider.

Bonus Offers

Bonus offers are great, especially when you can earn a few hundred dollars just to open an account and set up direct deposit or use your debit card. Use this in the ‘bonus’ category when choosing the best checking account.

First, compare the options below and narrow your options. Then compare the best of the best, looking only at bonus offers to see which is best.

Balance Requirements

Balance requirements are an important part of choosing the best checking account. If you can’t maintain the required balance, you may be subject to a monthly maintenance or penalty fee, neither of which you want.

Choose an account with no balance requirements, or if it does, that is a requirement that’s easy for you to reach.

APY

Many checking accounts don’t pay interest, so if you can find an account that does, consider yourself lucky!

If you find a couple, compare them side-by-side while considering the fees. For example, if you find a checking account with an outstanding APY but excessive fees, it may take away from the high APY, making it not worth it.

Fees

Most bank accounts have fees, so read the fine print! The monthly maintenance fee is just the start, but it is where you should focus.

Most banks offer a way to waive the monthly maintenance fee, usually by maintaining a minimum balance. Be sure you can reach the thresholds they require to avoid the monthly fee.

Other fees you may come across include:

Out-of-network ATM fees
Overdraft fees
Insufficient fund fees
Wire transfer fees
Account closing fees
Paper statement fees
Teller fees

FAQs

Bank bonus offers are great, but you should consider the big picture when choosing a bank account.

Are Promo Codes Required to Earn a $1,000 Bank Bonus?

Some banks have a promo code they require when opening a bank account, especially if it’s an online-only bank. Most physical branches, however, automatically give you a bonus if you meet the criteria.

How Many Bank Accounts Should I Have?

Ideally, you should have one checking and savings account. However, there isn’t a rule stating you can’t have more than one of each. Having multiple savings accounts is most common, especially if you have multiple savings goals.

Which $1,000 Bank Account Bonus Is the Best?

Bank bonuses change frequently. Compare your options to see which makes the most sense, keeping in mind each account’s fees since that takes away from your bonus.

Is Switching Bank Accounts to Earn a $1,000 Bonus a Good Idea?

Switching bank accounts can get complicated, especially if it’s a checking account. Before switching, ensure it makes sense to get the bonus and keep the bank account long-term. Also, it’s not worth switching if you can’t meet the bonus’s requirements.

Do I Have to Pay Taxes on a $1,000 Bank Account Bonus?

Yes, banks report your bonuses to the IRS, and you should report them on your taxes. They are considered interest income.

After Receiving a $1,000 Bank Bonus, Can I Close the Account?

Whether you can close your bank account after receiving the bonus depends on the bank’s requirements. Read the fine print to determine if you must keep the bank account for a specific time. If you close it prematurely, you could be charged with penalty fees.

Should You Get a $1,000 Bank Bonus?

A $1,000 bank bonus is significant! If you can earn it, go for it, but be sure you understand the fine print. Don’t stress yourself out trying to get the bonus, but if you can meet the requirements, including the minimum balance, number of debit card transactions, or number of ATM transactions, it could be well worth it.