346 Best Bank Bonuses and Promotions – January 2022

You’re probably familiar with the usual ways to earn money from your bank accounts, such as interest on your deposits, referral bonuses, 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 bank bonuses, and all you have to do is open a new checking account or savings account.

Really?

Yes! It's possible to earn hundreds of dollars just for opening a new bank account. Combine a big reward with a solid account from a great bank, and you have a winning combination!

Best New Bank Promotions and Offers for January 2022

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.

These are the best bank promotions that will give you cash right now.

Filters:

California Credit Union : eChecking Account

About This Bonus Offer

California Credit Union is offering new members $100 when they open an eChecking account online, over the phone, or at a local branch.

You'll need to set up and maintain a direct deposit for at least 3 months, but the requirements are otherwise straightforward. If you're eligible, check it out!

Bonus Amount
$100
Account Type
Personal Checking
Availability
CA
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Open a new eChecking account using the link below.
  2. Enroll in digital banking.
  3. Within 120 days, receive a direct deposit of $500, and maintain 3 months of that recurring direct deposit.
  4. The bonus will be added to the checking account the 1st week of the following month from the qualifying date.

Current : Premium Checking [SwagBucks]

About This Bonus Offer

Current has paired up with Swagbucks to reward you with 12,000 swagbucks – the equivalent of $120 – for opening a new Premium Checking account.

The terms are super easy to meet and it's available nationwide, so we definitely recommend picking this one up if you can.

They're also running the same deal through MyPoints, if that's your preferred platform.

Bonus Amount
$120
Account Type
Premium Checking
Availability
Nationwide
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Open a Premium Checking account using the link below.
  2. Within 45 days, receive a direct deposit of $200.
  3. Bonus will be credited to your SwagBucks account in the form of 12,000 points within 45 days.

CapEd Federal Credit Union : High Yield Checking

About This Bonus Offer

CapEd Credit Union is offering a bonus not only to you, but also to the school of your choosing when you sign up for a new personal checking account and meet the requirements.

To sweeten the deal, their high yield checking account offers one of the highest rates we've seen.

Bonus Amount
$100
Account Type
Personal Checking
Availability
ID
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Open a CapEd High Yield Checking account using the link below.
  2. Enroll in eStatements.
  3. Within any 1 of the first 3 statement cycles, receive a direct deposit.
  4. In that same cycle, make 12 debit card transactions.
  5. $100 will be paid to your checking account and to your selected school district upon meeting the requirements.

Current : Premium Checking [MyPoints]

About This Bonus Offer

Current has paired up with MyPoints to reward you with 20,000 points – the equivalent of $120 – for opening a new Premium Checking account.

The terms are super easy to meet and it's available nationwide, so we definitely recommend picking this one up if you can.

They're also running the same deal through Swagbucks, if that's your preferred platform.

Bonus Amount
$120
Account Type
Premium Checking
Availability
Nationwide
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Open a Premium Checking account using the link below.
  2. Within 45 days, receive a direct deposit of $200.
  3. Bonus will be credited to your MyPoints account in the form of 20,000 points within 45 days.

Chase Bank : Chase Freedom® Student

About This Bonus Offer

In addition to the other card perks like cash back and no annual fee, Chase is offering a $50 bonus to new Chase Freedom® Student cardholders.

Bonus Amount
$50
Account Type
Student Credit Card
Availability
Nationwide
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Apply for a new Chase Freedom® Student credit card using the link below.
  2. Within 3 months, make a purchase using your new card.
  3. Bonus will be credited within 6 to 8 weeks in the form of 5,000 points, which can be redeemed for $50.

Chase Bank : Chase Sapphire Reserve®

About This Bonus Offer

Chase is offering 50,000 bonus points to new Chase Sapphire Reserve® cardholders. Those points can be redeemed for $500 cash, or they can be stretched to $750 if put them toward travel through Chase Ultimate Rewards®.

Keep in mind that not too long ago, Chase was offering 60,000 points as the incentive for this card, so you may want to hold out to see if that offer returns.

The card also comes with $300 in annual travel credit as reimbursement for travel purchases each year.

