Best Bank Bonuses and Promotions of August 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 August 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 433 current offers.

Best checking account bonus offers

Bank Bonus Details Learn More

Citi

Citi Priority Account

Citi Priority Account: up to $2000 bonus offer

Citi® is offering up to a $2,000 cash bonus when you open a new Citi Priority Account. This time around they've added a lower tier to make it easier to participate, but have raised some of the middle tiers which could make higher bonus levels slightly harder to achieve. It's important to note that this offer is available in most, but not all states.

This is a tiered bonus based on the amount you're able to deposit and maintain in your new account. $10,000 in new funds will earn you $200; $30,000 in new funds will earn you $500; $75,000 will earn you $1,000; $200,000 will earn you $1,500; or $300,000+ will earn you the full $2,000.

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 $200 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 $2000
Account Type
Personal Checking
Expires In
152 days
Requires
  • Min Balance
How To Earn

or, read the full requirements

Fifth Third Bank

Personal Checking

Personal Checking: $375 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 $350 to $375.

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
$375
Account Type
Personal Checking
Expires In
51 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 this welcome offer from $225 down to $200. While $200 is what Chase has historically offered as a new checking account bonus, it's still a bummer to see the amount go down.

That said, Chase Total Checking® is the most popular account from one of the top national banks. You'll have access to more than 4,700 branch locations and 16,000 ATMs, along with a top-rated mobile app.

Your new 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
70 days
Requires
  • Direct Deposit
Apply Now

at Chase

or, read the full requirements

Albert

Albert Cash Account

Albert Cash Account: $150 bonus offer

Albert, an online fintech banking platform, is offering a $150 welcome bonus when you open a new cash account and set up direct deposit. What's even more? Once you become a user, you can refer your friends and earn up to $1,500!

Bonus
$150
Account Type
Personal Checking
Expires In
Limited Time
Requires
  • Direct Deposit
  • Card Spend
Apply Now

at Albert

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
21 days
Requires
  • Direct Deposit
Apply Now

at M&T

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
58 days
Requires
  • Min Balance
Apply Now

at Huntington

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
82 days
Requires
  • Direct Deposit
Apply Now

at TD Bank

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
143 days
Requires
  • Direct Deposit
Apply Now

at Bank of America

or, read the full requirements

Best savings account bonuses

Bank Bonus Details Learn More

CIT

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

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
36 days
Requires
  • Min Balance
Apply Now

at Discover

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
143 days
Requires
  • Min Balance
Apply Now

at Alliant

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
Limited Time
Requires
  • Min Balance
Apply Now

at Bask Bank

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

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.

On transfers over $2,500, Ally will also cover any transfer fees your current brokerage might charge, up to $75.

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
51 days
Requires
  • Min Balance
Apply Now

at Ally

or, read the full requirements

J.P. Morgan

Self-Directed Investing

Self-Directed Investing: up to $625 bonus offer

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

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

Here are all 3 tiers of this investing bonus:

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

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

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

at J.P. Morgan

or, read the full requirements

Acorns

Acorns Invest [Referral Program]

Acorns Invest [Referral Program]: $500 bonus offer

Every week, Acorns reintroduces its referral bonus, which gives you cash for referring friends to the FinTech. This week, Acorns is offering a $500 bonus when you refer 3 friends who open a new Invest account and make their first investment. This isn't the highest "average reward per person" deal we've seen, but it is super easy.

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 $10 bonus offered to BankBonus.com users, for additional earnings.

Bonus
$500
Account Type
Investment
Expires In
3 days
Requires
  • Open an Account
Apply Now

at Acorns

or, read the full requirements

Axos

Self-Directed Trading + Rewards Checking Combo

Self-Directed Trading + Rewards Checking Combo: $200 bonus offer

Axos is trying something new with their Self-Directed Trading bonus this quarter. They are looking to reward users that signup for a Rewards Checking account and add-on a Self-Directed Trading account.

Axos is offering a $200 welcome bonus for users that complete the requirements for both. This may seem a little unconventional; however, it does provided a seamless banking/investing experience and the opportunity for a high APY on your money that's not invested.

Bonus
$200
Account Type
Investment
Expires In
51 days
Requires
  • Direct Deposit
  • Min Balance
Apply Now

at Axos

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.

