345 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:

Service Credit Union : Everyday Checking

About This Bonus Offer

Service Credit Union is offering a $50 now / $50 later bonus for opening a free checking account. While it's typically limited to MA and NH, the account and bonus are available nationwide if you first join the non-profit American Consumer Council (ACC) for free using the promo code "consumer".

The bonus is relatively low, but the requirements are easy to meet and the account can be conveniently opened online, so it's a no-brainer in our opinion.

Bonus Amount
up to $100
Account Type
Personal Checking
Availability
Nationwide
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Open a new Everyday or Dividend checking account using the link below.
  2. $50 will be immediately deposited into your account.
  3. WIthin 30 days, complete 10 debit card transactions to earn an additional $50.

Citi : Citi Premier® Card

About This Bonus Offer

The Citi Premier® Card offers new cardholders a welcome bonus of 80,000 bonus ThankYou Points, which you can get after making purchases worth $4,000 in the first three months.

You can exchange these bonus points for $800 worth of gift cards from a large variety of retailers.

Bonus Amount
80,000 Points
Account Type
Personal Credit Card
Availability
Nationwide
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Apply for a new Citi Premier® Card using the link below.
  2. Within 3 months, spend $4,000 using your new card.
  3. Bonus will be credited in the form of 80,000 points, which can be redeemed for $800 in gift cards.

Grow Financial Federal Credit Union : Personal Checking

About This Bonus Offer

Available in Florida and South Carolina, Grow Financial Federal Credit Union is offering a $200 welcome bonus when you open a new personal checking account and use your debit card. Their field of membership is geared to military personnel and their families, so check on that when signing up.

Bonus Amount
$200
Account Type
Personal Checking
Availability
FL, SC
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Become a new member and open a new personal checking account online.
  2. By February 15, 2022, make 5 debit card transactions totaling more than $200 on your debit card.
  3. Bonus will be deposited no later than 04/01/2022.

Lafayette Federal Credit Union : Personal Checking and Savings

About This Bonus Offer

Available in the greater District of Columbia area with the ability to open online, Lafayette Federal Credit Union is offering new members up to a $100 welcome bonus for opening a new savings and checking account and setting up direct deposit.

Bonus Amount
up to $100
Account Type
Personal Checking and Savings
Availability
DC, MD, VA
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Become a member of Lafayette Federal Credit Union.
  2. Open a new savings and checking account.
  3. Initiate a direct deposit, receive $50.
  4. Within 45 days, complete a recurring direct deposit, receive an additional $50.

Chase Bank : Slate Edge℠

About This Bonus Offer

Chase is trying to attract customers to its new Slate Edge℠ credit card, offering a $100 bonus after you've spent $500 in the first 6 months.

Assuming you make payments on time, by fulfilling the requirements for the bonus you'll also be eligible for a credit limit increase at the end of that 6 month period.

If you have strong credit, there are certainly more rewarding credit cards out there, but this card is uniquely positioned for those with average scores looking to build their credit. It comes with a 0% intro APR for the first 12 months, and an annual 2% interest rate reduction for cardholders who pay on time and spend at least $1,000 on the card each year.

Bonus Amount
$100
Account Type
Personal Credit Card
Availability
Nationwide
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Apply for a new Chase Slate Edge℠ credit card using the link below.
  2. Within 6 months, spend $500 using your new card.
  3. Bonus will be credited within 6 to 8 weeks in the form of a $100 statement credit.

Charles Schwab : Schwab One®

About This Bonus Offer

Charles Schwab has a bonus targeting new or entry-level investors in what they call the Schwab Starter Kit™, but new customers of all comfort levels can qualify. When you open a new account for this promo, Schwab will invest your bonus in fractional shares or "slices" of the top stocks by market cap in the S&P 500. It's a great way to start investing.

Bonus Amount
$50
Account Type
Investment
Availability
Nationwide
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Open a new Schwab One account at the url below or open a new taxable investment account using promo code "SCHWABSTARTERKIT".
  2. Within 30 days, Fund your account with a minimum of $50.
  3. Once funded, Schwab will deposit $50 in your account to purchase your stock slices at approximately 6:00 pm Eastern Time the next trading day.

Christian Community Credit Union : Personal Checking Account

About This Bonus Offer

You'll need to be or become a member in order to qualify, and the organization strictly enforces the Christian Ministry requirement. If you are eligible, however, it's an easy bonus that's available nationwide.

