$200 Checking Account Bonus Offers for December 2023

If you want a simple way to boost your savings, open new checking accounts and earn a $200 checking account bonus offer.

They are usually easy to obtain and a great way to earn a little extra money to open a new account.

We’ve rounded up the requirements and the features you’ll enjoy by taking advantage of these checking account bonuses.

Top Banks Offering $200 Checking Account Bonuses

Earning a $200 checking account bonus with any of the banks below is pretty easy:

  1. Chase Total Checking®
  2. Keybank
  3. PNC
  4. Citi Priority
  5. Bank of America
  6. Ally Bank
  7. SoFi

1. Chase Total Checking® Chase bank Logo

Chase Bank is one of the largest banks in the country, providing you with access to many benefits, not to mention a quick $200 checking account bonus if you open a Chase Total Checking® account with qualifying activities.

Chase customers can access more than 4,700 branches, 15,000+ ATMs, and a robust Chase mobile app. Chase Total Checking® includes Overdraft Assist℠ , which doesn’t charge an overdraft fee if you overdraft for $50 or less, and zero liability protection to protect you from unauthorized debit card transactions.

  • Open a new Chase Total Checking® account online or enter your email address to have the promo code emailed to you to open an account in a branch
  • Set up direct deposit totaling $500 or more within 90 days of enrollment

2. Keybank Keybank Logo

Keybank pays a $200 checking account bonus on its most popular checking accounts, Key Smart® and Key Select.

Key Smart® checking account is simple, with no monthly maintenance fees. It also doesn’t have minimum balance requirements.

It’s not an interest-bearing account, but it includes all the top-notch digital features Keybank offers, such as no overdraft fees if you overdraft $20 or less, customized account alerts, and 40,000 fee-free ATMs.

Key Select pays interest and has a monthly maintenance fee that you can waive with direct deposits of at least $5,000 or a combined balance across all KeyBank accounts of $15,000.

Key Select includes all the same features as the above account, but you also earn a $100 annual bonus every year with qualifying direct deposits.

  • Open a Key Smart Checking® or Key Select Checking℠ account online with at least $10 for Key Smart Checking® or $50 for Key Select Checking℠ and using the promo code ONAF0923
  • Within 60 days, make 1 direct deposit of at least $500.

You’ll receive your bonus within 90 days of meeting the qualifying requirements.

3. PNC PNC bank Logo

PNC offers a $200 checking account bonus with its Virtual Wallet with Performance Spend account. The account provides fee-free access to 60,000+ ATMs, two free non-PNC ATM fee reimbursements, digital budgeting and saving tools, and two layers of overdraft protection.

The Virtual Wallet combines a checking, savings, and what they call a ‘growth’ account. This high-level savings account offers a higher interest rate than the other accounts, with the hope that you’ll leave funds for long-term goals.

  • Open a new Virtual Wallet with a Performance Spend account online or in person (click Request a Coupon before doing it in person)
  • Set up monthly direct deposits of at least $2,000 in your Spend account

PNC will deposit the $200 bonus within 60 to 90 days of satisfying the requirements.

4. Citi Priority citibank Logo

To earn a $200 checking account bonus from Citi, you must open a Citi Priority account with a minimum balance of $10,000. However, because Citi Priority is a relationship-tier account, you must maintain a balance of $10,000 within three months.

The account doesn’t charge a monthly maintenance fee, provides access to 65,000+ ATMs, and doesn’t charge overdraft fees.

  • Open a new Citi Priority account
  • Fund the account with at least $10,000
  • Maintain at least a $10,000 balance for another 60 days

You are free to make withdrawals during the bonus period. However, ensure your balance never falls below $10,000 so you don’t void the bonus.

5. Bank of America bank of america Logo

If you get direct deposit from your employer, you can earn a $200 checking account bonus from Bank of America. You can open any of the three checking accounts offered, including SafeBalance®, Advantage Plus, and Advantage Relationship.

The accounts require a minimum opening balance of $25 to $100, and all offer ways to waive the monthly fees. You can set up overdraft protection on Advantage Plus and Advantage Relationship and take advantage of automatic transfers and Zelle.

  • Open a new checking account and meet the minimum opening deposit requirement
  • Set up direct deposit for at least $2,000 within 90 days

You get the advantage of working with one of the country’s largest banks, with access to 3,900 branches and 15,000 ATMs.

