Best Bank Bonuses and Promotions For May 2022

You’re probably familiar with the usual ways to earn money from your bank accounts, such as interest on your deposits and cashback rewards for spending. These are all things you should be taking advantage of.

But there’s also free money waiting for you in the form of new account bonuses, and all you have to do is open a new checking or savings account.

It's true! Many banks, credit unions, and brokerages offer a financial incentive to attract new customers (and their deposits!).

Keep reading to learn more about these new account offers or to compare the best bank bonuses available today.

Best Bank Bonuses in May 2022

These are our absolute favorite promotions right now.

Why?

Because the requirements necessary to earn each bonus are in line with the reward (please don't require us to deposit $500k to earn $150 🙄) and they're from reputable banks and institutions that are available nationwide.

Note: If you're hungry for more offers, you can keep scrolling for our full list of all 450 current offers.

Best checking account bonus offers

Bank Bonus Details Learn More

Citi

Citi Priority Account

Citi Priority Account: up to $1500 bonus offer

Available nationwide with the ability to open online, Citi is offering up to a $1,500 cash bonus when you open a new Citi Priority Account.

This is a tiered bonus based on the amount you're able to deposit and maintain in your new account. $15,000 in new funds will earn you $300; $50,000 will earn you $700; or $200,000 will earn you the full $1,500.

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 $300 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.

Bonus
up to $1500
Account Type
Personal Checking
Expires In
51 days
Requires
  • Min Balance
How To Earn

or, read the full requirements

Fifth Third Bank

Personal Checking

Personal Checking: $350 bonus offer

Fifth Third Bank has revived their personal checking account bonus, and made it sweeter this time around. They've increased the offer amount from $250 to $350 AND decreased the deposit requirement from $1,000 to $500.

You can open the account online through the promotion's landing page, or choose instead to enter your email address to receive a unique code that you can take into your local branch.

Another perk? Users report receiving their bonus just days after the qualifying deposit is posted.

Bonus
$350
Account Type
Personal Checking
Expires In
126 days
Requires
  • Direct Deposit
Apply Now

at Fifth Third Bank

or, read the full requirements

Chase

Chase Total Checking®

Chase Total Checking®: $200 bonus offer

Chase has recently decreased their welcome offer from $225 to $200. While $200 is what Chase has historically offered as a new checking account bonus, it's still a slight bummer to see the amount go down.

That said, Chase Total Checking® is the most popular account from one of the top national banks.

The account can be opened easily online, and earning the bonus is super straightforward: receive a qualifying direct deposit into your new account within 90 days, and Chase will reward you within 15 days. Definitely check it out!

Bonus
$200
Account Type
Personal Checking
Expires In
54 days
Requires
  • Direct Deposit
Apply Now

at Chase

or, read the full requirements

Monifi

Monifi Spend

Monifi Spend: $250 bonus offer

Monifi is offering a $250 bonus to Spend customers who set up direct deposits into their new Spend account. You'll need to be a relatively new Spend customer (account opened between January 1 and May 31), but you don't need to have opted into the bonus at account opening to qualify.

Bonus
$250
Account Type
Personal Checking
Expires In
4 days
Requires
  • Direct Deposit
Apply Now

at Monifi

or, read the full requirements

BMO Harris

Personal Checking

Personal Checking: $200 bonus offer

BMO Harris Bank is giving you 3 months to accumulate $4,000 in direct deposits to earn a $200 welcome bonus for opening a new Smart Advantage™ or Smart Money™ checking account. Even better? They're also offering a $5/month kicker if you save regularly.

It's not available nationally, but if you're in one of the targeted states, you can open an account online to grab that cash.

Bonus
$200
Account Type
Personal Checking
Expires In
9 days
Requires
  • Direct Deposit
Learn More

at BMO Harris

or, read the full requirements

Huntington

Huntington 5 Checking®

Huntington 5 Checking®: $200 bonus offer

Huntington is offering a welcome bonus to those opening new personal checking accounts. This one offers $200 for a $1,000 deposit into their interest-earning account.

This account comes with a monthly fee. If you don't qualify for the waiver, you can opt instead for a smaller bonus by making the same deposit into their basic (and fee-free) checking account.

Bonus
$200
Account Type
Personal Checking
Expires In
11 days
Requires
  • Min Balance
Apply Now

at Huntington

or, read the full requirements

Bank of America

Advantage Banking Account

Advantage Banking Account: $100 bonus offer

Bank of America is offering $100 for opening a new personal checking account. They recently upped the direct deposit requirements from $250 to $1000, which is quite steep for a bonus of this size.

It's not a huge bonus, but it's available nationwide and the requirements are super low.

Bonus
$100
Account Type
Personal Checking
Expires In
34 days
Requires
  • Direct Deposit
Apply Now

at Bank of America

or, read the full requirements

HSBC

HSBC Premier

HSBC Premier: $500 bonus offer

HSBC is offering a sign-up bonus of $500 to new Premier checking customers. It's available nationwide and you can open the account online, but highly targeted to more affluent customers. They've bumped up the offer a little, but also doubled the direct deposit requirements.

Keep in mind that HSBC is known to have a more involved account opening process than most of their competitors. Expect a "pending" status after applying online, and you may be asked to verify information by email or by phone before being approved.

That said, this $500 welcome bonus for opening a new Premier checking account is still worthwhile in our book if you can swing the $10,000 necessary in direct deposits each month.

Bonus
$500
Account Type
Personal Checking
Expires In
34 days
Requires
  • Direct Deposit
Apply Now

at HSBC

or, read the full requirements

Wells Fargo

Personal Checking

Personal Checking: $300 bonus offer

Wells Fargo is offering new personal checking account customers a $300 bonus.

To be eligible, you'll first need to open a new Clear Access Banking℠, Everyday Checking, Prime Checking, or Premier Checking account, and then you'll have 3 months to receive $1,000 in direct deposits in order to qualify for the promo.

This is a pretty easy bonus that's available nationally without restriction. Plus, the deposit requirement has been cut in half (from $2,000 to $1,000), and the reward amount bumped up: from the $200 offered last year to the $300 now. Can't complain about that!

Keep in mind that this is their public offer. Wells Fargo is also targeting some customers with higher amounts (we've seen up to $400). Up to you whether it makes sense to wait for a targeted offer (if it comes), or to take advantage of this one.

Bonus
$300
Account Type
Personal Checking
Expires In
49 days
Requires
  • Direct Deposit
Apply Now

at Wells Fargo

or, read the full requirements

M&T

Personal Checking Account

Personal Checking Account: $250 bonus offer

M&T is offering $250 if you open one of their premium checking accounts and make a small direct deposit within 90 days.

If you're not able to meet the requirements to waive the maintenance fees, you can alternatively opt for their basic checking account.

Regardless, be sure to enter your zipcode on the linked offer page, which will auto apply the appropriate promo code if you're within a targeted zipcode. Many readers have tried to apply the promo to an outside zip, and while the system allows you to move forward, you'll be "surprised" with no bonus payout when that time comes.