Bonus Amount
$200
Account Type
Personal Checking
Availability
Nationwide
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Open a new checking account using the link below.
  2. Fund the account initially with at least $100.
  3. Within 60 days, receive a recurring direct deposit of $200 (each).
  4. Within that same 60 days, sign up for eStatements.

TBK Bank : Business Interest Checking

About This Bonus Offer

TBK Bank is offering new Business Interest Checking customers up to $200 for completing certain requirements within 120 days. Each requirement has an associated reward, and you can choose to partake in as many or as few of the requirements as you'd like!

Bonus Amount
up to $200
Account Type
Business Checking
Availability
CO, IL, IA, KS, TX
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Open a new Business Interest Checking account using the link below.
  2. Within 120 days, enroll in TBK Bank Merchant Services to earn $100.
  3. Within the same 120 days, complete 3 recurring automatic transfers from this account to a TBK Bank savings or money market account to earn $50.
  4. Within the same 120 days, make one debit card purchase to earn $25.
  5. Within the same 120 days, open and fund an AIM or Everyday consumer checking account to earn $25.
  6. Any qualifying bonus will be credited to this Business Interest Checking account on the next business day following the end of the 120-day bonus period.

TBK Bank : AIM Checking

About This Bonus Offer

TBK Bank is offering new AIM Checking customers up to $200 for completing certain requirements within 120 days. Each requirement has an associated reward, and you can choose to partake in as many or as few of the requirements as you'd like!

Bonus Amount
up to $200
Account Type
Personal Checking
Availability
CO, IL, IA, KS, TX
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Open a new AIM Checking account.
  2. Within 120 days, do any of the following to earn their respective bonus amount: 1. Make at least 3 direct deposits totaling a minimum of $12,000 - earn $100; 2. Complete at least 3 recurring automatic transfers from this account to a TBK Bank savings or money market account - earn $50; 3. Make 9 Bill Pay payments to service providers - earn $25; 4. Make 50 Point-of-Sale one time or recurring debit card transactions - earn $25.
  3. Bonus earned will deposit within 1 business day following the 120 day qualifying period.

TBK Bank : Everyday Checking

About This Bonus Offer

TBK Bank is offering new Everyday Checking customers up to $125 for completing certain requirements within 120 days. Each requirement has an associated reward, and you can choose to partake in as many or as few of the requirements as you'd like!

Bonus Amount
$125
Account Type
Personal Checking
Availability
CO, IL, IA, KS, TX
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Open a new Everyday Checking account.
  2. Within 120 days, do any of the following to earn their respective bonus amount: 1. Make at least 3 direct deposits totaling a minimum of $3,000 - earn $50; 2. Complete at least 3 recurring automatic transfers from this account to a TBK Bank savings or money market account - earn $25; 3. Make 9 Bill Pay payments to service providers - earn $25; 4. Make 50 Point-of-Sale one time or recurring debit card transactions - earn $25.
  3. Bonus earned will deposit within 1 business day following the 120 day qualifying period.

Central Minnesota Credit Union : Personal Checking

About This Bonus Offer

Residents in select counties of North Dakota, Minnesota and Wisconsin can take advantage of a new bonus from Central Minnesota Credit Union. CMCU is offering up to a $225 welcome bonus when you open a new personal checking account. To receive the max bonus amount, you'll also need to set up direct deposit or use your debit card. This is a tiered bonus, the more activities you complete, the more you can earn.

Bonus Amount
up to $225
Account Type
Personal Checking
Availability
MN, ND, WI
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Become a member of Central Minnesota Credit Union if not already.
  2. Open new checking account in a branch or online using the promo code "CHECKING225", receive $100 bonus.
  3. For the next 5 months, receive an additional $25 each month that you maintain a direct deposit or use your debit card 8 times, up to $125 total.

Verity Credit Union : Cash Back Checking

About This Bonus Offer

Available in Washington state with the ability to open online, Verity Credit Union is offering a $100 welcome bonus to new members who work for a non-profit organization when you open a new rewards checking account.

Bonus Amount
$100
Account Type
Personal Checking
Availability
WA
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Work for a non-profit 501(c)(3) organization.
  2. Become a member of Verity Credit Union using promo code NP100.
  3. Open a rewards checking account, loan or credit card.

Peoples Bank : Premier Checking

About This Bonus Offer

Peoples Bank is offering up to $300 for opening a new Premier Checking account. The bonus comes as $50 each month that you make at least one direct deposit and five debit card purchases, up to $300 total (6 statement cycles).

