Best Bank Bonuses and Promotions of July 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 July 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 395 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
15 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
90 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
18 days
Requires
  • Direct Deposit
Apply Now

at Chase

or, read the full requirements

U.S. Bank

Personal Checking

Personal Checking: $300 bonus offer

Available nationwide with the ability to open online, U.S. Bank is offering a $300 welcome bonus when you open any new personal checking account (excluding Student and Safe Debit accounts).

This offer is less than the $400 they've offered in the past, but the requirements are also lower (from $5,000 in direct deposits to $4,000, and no debit card spend requirement) and the promotion now applies to more account types.

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

at U.S. Bank

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
13 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
60 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
97 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
121 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
182 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
75 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
182 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

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
12 days
Requires
  • Min Balance
Apply Now

at J.P. Morgan

or, read the full requirements

Ally

Ally Invest

Ally Invest: up to $3000 bonus offer

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

On transfer 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
90 days
Requires
  • Min Balance
Apply Now

at Ally

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

Acorns

Acorns Invest [Referral Program]

Acorns Invest [Referral Program]: $500 bonus offer

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 $500 bonus when you refer 2 friends who open a new Invest account and make their first investment. This is one of the highest we've seen!

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.

Bonus
$500
Account Type
Investment
Expires
Today
Requires
  • Open an Account
Apply Now

at Acorns

or, read the full requirements

Citi

Citi® Self Invest

Citi® Self Invest: up to $500 bonus offer

Available nationwide to new and existing customers, Citi is offering up to a $500 bonus when you add new-to-Citi funds to a Citi® Self Invest account.

As is typical with Citi promotions, this is a tiered offer: the more you add, the more you earn. You'll need to deposit at least $10,000 to earn a $100 reward, or at least $200,000 to receive the full $500.

You'll need to also maintain your funds through a date defined in the table below:

Month opened/new funds addedFunding periodMaintain Funds Through
March 202203/1/2022 - 04/30/202205/31/2022
April 202204/1/2022 - 05/31/202206/30/2022
May 202205/1/2022 - 06/30/202207/31/2022
June 202206/1/2022 - 07/31/202208/31/2022
Bonus
up to $500
Account Type
Investment
Expires In
29 days
Requires
  • Min Balance
Apply Now

at Citi

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
60 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
19 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
90 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
5 days
Requires
  • Min Balance
Apply Now

at Huntington

or, read the full requirements

U.S. Bank

Business Checking

Business Checking: $300 bonus offer

Available nationwide if you already have a relationship with U.S. Bank or in any of the 26 states in which they operate in if you don't, U.S. Bank is offering a $300 welcome bonus when you open a new business checking account and deposit new money. The minimum deposit requirement has nearly halved since the last time it was offered. You can open the account online; however, you must use the promo code when applying to receive the bonus.

Bonus
$300
Account Type
Business Checking
Expires In
27 days
Requires
  • Min Balance
Apply Now

at U.S. Bank

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
90 days
Requires
  • Min Balance
Apply Now

at Axos

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

395 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 395 bank promotions that will give you cash for opening a new account right now:

31. Truliant Federal Credit Union Truly Free Checking - $250 bonus

Available in a limited southeast footprint with the ability to open online, Truliant Federal Credit Union is offering a $250 welcome bonus when you open a new personal checking account and set up direct deposit.

Truliant Federal Credit Union : Truly Free Checking

Bonus Amount
$250
Account Type
Personal Checking
Availability
GA, NC, SC, TN, VA
Offer Expires
July 15, 2022
Bonus Requirements
  1. Open a new Truly Free Checking account.
  2. Within 60 days, complete at least two qualifying direct deposits of $500 of more each.
  3. With 60 days of completing the requirements, you will receive an email with instructions on how to receive a certificate redeemable for a free $250 gift card.
Apply Now

at Truliant Federal Credit Union

32. Citi Citigold® Checking - up to $1500 bonus

Citi has increased their offer this year, up from $700 in years past. They've also tiered the bonus, allowing you to earn smaller rewards for lower balance requirements (the Citigold® Account bonus used to require $200k to earn $700 – no other tiers were available).

If you're purposely keeping cash in a bank account, this is an easy way to put it to work. 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.

Tip: They're running this same deal on other accounts, too, like the Citi Priority Account.