Bonus
$250
Account Type
Personal Checking
Expires In
65 days
Requires
  • Direct Deposit
Apply Now

at M&T

or, read the full requirements

TD Bank

Beyond Checking

Beyond Checking: $300 bonus offer

TD Bank is offering a $300 welcome bonus for opening a personal checking account and using direct deposit within the first 2 months. What's more, you can maximize this promo by also opening a new personal savings account — stacking an extra $200 on top of this offer for a total of $500.

If the $2,500 in direct deposit is too high, they're also running a smaller offer with only a $500 deposit requirement.

While this isn't available nationwide, it is open to a healthy list of states, and is no longer targeted to select customers.

If you're eligible, we definitely recommend claiming this easy bonus.

Bonus
$300
Account Type
Personal Checking
Expires In
157 days
Requires
  • Direct Deposit
Apply Now

at TD Bank

or, read the full requirements

Best savings account bonuses

Bank Bonus Details Learn More

CIT Bank

Money Market Account

Money Market Account: 1-Year Amazon Prime ($139) bonus offer

CIT Bank is offering a unique bonus for opening a money market account and maintain a minimum balance. Not only will you earn interest on you money (0.45% APY currently), you'll also receive one year of Amazon Prime absolutely free. This is valid for new Amazon Prime customers or existing customers to be applied at time of renewal.

Bonus
1-Year Amazon Prime ($139)
Account Type
Mma
Expires In
Limited Time
Requires
  • Min Balance
Apply Now

at CIT Bank

or, read the full requirements

Discover

Online Savings Account

Online Savings Account: up to $200 bonus offer

Discover – one of our top picks for online banks – is currently offering up to $200 for opening a new Online Savings account. You'll need to deposit $25,000 to earn the full amount, but $15,000 only results in a loss of $50.

One perk to this bonus is that Discover doesn't have a requirement for how long you need to keep the cash in the account, so you can deposit and withdraw immediately. Doesn't get much easier than that!

Bonus
up to $200
Account Type
Personal Savings
Expires In
19 days
Requires
  • Min Balance
Apply Now

at Discover

or, read the full requirements

Bask Bank

Bask Mileage Savings

Bask Mileage Savings: 1,000 bonus miles offer

Bask Bank is offering new account holders an additional 1,000 American Airlines AAdvantage® miles – on top of what the Bask Mileage Savings account already accrues.

You'll need to be a brand new Bask Bank customer to take advantage, but this offer is otherwise available nationwide with the ability to open online.

Bonus
1,000 Miles
Account Type
Personal Savings
Expires In
34 days
Requires
  • Min Balance
Apply Now

at Bask Bank

or, read the full requirements

Alliant

Ultimate Opportunity Savings Account

Ultimate Opportunity Savings Account: $100 bonus offer

Alliant Credit Union has partnered with Suze Orman to encourage people to make saving a priority. To that end, they've launched “The Ultimate Opportunity Savings Account” promotion, where you can earn a $100 welcome bonus by opening a new savings account and making the commitment to deposit $100 each month.

Keep in mind that these deposits don't need to be made via direct deposit, as is common with many bank bonuses. Instead, regular transfers each month will work.

The first transfer will need to be made within 30 days of opening the account, and while it does take a full 12 months to satisfy the requirements, the ROI on your cash is impressive.

This is a nationwide bonus from one of the best credit unions, so definitely check it out!

Bonus
$100
Account Type
Personal Savings
Expires In
218 days
Requires
  • Min Balance
Apply Now

at Alliant

or, read the full requirements

Regions

LifeGreen Savings

LifeGreen Savings: up to $100 bonus offer

The main draw of LifeGreen Savings is its bonus offer, which pays out up to $100 per year when you set up automated transfers (in addition to the normal APY). If you transfer at least $10 into the account per month, you'll get a 1% savings bonus at the end of the year (up to $100).

The best part of this offer is that it isn't a one-time cash back deal. LifeGreen Savings bonuses are eligible each year that the account is in good standing.

Bonus
up to $100
Account Type
Personal Savings
Expires In
Limited Time
Requires
  • Min Balance
Apply Now

at Regions

or, read the full requirements

Best investment account bonuses

Bank Bonus Details Learn More

Axos

Self-Directed Trading

Self-Directed Trading: $100 bonus offer

Available nationwide with the ability to open online, Axos is offering a $100 welcome bonus when you open a new self-directed trading account. This is a limited time offer for Axos to promote their new investment platform.

Bonus
$100
Account Type
Investment
Expires In
34 days
Requires
  • Min Balance
Apply Now

at Axos

or, read the full requirements

J.P. Morgan

Self-Directed Investing

Self-Directed Investing: up to $625 bonus offer

Available nationwide with the ability to open online, J.P. Morgan Wealth Management is offering up to a $625 welcome bonus when you open a new Self-Directed Investing account with qualifying minimum funding.

This is tiered bonus, meaning that the more you deposit, the more you may be eligible to earn. New for this iteration, J.P. Morgan has introduced a lower tier at $25,000, down from the previous $100,000 entry point!

Here are all 3 tiers of this investing bonus:

New Money Added Bonus Amount
$25,000-$99,999 $125
$100,000-$249,999 $300
$250,000+ $625

This is the highest offer that we've seen to-date from J.P. Morgan.

Bonus
up to $625
Account Type
Investment
Expires In
48 days
Requires
  • Min Balance
Apply Now

at J.P. Morgan

or, read the full requirements

Ally

Ally Invest

Ally Invest: up to $3000 bonus offer

Ally Invest is offering new investors up to $3,000 in bonus cash when you open and fund a new self-directed investing account. You'll need at least $10,000 to earn the first tier bonus ($100), up to $2M to earn the full $3k.

Ally will also cover any transfer fees your current brokerage might charge, up to $150.

Here are the tiers of this investing bonus:

New Money Added Bonus Amount
$10,000-$24,999 $100
$25,000-$99,999 $250
$100,000-$249,999 $300
$250,000-$499,999 $600
$500,000-$999,999 $1,200
$1,000,000-$1,999,999 $2,000
$2,000,000+ $3,000
Bonus
up to $3000
Account Type
Investment
Expires In
34 days
Requires
  • Min Balance
Apply Now

at Ally

or, read the full requirements

M1

M1 Invest [Transfer]

M1 Invest [Transfer]: up to $2500 bonus offer

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 $2,500 for making the switch. 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: $500
  • $500,000 – $999,999.99: $1,000
  • $1,000,000+: $2,500

What's more, if you're a new M1 Invest customer, you can stack this bonus with their new account bonus, which offers $30-$500.

Bonus
up to $2500
Account Type
Investment
Expires In
218 days
Requires
  • Min Balance
Apply Now

at M1

or, read the full requirements

Tradestation

Securities or Crypto Account

Securities or Crypto Account: up to $150 bonus offer

Available nationwide with the ability to open online, Tradestation is offering new customers a $150 cash bonus when you open a new securities investment account or $150 in Bitcoin when you open a new crypto trading account.

What's more? You can stack this offer with their earn up to $5,000 promotion after your account is opened.

Bonus
up to $150
Account Type
Investment
Expires In
Limited Time
Requires
  • Min Balance
Apply Now

at Tradestation

or, read the full requirements

SoFi

Sofi Invest

Sofi Invest: up to $100 bonus offer

Available nationwide, SoFi is offering up to a $100 welcome bonus when you open a new SoFi Crypto account and buy at least $50 in cryptocurrency. This is a tiered bonus, the bonus payout is determined by the amount of your first purchase of Crypto.