Bonus Amount
up to $300
Account Type
Personal Checking
Availability
KY, OH, WV
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Open a new Premier Checking Account.
  2. Enroll in eStatements.
  3. Each statement cycle, make at least one direct deposit transaction.
  4. Each statement cycle, make 5 or more debit card purchases.
  5. For each statement cycle you complete these requirements you will earn $50, up to $300 total (6 statement cycles).

Peoples Bank : Personal Interest Checking

About This Bonus Offer

Peoples Bank is offering up to $150 for opening a new Interest Plus Checking account. The bonus comes as $25 each month that you make at least one direct deposit and five debit card purchases, up to $150 total (6 statement cycles).

Bonus Amount
up to $150
Account Type
Personal Checking
Availability
KY, OH, WV
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Open a new Interest Plus Checking Account.
  2. Enroll in eStatements.
  3. Each statement cycle, make at least one direct deposit transaction.
  4. Each statement cycle, make 5 or more debit card purchases.
  5. For each statement cycle you complete these requirements you will earn $25, up to $150 total (6 statement cycles).

Honor Credit Union : Personal Checking

About This Bonus Offer

Honor Credit Union is offering new members $250 for opening one of their free checking accounts. The requirements are fairly easy to meet assuming you live within their Michigan footprint, but keep in mind that the account triggers a hard credit pull.

Otherwise, this is a solid bonus. They've offered $100 in the past with nearly identical requirements – this offer adds the debit card transactions, but also more than doubles the bonus amount in return.

Bonus Amount
$250
Account Type
Personal Checking
Availability
MI
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Join Honor Credit Union and open a new checking account using the link below.
  2. Within 60 days, receive direct deposits totaling $100.
  3. Within the same 60 days, make 6 debit card purchases.
  4. Bonus will be paid within 30 days of meeting requirements.

Flushing Bank : Complete Checking

About This Bonus Offer

Flushing Bank is offering new Complete Checking account customers up to $800. The bonus is tiered based on the amount of "new money" (money not currently on deposit at Flushing Bank) that you deposit and maintain in the new account for the first 3 months after account opening.

You can also combine this bonus with their "Activation" bonus, which gives you several ways to earn an additional $200 on top of this "Balance" bonus. Check out both promotional offers!

Bonus Amount
up to $800
Account Type
Personal Checking
Availability
NY, NJ
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Open a new Complete Checking account.
  2. For the first three full calendar months after opening, maintain a monthly average balance of $10,000 to earn $30, $25,000 to earn $100, $50,000 to earn $200, $100,000 to earn $400, or $250,000 to earn $800.
  3. Bonus will be credited on or about the end of the subsequent month following the account’s three month anniversary.

Flushing Bank : Complete Checking

About This Bonus Offer

Flushing Bank is offering new Complete Checking account customers up to $200. There are several ways to earn the $200: direct deposits, debit card purchases, or online bill payments.

You can also combine this "Activation" bonus with their "Balance" bonus, which is a tiered bonus based on the amount of cash you deposit and maintain in the new account – up to an additional $800. Check out both promotional offers!

Bonus Amount
up to $200
Account Type
Personal Checking
Availability
NY, NJ
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Open a new Complete Checking account.
  2. Meet ONE of the following requirements: (1) within 90 days, receive two direct deposits of $250 each, OR (2) within 60 days, make 5 debit card purchases of $25 each, OR (3) within 60 days, complete 5 online bill payments of $25 each.
  3. Bonus will be credited at the end of the month following completion of the qualifying transactions.

Susquehanna Community Bank : Business Advantage Checking

About This Bonus Offer

Available in Pennsylvania with the ability to open online, Susquehanna Community Bank is offering a $150 welcome bonus when you open a new Business Advantage checking account. That's it! This straightforward offer is one of the easiest we've seen for a business account bonus.

Bonus Amount
$150
Account Type
Business Checking
Availability
PA
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Open a new Business Advantage checking account.
  2. Keep the account open and in good standing for 90 business days.

Susquehanna Community Bank : Business FREEdom Checking

About This Bonus Offer

Available in Pennsylvania with the ability to open online, Susquehanna Community Bank is offering a $50 welcome bonus when you open a new Business FREEdom checking account. That's it! If you're able to float a slightly higher opening deposit of $2,500, consider their $150 bonus for a new Business Advantage checking account.