Bonus Amount
50,000 Points
Account Type
Personal Credit Card
Availability
Nationwide
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Apply for a new Chase Sapphire Reserve ® credit card using the link below.
  2. Within 3 months, spend $4,000 using your new card.
  3. Bonus will be credited within 6 to 8 weeks in the form of 50,000 points, which can be redeemed for $500 cash or $750 in travel rewards.

Fort Bragg Federal Credit Union : Personal Checking

About This Bonus Offer

Fort Bragg Federal Credit Union is offering a $100 welcome bonus when you open a new personal checking account and set up direct deposit. This bonus is limited to select counties in North Carolina, so doublecheck you meet the membership requirements first!

Bonus Amount
$100
Account Type
Personal Checking
Availability
NC
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Become a member of Fort Bragg FCU.
  2. Open a Basic or Secure Checking account.
  3. sign up for direct deposit.
  4. Bonus will be deposited after 90 days.

Stanford Federal Credit Union : Personal Checking

About This Bonus Offer

Stanford Federal Credit Union is offering a relatively simple bonus for new members in their footprint.

Just complete the direct deposit requirements and $100 cash will be deposited into your account.

Bonus Amount
$100
Account Type
Personal Checking
Availability
CA
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Open a Stanford FCU Basic or Premier Checking account using promo code NEW100.
  2. Within 60 days, enroll in and complete monthly direct deposits of at least $500.
  3. Bonus will be credited to your account 90 days after opening.

American Bank and Trust Company : Green Plus Checking

About This Bonus Offer

Available mostly in Illinois, American Bank and Trust is offering a $100 welcome bonus when you open a new Green Plus checking account. This bonus doesn't come with a lot of requirements and is definitely worth a look if you have a location near you.

Bonus Amount
$100
Account Type
Personal Checking
Availability
IA, IL
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Open a new Green Plus Checking account.
  2. Within 30 days, make a deposit and complete 5 debit purchases.
  3. During the first 30 days, maintain a balance of at least $0.01.
  4. Bonus will appear as an account credit on the first business day after 30 days.

Valley National Bank : Valley My Choice

About This Bonus Offer

Valley National Bank is offering young adults ages 17 to 25 up to $150 for opening a new Valley My Choice checking account.

The bonus breaks down into two $75 rewards. The first is earned just by opening the account and enrolling in mobile banking and paperless statements (super easy!). For the second $75, you have your choice between debit card purchases or online bill payments. Either way, this is a really easy bonus for teens and young adults.

Bonus Amount
up to $150
Account Type
Student Checking
Availability
AL, FL, NJ, NY
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Open a new Valley My Choice checking account using the link below.
  2. Within 60 days, activate mobile banking and enroll in paperless statements to earn $75.
  3. Within the same 60 days, optionally complete 1 of the following 2 requirements to earn an additional $75: (1) make 20 debit card purchases of $5 or more each, OR (2) complete 3 online bill payments.
  4. Bonus(es) will be credited to your account within 90 days of account opening.

HomeTrust Bank : Everywhere Connect

About This Bonus Offer

This is an ongoing perk of HomeTrust Bank's Everywhere Connect checking account. Just use your debit card to make 10 purchases each month, and you'll earn a $5 cash reward. That adds up to a possible $60 each year.

Bonus Amount
up to $60
Account Type
Personal Checking
Availability
NC, SC, TN, VA
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Have an existing (or open a new) Everywhere Connect checking account.
  2. Each month, make 10 signature debit card purchases to earn $5.
  3. Reward will be credited to your account on the last day of each monthly statement cycle, for a total of $60 per calendar year.

1st United Credit Union : Personal Checking

About This Bonus Offer

Available for residents in select California counties, 1st United Credit Union is offering a $150 welcome bonus when you open a new checking account.

Just set up direct deposit and make a purchase with your debit card and you'll earn some cold hard cash.

Bonus Amount
$150
Account Type
Personal Checking
Availability
CA
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Open new checking account using promotional code HACIENDA.
  2. Within 60 days, establish a qualifying monthly direct deposit of $500 or more.
  3. Also within 60 days, activate and make a purchase with debit card.

Ulster Savings Bank : Smart Start Checking

About This Bonus Offer

Available in New York with the ability to open online, Ulster Savings Bank is offering a $25 welcome bonus to children 13 - 17 years old who open a new youth checking account and complete 10 financial education training modules.

