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 452 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

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

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

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

452 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 452 bank promotions that will give you cash for opening a new account right now:

1. Citi Priority - up to $1500 bonus

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.

Citi : Citi Priority Account

Bonus Amount
up to $1500
Account Type
Personal Checking
Availability
Nationwide
Offer Expires
July 17, 2022
Bonus Requirements
  1. Open a new Citi Priority Account using the link below.
  2. Within 20 days, deposit $15,000 into your new account to earn $300, $50,000 to earn $700, or $200,000 to earn $1,500.
  3. Maintain that balance for 60 days or more after the 21st day that the account was opened.
  4. Bonus will be credited to your open, eligible account within 90 calendar days after completing the requirements.

2. Fifth Third Bank Personal Checking - $350 bonus

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.

Fifth Third Bank : Personal Checking

Bonus Amount
$350
Account Type
Personal Checking
Availability
Nationwide
Offer Expires
September 30, 2022
Bonus Requirements
  1. Open a new Momentum® Checking or Preferred checking account using the link below.
  2. Within 90 days, receive $500 in direct deposits.
  3. Bonus will be credited to your new account within 10 business days of meeting the requirements.
Apply Now

at Fifth Third Bank

3. J.P. Morgan Self-Directed Investing - up to $625 bonus

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.

J.P. Morgan Wealth Management : Self-Directed Investing

Bonus Amount
up to $625
Account Type
Investment
Availability
Nationwide
Offer Expires
July 14, 2022
Bonus Requirements
  1. Open a J.P. Morgan Self-Directed Investing account using the link below.
  2. Within 45 days, fund your account with qualifying new money; $25,000 - $99,999 = $125 bonus; $100,000 - $249,999 = $300 bonus, $250,000 = $625 bonus.
  3. Your bonus amount will be determined on day 45.
  4. Maintain your new funds for 90 days (losses due to trading or market fluctuation will not be taken into account).
  5. Bonus will be received within 15 days.
  6. INVESTMENT AND INSURANCE PRODUCTS ARE: NOT A DEPOSIT • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
Apply Now

at J.P. Morgan

4. Chase Total Checking® - $200 bonus

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!

Chase Bank : Chase Total Checking®

Bonus Amount
$200
Account Type
Personal Checking
Availability
Nationwide
Offer Expires
July 20, 2022
Bonus Requirements
  1. Open a Chase Total Checking® account.
  2. Within 90 days, have a direct deposit made from either your employer (paycheck or pension) or the government (any benefit such as Social Security).
  3. Receive your money within 15 days of the deposit posting.

5. Chase Business Complete Banking℠ - $300 bonus

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.

Chase Bank : Chase Business Complete Banking℠

Bonus Amount
$300
Account Type
Business Checking
Availability
Nationwide
Offer Expires
July 21, 2022
Bonus Requirements
  1. Open a new Chase Business Complete Banking℠ account using the link below.
  2. Within 30 days, deposit at least $2,000 and maintain that balance for 60 days.
  3. Within 90 days of account opening, complete 5 qualifying transactions: debit card purchases, Chase QuickAccept℠ deposits, Chase QuickDeposit℠, ACH credits, wires (credits and debits), and/or bill pay.
  4. Bonus will be credited to your account within 15 days of meeting the requirements.

6. Axos Rewards Checking - $150 bonus

For the month of May, Axos is offering to put an extra $150 in your pocket. This is the highest bonus we've seen on this account!

To qualify for the bonus, you'll need to open a new Rewards Checking account and set up direct deposit.

This cash bonus is in addition to the account's APY, which could see you earning up to 1.25% on your checking balance. Keep in mind that there are qualifying activities you need to do each month to earn the full rate, but it's definitely a competitive rate if you qualify.

Axos Bank : Rewards Checking

Bonus Amount
$150
Account Type
Personal Checking
Availability
Nationwide
Offer Expires
May 31, 2022
Bonus Requirements
  1. Open a new Rewards Checking account with promo code "MAY150".
  2. Within the first 3 calendar months, make direct deposits totaling at least $1,500 in a single calendar month.
  3. Bonus will be deposited into your new checking account within five (5) business days of your third statement cycle date.

7. Axos Self-Directed Trading - $100 bonus

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.

Axos Bank : Self-Directed Trading

Bonus Amount
$100
Account Type
Investment
Availability
Nationwide
Offer Expires
June 30, 2022
Bonus Requirements
  1. Open a new Axos Self-Directed Trading account.
  2. Within 60 days, fund your account with at least $1,500.
  3. Maintain a balance of at least $1,500 for 90 days.
  4. Bonus will be deposited within 10 business days.