The tiers are as follows:

  • Tier 1 | Balance Maintained: $50 - $99.99: $10 in BTC
  • Tier 2 | Balance Maintained: $100 - $499.99: $15 in BTC
  • Tier 3 | Balance Maintained: $500 - $4,999.99: $50 in BTC
  • Tier 4 | Balance Maintained: $5,000+: $100 in BTC
Bonus
up to $100
Account Type
Investment
Expires In
34 days
Requires
  • Min Balance
Apply Now

at SoFi

or, read the full requirements

Best business account bonuses

Bank Bonus Details Learn More

Chase

Chase Business Complete Banking℠

Chase Business Complete Banking℠: $300 bonus offer

Chase Bank is offering business owners a $300 bonus to open a new Chase Business Complete Banking℠ account.

The requirements are pretty easy to meet: deposit $2,000 and maintain it for 2 months, and complete just 5 qualifying transactions in the first 3 months. Several activities count as "qualifying transactions", including purchases on your debit card, deposits into the account, setting up a bill payment, and more. See the fine print for the full list, but needless to say, meeting that requirement should be painless.

What's especially awesome about this bonus compared to other business checking account offers is that Chase recently launched the ability for customers to open an account online. Compared to the vast majority of business checking accounts which require you to visit your local branch, opening an account at Chase is significantly more convenient.

If you prefer live help, however, you can still enroll in this offer by entering your email address on the bonus landing page to have an offer code sent to you. Just be sure to take that code with you when you visit a branch.

Bonus
$300
Account Type
Business Checking
Expires In
55 days
Requires
  • Min Balance
  • Card Spend (optional)
Apply Now

at Chase

or, read the full requirements

Axos

Business Interest Checking

Business Interest Checking: up to $200 bonus offer

Available nationwide with the ability to open online, Axos is offering a $200 welcome bonus when you open a new Business Interest Checking account and maintain a minimum balance. This is double their previous offer so now might be a good time to jump on it!

It's important to note that only new businesses (those incorporated after 06/01/2020) are eligible for $200 and must use promo code NEWBIZ200. If your business is older than that, you'll only be eligible for a $100 bonus and must use promocode NEWAXOSBIZ.

Bonus
up to $200
Account Type
Business Checking
Expires In
34 days
Requires
  • Min Balance
Apply Now

at Axos

or, read the full requirements

BMO Harris

Business Checking

Business Checking: up to $400 bonus offer

Available in select states within their footprint, BMO Harris is offering up to a $400 welcome bonus when you open a new business checking account and meet the minimum balance requirements. This is a tiered bonus, the higher the balance, the more you can earn.

Bonus
up to $400
Account Type
Business Checking
Expires In
7 days
Requires
  • Min Balance
Apply Now

at BMO Harris

or, read the full requirements

Axos

Business Premium Savings

Business Premium Savings: up to $200 bonus offer

Available nationwide with the ability to open online, Axos is offering a $200 welcome bonus when you open a new Business Premium Savings account and maintain a minimum balance. This is double their previous offer so now might be a good time to jump on it!

It's important to note that only new businesses (those incorporated after 06/01/2020) are eligible for $200 and must use promo code NEWBIZ200. If your business is older than that, you'll only be eligible for a $100 bonus and must use promocode NEWAXOSBIZ.

Wanna get a checking account instead? They're also running this $200 promotion on their Business Interest Checking account.

Bonus
up to $200
Account Type
Business Savings
Expires In
34 days
Requires
  • Min Balance
Apply Now

at Axos

or, read the full requirements

Huntington

Unlimited Plus Business Checking

Unlimited Plus Business Checking: $750 bonus offer

Huntington is offering a welcome bonus to those opening new business checking accounts. This one offers $750 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!

Bonus
$750
Account Type
Business Checking
Expires In
41 days
Requires
  • Min Balance
Apply Now

at Huntington

or, read the full requirements

Amex

Business Checking

Business Checking: $300 bonus offer

Available nationwide with the ability to open online, Amex is offering a $300 welcome bonus when you open a new business checking account and make qualifying transactions. This is a rare offer from American Express and relatively easy to earn.

Bonus
$300
Account Type
Business Checking
Expires In
Limited Time
Requires
  • Min Balance
Apply Now

at Amex

or, read the full requirements

450 Current Bank Promotions and New Account Offers

We track bonuses and sign-up offers for opening everything from a new checking account or high-yield savings account, to a new credit card or brokerage account.

Here are 450 bank promotions that will give you cash for opening a new account right now:

61. FirstBank Bloom Package - $300 bonus

1st Bank is offering new customers $300 for opening a new Bloom Package (includes a Bloom Checking and Bloom Savings account, and you'll also need to enroll in eStatements, Online Banking, and request a Visa Debit Card).

To earn the offer, you'll need to receive a direct deposit of at least $500 for 3 consecutive months, and the first one must be made within 60 days of the account opening.

Keep in mind that FirstBank limits its welcome offers to just one per household, per lifetime!

FirstBank : Bloom Package

Bonus Amount
$300
Account Type
Personal Checking
Availability
AZ, CA, CO
Offer Expires
June 22, 2022
Bonus Requirements
  1. Open a new Bloom Package using the link below.
  2. Enroll in online banking.
  3. Within 60 days, receive an initial recurring direct deposit of $500, and maintain that same direct deposit for 3 consecutive months.
  4. Bonus will be credited to your account within 30 days of the final qualifying payment.

62. Peoples Bank Choice Checking - $250 bonus

Available in select counties of Massachusetts and Connecticut, Peoples Bank is offering a $250 welcome bonus when you open a new Choice Checking account and then make deposits and debit card purchases. Given the fact that direct deposit is optional as a type of deposit that qualifies, we'd consider this bonus to be relatively easy.

Peoples Bank : Choice Checking

Bonus Amount
$250
Account Type
Personal Checking
Availability
CT, MA
Offer Expires
June 26, 2022
Bonus Requirements
  1. Open a Choice Checking account with minimum deposit of $10 using promo code "GET250".
  2. Within 60 days, make 30 debit card purchases.
  3. During the same timeframe, make a minimum of $2,000 in aggregate of mobile, VideoBankerITM and/or direct deposits.
  4. Bonus will be received in your account within 60 days from meeting the criteria.
Apply Now

at Peoples Bank

63. Capital One 360 Performance Savings - up to $450 bonus

Available nationwide and from a well-ranked bank, Capital One is offering up to $450 if you open a 360 Performance Savings account. To earn the cash, you'll need to make some sizable deposits totaling at least $20,000, which will earn you $150. To get the full amount, you'll need to deposit $50,000.

This offer is running concurrently with their Capital One 360 Checking $250 bonus. Snag both for a cool $700.

Overall, if you're a new Capital One personal checking customer, this is a bonus with easy requirements and is worth taking advantage of.