Citi : Citigold® Checking Account

Bonus Amount
up to $1500
Account Type
Personal Checking
Availability
Nationwide
Offer Expires
July 17, 2022
Bonus Requirements
  1. Open a new Citigold® Account using the link below.
  2. Within 20 days, deposit $15,000 - $49,999 into your new account to earn $300, $50,000 - $199,999 to earn $700, or $200,000+ to earn $1,500. *Must be New-to-Citi funds
  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.

33. Citi Citibank® - up to $1500 bonus

Available nationwide with the ability to open online, Citi is offering up to a $1,500 welcome bonus when you open a new Citibank® Account and maintain a minimum balance.

This is a tiered bonus offering either $300, $700 or $1500 depending on the balance you're able to maintain.

Tip: They're running this same deal on other accounts, too, like the Citi Priority Account. Be sure to consider what each account offers to know which is best for you!

Citi : Citibank® Account

Bonus Amount
up to $1500
Account Type
Personal Checking
Availability
Nationwide
Offer Expires
July 17, 2022
Bonus Requirements
  1. Open a new Citibank® 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.

34. Citi Savings - up to $2500 bonus

Citi is offering up to $2,500 when you deposit cash to a Citi® Savings Account. This is a $500 increase overall from when they most recently ran it and each tier has been boosted. The offer is available to both new and existing Citi® Savings account customers.

This is a tiered bonus based on the amount you're able to deposit and maintain in your new account:

  • $10,000 - $29,999 earns $25
  • $30,000 - $49,999 earns $75
  • $50,000 - $99,999 earns $125
  • $100,000 - $249,999 earns $250
  • $250,000 - $499,999 earns $625
  • $500,000 - $999,999 earns $1,250
  • $1,000,000+ earns the full $2,500

As you can see, you need quite a bit of cash and the reward amounts don't make this a worthwhile deal in our opinion.

Citi : Citi® Savings Account

Bonus Amount
up to $2500
Account Type
Personal Savings
Availability
NY, CT, MD, VA, DC, CA, NV, NJ, IL, FL
Offer Expires
July 17, 2022
Bonus Requirements
  1. Open a new Citi® Savings Account using the link below.
  2. Within 20 days, deposit $10,000 - $29,999 into your new account to earn $25; $30,000 - $49,999 to earn $75; $50,000 - $99,999 to earn $125; $100,000 - $249,999 to earn $250; $250,000 - $499,999 to earn $625; $500,000 - $999,999 to earn $1,250; or $1,000,000+ to earn $2,500.
  3. Maintain that balance for 60 days 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.

35. Chase College Checking℠ - $100 bonus

College students can earn this super easy bonus from one of our top national banks. Chase is offering $100 for opening a new Chase College Checking account and completing 10 qualifying transactions.

The 10 transactions sounds like a lot, but you have 60 days, and everything from ACH credits, mobile check deposits, writing actual checking, Zelle, debit card purchases, and bill pays count.

The sooner you make those 10 transactions, the sooner you get paid: within 15 days of the 10th transaction (but most report that the bonus only takes a couple of days).

Chase Bank : Chase College Checking℠

Bonus Amount
$100
Account Type
Student Checking
Availability
Nationwide
Offer Expires
July 20, 2022
Bonus Requirements
  1. Open a new Chase College Checking account using the link below.
  2. Within 60 days, complete 10 qualifying transactions.
  3. Bonus will be deposited into your new account within 15 days of meeting the requirements.

36. Chase Secure Banking℠ - $100 bonus

Chase Bank is offering new customers $100 when they open a Chase Secure Banking℠ checking account with qualifying activities.

This account does have a low monthly fee, but in exchange offers perks like no fees for cashier's checks and money orders.

Chase Bank : Chase Secure Banking℠

Bonus Amount
$100
Account Type
Personal Checking
Availability
Nationwide
Offer Expires
July 20, 2022
Bonus Requirements
  1. Open a new Chase Secure Banking account.
  2. Complete 10 qualifying transactions (debit card purchases, online bill payments, etc) within 60 days of coupon enrollment.
  3. Bonus will be deposited within 15 days of completing the requirements.

37. Seacoast Premium Checking - $250 bonus

If you live in Florida, Seacoast Bank is offering a super easy welcome bonus for new Premium Checking customers. The account does come with a monthly fee, so be sure to check the requirements for waiving that, or factor the amount into your net calculations.

You can also earn another $150 on top of this bonus for opening a Seacoast Savings account – $400 total!