Bonus Amount
$50
Account Type
Business Checking
Availability
PA
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Open a new Business FREEdom checking account.
  2. Keep the account open and in good standing for 90 business days.

Susquehanna Community Bank : Personal Checking

About This Bonus Offer

Available in PA to residents of Lycoming County (online) or at the Williamsport Branch, SCB is offering up to a $150 welcome bonus to new customers that open a personal checking account and optionally setup direct deposit.

Bonus Amount
up to $150
Account Type
Personal Checking
Availability
PA
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Be a new customer and resident of Lycoming County or visit the Williamsport Branch.
  2. Open a new personal checking account.
  3. A $50 bonus will be received within 3 business days of account opening.
  4. Within 60 days, make a direct deposit of at least $250.
  5. A additional $100 bonus will be credited within 60 business days of receiving the direct deposit.

OnJuno : Personal Checking

About This Bonus Offer

OnJuno is offering a $50 welcome bonus when you open a new checking account and connect your direct deposit. This is up from their $15 signup bonus offered previously. What's even more? If you sign up for their premium "Metal Checking" account, they'll waive the first 6 months of fees (that's almost $60 in total!).

Still want more? You can also earn up to $150 in cashback each year on spend with your card and 1.20% on balances up to $5,000 in yearly bonuses.

Bonus Amount
$50
Account Type
Personal Checking
Availability
Nationwide
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Open a new OnJuno account at the link below.
  2. Complete your first direct deposit of $250 or more
  3. Bonus will be transferred to your OnJuno account after completing the requirements.

Gesa Credit Union : Personal Checking

About This Bonus Offer

Gesa Credit Union is offering members up to $300 for opening a new Colossal or Addvantage checking account. This is a tiered bonus. To receive the primary bonus of $200, you'll mostly just need to complete some debit card spend being the main component. After that, you'll need to keep your account open a year to receive the final $100.

It's also worth noting that the previous checking bonus from Gesa CU was $100. Now might be the ideal time to apply if you've been on the fence in case the offer is lowered in the next iteration.

Bonus Amount
up to $300
Account Type
Personal Checking
Availability
ID, OR, WA
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Open a new checking account using the link below.
  2. Within 60 days, enroll in Online or Mobile Banking and sign up for eStatements.
  3. Within the same 60 days, complete 10 debit card purchases - earn $200.
  4. Bonus will be credited to your savings account within 30 days of completing all requirements.
  5. Keep your account open for 1 year and receive an additional $100.

KeyPoint Credit Union : Personal Checking Account

About This Bonus Offer

KeyPoint Credit Union is offering California residents a $300 bonus for opening a new personal checking account.

The promotion breaks down into 2 separate bonuses: $150 for meeting a direct deposit requirement, and another $150 for using your debit card.

Bonus Amount
up to $300
Account Type
Personal Checking
Availability
CA
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Open a new personal checking account using the promo code D300.
  2. Make a $25 opening deposit.
  3. Within 60 days, receive a recurring direct deposit of at least $1,000 to earn $150.
  4. Within 3 months of account opening, use your debit card to make 40 purchases to earn an additional $150.
  5. First bonus will be credited within 60 days of account opening. Second bonus will be credited within 3 months after account opening.

PNC Bank : PNC Cash Rewards®

About This Bonus Offer

PNC is offering a $100 welcome bonus to new PNC Cash Rewards® cardholders. To earn the bonus, you'll need to make $1,000 worth of purchases within 3 statement cycles.

The card also comes with a 0% APR on balance transfers for the first 12 billing cycles, and has no annual fee.

Bonus Amount
$100
Account Type
Personal Credit Card
Availability
Nationwide
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Apply for a new PNC Cash Rewards® credit card using the link below.
  2. Within 3 months, spend $1,000 using your new card.
  3. Bonus will be credited within 90 days in the form of a statement credit.

PNC Bank : PNC Core®

About This Bonus Offer

PNC is offering a $100 welcome bonus to new PNC Core® cardholders. To earn the bonus, you'll need to make $1,000 worth of purchases within 3 statement cycles.

This is in addition to the introductory 0% APR on purchases and balance transfers for the first 15 months.

Bonus Amount
$100
Account Type
Personal Credit Card
Availability
Nationwide
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Apply for a new PNC Core® credit card using the link below.
  2. Within 3 months, spend $1,000 using your new card.
  3. Bonus will be credited within 90 days in the form of a statement credit.