8. Ally Invest - up to $3000 bonus

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

Ally Bank : Ally Invest

Bonus Amount
up to $3000
Account Type
Investment
Availability
Nationwide
Offer Expires
June 30, 2022
Bonus Requirements
  1. Open a new self-directed Ally Invest account using the link below.
  2. Within 60 days, deposit $10k to earn $100; $25k to earn $250; $100k to earn $300; $250k to earn $600; $500k to earn $1,200; $1M to earn $2k; or $2M to earn $3,000.
  3. Maintain that balance (including the bonus) for 300 days.
  4. Accounts will be reviewed 60 days after opening, and corresponding bonus will be credited to the account within 10 business days.

9. M1 Invest - up to $2500 bonus

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.

M1 Finance : M1 Invest [Transfer]

Bonus Amount
up to $2500
Account Type
Investment
Availability
Nationwide
Offer Expires
December 31, 2022
Bonus Requirements
  1. Open a new M1 Invest account that matches the account type you have at another brokerage.
  2. Within 60 days, submit a transfer request from your current brokerage(s). The size of your bonus will depend on the total account value: $100,000 to earn $250; $250,000 to earn $500; $500,000 to earn $1,000; or $1M to earn $2,500.
  3. Bonus will be credited to your account 150 days after account opening.

10. Tradestation Securities or Crypto - up to $150 bonus

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.

Tradestation : Securities or Crypto Account

Bonus Amount
up to $150
Account Type
Investment
Availability
Nationwide
Offer Expires
Limited Time
Bonus Requirements
  1. Open a new account with promo code TSTVAFYB.
  2. To earn $150 in Bitcoin, purchase or deposit at least $500 of supported cryptocurrency assets within 45 calendar days of account enrollment.
  3. To earn $150 cash, deposit at least $500 into your account within 45 calendar days of account enrollment.
  4. Maintain balance through the end of the next full month following the account funding date to earn the first $75 bonus.
  5. Maintain balance through the end of the second full month following the account funding date to earn the second $75 bonus.
Apply Now

at Tradestation

11. Acorns Spend - $75 bonus

Acorns is offering new Acorns Checking customers $75 for setting up direct deposits and using your debit card.

This promotion used to apply to existing Acorns Checking customers as well (assuming they hadn't already set up direct deposit), but is now only available to new customers. The $500 spend requirement is new, too. Unfortunately the reward amount remained the same.

Overall, the requirements are still relatively easy to meet, but the bonus isn't as large as what other banks are offering. Also keep in mind that this comes with a $3 subscription (or $5 for a family account), and that the reward will be a lump sum investment into your Invest account versus cash into your checking account.

Use our link below and receive an additional $10 when you sign up. Dont' forget that Acorns offers weekly referral bonuses, usually ranging anywhere from $200 - $1000!

Acorns : Acorns Spend

Bonus Amount
$75
Account Type
Personal Checking
Availability
Nationwide
Offer Expires
May 31, 2022
Bonus Requirements
  1. Open a new Acorns account using the link below to receive a $10 Bonus.
  2. Download the app and open an Acorns Spend account.
  3. Within 45 days, receive 2 direct deposits of $250 each.
  4. Within 3 months of your first direct deposit, spend at least $500 using your debit card.
  5. The $75 bonus will be invested as a lump sum in the form of a purchase of investments in your Acorns Invest account within 45 days.

12. SoFi Checking and Savings - up to $300 bonus

Recently announced, SoFi is offering new and existing SoFi Checking & Savings (formerly SoFi Money) customers up to a $300 bonus. You'll need to set up direct deposit, but you'll have until the promo ends to complete one. This is now setup as a tiered bonus, the more you direct deposit, the more you'll earn.

This offer is also available for Samsung Money by SoFi accountholders as well.

SoFi : SoFi Checking and Savings

Bonus Amount
up to $300
Account Type
Cash
Availability
Nationwide
Offer Expires
May 31, 2022
Bonus Requirements
  1. Open a new SoFi Checking and Savings account using the link below.
  2. Complete at least 1 direct deposit during the promotion period.
  3. During the next 30 days, complete direct deposits to reach your desired tier as follows: $1,000 - $1,999, earn $50; $2,000 - $4,999, earn $100; $5,000+, earn $300.
  4. Bonus will be credited within 14 days of the end of the Evaluation Period.

13. Aspiration Zero - $300 bonus

Aspiration recently launched their "carbon-neutral" credit card, coined Aspiration Zero, which aims to fight climate change with every swipe.