Capital One : 360 Performance Savings

Bonus Amount
up to $450
Account Type
Personal Savings
Availability
Nationwide
Offer Expires
June 29, 2022
Bonus Requirements
  1. Open a Capital One 360 Performance Savings account with promo code "SAVE22".
  2. Within 15 days, deposit at least $20,000 or $50,000 of external funds.
  3. Maintain this minimum balance for at least 90 days.
  4. Bonus will be deposited into your account within 60 days after you have completed all the requirements above.
Apply Now

at Capital One

64. PNC Virtual Wallet® with Performance Spend - $200 bonus

Available in 22 states plus the District of Columbia, PNC is back with a competitive welcome bonus for opening a personal checking account and using direct deposit within the first 2 months. This offer must be redeemed online using the link below AND from a mobile device.

If you can deposit more than the $2k required here, they're also running a $400 offer with a $5k requirement.

Assuming you don't have an account with PNC (and haven't within the last 90 days), we definitely recommend grabbing this easy bonus.

Live in a state that doesn't have a branch? No worries, check out this Virtual Wallet® Pro $200 bonus by PNC.

PNC Bank : Virtual Wallet® with Performance Spend

Bonus Amount
$200
Account Type
Personal Checking
Availability
CA, AZ, TX, NM, CO, PA, FL, OH, WV, DE, NJ, SC, NC, GA, KY, IN, MI, IL, MD, DC, WV, WI
Offer Expires
June 30, 2022
Bonus Requirements
  1. Open a Virtual Wallet® with Performance Spend account using the link below from a mobile device.
  2. Within 60 days, have a total of $2,000 in direct deposits.
  3. Bonus will be deposited into your account 60-90 days after requirements have been met.

65. SouthState Bank Personal Checking - $200 bonus

SouthState Bank is offering residents in select Southeast states (Alabama, Florida, Georgia, North Carolina, South Carolina and Virginia) $200 for opening a new personal checking account. The bonus requirements are low, the maintenance fees are easily waived, and the account can be opened online. It's a no brainer if you qualify!

SouthState Bank : Personal Checking Account

Bonus Amount
$200
Account Type
Personal Checking
Availability
GA, NC, SC, VA, FL, AL
Offer Expires
June 30, 2022
Bonus Requirements
  1. Open any personal checking account using the promo code EARN200.
  2. Within 60 days, have a total of $250 in direct deposits OR have at least 1 automatic draft of $25 to a non-SouthState Bank account.
  3. Within 60 days, also make 15 debit card purchases.
  4. Bonus will be credited to your account within 2 business days of the completion of the 60 day qualifying period.
Apply Now

at SouthState Bank

66. KeyPoint Personal Checking - up to $300 bonus

KeyPoint Credit Union is offering California residents a $300 bonus for opening a new personal checking account. This is up from $200 in their most recent bonus offer.

The promotion breaks down into 3 separate bonuses: $50 just for becoming a member, $200 for meeting a direct deposit requirement, and another $50 for using your debit card.

KeyPoint Credit Union : Personal Checking

Bonus Amount
up to $300
Account Type
Personal Checking
Availability
CA
Offer Expires
June 30, 2022
Bonus Requirements
  1. Open a new personal checking account with at least $25 using the promo code MB50, earn $50.
  2. Within 60 days, receive a recurring direct deposit of at least $1,000 to earn $200.
  3. Within 3 months of account opening, use your debit card to make 40 purchases to earn an additional $50.
  4. First bonus will be credited within 7 days of account opening. Remaining bonuses will be credited within 3 months after account opening.

67. Pinnacle Bank Grizzlies Checking - $200 bonus

Pinnacle is offering a $200 Mastercard for opening a new Grizzlies personal checking account and setting up a direct deposit of any amount. Not bad!

While the bonus applies to any of the 3 Grizzlies checking accounts, we recommend the basic checking account because simply enrolling in eStatements waives the monthly fee.

Pinnacle Financial Partners : Grizzlies Checking

Bonus Amount
$200
Account Type
Personal Checking
Availability
TN
Offer Expires
June 30, 2022
Bonus Requirements
  1. Open a new personal checking account using the link below.
  2. Make a minimum deposit of $100.
  3. By August 31, 2022, receive a recurring direct deposit of any amount.
  4. Bonus will be mailed within 2-4 weeks, in the form of a Mastercard gift card.
Apply Now

at Pinnacle Bank

68. Bank of America Advantage Banking - $100 bonus

Bank of America is offering $100 for opening a new personal checking account. They recently upped the direct deposit requirements from $250 to $1000, which is quite steep for a bonus of this size.

It's not a huge bonus, but it's available nationwide and the requirements are super low.

Bank of America : Advantage Banking Account

Bonus Amount
$100
Account Type
Personal Checking
Availability
Nationwide
Offer Expires
June 30, 2022
Bonus Requirements
  1. Open a new Bank of America Advantage Banking personal checking account using the link below.
  2. Within 90 days, receive direct deposits of $1000 or more.
  3. Bonus will be deposited directly into your account within 60 days of meeting the requirements.
Apply Now

at Bank of America

69. CEFCU Personal Checking - up to $175 bonus

Back for 2022, CEFCU is offering a $175 welcome bonus when you open a new personal checking account and one of the required activities. This offer is only open to California residents.

Citizens Equity First Credit Union : Personal Checking Account

Bonus Amount
up to $175
Account Type
Personal Checking
Availability
CA
Offer Expires
June 30, 2022
Bonus Requirements
  1. Open a new checking account using the link below.
  2. Enroll in e-statements.
  3. Earn $150 by meeting ONE of the following requirements in the first full calendar month after account opening: (1) an individual balance of $5,000, (2) a household balance of $10,000, (3) make 5 debit card purchases of $15 each, OR (4) have direct deposits totaling $500.
  4. Earn an additional $25 by making 5 debit card purchases each month (with each purchase being at least $15), for the first 3 full calendar months following account opening.
  5. Bonus will be deposited 4-6 weeks after the third full calendar month following account opening.

70. Dollar Bank Everything Checking - up to $300 bonus

Available in Ohio, Pennsylvania and Virginia, with the ability to open online, Dollar Bank is offering up to a $300 welcome bonus when you open a new checking account and set up direct deposit.

Dollar Bank, Federal Savings Bank : Everything Checking

Bonus Amount
up to $300
Account Type
Personal Checking
Availability
OH, PA, VA
Offer Expires
June 30, 2022
Bonus Requirements
  1. Open a new Everyday Checking account using the promo code CHK22.
  2. Within 90 days, have direct deposits totaling $2,500 to earn $200.
  3. Keep the account open for a year to receive an additional $100.
  4. $200 bonus will be in the form of a Mastercard debit card rebate, which will be added to the new checking account within 40 days of the qualifying cumulative direct deposits. The $100 credit will be applied within 2 months of the 1-year anniversary of account opening.
Apply Now

at Dollar Bank

71. PNC Business Checking - $200 bonus

PNC is running a couple of welcome bonus offers targeting small business owners. For this one, you'll need to open either a Business Checking or Business Checking Plus account and then meet balance and debit card requirements.

This is a straightforward, nationally-available bonus for business owners.

If your company has higher balances or transaction volume, PNC is running a larger bonus for their enterprise checking accounts, so check those out, too!

PNC Bank : Business Checking Account

Bonus Amount
$200
Account Type
Business Checking
Availability
Nationwide
Offer Expires
June 30, 2022
Bonus Requirements
  1. Open a new Business Checking or Business Checking Plus account.
  2. For 3 statement cycles, maintain an average balance of $5,000.
  3. During those same statement cycles, make 20 debit card purchases.
  4. Bonus will be deposited within 90 days of meeting the requirements.