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

at Tradestation

or, read the full requirements

Tastyworks

Investment Account

Investment Account: up to $250 bonus offer

Tastyworks is offering new customers up to $250 in stocks when you open a new non-IRA brokerage account and fund the account with at least $2,000. Specifically, they state that five shares of a single stock will be randomly selected by tastyworks from a list of stocks priced between $40 and $50 USD, putting the total value ranging between $200 and $250.

They recently offered a $200 - $500 cash bonus, so this feels like a bit of a let down; however, if you don't want to roll the dice in September when this current promotion ends, it's still a solid deal to act on now.

Existing customers are eligible as well, but only if they haven't previously funded their account.

This welcome bonus is in addition to other account perks, like reduced fees when you make larger trades.

Bonus
up to $250
Account Type
Investment
Expires In
21 days
Requires
  • Min Balance
Apply Now

at Tastyworks

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
71 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
51 days
Requires
  • Min Balance
Apply Now

at Axos

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
51 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
89 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

433 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 433 bank promotions that will give you cash for opening a new account right now:

391. Marquette Bank ValueMarq Savings - $25 bonus

If you're an active military member, veteran, or first responder that lives in their Chicago-area footprint, Marquette Bank is offering a $25 bonus if you open a new ValueMarq Savings account.

To be eligible, you'll need to contribute $75 to the account at the time of opening – which, combined with the $25 bonus, will fulfill the $100 opening deposit requirement.

Not a huge bonus, but the low requirements and instant fulfillment makes it worthwhile.

Marquette Bank : ValueMarq Savings

Bonus Amount
$25
Account Type
Personal Savings
Availability
IL
Offer Expires
Limited Time
Bonus Requirements
  1. Open a new ValueMarq Savings account by phone or in-branch.
  2. At the time of opening, deposit $75 into the account.
  3. Bonus will be credited instantly and count toward your $100 opening deposit.
Learn More

at Marquette Bank

392. PNC Points® - 50,000 bonus points

PNC is offering new cardholders the ability to earn an additional 50,000 bonus points when they open a new PNC Points® Visa® credit card. To earn the bonus, you'll need to make $750 worth of purchases within 3 statement cycles.

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

PNC Bank : PNC Points®

Bonus Amount
50,000 Points
Account Type
Personal Credit Card
Availability
Nationwide
Offer Expires
Limited Time
Bonus Requirements
  1. Apply for a new PNC Points® Visa® credit card using the link below.
  2. Within 3 months, spend $750 using your new card.
  3. Bonus will be credited within 90 days.

393. Greater Nevada Credit Union Personal Checking - $100 bonus

Available in Nevada with the ability to open online, Greater Nevada Credit Union is offering a $100 welcome bonus when you open a new checking account and set up direct deposit. This is a fairly easy bonus; however, if you're work in one of the following professions check out their $150 checking account bonus for community heroes: Education, First Responder, Law Enforcement, Healthcare, Military

Greater Nevada Credit Union : Personal Checking

Bonus Amount
$100
Account Type
Personal Checking
Availability
NV
Offer Expires
Limited Time
Bonus Requirements
  1. Join Greater Nevada Credit Union and open a new checking account.
  2. Complete a direct deposit within 90 days (students at select local universities/colleges can get this requirement waived).
  3. Bonus will be credited to your checking account within 30 days after the initial 90-day period has passed and all qualifications have been met.
Apply Now

at Greater Nevada Credit Union

394. Provident Credit Union Dividend Business Checking - $300 bonus

Provident Credit Union is offering California businesses a healthy $300 bonus when they open a new business checking account.

You'll need to enroll in online banking and eStatements, and then for 2 months (starting the month following account opening), there's a reasonable deposit and debit/credit card requirement that you'll need to hit both months. In other words, you'll need a total of $5,000 in total deposits ($2,500 each month) and $800 in purchases ($400 each month).

This bonus applies to their Dividend Business Checking account.

Provident Credit Union : Dividend Business Checking

Bonus Amount
$300
Account Type
Personal Checking
Availability
CA, AZ
Offer Expires
Limited Time
Bonus Requirements
  1. Open a new personal checking account using the promo code 9982.
  2. Enroll in online banking and e-Documents.
  3. Starting the month following your account opening, do these 2 things for 2 months: make $400 of purchases using your debit and/or credit card, and make total deposits of $2,500.
  4. Bonus will be credited to your new account within 120 days of account opening.
Apply Now

at Provident Credit Union

395. Upgrade Cashback Rewards Visa - $100 bonus

Upgrade wants to reward you for making on-time payments with their line of credit card. Upgrade is offering a $100 welcome bonus when you open a new Cash Rewards Visa card and keep your account in good standing.