To further motivate customers to adopt the card, Aspiration is offering a $300 welcome bonus when you spend $3,000 on your new card within the first 3 months.

This is in addition to their typical rewards structure, which gives you 1% cash back each month you get to carbon zero.

Aspiration : Aspiration Zero

Bonus Amount
$300
Account Type
Personal Credit Card
Availability
Nationwide
Offer Expires
June 30, 2022
Bonus Requirements
  1. Open a new Aspiration Zero credit card.
  2. Within the first 3 months, spend $3,000 using your new card.
  3. Bonus will be applied as a statement credit on the next billing cycle after meeting the requirement.

14. SoFi Invest - up to $100 bonus

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

SoFi : Sofi Invest

Bonus Amount
up to $100
Account Type
Investment
Availability
Nationwide
Offer Expires
June 30, 2022
Bonus Requirements
  1. Download the app using the link below.
  2. Open a new SoFi Invest Crypto account.
  3. Within 7 days, buy at least $50 in cryptocurrencies.
  4. Bonus will be received as Bitcoin credited to your account within 7 days of completing the requirements.

15. Axos Business Interest Checking - up to $200 bonus

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.

Axos Bank : Business Interest Checking

Bonus Amount
up to $200
Account Type
Business Checking
Availability
Nationwide
Offer Expires
June 30, 2022
Bonus Requirements
  1. Open a new Business Interest Checking account from Axos Bank using promo code NEWBIZ200 (or NEWAXOSBIZ for older companies).
  2. In the first two months after account opening, maintain an average daily balance of at least $2,500.
  3. Bonus will be deposited into your new account within 5 business days of your statement cycle date.

16. Aspiration Plus - $200 bonus

Aspiration is offering a $200 bonus when you open one of their Aspiration Plus accounts and then spend at least $1,000 using your debit card.

The Plus account comes with some extra perks – including higher cash back and higher interest on your savings – but if you're looking for a free account to try first, they're also offering a $150 bonus for opening a basic Aspiration account (with the same requirements). With that account, you pay what you think is fair, even if it's $0.

Aspiration : Aspiration Plus

Bonus Amount
$200
Account Type
Cash
Availability
Nationwide
Offer Expires
Limited Time
Bonus Requirements
  1. Open an Aspiration Plus account using the link below.
  2. Fund the account with at least $10.
  3. Within 60 days, make at least $1,000 in cumulative debit card purchases.
  4. The bonus will post to your account within 120 calendar days from account opening.

17. Ando Checking - $25 bonus

When we setup our Ando Money checking account we were prompted for a $25 bonus to setup direct deposit. This is easy money!

Ando Money $25 direct deposit bonus screenshot

Ando Money : Ando Checking

Bonus Amount
$25
Account Type
Personal Checking
Availability
Nationwide
Offer Expires
Limited Time
Bonus Requirements
  1. Setup a new Ando Money checking (spend) account.
  2. During the setup process elect to setup direct deposit for a $25 bonus. If you do not receive the prompt, try declining to link an account first, then proceed.

18. CIT Bank Money Market - 1-Year Amazon Prime ($139) bonus

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.

CIT Bank : Money Market Account

Bonus Amount
1-Year Amazon Prime ($139)
Account Type
Mma
Availability
Nationwide
Offer Expires
Limited Time
Bonus Requirements
  1. Open a CIT Bank Money Market account using promo code "AMZN22".
  2. Within 15 days, fund your account with at least $15,000.
  3. For the 60 days following the the 15 day funding period, keep a minimum balance of at least $15,000.
  4. CIT will email you your Prime membership code within 30 days if you’ve fulfilled the requirements.

19. BlueVine Business Checking - 1.50% APY

Bluevine has a commitment to offering the highest APY on a business checking account. The high-yield is available on all balances up to 100,000.

There's no opening deposit minimum or ongoing balance requirements, and there are no monthly fees associated with this account which make this truly an ultra-competitive deal.

Rest assured, if you sign up for Bluevine, you will continue to have the highest rates even as the markets change.

BlueVine : Business Checking

Bonus Amount
1.50% APY
Account Type
Business Checking
Availability
Nationwide
Offer Expires
Limited Time
Bonus Requirements
  1. Open a new Bluevine Business Checking account using the link below.
  2. Transfer money in from another source.
  3. Spend $500 per month with BlueVine Business Debit.
  4. Receive $2,500 per month in customer payments into BlueVine Business Checking account via ACH, wire transfer, mobile check deposit, or directly from merchant payment processing provider.
  5. Interest compounds daily and will be credited to your account each month the requirements are met.