Citi : Citi® / AAdvantage® Platinum Select® World Elite Mastercard®

About This Bonus Offer

The Citi® / AAdvantage® Platinum Select® World Elite Mastercard® offers new cardholders 50,000 American Airlines AAdvantage® bonus miles after spending $2,500 in the first three months.

Bonus Tip: You also get a $125 flight discount if you spend $20,000 in a single year and renew your card.

Bonus Amount
50,000 Miles
Account Type
Personal Credit Card
Availability
Nationwide
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Apply for a new Citi® / AAdvantage® Platinum Select® World Elite Mastercard® credit card using the link below.
  2. Within 3 months, spend $2,500 using your new card.
  3. Bonus miles will be credited in your AAdvantage® account in 8-10 weeks.

Bank of America : Merrill Edge Self-Directed

About This Bonus Offer

Available nationwide with the ability to open online, Bank of America's Merrill Edge is offering up to a $1000 welcome bonus when you open a new Merrill Edge Self-Directed account and make an initial deposit.

The standard promotion is $600; however, BOA Preferred Rewards members get a boost as outlined in the requirements below.

Bonus Amount
up to $1000
Account Type
Investment
Availability
Nationwide
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Open a new Self-Directed Trading account from Merrill Edge using promo code "1000PR".
  2. Within 45 days, fund your account with new money from outside Bank of America. To earn a $100 bonus, deposit $20,000-$49,999; To earn a $200 bonus, deposit $49,999-$99,999; To earn a $400 bonus, deposit $100,000-$199,999; To earn a $1000 bonus, deposit $250,000 or more.
  3. Maintain that balance for at least 90 days.
  4. Be enrolled in Preferred Rewards as of 90 days from meeting the funding criteria.
  5. Bonus will be deposited within two weeks following the end of the 90 day period.

Regions Bank : LifeGreen Savings

About This 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 Amount
up to $100
Account Type
Personal Savings
Availability
AL, AR, FL, GA, IL, IN, IA, KY, LA, MS, MO, NC, SC, TN, TX
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Have an existing or open a new LifeGreen Savings account using the link below.
  2. Set up an automated transfer of funds of at least $10 from your Regions checking account to your LifeGreen Savings account in at least 10 of any of the 12 calendar months.
  3. An annual 1% savings bonus (maximum $100 reward) will be paid to your account by the second business day of the month following our Account Anniversary Month.

American Express : Blue Cash Preferred®

About This Bonus Offer

American Express has quite a few bonus offers on their credit cards, starting with their Blue Cash Preferred Card. Here you can get up to $400 back, which is split into two parts.

First, you'll get 20% cash back (one of the best cashback offers up for grabs right now) on Amazon purchases done within the first six months of card membership, up to $200.

Second, you can get up to $200 back after making $3,000 worth of purchases within the same period.

This is in addition to the 0% intro APR, the tremendous cash back categories, and the first year's waiver of the $95 annual fee.

Bonus Amount
up to $400
Account Type
Personal Credit Card
Availability
Nationwide
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Apply for a new Blue Cash Preferred® Card using the link below.
  2. Within 6 months, spend $3,000 using your new card to earn $200.
  3. Within the same 6 months, earn 20% cash back on Amazon purchases made using your new card, up to an additional $200.
  4. Bonus(es) will be credited within 8-12 weeks of meeting the requirements in the form of statement credits.

Chase Bank : IHG® Rewards Club Premier

About This Bonus Offer

Chase is offering 125,000 bonus points + a free night to new IHG® Rewards Club Premier cardholders. That's nearly 4 free nights at an IHG property, which includes hotels and resorts under the brands Six Senses, Regent, InterContinental, Kimpton, Hotel Indigo, Voco, Hualuxe, Crowne Plaza, Holiday Inn, Candlewood Suites, and more.

Additionally, you can get an extra 10,000 bonus points every year by making $20,000 worth of purchases plus one additional purchase each calendar year.

Bonus Amount
125,000 Points
Account Type
Personal Credit Card
Availability
Nationwide
Offer Expires
Limited Time Offer
Bonus Requirements
  1. Apply for a new IHG® Rewards Club Premier credit card using the link below.
  2. Within 3 months, spend $3,000 using your new card.
  3. Bonus points will be credited to your IHG® Rewards Club account within 6 to 8 weeks.

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.