72. PNC Enterprise Checking - $500 bonus

PNC is running a couple of welcome bonus offers targeting business owners. For this one, you'll need to open either a Treasury Enterprise Plan or Analysis Business Checking account and then meet balance requirements.

This is a straightforward, nationally-available bonus for business owners.

If you're a small business owner with smaller balance or transaction volume, PNC is also running a $200 bonus for their small business checking accounts, so check those out, too!

PNC Bank : Enterprise Checking Account

Bonus Amount
$500
Account Type
Business Checking
Availability
Nationwide
Offer Expires
June 30, 2022
Bonus Requirements
  1. Open a new Treasury Enterprise Plan or Analysis Business Checking account.
  2. For 3 statement cycles, maintain a $30,000 balance.
  3. Bonus will be deposited within 90 days of meeting the requirements.

73. Spire Credit Union Personal Checking - $100 bonus

If you're located in Minnesota or Wisconsin, check out this bonus from Spire Credit Union.

All you have to do is open a free checking account, and then within the first 2 months, set up automatic payments or direct deposit of any amount, and complete 6 debit card purchases to earn a $100 bonus.

What's interesting about this offer is that Spire CU will pay out the bonus as soon as the account is opened. Of course, you'll still need to meet the requirements and keep the account open for at least 6 months to avoid the cash being clawed back.

Spire Credit Union : Personal Checking

Bonus Amount
$100
Account Type
Personal Checking
Availability
MN, WI
Offer Expires
June 30, 2022
Bonus Requirements
  1. Open a Spire Free Checking account.
  2. Within 60 days, set up an automatic payment or direct deposit.
  3. Within the same 60 days, make 6 debit card purchases.
  4. Bonus will be credited to your account immediately after opening.
Apply Now

at Spire Credit Union

74. Bar Harbor Bank and Trust Simple Checking - $200 bonus

Back for 2022, Bar Harbor Bank & Trust is offering new customers a $200 bonus for opening a Simple Checking account.

New customers can open the account online using the provided promocode or download a coupon using our link and bring to a local branch.

Bar Harbor Bank and Trust : Simple Checking

Bonus Amount
$200
Account Type
Personal Checking
Availability
ME, NH, VT
Offer Expires
June 30, 2022
Bonus Requirements
  1. Open a new Simple Checking account online using the promocode Bonus522C or in branch after downloading a coupon from the link below.
  2. Make a direct deposit of $250 or more into the account by August 31, 2022.
  3. Bonus will be credited to eligible accounts on or about 09/15/2022.
Apply Now

at Bar Harbor Bank and Trust

75. Old Second Personal Checking - up to $200 bonus

Old Second National Bank is offering an easy tiered bonus. The first tier ($50) only requires enrolling in eStatements and obtaining a debit card!

Old Second National Bank : Personal Checking

Bonus Amount
up to $200
Account Type
Personal Checking
Availability
IL
Offer Expires
June 30, 2022
Bonus Requirements
  1. Open a new checking account online with promocode EM2 (or mention offer in branch).
  2. Within 90 days, apply for and receive a debit card and enroll in eStatements – Get $50
  3. Within 90 days, complete 2 or more direct deposits totaling $500 or more – Get $100
  4. Within 90 days, open a Money Builder Savings account and deposit at least $5,000 (and maintain that balance through the 90 day period) – Get $50
  5. You will receive any cash bonuses for which you qualified for by the 100th calendar day following the date you opened the personal checking account.

76. M&T Tailored Business Checking - $300 bonus

M&T is offering $300 to new Tailored Business Checking customers. You'll need to deposit $5,000 and maintain that balance in the third full calendar month after the account was opened. That means this bonus represents a 72% effective return on your savings. Whoa!

If you're also in the market for a Merchant Services account, you can combine this offer with their Merchant Services bonus, for a total reward of $600.

M&T Bank : M&T Tailored Business Checking

Bonus Amount
$300
Account Type
Business Checking
Availability
CT, DE, MD, NJ, NY, PA, VA, WV, DC
Offer Expires
June 30, 2022
Bonus Requirements
  1. Open a Tailored Business Checking account using the link below.
  2. For the third full calendar month following account opening, maintain an average balance of $5,000 to earn $300.
  3. Bonus will be awarded within 45 days after the end of the third full calendar month after the account was opened.

77. M&T Merchant Services - $300 bonus

M&T Bank is offering $300 to new Merchant Services customers.

If you don't already have a M&T Tailored Business Checking account, you can combine this offer with a $300 business checking welcome bonus, for a total reward of $600.

M&T Bank : Merchant Services

Bonus Amount
$300
Account Type
Other
Availability
CT, DE, MD, NJ, NY, PA, VA, WV, DC
Offer Expires
June 30, 2022
Bonus Requirements
  1. Open a M&T Bank Merchant Services account using the link below.
  2. Currently have or open an M&T Business Checking account to accept merchant deposits.
  3. By September 30, process $20 within a single calendar month to earn $300.
  4. Bonus will be awarded by October 31.

78. Citi Personal Wealth Management - up to $3500 bonus

Earn up to $3,500 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.

There are 5 levels, starting with a $500 bonus for deposits $50,000 - $199,999 and going up to $3,500 for $2,000,000+.

Citi : Personal Wealth Management

Bonus Amount
up to $3500
Account Type
Investment
Availability
Nationwide
Offer Expires
June 30, 2022
Bonus Requirements
  1. Contact Citi to open or enroll a new or existing eligible Citi Personal Wealth Management account
  2. 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 $1,500 bonus, $1,000,000 for a $2,500 bonus and $2,000,000+ for the $3,500 bonus)
  3. Enroll into e-delivery of statements within 2 months of account opening.
  4. Maintain the new funding through the end of the next month (or 3 months after the month of account enrollment).

79. CIBM Bank High Performance Checking - up to $450 bonus

Available within their tri-state footprint, CIBM Bank is offering up to $450 in welcome bonuses when you open a new High Performance checking account and complete qualifying activities.

You won't get it all at once though. For the first 6 months, each month you complete the requirements, you'll receive $75 (for a maximum potential total of $450).

If something happens and you fail to qualify one month, you won't be excluded from future bonuses.

CIBM Bank : High Performance Checking

Bonus Amount
up to $450
Account Type
Personal Checking
Availability
IL, IN, WI
Offer Expires
June 30, 2022
Bonus Requirements
  1. Open a new High Performance Checking account using the promo code GET4504HP.
  2. Maintain a $1,000 minimum monthly balance for 6 months.
  3. Make direct deposits of $500 or more each month.
  4. Complete total debit transactions each month as follows: month 1 – one, month 2 – two, month 3 – three, month 4 – four, month 5 – five, and month 6 – six.
  5. Bonus payments of $75 will be made to the account no later than 5 business days following the end of the calendar month in which they are earned, up to 6 months for a maximum of $450.

80. CEFCU Personal Checking - up to $125 bonus

Back for 2022, CEFCU is offering a $125 welcome bonus when you open a new personal checking account and one of the required activities. This offer is only open to California residents.

