Did you know you can earn a $400 checking account bonus just for opening a bank account?
You can get free money just by following a bank’s instructions and keeping the account open for the required time.
We’ve rounded up the best bank offers to help you see how easy earning a $400 bonus is.
Best Banks Offering $400 Checking Account Bonuses
Here are our top picks of banks offering $400 bank bonuses for opening new checking accounts.
1. BMO Harris
At BMO Harris, you can earn a $400 checking account bonus by opening a Smart Money or Smart Advantage checking account.
- Open a Smart Money or Smart Advantage Checking account online, in the branch, or over the phone with at least a $25 deposit
- Have a cumulative direct deposit in your chosen account of at least $4,000 within 120 days
Neither account has minimum balance requirements and fee-free ATM transactions at over 40,000 Allpoint® ATMs.
PNC offers a unique Virtual Wallet bank account program with a spend, save, and growth account called Spend, Reserve, and Growth.
The Spend account is for everyday spending, the Reserve account is for short-term goals, and the Growth account is for money you can leave untouched for a long time.
If you open a Virtual Wallet Performance Select account, you can earn a $400 checking account bonus.
- Open a new PNC Virtual Wallet Performance Select account online or in-branch with the provided promo code in the offer
- Set up monthly direct deposit of at least $5,000 to your Virtual Wallet account
PNC credits the account with the $400 bonus 60 to 90 days after achieving the bonus.
3. Huntington Bank
Huntington Bank offers a $400 checking account bonus with its Perks Checking account. Like most banks, you must open the account and start a direct deposit to earn the bonus.
The account also comes with extra advantages. These include five free, non-network ATM transactions, credit score monitoring, and earning interest in the account. Plus, you can waive the monthly service fee with $1,000 in monthly deposits.
- Open a new Huntington Bank Perks checking account
- Set up direct deposit to your new account for at least $1,000 within 90 days
- Keep the account open for 90 days
4. Associated Bank
To earn a $400 checking account bonus at Associated Bank, you must deposit $5,000 to $9,999.99 in a new checking account.
Each Associated Bank checking account offers a $50 Grace Zone. There’s no fee if you overdraft your account for less than $50. They also provide access to 30,000 fee-free ATMs, budgeting tools, customized alerts, and debit card controls.
- Open a new Associated Bank checking account online or in person
- Have at least $500 in recurring direct deposits within 90 days
- Add to your balance within 120 days
Associated Bank will deposit the bonus within 120 days of opening the account and meeting the requirements.
5. Citizens Bank
Citizens Bank offers up to a $400 checking account bonus in two parts. They pay $300 when you open a new Citizens checking account and another $100 bonus when you use your debit card for purchases.
Citizens Bank offers three checking account options when earning your bonus. The right account is the one you can meet the requirements of.
Whether you need a basic checking account and don’t care about interest or want relationship rates and personalized service, they have checking accounts for you.
- Open a new checking account and meet its requirements
- Set up a direct deposit of at least $500 within 60 days
- Earn an additional $100 by using your debit card for purchases. You earn $2 for every debit card purchase over the first 60 days you have the account.
Open a WesBanco One Account and earn a $400 checking account bonus. The WesBanco One account offers 2-day early access to direct deposits but doesn’t earn interest.
You need only $50 to open an account, and you may waive the monthly maintenance fee by opting into eStatements.
- Open a WesBanco One account online using promo code 400promo
- Set up direct deposits of at least $500 directly from your employer within 60 days of opening the account
7. Santander Bank
If you live on the East Coast and have a Santander Bank near you, a $400 checking account bonus offer awaits you when you open a Santander Select Checking account.
The Select Checking account has no minimum balance requirements but earns interest. They have a 30,000 in-network ATM system and reimburse up to $30 in ATM fees charged by other ATMs monthly.
It does have a $25 monthly maintenance fee, but you can waive it with a $25,000 combined balance across all accounts.