Upgrade : Cashback Rewards Visa

Bonus Amount
$100
Account Type
Personal Credit Card
Availability
Nationwide
Offer Expires
Limited Time
Bonus Requirements
  1. Apply for a Cash Rewards Visa card from Upgrade.
  2. Make purchases using your new card.
  3. In the first year, make 3 consecutive on-time payments.
  4. The credit will be posted within 1-2 billing periods following the 3rd on-time payment.

396. Upgrade Rewards Checking - $200 bonus

Upgrade is offering a $200 welcome bonus when you get the Upgrade card and tack on a new Rewards checking account. The requirements for the checking account are just 3 purchases; however, you'll need to first signup for their Upgrade card, which is a blend of a credit card / line of credit.

All in all, this is a easy bonus to earn, but it does come with a hard pull since you'll also be opening a line of credit. Strictly speaking in regards to the checking account, it's rare to find a cash offer this high that does not require a direct deposit or minimum balance.

Upgrade : Rewards Checking

Bonus Amount
$200
Account Type
Personal Checking
Availability
Nationwide
Offer Expires
Limited Time
Bonus Requirements
  1. Open and fund a new Upgrade Rewards Checking account.
  2. Within 60 days, make 3 debit card transactions.
  3. The bonus credit will be posted to your Upgrade Card as a rewards credit within 1-2 billing periods following the third debit transaction.

397. Charles Schwab Schwab One® - $101 bonus

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. Schwab recently upped this bonus from $50 at its previous level. It's a great way to start investing!

Charles Schwab : Schwab One®

Bonus Amount
$101
Account Type
Investment
Availability
Nationwide
Offer Expires
Limited Time
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 $101 in your account to purchase your stock slices at approximately 6:00 pm Eastern Time the next trading day.
Apply Now

at Charles Schwab

398. WaterStone Bank Money Market - $100 bonus

WaterStone Bank is offering a $100 welcome bonus when you open a new money market account through the BRAVO program and reach an average daily balance of $10,000. It's that simple.

You'll need to open a Universal Checking account as well, which is currently offering up to a $250 welcome bonus, so you might as well stack these offers!

WaterStone Bank : Money Market

Bonus Amount
$100
Account Type
Mma
Availability
WI
Offer Expires
Limited Time
Bonus Requirements
  1. Open a new money market account from WaterStone Bank.
  2. Within the first 90 days, reach an average daily balance of $10,000 during a statement cycle.
Apply Now

at WaterStone Bank

399. Republic Bank Student Checking - up to $100 bonus

If you live in Illinois, Republic Bank is offering youth ages 13-24 a $100 welcome bonus when you open a new student checking account and use your debit card. To receive the full bonus amount, you'll also need to setup a Starter Statement Savings or Statement Savings account at the same time.

Republic Bank of Chicago : Student Checking

Bonus Amount
up to $100
Account Type
Student Checking
Availability
IL
Offer Expires
Limited Time
Bonus Requirements
  1. Open a new Student Checking account.
  2. At the same time you open your checking account, also open up a Starter Statement Savings or Statement Savings account, receive $50.
  3. Within 60 days, complete a direct deposit of any amount into your checking account OR make 10 debit card transactions, receive $50.
  4. Bonuses will be deposited 30 business days after performing required actions.
Apply Now

at Republic Bank

400. TBK Bank AIM Checking - up to $600 bonus

TBK Bank is offering new AIM Checking customers up to $600 for completing certain requirements within 120 days. This is 3 times the amount provided when this promo last ran! 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!

TBK Bank : AIM Checking

Bonus Amount
up to $600
Account Type
Personal Checking
Availability
CO, IL, IA, KS, TX
Offer Expires
Limited Time
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 $500; 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.

401. Transcend Credit Union Personal Checking - $200 bonus

Available to residents of Kentucky with the ability to open online, Transcend Credit Union is offering a $200 welcome bonus when you open a new personal checking account and set up direct deposit. You'll also need to use your debit card at least 20 times to cash in on this offer.