6. Ally Bank Ally bank Logo

Ally Bank is one of the largest digital banks, and now they’ll pay you $200 for opening a checking account. Ally calls its checking account a ‘spend’ account, and it includes many benefits, such as:

  • 2-day early direct deposit access
  • No monthly fees
  • No minimum balance requirements
  • Spending buckets similar to the envelope budget
  • Online debit card controls
  • Tiered interest rates
  • Open a spending account at Ally.com using the code GET200
  • Set up direct deposits for a total of at least $1,500 within 90 days

That’s it! You’ll receive your bonus within 30 days of qualifying.

7. SoFi sofi bank Logo

SoFi is an online bank that makes it easy to avoid fees and has plenty of banking features. Here’s the best part. You can be a new or existing SoFi checking account customer and earn the $250 checking account bonus if you set up direct deposit.

The key is that you didn’t have direct deposit set up before if you already have a SoFi checking account.

SoFi offers a high-yield checking account, which is rare in the banking industry. It pays 7x the national rate with an APY of 0.5%, and there are no monthly fees.

  • Open a SoFi checking account
  • Set up a direct deposit of at least $5,000 monthly to earn the $250 bonus

Summary of Banks Offering $200 Bonuses

Bank Account Bonus Min. Opening Deposit Monthly Fee Fee Avoidable
Chase Total Checking $200 $0 $12 Yes
KeyBank Key Smart or Select $200 $10 or $50 $0
PNC Virtual Wallet $200 $0 $7 – $25 Yes
Citi Priority $200 $10,000 $30 Yes
Bank of America
  • SafeBalance
  • Advantage Plus
  • Advantage Relationship
$200 $25 – $100 $4.95 – $25 Yes
Ally Spend Account $200 $0 $0
SoFi Checking Account $250 $0 $0

How To Get More Than $200 From Banks

A $200 checking account bonus is small when talking bank account bonuses. You can get much more than $200 if you have a lot of money to deposit. Many banks offer $300 – $500 and sometimes more.

The key is to have a large amount to deposit and to be able to maintain the balance for at least 90 days, as that’s what many banks require to earn larger bonuses.

Here are a couple of options for earning more than $200 checking account bonuses, but still pretty easy qualifications:

US Bank Smartly

US Bank Smartly makes earning a checking account bonus easy, depending on how much money you have to deposit. When you open a new Smartly checking account and deposit $5,000 to $9,999.99, you can earn a $300 bonus, and if you deposit over $10,000, you can earn a $500 bonus.

It’s easy to waive the monthly fees on US Bank Smartly checking accounts. You only need $1,000 in monthly direct deposits or a minimum balance of $1,500 to waive the monthly fee.

The account also includes a goal planner, overdraft protection, and assistance in making smart financial decisions.

  • Open a new US Bank Smartly bank account with $25 in-person or online
  • Enroll in online or mobile banking
  • Set up direct deposit for at least $5,000 to $9,999

If you meet these requirements within 90 days of opening the account, you’ll earn a $300 checking account bonus.

BMO Harris

BMO Harris offers two basic checking accounts, the Smart Advantage and Smart Money checking accounts. Both accounts offer fee-free ATM access at 40,000+ ATMs; the maximum monthly maintenance fee is $5.

The Smart Advantage account is a simple checking account that’s good to open if you just want to earn the bonus and don’t care about earning interest on the funds.

The Smart Money account also doesn’t pay interest, but you don’t pay overdraft fees and have access to personalized support and BMO digital banking to pay bills and transfer money.

  • Apply online, and the promo is automatically applied; you can apply in person but must first request the promo code online to get the bonus
  • Deposit at least $25 to open the account
  • Have cumulative direct deposits of at least $4,000 within 120 days

If you meet these requirements within 120 days of opening the account, you’ll earn a $400 bonus.

About $200 Checking Account Bonuses

You might wonder, what is a $200 checking account bonus? It’s simple. It’s free money banks pay new account holders. All you have to do is follow the instructions, and you’ll earn the bonus.

Most banks have requirements like receiving a certain amount of direct deposits or carrying a specific balance for a certain time. Their goal is to get you to like their bank account and keep it long-term.

Why Do Banks Offer Incentives for Opening Checking Accounts?

Banks want more business like any other company. A bank bonus is the equivalent of a promo code at a retailer.

You get free money for opening an account and meeting their requirements. Banks can try to upsell customers on other products once they become customers, so the free money they offer helps them build a bigger business.

How Are Checking Account Bonuses Paid Out?