- Open a new Select checking account in a branch with a minimum $25 account opening deposit
- Complete the form in this link and bring it with you
- Set up direct deposits of at least $5,000 within 90 days
Santander Bank will pay your bonus within 90 days of satisfying the requirements.
8. Banner Bank
Banner Bank offers a nice bonus for opening a checking and savings account. However, you need at least $26,000 in deposits across the accounts to qualify.
Banner Bank allows you to choose any of their checking accounts to qualify for the bonus and any personal savings or money market accounts.
- Open any Banner Bank checking account
- Set up at least $1,000 in direct deposits to the account
- Maintain a minimum daily balance of $25,000
To earn an additional $100 savings account bonus, you must:
- Open a Banner Bank savings account at the same time as the checking account
- Deposit at least $1,000 within 30 days of opening the account
- Maintain at least a $1,000 balance for 90 days
- Set up monthly recurring transfers from your checking to your savings account for at least $25
You must have both accounts for 90 days and then will receive the bonuses within 30 days of that time.
How to Get More Than $400 From Banks
There are other banks offering higher bonuses, but the requirements are typically a little harder, such as higher balances or monthly direct deposits.
Here are some of the best checking account bonuses that will earn you more than $400.
Citi Priority offers a wide range of bonuses from $200 to $2,000 if you’re a new checking account customer or haven’t owned a Citi checking account in the last 180 days. The amount you earn depends on how much you deposit into the account.
You can earn a $200 bonus if you deposit $10,000 to $29,999 with a Citi Everyday Benefits checking account and a $500 bonus if you deposit $30,000 to $74,999 in a Citi Priority account.
- Open a new Citi Priority checking account online
- Fund the account with $10,000 to $74,999 within 20 days
- Keep the balance steady for 60 days
Citi pays the bonus to your checking account within 30 calendar days of proving you satisfied the requirements.
US Bank Smartly
US Bank offers a two-tiered bonus for new customers. You can earn up to a $500 checking account bonus for opening a new US Bank Smartly checking account and up to an additional $400 bonus if you open and link a US Bank Smartly savings account.
If you open them simultaneously, you earn an additional $100 bonus, making your total eligible bonus $1,000.
The US Smartly checking account offers benefits such as overdraft protection, higher interest rates on savings, mortgage closing cost credits, and no ATM surcharge fees at MoneyPass® ATMs.
The bonuses are separate, so here’s how to earn each one.
- Open a new US Smartly checking account online, in-person, or over the phone with at least $25
- Enroll in online or mobile banking
- Within 90 days, set up a direct deposit of $5,000 to $9,999.99 for a $300 bonus or $10,000+ for a $500 bonus (you must receive at least two direct deposits before qualifying)
- Open a US Smartly Savings account online, over the phone, or in person with at least $25
- Deposit at least $25,000 by November 30, 2023, to earn $200
- Deposit at least $50,000 by November 30, 2023, to earn $400
You must maintain the chosen balance until March 31, 2024, to earn the bonus.
Finally, you can earn an additional $100 bonus if you meet the requirements of both promotions above.
What Is a $400 Checking Account Bonus?
A $400 checking account bonus is a bonus for opening a new account at a bank. Many banks offer bonuses as high as $400 to bring in new business. As you can see in our list, it’s important to read the fine print to ensure you can meet the requirements.
Since a $400 bonus is high, banks usually have strict requirements to meet them. But the bank bonuses we’ve found are somewhat easy to accomplish, allowing you to earn free money just for having a bank account.
Why Do Banks Give Incentives To Open a Checking Account?
It seems strange that banks would give money away, right?
It’s for good reason and is just another marketing tactic. Like other businesses offer promos and coupons to get new business, this is the bank’s version. It feels like you’re getting free money, but you’re giving the bank new business, which is why they do it.
How Are Bank $400 Account Bonuses Taxed?
Bank account bonuses are income, and you must report them on your tax return. Most banks send a 1099-INT to report the amount of bonus and interest paid. Be sure to include it in your taxable income and pay applicable taxes.