Bonus Amount
$25
Account Type
Student Checking
Availability
NY
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Be age 13-17 years old.
  2. Have a parent or guardian will to be a joint owner on the account.
  3. Open a Smart Start Checking account.
  4. Complete 10 five minute online modules from the Ulster Financial Education Center.

Comerica Bank : Platinum Circle Checking®

About This Bonus Offer

Comerica Bank is offering $500 to new Comerica Platinum Circle Checking customers. To earn the bonus, you'll need a big chunk of cash, however: $50,000.

Fortunately, it doesn't all need to sit in your new checking account. Instead, Comerica will count deposits to your money market, CD, IRA, or business checking accounts as well, as long as they're made within 30 days of opening your new checking account.

This represents an effective rate of about 4% on your savings – so, not the best return we've seen from bonuses, but still significantly better than most basic savings accounts.

Bonus Amount
$500
Account Type
Personal Checking
Availability
MI, TX
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Open a new Comerica Platinum Circle Checking account using the link below.
  2. Within 30 days, deposit $50,000 cumulative across all eligible accounts and maintain that balance for 90 days.
  3. Bonus will be credited to your account within 30 days of meeting the requirements.

Sterling National Bank : Private Banking Checking

About This Bonus Offer

Sterling National Bank is offering new and existing Private Banking clients up to $300 to add new money. If you have more than $250,000 you may be eligible for a bonus up to $1,000 (check out similar offers).

This is an easy bonus if you have the cash. One note: you'll need to open the account in a branch. We also couldn't find any information about monthly fees, so be sure to verify that when evaluating the offer.

Bonus Amount
up to $300
Account Type
Personal Checking
Availability
NJ, NY
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Open a new or have an existing Private Bank checking account.
  2. Deposit $50,000 - $249,999 in new money to establish your bonus tier.
  3. Within the first 3 statement cycles, you'll earn $150 for each statement cycle that you maintain a minimum daily balance of $50,000 and make a direct deposit of at least $1,000. Max bonus of $300.
  4. The cash bonus payment will be paid on the last day of the evaluated statement cycle.

Sterling National Bank : Private Banking Checking

About This Bonus Offer

Sterling National Bank is offering new and existing Private Banking clients up to $500 to add new money. If you have more than 500,000 you may be eligible for a bonus up to $1,000 (check out similar offers).

This is an easy bonus if you have the cash. One note: you'll need to open the account in a branch. We also couldn't find any information about monthly fees, so be sure to verify that when evaluating the offer.

Bonus Amount
up to $500
Account Type
Personal Checking
Availability
NJ, NY
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Open a new or have an existing Private Bank checking account.
  2. Deposit $250,000 - $499,999 in new money to establish your bonus tier.
  3. Within the first 3 statement cycles, you'll earn $250 for each statement cycle that you maintain a minimum daily balance of $250,000 and make a direct deposit of at least $1,000. Max bonus of $500.
  4. The cash bonus payment will be paid on the last day of the evaluated statement cycle.

Sterling National Bank : Private Banking Checking

About This Bonus Offer

Sterling National Bank is offering new and existing Private Banking clients up to $1,000 to add new money. If you have less than 500,000 you may be eligible for smaller bonuses (check out similar offers).

This is an easy bonus if you have the cash. One note: you'll need to open the account in a branch. We also couldn't find any information about monthly fees, so be sure to verify that when evaluating the offer.

Bonus Amount
up to $1000
Account Type
Personal Checking
Availability
NJ, NY
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Open a new or have an existing Private Bank checking account.
  2. Deposit $500,000+ in new money to establish your bonus tier.
  3. Within the first 3 statement cycles, you'll earn $500 for each statement cycle that you maintain a minimum daily balance of $500,000 and make a direct deposit of at least $1,000. Max bonus of $1,000.
  4. The cash bonus payment will be paid on the last day of the evaluated statement cycle.

HarborOne Bank : Checking + Savings Combo

About This Bonus Offer

HarborOne Bank if giving new customers a chance to earn $200 by opening iChecking and Statement Savings accounts at the same time.

Not a new customer? See the fine print for ways you may still qualify for the bonus.