Citizens Equity First Credit Union : Personal Checking Account

Bonus Amount
up to $125
Account Type
Personal Checking
Availability
CA
Offer Expires
June 30, 2022
Bonus Requirements
  1. Open a new checking account using the link below.
  2. Enroll in e-statements.
  3. Earn $100 by meeting ONE of the following requirements in the first full calendar month after account opening: (1) an individual balance of $5,000, (2) a household balance of $10,000, (3) make 5 debit card purchases of $15 each, OR (4) have direct deposits totaling $500.
  4. Earn an additional $25 by making 5 debit card purchases each month (with each purchase being at least $15), for the first 3 full calendar months following account opening.
  5. Bonus will be deposited 4-6 weeks after the third full calendar month following account opening.

81. S&T Bank Basic Business Checking - up to $600 bonus

S&T Bank is offering new business checking customers up to $600 cash.

The bonus breaks down into two parts: $300 for opening a Basic Business Checking account and funding it with at least $1,000, while also requesting and activating a debit card.

An additional $300 is up for grabs if you also open a new payment processing account with them. Fortunately, if you can't or don't want to open the processing account, you're still eligible for the $300 account opening bonus.

S&T Bank : Basic Business Checking

Bonus Amount
up to $600
Account Type
Business Checking
Availability
OH, PA
Offer Expires
June 30, 2022
Bonus Requirements
  1. Open a new Basic Business Checking account using the link below.
  2. Within 5 days, deposit $1,000 and have an average daily balance of $1,000 on August 8, 2022.
  3. Apply, receive and activate a debit card to earn $300.
  4. To earn an additional $300, also open a new S&T payment processing account through Elavon and accept payments by June 30.
  5. Bonuses will be credited to your account on August 18, 2022.

82. First Home Bank Simply Free Checking - up to $250 bonus

First Home Bank is offering to match up to $250 in direct deposits (or auto transfer) within the first 90 days for new checking customers. For most folks, this should be a fairly simple bonus to earn.

First Home Bank : Simply Free Checking

Bonus Amount
up to $250
Account Type
Personal Checking
Availability
FL
Offer Expires
June 30, 2022
Bonus Requirements
  1. Open a new Simply Free checking account.
  2. Within 90 days, make direct deposits or transfer an auto loan. Up to $250 will be matched.
  3. The deposit match will be deposited on the 91-100 day after account opening.
Apply Now

at First Home Bank

83. Seacoast Business Checking - up to $250 bonus

Seacoast Bank is offering small business owners up to $250 cash to open a Business Checking or Business Checking Plus account. The $250 is broken down into two individual bonuses: $150 for depositing and maintaining $5,000 in the account and then making 10 electronic payments, and an additional $100 for using your debit card.

Each business customer can choose to apply for one or both offers. Keep in mind that if you're only going for the $100 debit card bonus, you'll need to apply a different promo code (see the fine print).

Seacoast Bank : Business Checking

Bonus Amount
up to $250
Account Type
Business Checking
Availability
FL
Offer Expires
June 30, 2022
Bonus Requirements
  1. Open a new Business Checking or Business Checking Plus account using the promo codes Q222DIGITAL250.
  2. To earn $150: (1) Within 15 days, deposit $5,000 and maintain this balance from days 16-75. (2) By day 75, make 10 qualifying electronic payments.
  3. To earn an additional $100: By July 31, 2022, make 15 debit card purchases.
  4. Bonuses will be credited to your account within 15 days of meeting the requirements.

84. Sunflower Bank Personal Checking - $100 bonus

Sunflower Bank is offering new account holders $100 for opening a personal checking account in-branch.

It's a fairly easy bonus to earn. You'll need to use your debit card, and then receive or send a total of $500 (can be direct deposit or electronic payments, or a combination of both).

In the past, Sunflower Bank has offered a similar promotion, but required EITHER the debit card OR the ACH, while this time they require both. However, in exchange, they've also doubled the reward from $50 to $100.

Sunflower Bank : Personal Checking

Bonus Amount
$100
Account Type
Personal Checking
Availability
AZ, CO, KS, MO, NM, TX
Offer Expires
June 30, 2022
Bonus Requirements
  1. Open a personal checking account in-branch.
  2. Before 07/31/2022, make 25 debit card purchases.
  3. Also before 07/31/2022, have ACH credits and/or debits that total $500.
  4. Have a positive balance at least one day between 07/01/22–07/31/22.
  5. Bonus will be paid into new checking account by end of business day 08/05/22.
Learn More

at Sunflower Bank

85. American Heritage Credit Union Personal Checking - up to $200 bonus

American Heritage Credit Union is offering up to $150 in welcome bonuses when you open a new checking account through a valid workplace partner and set up direct deposit. What's even more? You can receive an additional $50 by using your debit card as outlined below for a total of $200.

American Heritage Credit Union : Personal Checking

Bonus Amount
up to $200
Account Type
Personal Checking
Availability
Offer Expires
June 30, 2022
Bonus Requirements
  1. Join American Heritage Credit Union.
  2. Open a new personal checking account through a valid workplace partner (or designation if opened online).
  3. Make direct deposits totaling $500.00 or more in each of the following full three statement cycles following the month of account opening and receive $50 per statement cycle.
  4. Make 25 or more cumulative debit card transactions during the first three full statement cycles following account opening to receive an additional $50 bonus.
  5. Bonuses will be awarded at end of 90 day promotional period.
Apply Now

at American Heritage Credit Union

86. Bask Bank Bask Mileage Savings - 1,000 bonus miles

Bask Bank is offering new account holders an additional 1,000 American Airlines AAdvantage® miles – on top of what the Bask Mileage Savings account already accrues.

You'll need to be a brand new Bask Bank customer to take advantage, but this offer is otherwise available nationwide with the ability to open online.

Bask Bank : Bask Mileage Savings

Bonus Amount
1,000 Miles
Account Type
Personal Savings
Availability
Nationwide
Offer Expires
June 30, 2022
Bonus Requirements
  1. Open a new Bask Mileage Savings Account.
  2. Within 30 days, deposit $5,000 and then maintain that balance for 90 consecutive days.
  3. AAdvantage® bonus miles are awarded within 10 business days.

87. Newtown Savings Bank Flagship Checking - $250 bonus

If you're located in Connecticut, Newton Savings Bank is offering an easy $250 welcome bonus for opening a new Flagship Checking account.

The bonus requires you to set up direct deposit, but there's no requirement on the amount of that deposit.

Keep in mind that this account has a monthly fee, and you'll need to maintain a $2,500 balance to get that waived. If you can't or don't want to do that, Newton Savings is also offering $150 for opening their Free Checking account, with the same requirements as this offer.

Bonus: You can also combine this with their Statement Savings bonus, to earn an additional $50!

Newtown Savings Bank : Flagship Checking

Bonus Amount
$250
Account Type
Personal Checking
Availability
CT
Offer Expires
June 30, 2022
Bonus Requirements
  1. Open a new Flagship Checking account using the promo code SPRING22.
  2. Within the first month, receive a direct deposit of any amount.
  3. Bonus will be credited to your new account by August 9, 2022.
Apply Now

at Newtown Savings Bank

88. Newtown Savings Bank Student Checking - $50 bonus

If you're a student located in Connecticut, Newton Savings Bank is offering an easy $50 welcome bonus for opening a new Student Checking account.