Transcend Credit Union : Personal Checking

Bonus Amount
$200
Account Type
Personal Checking
Availability
KY
Offer Expires
Limited Time
Bonus Requirements
  1. Become a member of Transcend Credit Union and open a personal checking account.
  2. Within the first 90 days, make at least 20 combined check, ePay, or debit card transactions.
  3. During the same 90 day period, make an aggregate direct deposit of $800 or more in any one month.
  4. Bonus will be paid within 90 days of membership opening.
Apply Now

at Transcend Credit Union

402. Transcend Credit Union Youth Savings - up to $50 bonus

What's better than getting free money? For a limited time, Transcend Credit Union is offering up to $50 in free money when you open a new youth savings account. The way it works is Transcend will match your initial deposit, up to $50 when you open a new account. That's it!

Transcend Credit Union : Youth Savings

Bonus Amount
up to $50
Account Type
Student Savings
Availability
KY
Offer Expires
Limited Time
Bonus Requirements
  1. Open a new youth savings account.
  2. Deposit $1-$50 into your account (You can go for any amount, but try to score the full $50).
  3. Transcend will match your deposit, up to $50.
Apply Now

at Transcend Credit Union

403. Chase IHG® Rewards Premier Business - 140,000 bonus points

When IHG recently revamped its reward programs, it also introduced changes to its credit card lineup – including the introduction of this business equivalent to its personal IHG® Rewards Premier credit card. The personal card's perks, earnings rates, and introductory bonus offer were all improved – and all of that was cloned to this card for business owners.

As a new IHG® Rewards Premier Business cardholder, Chase is offering 140,000 bonus points after you spend $3,000 on the card. 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 $100 statement credit and 10,000 bonus points every year by spending $20,000 using your card and then making one additional purchase at least one day after you meet the $20k threshold.

Chase Bank : IHG® Rewards Premier Business

Bonus Amount
140,000 Points
Account Type
Business Credit Card
Availability
Nationwide
Offer Expires
Limited Time
Bonus Requirements
  1. Apply for a new IHG® Rewards Premier Business 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 account within 6 to 8 weeks.

404. USE Credit Union Personal Checking - up to $300 bonus

Available in a select footprint of California with the ability to open online, USE Credit Union is offering up to a $300 welcome bonus when you open a new personal checking account. This is a tiered bonus meaning the more items you complete, the more you can earn. You'll get $50 just for opening the account; however you'll need to complete a small direct deposit to be eligible for the additional bonuses.

USE Credit Union : Personal Checking

Bonus Amount
up to $300
Account Type
Personal Checking
Availability
CA
Offer Expires
Limited Time
Bonus Requirements
  1. Join USE Credit Union.
  2. Open a new personal checking account using promo code "NewMover" to instantly earn $50.
  3. Within 90 days of account opening, complete a direct deposit of at least $250, earn another $50 on day 90.
  4. Continue completing direct deposits for the first six months to earn another $100.
  5. Finally, if you complete direct deposits for the entire first year, you'll receive another $100 bonus.
Apply Now

at USE Credit Union

405. CUTX Personal Checking - $250 bonus

Available in Texas with the ability to open online, CUTX is offering a $250 welcome bonus when you open a new personal checking account and set up direct deposit. Your bonus amount will be determined by how much your initial deposit is when you open the account. There is a slight catch with this bonus, however – both eligible accounts come with a monthly fee with few ways to avoid, so factor that into your decision.

Credit Union of Texas : Personal Checking

Bonus Amount
$250
Account Type
Personal Checking
Availability
TX
Offer Expires
Limited Time
Bonus Requirements
  1. Become a member of CUTX.
  2. Open a Secure or Secure Checking Plus account with promo code "250".
  3. Within 60 days, have a direct deposit of at least $600 a month deposited to the account. Matching deposit bonus amount will be determined by the initial deposit made when opening the new checking account and will not exceed $250.
  4. Bonus will credit to your new checking account within 40 business days once all requirements are met.
  5. Checking account with direct deposit must remain open for a minimum of six months or matching deposit bonus may be debited from account at closing.

406. Great River Federal Credit Union Free Checking - $100 bonus

Great River Federal Credit Union is now offering a $100 welcome bonus when you open a new personal checking account without requiring a referral. This bonus also makes direct deposit optional with a path to earn it via debit card spend. If you are a minor, you can also earn a bonus; however, it is reduced to $50 and doesn't come with any additional requirements.

You can qualify for membership at GRFCU by joining the American Consumer Council free-of-charge if you are out of their footprint.