Qualifying for a $400 Checking Account Bonus
Qualifying for a $400 checking account bonus is simple with these steps:
- Find the offer with requirements you can meet. Read the fine print so you know all the steps you must follow. You may not see all the details in the big advertisement and might be surprised to learn of the small details you must meet
- Open the chosen account in the method the bank requires. Most banks offer online account applications, but some require the application to be made in person. If you open the account at the bank, make sure there isn’t a promo code you must bring to get the bonus
- Make the required deposit by linking an external bank account or depositing a check or cash. This is to satisfy the opening deposit requirement and may satisfy some of the bank’s requirements
- Determine which other requirements you must meet. This may include setting up direct deposit, making purchases with your debit card, or opening a savings account
- Receive your bonus. After satisfying the requirements within the timeframe, you receive your bonus. Most banks pay the bonus within 30 to 60 days of satisfying the requirements
Comparing $400 Bonuses
Comparing checking account offers is important, so you take the one that offers the most benefits.
Here are a few key factors to consider when comparing offers:
- Can you meet the requirements? Signing up for an offer only makes sense if you can meet the requirements. Look at the opening deposit requirements, as well as any amount that’s required for a daily balance or monthly direct deposits
- What are the fees? Account fees can take away from the bonuses you’d earn. It doesn’t make sense to sign up for an account with fees that deplete the benefits or that you can’t waive because you can’t meet the bank’s requirements
- What features does it offer? Think about what you need from a bank account, putting the bank bonus aside. The bonus won’t mean much to you if the account doesn’t have the required features
- Can you access your money? Make sure you can easily access your funds either by a local ATM network or external transfers without any fees
When you find the right account with the best offer, you’ve found the best $400 checking account bonus offer to suit your needs.
Tips When Signing Up for New Accounts
When opening a new bank account to get a $400 checking bonus, consider the following before doing so:
- How much must you deposit? Most bank accounts have opening deposit requirements. If you can’t meet them, then you won’t earn the bonus or open the account
- How do you waive the monthly fees? Don’t get so caught up in a bonus that you open an account that you can’t meet the requirements and are stuck with a monthly fee. Read the bank’s fine print, and don’t get caught paying an unnecessary monthly fee
- Can you earn interest? You might as well earn interest if you can, so look for bank accounts that pay interest and determine if you can meet the requirements. Many bank accounts have tiered interest rates, so don’t assume you’ll earn the highest rate; read the fine print
- Can you meet the timeline? Most bank account bonuses require you to have the account for a certain amount of time. You risk losing the bonus if you can’t tie up your funds for that time
Frequently Asked Questions
A $400 checking account bonus is a great way to earn free money. Here are some common questions about how they work.
How Long Do I Need To Keep the Account Open To Receive the $400 Bonus?
Every bank has different requirements regarding how long you must keep an account open to receive a bonus. At a minimum, you’ll need the account for 30 days, but most banks require a much longer timeline of 60 to 90 days.
Can I Open Multiple Accounts To Receive Multiple $400 Bonuses?
Yes, you are free to open as many accounts as you want. You can earn multiple bonuses if you can meet the requirements. However, you usually cannot earn multiple bonuses from the same bank, especially if you’re already a customer.
Should I Open a Bank Account Just for a $400 Bonus?
You can definitely open a bank account just for the bonus. Just make sure you know the timeline and can satisfy it to earn the bonus. Taking advantage of multiple bonuses is a great way to earn free money.
What Happens if I Don’t Meet the Requirements for the Bonus?
Banks will look at all the requirements for the bonus and ensure you meet each one. If you don’t, you won’t receive the bonus and must try again at a different bank.
How Soon Will I Receive the $400 Bonus After Meeting the Requirements?
Every bank differs, but on average, you can expect to receive the bonus 60 to 90 days after opening the account and/or 30 days after satisfying the requirements.
Can I Transfer or Withdraw the $400 Bonus Immediately After Receiving It?
Always read the bank’s fine print, but typically, you are free to do what you want with the bonus after receiving it.