20. OnJuno Metal Checking - $100 bonus

OnJuno is offering a $100 welcome bonus when you open a new checking account and connect your direct deposit. This is up from their $50 signup bonus offered previously. What's even more? As long as you maintain your direct deposit of at least $250, you'll be automatically enrolled in their Metal Checking account at no fee for added perks; otherwise, they'll bump you down to basic.

Still want more? Metal users can also earn up to $300 in cashback each year on spend with their card ($25 for basic users) and yearly bonuses determined by their balance amount.

OnJuno : Metal Checking

Bonus Amount
$100
Account Type
Personal Checking
Availability
Nationwide
Offer Expires
Limited Time
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.

21. M&T MyChoice Premium - up to $450 bonus

M&T is offering $350 if you open their MyChoice Premium checking account and maintain a minimum balance through July. To earn the extra $100, you'll need to couple it with a MyChoice Money Market account and meet an additional set of minimum balance requirements. If you'd prefer to meet a direct deposit requirement instead of a minimum balance, check out this version of the offer.

M&T Bank : MyChoice Premium

Bonus Amount
up to $450
Account Type
Personal Checking
Availability
CT, DC, DE, MD, NJ, NY, PA, VA, WV
Offer Expires
May 27, 2022
Bonus Requirements
  1. Open a new M&T MyChoice Premium Checking account online at the link below or in-branch using promocode "CF"
  2. Maintain an average daily balance of at least $10,000 for June 2022 and July 2022, earn $350.
  3. To earn an additional $100, Open a MyChoice Money Market account during the promotional period and maintain an average monthly balance of at least $10,000 in June 2022 and July 2022.
  4. Bonus(es) will be credit to your account by 08/31/2022.

22. M&T MyChoice Premium - up to $450 bonus

M&T is offering $350 if you open their MyChoice Premium checking account and maintain a minimum balance through July. To earn the extra $100, you'll need to complete an additional direct deposit requirement. If you'd like to optional meet a minimum balance requirement, check out this version of the offer.

M&T Bank : MyChoice Premium

Bonus Amount
up to $450
Account Type
Personal Checking
Availability
CT, DC, DE, MD, NJ, NY, PA, VA, WV
Offer Expires
May 27, 2022
Bonus Requirements
  1. Open a new M&T MyChoice Premium Checking account online at the link below or in-branch using promocode "TY"
  2. Maintain an average daily balance of at least $10,000 for June 2022 and July 2022, earn $350.
  3. To earn an additional $100, make $500 in total direct deposits within the first 90 days.
  4. Bonus(es) will be credit to your account by 08/31/2022.

23. Acorns Invest - $1000 bonus

Seemingly every week, Acorns reintroduces its referral bonus, which gives you cash for referring friends to the FinTech. This week, Acorns is again offering a $1,000 bonus when you refer 5 friends who open a new Invest account and make their first investment.

You don't need to already have an Acorns account to qualify, either.

Just sign up for one using the link below, and you'll have instant access to your unique referral link, which you can then pass along to your friends. In your account, you'll be able to see the number of pending and successful referrals so that you can keep track of your progress to the bonus.

This offer will also automatically stack with their regular $5 referral bonus, for additional earnings.

Acorns : Acorns Invest [Referral Program]

Bonus Amount
$1000
Account Type
Investment
Availability
Nationwide
Offer Expires
May 28, 2022
Bonus Requirements
  1. If you do not already have an Acorns Invest account, create one using the link below.
  2. Refer 5 friends using your personal referral link during the promo period, and ensure they make their first investment during this time.
  3. Bonus will be deposited within 14 days of promotional period ending.

24. Fidelity Bank Personal Checking - $250 bonus

If you live in Massachusetts, Fidelity Co-operative Bank is offering you a $250 welcome bonus for opening any one of their CareChecking accounts, including their CareFree account that has no monthly fee and their CareDiscover account for students.

To earn the bonus, you'll need to receive direct deposits and use your debit card.

Fidelity Co-operative Bank : Personal Checking

Bonus Amount
$250
Account Type
Personal Checking
Availability
MA
Offer Expires
May 29, 2022
Bonus Requirements
  1. Open any new Fidelity Bank CareChecking account using the link below.
  2. Enroll and use both online and mobile banking.
  3. Within 60 days, receive direct deposits that total $500.
  4. In the first two full calendar months following account opening, make 20 debit card purchases of $10 each.
  5. Bonus will be credited to your account during the subsequent statement cycle after meeting the requirements.
Apply Now

at Fidelity Bank

25. PNC Virtual Wallet® - $50 bonus

Available in 22 states plus the District of Columbia, PNC is offering a welcome bonus for opening a personal checking account and using direct deposit within the first 2 months. This is their smallest offer, and only requires $500 in direct deposits. But if you can, we recommend choosing one of their larger offers (with higher deposit requirements). Remember, even this $50 makes you ineligible for any other personal checking welcome offer for the next 2 years – so grab as much as you can.