Most banks pay checking account bonuses via direct deposit. After you meet the requirements, you’ll see the deposit in your bank account. Most banks have a 30 to 60-day window to pay you the bonus. If you don’t see your bonus within the promised time, contact the bank to find out why.

How To Qualify for a $200 Checking Account Bonus

Qualifying for a $200 checking account bonus is simple. Here’s how:

  1. Determine the requirements: Find out what you must do to get the bonus and ensure you can do it. For example, if you must set up direct deposit, get with your employer to change your direct deposit information quickly
  2. Open the account: Open the account online or in person, and be sure to mention the bank bonus promo. If there is a promo code, ensure you get it online before going to the bank to earn the bonus
  3. Fund your account: Deposit the funds into your account to meet the opening balance requirements and any other requirements, such as an average daily balance or a certain amount of direct deposits
  4. Take care of any other requirements: Read the fine print to ensure you don’t need to handle any other details, such as linking a savings account
  5. Earn your bonus: After meeting the requirements, you’ll receive your bonus in your account via direct deposit

How To Compare Offers

It’s a good idea to see what a few banks offer before accepting a $200 checking account bonus. Look beyond the bonus and see what the bank offers and what’s required to waive the monthly maintenance fee.

For example, if you earn a $200 bonus, but the bank account costs $25 a month, you don’t come out ahead if you keep the bank account for a long time.

Look for the most affordable bank account with the highest interest rates and, of course, a bonus.

Tips When Signing Up for New Accounts

Before signing up for new bank accounts, ensure you know the following:

  • How to waive the monthly maintenance fee
  • The minimum daily balance requirement
  • Other fees the bank charges
  • Interest rates paid
  • How to access your funds

Don’t open a bank account just to get the bonus if you can’t easily access your funds or if it will cost you money every time you do because there isn’t a fee-free ATM in your area.

Also, don’t open a new account that will cost too much in fees, depleting the $200 bonus.

The first bank bonus I received was a $200 offer through Chase Bank that made sense for my family. Instead of spending it, I opened up a Chase First Banking account for my daughter and used the bonus cash for chores so we could teach her about managing money.
Matt Bundrick Bank Bonus Expert

Frequently Asked Questions

A $200 checking account bonus is a nice way to bump up your savings a little. Here are some common questions about these bonuses.

How Long Do I Need To Keep the Account Open To Receive the Bonus?

Every bank differs, but expect to leave the funds in the account for 30 to 90 days. If the account earns interest, it’s not a big deal to leave it. If you open a basic checking account, you may want to move it to another account that earns interest after earning your bonus.

Can I Open Multiple Accounts To Earn Multiple Bonuses?

You probably can’t open multiple accounts at the same bank to earn bonuses. Still, there’s no rule stating you can’t get bonuses from different banks if you have the money to spread around to get access to as many bonuses as possible!

Do I Need To Maintain a Minimum Balance in the Checking Account To Be Eligible for the $200 Bonus?

Every bank has different rules, so read the fine print to see how long you must maintain the balance to earn the bonus. Usually, after earning the bonus, you don’t need to maintain the balance; however, if the bank charges a monthly maintenance fee, you may need to keep a balance.

Are These $200 Checking Account Bonus Offers Available Nationwide, or Are They Limited To Specific Regions or States?

Many of the $200 checking account bonus offers we listed are nationwide, but some are region-specific. Always read the fine print to ensure you qualify for the bonus.

Is There a Deadline To Open an Account and Qualify for the Bonus?

Every bank offer has an expiration date. Be sure to read the dates, know how long you have to fund an account and meet the requirements to earn the bonus.

How Soon Will I Receive the $200 Bonus After Meeting the Requirements?

Banks usually pay the bonus within 30 to 60 days of meeting the requirements. But that’s not set in stone; each bank sets its own requirements, so read the fine print to find out for sure.

Does Opening a Checking Account Affect My Credit Score?

Opening a checking account doesn’t affect your credit score. Your credit score would be affected only if you don’t pay your bank fees and they go to collections. Most collection agencies report accounts to the credit bureaus, which could hurt your credit score.

Should I Open a Bank Account Just for the Bonus?

It’s perfectly fine to open a bank account just for the bonus! Just make sure you don’t need the funds immediately so you can meet the requirements to earn the bonus.

How Are Bank Account Bonuses Taxed?

$200 in earnings doesn’t sound like a lot, but it’s income, and you must pay taxes on it. Banks will likely issue a 1099-INT that states how much you earned. You must report it in your taxable income and pay the applicable taxes.

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