Bonus Amount
up to $200
Account Type
Checking + Savings Combo
Availability
MA, NH, RI
Offer Expires
Limited Time Offer
Bonus Requirements
  1. To receive the first $100 Bonus, open an iChecking Account and receive direct deposits totaling at least $2,500 within 60 days of account opening.
  2. To receive the $100 Savings bonus, open a HarborOne Statement Savings Account and maintain at least a $500 balance within 60 days.
  3. Bonus will post no more than 80 days from account opening.

Landmark Credit Union : Personal Checking

About This Bonus Offer

Landmark Credit Union is offering a $200 bonus for signing up with one of their personal checking accounts.

All of their eligible checking accounts are fee-free, but one gives you rewards for spending instead of earning interest.

Bonus Amount
$200
Account Type
Personal Checking
Availability
IL, WI
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Apply for checking account with our link to receive PromoCode.
  2. Enroll in eStatements.
  3. Make direct deposits of at least $250 per month.
  4. Landmark will review your new account 60 days after opening. The $200 bonus will deposit within 45 days of the review. Accounts closed within the first 6 months will be charged a $200 penalty.

Advantis Credit Union : Personal Checking

About This Bonus Offer

Advantis is offering a $100 welcome bonus to new members that open a new checking account and add an additional non-checking account. They term this "The Power of Three" (savings + checkings + an additional account). They offer a wide range of products so there's sure to be something for everyone.

Bonus Amount
$100
Account Type
Personal Checking
Availability
OR, WA
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Join Advantis by opening a savings account.
  2. Be the primary account owner/signer on any personal or business checking account.
  3. Within 6 months of establishing membership, open 1 of the following: consumer or business CD, consumer or business Money Market, Consumer IRA Savings, HSA Certificates, Holiday & Tax Savings account, Deferred Comp & 457(B) account, My First Home Savings or any type of consumer or commercial loan, or any type of consumer credit card or mortgage.
  4. Bonus will deposit within 60 days.

Advantis Credit Union : Business Solutions Checking

About This Bonus Offer

Advantis is offering a $100 welcome bonus to new members that open a new checking account and add an additional non-checking account. They term this "The Power of Three" (savings + checkings + an additional account). They offer a wide range of products so there's sure to be something for everyone.

Bonus Amount
$100
Account Type
Business Checking
Availability
OR, WA
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Join Advantis by opening a savings account.
  2. Be the primary account owner/signer on any business or personal checking account.
  3. Within 6 months of establishing membership, open 1 of the following: consumer or business Certificates of Deposit, consumer or business Money Market, Consumer IRA Savings, HSA Certificates, Holiday & Tax Savings account, Deferred Comp & 457(B) account, My First Home Savings or any type of Consumer or Commercial loan, or any type of consumer credit card or mortgage.
  4. Bonus will deposit within 60 days.

Union Bank and Trust : Simply Free Checking

About This Bonus Offer

Union Bank & Trust is offering $50 to new customers that sign up for their Simply Free or Simply Free Student checking accounts.

This offer used to require direct deposit, but now just requires 10 debit card purchases. In our opinion, that's much more aligned to the $50 reward.

Bonus Amount
$50
Account Type
Simply Free Checking
Availability
NE, KS
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Open a Simply Free or a Simply Free Student checking account.
  2. Enroll in eStatements.
  3. Within 60 days, make 10 debit card purchases.
  4. Bonus will be credited within 70 days of account opening.

Northwest Federal Credit Union : First Rewards

About This Bonus Offer

Available in Virginia, Northwest Federal Credit Union is offering a $25 bonus to teens that open a new First Rewards savings account and reach a balance of $500.

Bonus Amount
$25
Account Type
Student Savings
Availability
VA
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Be age 13-17 years old.
  2. Open a new First Rewards youth account.
  3. Grow the balance to $500.
  4. Bonus will be credited to the savings account by close of business on the first day the balance reaches $500.

City National Bank of West Virginia : City Gold Checking

About This Bonus Offer

If you happen to live in the targeted area and are near a branch, City National Bank is offering an easy bonus for opening a new checking account.

While their basic checking account comes with an unavoidable monthly fee, the bonus also applies to their eStatement and Community Hero checking accounts, which are fee-free if you qualify.

Bonus Amount
$200
Account Type
Personal Checking
Availability
VA, KT
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Open a new City National Bank checking account in-branch.
  2. Within 90 days, make a direct deposit of $200.