Great River Federal Credit Union : Free Checking

Bonus Amount
$100
Account Type
Personal Checking
Availability
Nationwide
Offer Expires
Limited Time
Bonus Requirements
  1. Become a new member of GRFCU.
  2. Open a new checking account using promo code "TRENDING100".
  3. Within 60 days, complete a direct deposit OR make 5 or more debit card transactions.
  4. Bonus will be deposited at or around the 15th of the month following 60 days after account opening.
  5. Alternatively, you can open a new loan or credit card.
Apply Now

at Great River Federal Credit Union

407. Great River Federal Credit Union Free Checking - $50 bonus

Great River Federal Credit Union is now offering minors a $50 welcome bonus when you open a new personal checking account. What's more? There are no requirements that typically come with a welcome bonus. This is a rare opportunity for those under 18. If you are over the age of 18 (or soon to be), GRFCU has a $100 bonus available.

Great River Federal Credit Union : Free Checking

Bonus Amount
$50
Account Type
Personal Checking
Availability
Nationwide
Offer Expires
Limited Time
Bonus Requirements
  1. Become a new member of GRFCU.
  2. Open a new checking account using promo code "TRENDING100".
Apply Now

at Great River Federal Credit Union

408. PSE Credit Union Deluxe Checking - $100 bonus

PSE Credit Union is offering a $100 welcome bonus when you open a new Deluxe Checking account. You'll need to setup direct deposit and use your debit card. Overall, not a complicated bonus; however, the Deluxe Checking account does come with a monthly fee, so factor that in if you weren't already planning to open an account.

PSE Credit Union : Deluxe Checking

Bonus Amount
$100
Account Type
Personal Checking
Availability
OH
Offer Expires
Limited Time
Bonus Requirements
  1. Open a new Deluxe Checking account.
  2. Within 60 days, set up direct deposit and make 10 debit card transactions.
Apply Now

at PSE Credit Union

409. BMO Harris Savings Builder - up to $60 bonus

$5 extra each month just for putting money into my own savings account? OKAY. BMO Harris Bank is offering a total of $60 (5 bucks a month for a maximum of 12 months) as a savings-incentive bonus if you open a new Savings Builder account.

Pro tip: maximize your bonus by also taking advantage of either of the personal checking account welcome bonuses they're offering.

BMO Harris Bank : Savings Builder

Bonus Amount
up to $60
Account Type
Personal Savings
Availability
FL, IL, WI, MN, IN, AZ, KS, MO
Offer Expires
Limited Time
Bonus Requirements
  1. Open a new Savings Builder account using the link below.
  2. Earn an extra $5 for every month you deposit at least $200 into the account, for up to 12 months.

410. Metro Credit Union My Rewards Checking - $300 bonus

Metro Credit Union wants to give you $300 for opening a new My Reward Checking account and setting up direct deposit at select branches. To be eligible, you'll need to open the account at the Dorchester, West Roxbury, Burlington, Peabody - Andover Street, or Reading Branch. It's important to note that even though the bonus only requires 1 direct deposit, you'll be assessed a monthly fee if you do not maintain direct deposit each month.

Metro Credit Union : My Rewards Checking

Bonus Amount
$300
Account Type
Personal Checking
Availability
MA
Offer Expires
Limited Time
Bonus Requirements
  1. Be a member of Metro Credit Union.
  2. Open a new My Reward Checking account.
  3. Within 60 days, complete a direct deposit and make a debit card transaction.
  4. Bonus will be in the form of a gift card, delivered in 4-6 weeks.
Learn More

at Metro Credit Union

411. Financial One Credit Union Personal Checking - $300 bonus

Get it while it lasts! Financial One Credit Union is offering new personal checking accountholders a $300 bonus when they setup direct deposit. The required amount of $1,500 is a little higher than many other, but the bonus is a solid offer.

Financial One Credit Union : Personal Checking

Bonus Amount
$300
Account Type
Personal Checking
Availability
MN
Offer Expires
Limited Time
Bonus Requirements
  1. Become a member of Financial One Credit Union.
  2. Open a new personal checking account.
  3. Within 90 days receive total recurring direct deposits of at least $1,500.
  4. Bonus will be deposited within 60 days of meeting promotional requirements.
Apply Now

at Financial One Credit Union

412. Suffolk Federal Credit Union Youth Savings - up to $50 bonus

Suffolk Federal Credit Union is offering up to a $50 bonus when you open a new personal youth savings account. The first installment of $25 comes as a thank you just for opening the account. What's even more? Once their account balance reaches $1,000, another $25 will be awarded. It's easy money and a great way to teach your kids how to save.