Unlike their consumer checking account bonuses, the student offer doesn't require direct deposit. Instead, you'll just need to make 5 debit card purchases. Easy peasy!

Bonus: You can also combine this with their Statement Savings bonus, to earn an additional $50!

Newtown Savings Bank : Student Checking

Bonus Amount
$50
Account Type
Student Checking
Availability
CT
Offer Expires
June 30, 2022
Bonus Requirements
  1. Open a new Student Checking account using the promo code SPRING22.
  2. By the end of the year, make 5 purchases using your debit card by July 10, 2022.
  3. Bonus will be credited to your new account by August 9, 2022.
Apply Now

at Newtown Savings Bank

89. Affinity Federal Credit Union Cash Back Debit - $150 bonus

Affinity Credit Union is offering a $150 sign up bonus for joining the credit union and opening a Cash Back Debit account.

To earn the reward, you'll need to set up direct deposit and receive that recurring deposit for the three consecutive months following account opening. You'll also need use your debit card a total of 10 times within those three months.

This is a free rewards checking account from a credit union anyone can join.

They've partnered with more than 2,000 businesses, associations and clubs, and if you're affiliated with any of them, you're in. If that fails, then you can also become eligible to join by making a one-time $5 donation to either the New Jersey Coalition for Financial Education or the Connecticut Jump$tart Coalition.

Affinity Federal Credit Union : Cash Back Debit

Bonus Amount
$150
Account Type
Personal Checking
Availability
Nationwide
Offer Expires
June 30, 2022
Bonus Requirements
  1. Open a new Cash Back Debit account using the link below.
  2. Within 30 days, set up a recurring direct deposit of $500 and receive that direct deposit every month for 3 consecutive months.
  3. Within that same 90 days, make 10 debit card purchases.
  4. Bonus will be credited to your new account 30 days after meeting the requirements.
Apply Now

at Affinity Federal Credit Union

90. Shell Federal Credit Union Checking - $50 bonus

Back for 2022 and available in-branch to Harris County Texas residents and businesses, Shell Federal Credit Union is offering a $50 new member bonus when you open a Checking Account and complete a direct deposit or ACH.

Shell Federal Credit Union : Checking Account

Bonus Amount
$50
Account Type
Personal Checking
Availability
TX
Offer Expires
June 30, 2022
Bonus Requirements
  1. Be a new member at Shell Federal Credit Union.
  2. Within 60 days, enroll in eStatements, complete at least 20 debit card purchases, and establish at least one direct deposit or ACH.
Learn More

at Shell Federal Credit Union

What Are Bank Promotions?

Banks and credit unions are always looking to attract as many new customers as possible.

The more new money that these financial institutions can bring in, the more overall profit they make.

One of the most popular ways that banks lure in new customers is by offering account opening bonuses, which are financial incentives you can get for opening a new account and meeting certain terms and conditions.

These new account offers are a win-win for the bank (or credit union) and customer.

They’re attractive to customers because it’s free money. And for banks, it’s a prime opportunity to bring in new customers, who are likely to stay on board for many years down the road.

How Can I Qualify For a Checking Account Bonus?

First, you typically need to be a new customer.

Next, you’ll have to meet requirements such as completing certain activities for a period of consecutive months after account opening.

These activities can be anything from meeting and maintaining a minimum balance or minimum deposit, making a qualifying direct deposit, using your debit card, enrolling in mobile banking, or a combination of several of these activities.

We’re intentionally vague here, because every new account bonus will come with different terms. Often, the more difficult the requirements, the higher the reward.

Requirements for checking account offers usually fall into four categories:

  1. Minimum Balance: Some bonuses will require you to transfer new money to the account and then maintain that balance for a certain period of time. How long will vary, but it’s typically from 30 to 90 days.
  2. Direct Deposit: Other offers will require you to receive qualifying direct deposits from your employer or government benefits such as social security. Often, the deposit will need to exceed a certain amount, and terms can vary from a single deposit to a recurring deposit that occurs over consecutive months.
  3. Debit Card Purchases: Sometimes the checking account bonus will require you to use your debit card to make a certain number of purchases. Keep in mind that ATM withdrawals won’t count.
  4. Account Features: The last common requirement involves using account features like Bill Pay, enrolling in eStatements, remote deposit capture, or logging into the mobile app.

Banks will outline exactly which of the above requirements – sometimes just one, sometimes a combination of several – are necessary to qualify for the checking account bonus.

In addition to meeting the initial requirements, you also usually have to stay in good standing with the bank or credit union for a certain number of days after account opening (the first three to six months is pretty typical).

This means that you either have to maintain an average daily balance, an average monthly balance, a specified combined balance, or a minimum balance as required by the bank.

It goes without saying, of course, that avoiding a negative balance is also critical, so don’t overdraft your account!

Ultimately, they’re putting the terms in place so that new customers don’t get the bonus and quickly close the account, which would result in a financial loss for the bank.

How are bank bonuses paid out?

Most of the time, it’s in the form of a cash bonus that the bank puts directly into your new account.

The bonus payment might also be handed out in other forms, such as a Visa Gift Card or rewards points that you can use to make online purchases.

Once you’ve met all the requirements, it’ll usually take a few business days for your cash to show up in your checking or savings account.

Most bank offers will clearly state when and how to expect your cash bonus, so again, read the fine print (we also call this out clearly in every offer we publish on BankBonus.com).

How much money can you get?

Sign-up bonuses typically range from a couple hundred to a thousand or more dollars, depending on the bank, how much money you deposit, or how “tough” the requirements are.

New account bonuses are typically offered for opening a traditional checking account, but you can also find them for opening a new business checking account, money market account, savings account, credit card, or investment account.

How do I avoid monthly fees?

A monthly maintenance fee is a fee charged by a financial institution simply for having the account. This is typically bundled with premium features such as interest on your deposit balance.

This is different from other account fees like atm surcharges, overdraft fees, or early account termination fees.

Fortunately, most of the time, the monthly service fee can be waived by meeting certain requirements such as receiving qualifying direct deposits, or maintaining a minimum balance requirement.

If you can’t meet the thresholds necessary to waive the monthly fee, fear not.

Many banks offer a checking account bonus even for opening one of their totally free checking accounts.

How To Find A Bank Sign Up Bonus

Keep an eye out for promotional materials from local or national banks that advertise a new checking account or savings account bonus.

Banks are frequently sending these out over email, snail-mail, and through online and mobile app ads.

Chances are, you’ve come across more bank promotions than you even realize.

And, just from having searched and found this article, there’s a strong chance that you’ll be retargeted for new account bonuses as you browse the internet.

What Do The Best Bank Promotions Look Like?

The bigger, the better, right?

Yes, and no. Bonus offers vary quite a bit, and it isn’t necessarily as simple as finding the biggest number and going after it.

New checking and savings account bonuses are everywhere, but customers can most often expect to see them popping up at the bigger national banks or credit unions. Some of the most popular are:

The best bank bonuses also have easy-to-reach requirements. For example, if the bank requires a $100,000 minimum opening deposit, most people wouldn’t qualify for that.