You'll need to use the apply now buttons found on PNC's offer page to be sure the promo is attached to your account, or you can opt for a code by email if you prefer to open in-branch.

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

PNC Bank : Virtual Wallet®

Bonus Amount
$50
Account Type
Personal Checking
Availability
CA, TX, AZ, NM, CO, PA, FL, OH, WV, DE, NJ, SC, NC, GA, KY, IN, MI, IL, MD, DC, WV, WI
Offer Expires
May 31, 2022
Bonus Requirements
  1. Open a Virtual Wallet® account using the link below from a mobile device.
  2. Within 60 days, have a total of $500 in direct deposits.
  3. Bonus will be deposited into your account 60-90 days after requirements have been met.

26. PNC Virtual Wallet® with Performance Select - $400 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 at the link below AND on a mobile phone to qualify.

If the $5k in direct deposit is too high, they're also running a couple of smaller offers with lower deposit requirements.

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 Select

Bonus Amount
$400
Account Type
Personal Checking
Availability
AZ, CA, TX, NM, CO, PA, FL, OH, WV, DE, NJ, SC, NC, GA, KY, IN, MI, IL, MD, DC, WV, WI
Offer Expires
May 31, 2022
Bonus Requirements
  1. Open a Virtual Wallet® with Performance Select account using the link below from a mobile device.
  2. Within 60 days, have a total of $5,000 in direct deposits.
  3. Bonus will be credited to your account within 60-90 days after meeting requirements.

27. OUR Credit Union Premium Checking - up to $100 bonus

This is an easy $100 bonus on a fee-free account that also happens to earn a pretty competitive rate on your balance (4.07% on the first $3k at the time of writing).

The offer is technically a match of the amount you initially funded the account with, so to earn the full $100, you need to open the account with at least $100.

OUR Credit Union : Premium Checking

Bonus Amount
up to $100
Account Type
Personal Checking
Availability
MI
Offer Expires
May 31, 2022
Bonus Requirements
  1. Open a new Premium Checking account using the link below and with $100 opening deposit.
  2. Enroll in eStatements.
  3. Within 60 days, complete direct deposits totaling $500 and complete at least 1 debit card transaction per month.
  4. Bonus will be credited to your account approximately 60 days from opening date.
Apply Now

at OUR Credit Union

28. North Shore Bank Personal Checking - up to $300 bonus

North Shore Bank is offering new personal checking account customers $30 each month that they either use their debit card OR receive direct deposit, for a total bonus worth $300.

One quick note: the qualifying months don't begin until July 2022, but you'll need to open your account before the bonus expiration!

North Shore Bank : Personal Checking

Bonus Amount
up to $300
Account Type
Personal Checking
Availability
IL, WI
Offer Expires
May 31, 2022
Bonus Requirements
  1. Open a new personal checking account using the promo code MAY300BONUS.
  2. For 10 months, make 10 debit card purchases OR receive 1 direct deposit.
  3. Bonus will be paid out in $30 increments for every statement cycle you meet the requirements, up to $300.
Apply Now

at North Shore Bank

29. Monifi Spend - $250 bonus

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.

Monifi : Monifi Spend

Bonus Amount
$250
Account Type
Personal Checking
Availability
Nationwide
Offer Expires
May 31, 2022
Bonus Requirements
  1. Open a new Monifi Spend account using the link below.
  2. Within 90 days, receive two direct deposits of $1,000 each.
  3. Bonus will be credited to your spend account within 45 days of meeting requirements.

30. Altra Personal Checking - $150 bonus

If you live are a Rochester Public School District Employee or immediate family member w/employee badge or student and aren't already a member, check out this super easy bonus. Using the promo code provided, open a new A+ Checking or A+ Platinum Checking, then make 10 purchases using your new debit card. That's it!

Altra Federal Credit Union : Personal Checking

Bonus Amount
$150
Account Type
Personal Checking
Availability
CO, MN, NJ, TN, TX, WI
Offer Expires
May 31, 2022
Bonus Requirements
  1. Open a new A+ Checking or A+ Platinum Checking using the promo code RPSD_A+150.
  2. Within 30 days, make ten debit card purchases.
  3. Bonus will be deposited into your new checking account within 30 business days of meeting the requirements.

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?

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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.

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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.