Suffolk Federal Credit Union : Youth Savings

Bonus Amount
up to $50
Account Type
Student Savings
Availability
NY
Offer Expires
Limited Time
Bonus Requirements
  1. Be, or become, a member of Suffolk Federal Credit Union.
  2. Open a Youth Savings account and earn $25.
  3. Optionally, reach a balance of $1,000 to earn another $25.
Apply Now

at Suffolk Federal Credit Union

413. Holyoke Credit Union Simply FREE Checking - $150 bonus

Holyoke Credit Union is offering a $150 bonus to members who open a new Simply FREE Checking account.

It's not a bad bonus for a totally free account, however there are a couple of inconveniences with this offer.

First, even though they'll reward the bonus after your first direct deposit clears, you'll need to continue to meet the direct deposit and debit card requirements each month for an entire year; otherwise, they will claw the bonus back. Second, you'll need to go into a local branch in order to open the account.

Personally, we think the payout should be higher given the long-term requirements. But if you were looking to make the switch to a local credit union anyway, then the free cash could be worthwhile for you.

Holyoke Credit Union : Simply FREE Checking

Bonus Amount
$150
Account Type
Personal Checking
Availability
MA
Offer Expires
Limited Time
Bonus Requirements
  1. Open a new Simply FREE Checking account in branch.
  2. Enroll in online banking and eStatements.
  3. Within 60 days, receive a direct deposit of any amount. Maintain that same recurring direct deposit for a full year.
  4. In the same months as your direct deposits, make 6 debit card purchases.
  5. Bonus will be credited to your account once your first direct deposit clears.
Learn More

at Holyoke Credit Union

414. Cooperative Teachers Credit Union Premium Checking - $50 bonus

Available to Texas teachers, Cooperative Teachers Credit Union is offering a $50 welcome bonus to new members that open a personal checking account and set up direct deposit. What's even more? You can stack this offer with their $50 loan offer and their $50 cd offer for a total up to $150.

Cooperative Teachers Credit Union : Premium Checking

Bonus Amount
$50
Account Type
Personal Checking
Availability
TX
Offer Expires
Limited Time
Bonus Requirements
  1. Become a new member of CTCU.
  2. Open a personal checking account with a debit card.
  3. Within 45 days, setup a direct deposit of $100 or more and be enrolled in eStatements.
  4. Bonus will be received within 30 days of meeting qualifications.
Apply Now

at Cooperative Teachers Credit Union

415. Allied First Bank Student Checking - $100 bonus

With a footprint in Illinois and the ability to open online, Allied First Bank is offering a $100 welcome bonus when you open a new student checking account and set up direct deposit. It's a pretty straightforward offer, so jump on it soon before it expires.

Allied First Bank : Student Checking

Bonus Amount
$100
Account Type
Student Checking
Availability
IL
Offer Expires
Limited Time
Bonus Requirements
  1. Be a new customer and open an Allied First Bank Checking Account.
  2. Within 90 days, receive two or more direct deposits totaling at least $300.
  3. On the 90th calendar day following the opening of the personal checking account, the relationship will be reviewed to determine if activity met offer requirements. If requirements are met, the cash bonuses will be credited to the personal checking account within 10 calendar days.
Apply Now

at Allied First Bank

416. Washington Trust Company Freedom Checking - $200 bonus

Available in select New England states, The Washington Trust Company is offering a $200 welcome bonus when you open a new personal checking account and set up direct deposit. The direct deposit threshold isn't specified, which leads us to believe that any amount will do, making this offer extremely obtainable.

Washington Trust Company : Freedom Checking

Bonus Amount
$200
Account Type
Personal Checking
Availability
CT, RI, MA
Offer Expires
Limited Time
Bonus Requirements
  1. Open a new checking account with promo code FREEWAY200.
  2. Within 90 days, complete 2 direct deposits from payroll, social security, pension, or other government benefits.
  3. Bonus will be deposited within 10 calendar days.
Apply Now

at Washington Trust Company

417. Palisades Federal Credit Union Youth - up to $100 bonus

For a limited time, Palisades Federal Credit Union will match your initial deposit on a new youth account, up to $100. This is a great deal and easy offer if you're looking to teach your children how to manage money.