Another thing to watch out for is that if the bank charges a monthly maintenance fee for your new account. This could eventually wash out any bonus that you might get.

So, if you’re eyeing a $200 sign-up bonus, but then the bank charges an unavoidable $15 monthly fee, then your bonus offer gets washed out in about 13 months.

Ideally, the bank or credit union you decide to go with won’t charge you any fees, or there will be a way to get around them (such as monthly direct deposits).

The same goes for evaluating a credit card offer. The biggest account opening bonuses will come for cards with an annual fee. But this only makes sense if the card offers rewards and perks that you find genuinely valuable.

That way, you’ll be able to enjoy your cash bonus without giving it right back.

Calculator: Bank Bonus APY

If you’re eyeing a new savings, investment or checking account bonus, you may be wondering how to analyze some of the above factors to determine whether it’s a worthwhile offer.

It’s true that bank bonuses will very often give you an effective interest rate that is WAY higher than any HYSA, while still being low risk compared to the short-term volatility of say, the stock market.

But, as we said, that’s not the case for every offer, so we recommend you always run the numbers for yourself.

And, like always, we’re here to help with that.

If you have cash sitting in a savings account that you’re considering using to meet a minimum balance bonus requirement, this calculator will help you compare the APY of your savings account versus the cash reward.

What's the total amount you'll receive?

$

What's the minimum balance you're required to hold in the new account?

$

How long are you required to hold the balance in the new account in order to earn the bonus?

What fees will you incur while having the account? Don't include fees that will be waived or those that are avoidable, such as overdraft fees.

Already have your savings parked in a HYSA? Enter the rate you're earning to compare the bonus to that instead of the national average.

%

Our Methodology

As you can see, there are several things to consider when vetting or ranking savings account and checking account offers.

We focused on the following criteria:

  • Reasonable requirements compared to the cash payout
  • Nationally available offers
  • FDIC or NCUA insured, to protect your deposits
  • Accounts with no or waivable monthly fees

New Bank Account Offers: The Fine Print

It’d be nice if it was as simple as signing up and cashing in, but there are few more things to consider.

First, make sure you understand the exact requirements, including what’s required of you and by when (not only when the offer expires, but also how quickly you’ll need to complete the tasks).

Also note whether there’s a promo or coupon code that needs to applied at the time you open the account to enroll in the promotion.

What’s more, sometimes you need to be targeted with a specific offer page or email to get in the door.

Next, make sure you’re eligible for the offer. Banks will often exclude current or former customers from a bonus offer, may require you to be of a certain age or live in a certain state or region.

Why a certain location? Bank offers are often regional, so your friend in Michigan might see a checking bonus that’s different than what you’re getting in Kentucky – even if it’s with the same bank.

Once you’re certain that you’re eligible for the checking account bonus or savings promotion, pay close attention to the requirements.

These will be clearly outlined, but still have nuances you’ll want to be aware of.

For example, banks may require that account holders make their initial deposit via a qualifying direct deposit, rather than transferring money from another account. Banks like direct deposits because they provide steady, guaranteed revenue coming into the bank.

Finally, don’t forget that checking account bonuses are considered income and will need to be claimed come tax time. Unlike credit card bonuses, which are viewed by the IRS as a rebate or discount, checking account bonuses are considered taxable income.

The good news is that, unlike applying for a new credit card, when you open a new bank account, there’s usually no impact on your credit score.

Bank Promotions FAQs

What banks give you a bonus for opening a new account?

Offers are constantly changing. At BankBonus.com, we’re constantly scouring and updating the best bank bonuses available, so be sure to check back often (seriously, new offers are added almost every day!).

With that said, even though the actual bonus terms tend to change over time, almost all banks offer some kind of perk for opening a new bank account.

Larger, national banks typically have the resources to pay out the best bank bonuses. But you can also find sign-up rewards at your local community bank or credit union.

Whichever bank you decide to go with, make sure that it’s a member FDIC (or NCUA, if it’s a credit union), which means that your deposits will be protected up to $250,000.

Are new savings and checking account bonuses worth it?

Some bonus offers are worth it, and some aren’t.

A $400 cash bonus might seem like an amazing deal, but if you’re moving funds over from a high-yield savings account that earns a significant Annual Percentage Yield (APY), you might be losing money in the long run.

These days, however, most deposit and savings account don’t offer great interest rates – particularly those from big national banks.

So bank bonuses are very often a fantastic way to put your savings to work. Check out our Bank Bonus Return Calculator to determine for yourself the effective rate of a welcome offer and how it compares to your HYSA.

That tool also lets you factor in any fees that might come with your new account.

These might include a monthly maintenance fee or, in the case of free checking accounts, check writing or ATM fees that might exceed the value of the bonus you’re trying to get.

Why do banks have promotions?

Ultimately, bank account bonuses are a marketing tactic to attract new customers.

While most checking accounts are free (either by default or because you’re able to meet the requirements necessary to waive the fee), banks profit from you in other ways. Overdraft and other fees, add-ons like safe deposit boxes or checks, deepening their relationship with you through products like credit cards or loans, and more.

But even if you never pay your bank a single fee or a dime of interest, they still make money by having you as a customer.

How?

Bringing in new money gives banks lending power – which means they’re able to lend to other clients and earn interest (and origination fees!) from those loans.

So, to attract new customers (and their cash), many banks offer welcome bonuses to new customers.

Are bank bonuses taxable?

Yes, money you earn from a new account bonus will be reported to the IRS and taxed as income. Keep this in mind when you’re figuring out your total return on any given offer.

One exception to this are credit card sign up offers. Since most credit cards require you to spend a certain amount in order to qualify for a bonus, the reward doesn’t count as taxable income.

Do I need a checking account to get a savings bonus?

Sometimes. Banks love to get you in the door with as many products as possible, so some will require you to hold multiple accounts to earn a bonus.

Other promotions will give you a certain reward for opening a new checking account and meeting those requirements, and an extra cash reward for also opening a new savings account at the same time.

In either case, just because a bank is offering money as a sign-up bonus for opening a new account, you still want to be sure the new account makes sense for you.

There’s no limit to how many bank accounts you can hold, so this isn’t a huge issue, as long as an unwanted account doesn’t leave you paying fees.

With this in mind, if you need to add a checking account to get a bonus, make sure that it’s a free checking account that won’t penalize you for lack of use or a low balance.

Banks With Sign Up Bonuses For Other Account Types

We prioritize savings and checking account bonus offers in the list above. Looking for a different account type or requirement? We've got you covered.

The Best Bank Bonus For You

The key is to think of a personal checking account bonus as, well, a bonus. It's a nice-to-have.

What you shouldn't do is open an account that's a poor fit for your financial position just to chase some extra cash.

That said, between national banks, online banks, credit unions, and fintech platforms, the options for where to stash your savings or deposits are endless.

With this in mind, there's no reason to give a bank your business without getting something in return.

While functionality and low fees should always be your top priority, a nice savings account bonus or new checking account offer can get your balance moving in the right direction.

So, find exactly what it is that you're looking for in a bank account, then narrow the list down based on which banks not only meet your needs but also incentivize you!

To learn more about how to find, track, and maximize bank promotions, sign up for the free 3-day email course below.