Eastman Credit Union : Beyond Free Checking

About This Bonus Offer

Available in select states with the ability to open online, Eastman Credit Union is offering a $100 welcome bonus when you open a new Beyond Free Checking account and set up direct deposit.

Bonus Amount
$100
Account Type
Personal Checking
Availability
TN, TX, VA
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Become a member of Eastman Credit Union.
  2. Open a new Beyond Free Checking account.
  3. Make an automated debit or direct deposit.
  4. Bonus will be received within 30 days of completing the requirements.

Fremont Bank : Cornerstone Checking

About This Bonus Offer

Available in California with the ability to open online, Fremont Bank is offering up to a $150 welcome bonus when you open a new Cornerstone Checking account. This is a tiered bonus, the more activities you complete, the more you can earn.

Bonus Amount
up to $150
Account Type
Personal Checking
Availability
CA
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Open a new Cornerstone Checking account.
  2. Within 60 days do any or all of the following: 1) make a recurring direct deposit of at least $500, earn $50, 2) Complete two or more online bill payments, earn $50, 3) Make 25 or more qualifying debit card purchases of $5 or more, earn $50.

Associated Healthcare Credit Union : Personal Checking

About This Bonus Offer

Available to qualifying Minnesota residents with the ability to open online, Associated Healthcare Credit Union is offering a $100 welcome bonus when you open a new healthy rewards checking account and set up direct deposit. You'll need both a direct deposit and debit card spending to complete this bonus, which also are needed to qualify for the rewards on their checking accounts.

Bonus Amount
$100
Account Type
Personal Checking
Availability
MN
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Be an existing AHCU member without a checking account or become a new member.
  2. Open a new healthy rewards checking account.
  3. Within 60 days of account opening, make at least $500 in direct deposits and make at least 15 debit card purchases of at least $5 each.
  4. Within the same 60 days also be enrolled in eStatements and online banking.
  5. Bonus will be paid by the 10th day of the following month after completion of the criteria.

Florida Credit Union : Personal Checking

About This Bonus Offer

Florida Credit Union is giving new members $300 when they open any checking account.

Both checking options are free; however, one offers interest and the other does not.

Bonus Amount
$300
Account Type
Personal Checking
Availability
FL
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Open a free personal checking account.
  2. Within 60 days, complete direct deposits totaling $500 or more.
  3. Keep account open for at least 90 days.

Trustone Financial Credit Union : Personal Checking

About This Bonus Offer

Trustone Financial is offering a $100 welcome bonus when you open a new checking account and set up direct deposit. It's not the biggest bonus we've seen, but the requirements are relatively easy to meet and it's available even for student accounts (assuming you're at least 16).

Keep in mind that in the past, Trustone has also offered an additional $50 for enrolling in eStatements (so $150 total bonus), but has dropped that reward this time around.

Bonus Amount
$100
Account Type
Personal Checking
Availability
MN, WI
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Open a new personal checking account using the link below.
  2. Within 45 days, receive direct deposits totaling $500.
  3. Bonus will be deposited within 60 days of account opening.

Point Breeze Credit Union : Personal Checking

About This Bonus Offer

Point Breeze Credit Union, based in Maryland, is offering up to $275 in bonuses when you open a new personal checking account. This is a tiered bonus, meaning the more items you complete, the more money you're eligible. For example, earn a cool $25 just for enrolling in eStatements!

Bonus Amount
up to $275
Account Type
Personal Checking
Availability
MD
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Become a member of Point Breeze Credit Union.
  2. Open a checking account, earn $50.
  3. Within 45 days, make a direct deposit of at least $400 , earn $100.
  4. Within 45 days, swipe your debit card 12 times, earn $100.
  5. Within 45 days, enroll in eStatements, earn $25.
  6. Bonus(es) will be deposited to your account within 60 days of account opening.

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.

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 your high-yield savings account, which offers a significantly higher Annual Percentage Yield (APY), you might be losing money in the long run.

Generally speaking, big national banks don’t offer the best interest rate on checking account deposits, so take that into account as well.

You also have to pay attention to the monthly fee that might come with your new account.

Even if you’re opening a free checking account, there might be check writing or ATM fees that 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 Accounts

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.