Palisades Federal Credit Union : Youth Account

Bonus Amount
up to $100
Account Type
Student Checking
Availability
NJ
Offer Expires
Limited Time
Bonus Requirements
  1. Become a member of Palisades Federal Credit Union.
  2. Open a new Youth Savings or Checking account with an initial deposit of $100.
  3. PFCU will make a matching deposit into the applicable account share within 45 days of account opening.
Learn More

at Palisades Federal Credit Union

418. Chase IHG® Rewards Traveler - 80,000 bonus points

Chase is currently offering 80,000 bonus points to new IHG® Rewards Traveler cardholders. This is down from their initial offer of 120,000 points earlier this year.

However, the 80,000 points is enough for 2 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. Not bad for a card with no annual fee!

Chase Bank : IHG® Rewards Traveler

Bonus Amount
80,000 Points
Account Type
Personal Credit Card
Availability
Nationwide
Offer Expires
Limited Time
Bonus Requirements
  1. Apply for a new IHG® Rewards Traveler credit card using the link below.
  2. Within 3 months, spend $2,000 using your new card.
  3. Bonus points will be credited to your IHG® Rewards account within 6 to 8 weeks.

419. Fifth Third Bank Preferred Cash/Back Card - 2% Cash Back

The Fifth Third Preferred Cash/Back Card offers cardholders an unlimited 2% cash back on every purchase you make using the card.

This no-annual-fee credit card is only available to Fifth Third Preferred Banking clients. If you qualify, the card comes with a straightforward rewards system: 2% on everything, with no tiered or rotating categories, no limit to your earning, and with rewards that never expire.

Fifth Third Bank : Preferred Cash/Back Card

Bonus Amount
2% Cash Back
Account Type
Personal Credit Card
Availability
FL, GA, IL, IN, KY, MI, NC, OH, SC, TN, WV
Offer Expires
Limited Time
Bonus Requirements
  1. Apply for a new Fifth Third Preferred Cash/Back credit card at your local branch or by phone.
  2. Use your new card for online or in-store purchases, and automatically receive 2% cash back directly to your rewards account.
  3. At any time, use the online portal to redeem your rewards for gift cards, cash back, or travel.

420. Fifth Third Bank Cash/Back Card - 1.67% Cash Back

The Fifth Third Cash/Back Card offers cardholders an unlimited 1.67% cash back on every purchase you make using the card.

This no-annual-fee credit card is only available to customers who have a Fifth Third Momentum® checking or savings account.

Like the Preferred card, the Cash/Back card offers a straightforward rewards system: 1.67% on everything, with no tiered or rotating categories, no limit to your earning, and with rewards that never expire.

Fifth Third Bank : Cash/Back Card

Bonus Amount
1.67% Cash Back
Account Type
Personal Credit Card
Availability
FL, GA, IL, IN, KY, MI, NC, OH, SC, TN, WV
Offer Expires
Limited Time
Bonus Requirements
  1. Apply for a new Fifth Third Cash/Back credit card using the link below.
  2. Use your new card for online or in-store purchases, and automatically receive 1.67% cash back directly to your rewards account.
  3. At any time, use the online portal to redeem your rewards for gift cards, cash back, or travel.

What Are Bank Promotions?

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

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

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

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

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

How Can I Qualify For a Checking Account Bonus?

First, you typically need to be a new customer.

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

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

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

Requirements for checking account offers usually fall into four categories:

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

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

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

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

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

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

How are bank bonuses paid out?

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

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

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

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

How much money can you get?

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

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

How do I avoid monthly fees?

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

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

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

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

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

How To Find A Bank Sign Up Bonus

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

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

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

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

What Do The Best Bank Promotions Look Like?

The bigger, the better, right?

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

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

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

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

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

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

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

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

Calculator: Bank Bonus APY

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

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

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

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

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

What's the total amount you'll receive?

$

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

$

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

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

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

%

Our Methodology

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

We focused on the following criteria:

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

New Bank Account Offers: The Fine Print

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

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

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

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

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

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

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

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

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

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

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

Bank Promotions FAQs

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

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

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

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

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

Are new savings and checking account bonuses worth it?

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

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

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

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

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

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

Why do banks have promotions?

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

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

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

How?

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

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

Are bank bonuses taxable?

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

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

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

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

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

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

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

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

Banks With Sign Up Bonuses For Other Account Types

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

The Best Bank Bonus For You

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

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

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

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

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

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

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