Seacoast Bank : Premium Checking

Bonus Amount
$250
Account Type
Personal Checking
Availability
FL
Offer Expires
July 22, 2022
Bonus Requirements
  1. Open a new Premium Checking account using the promo code DM400.
  2. Within 60 days, receive a direct deposit of $500.
  3. Bonus will be credited within 65 days of account opening.

38. Seacoast Savings - $150 bonus

If you live in Florida, Seacoast Bank is offering an easy welcome bonus for new Seacoast Savings customers. The account does come with a monthly fee, but meeting the requirements for this bonus will waive it.

You can also earn another $250 on top of this bonus for opening a Seacoast Premium Checking account – $400 total!

Seacoast Bank : Seacoast Savings

Bonus Amount
$150
Account Type
Personal Savings
Availability
FL
Offer Expires
July 22, 2022
Bonus Requirements
  1. Open a new Seacoast Savings account using the promo code DM400.
  2. Within 10 business days, deposit $15,000 in new money and maintain that balance for 90 days.
  3. Bonus will be credited within 95 days of account opening.

39. U.S. Bank Business Checking - $300 bonus

Available nationwide if you already have a relationship with U.S. Bank or in any of the 26 states in which they operate in if you don't, U.S. Bank is offering a $300 welcome bonus when you open a new business checking account and deposit new money. The minimum deposit requirement has nearly halved since the last time it was offered. You can open the account online; however, you must use the promo code when applying to receive the bonus.

U.S. Bank : Business Checking

Bonus Amount
$300
Account Type
Business Checking
Availability
Nationwide
Offer Expires
July 29, 2022
Bonus Requirements
  1. Open a new U.S. Bank Silver, Gold or Platinum Business Checking Account with the promo code 'Q2BUS22'.
  2. Within 30 days, deposit $3,000 in new money and maintain that balance for 60 days.
  3. Within 60 days, Enroll in the U.S. Bank Mobile App or U.S. Bank Online Banking.
  4. Within 60 days, make five qualifying transactions Debit card purchases, Merchant deposits, ACH credits, Wires credits/debits, Mobile Check Deposit or Bill Pay) .
  5. Bonus will be deposited into your new U.S. Bank business checking account within 45 days of deposit verification, as long as the account is open and has a positive balance.

40. HomeTrust Bank Personal Checking - up to $400 bonus

HomeTrust Bank is offering up to $400 for opening a new Everywhere Connect, Premier Checking, or Simple Checking account. The $400 breaks down as 3 individual bonuses worth $150, $150, and $100, and you can choose to do 1 or all 3.

HomeTrust Bank : Personal Checking Account

Bonus Amount
up to $400
Account Type
Personal Checking
Availability
NC, SC, TN, VA
Offer Expires
July 30, 2022
Bonus Requirements
  1. Open a new personal checking account using the promo code UPTO400.
  2. Make an opening deposit of $10,000 and maintain that balance for 90 days to earn $150.
  3. Within that same 90 days, receive direct deposits totaling $2,500 to earn another $150.
  4. In 1 of the first 3 months, make 15 debit card purchases totaling $500 to earn the last $100.
  5. Each bonus will be credited to your account on the 15th of the month after that specific requirement has been met, and all no later than 120 days from account opening.
Apply Now

at HomeTrust Bank

41. OnPoint Personal Checking - $100 bonus

OnPoint Community Credit Union is offering an easy bonus for new members who open a personal checking account. Just set up a $500 direct deposit within the first two months and receive $100.

The only downside is that this offer is specific to the Fred Meyer locations, but if you're nearby, definitely check it out.

OnPoint Community Credit Union : Personal Checking

Bonus Amount
$100
Account Type
Personal Checking
Availability
OR, WA
Offer Expires
July 30, 2022
Bonus Requirements
  1. Open a new personal checking account.
  2. Within 60 days, receive a direct deposits totaling $500.
  3. Bonus will be credited to your new account approximately 60 days after account opening.

42. OnPoint Business Checking - $100 bonus

OnPoint Community Credit Union is offering an easy bonus for new members who open a business checking account. Just set up a $500 direct deposit within the first two months and receive $100.

The only downside is that this offer is specific to the Fred Meyer locations, but if you're nearby, definitely check it out.

OnPoint Community Credit Union : Business Checking

Bonus Amount
$100
Account Type
Business Checking
Availability
OR, WA
Offer Expires
July 30, 2022
Bonus Requirements
  1. Open a new business checking account.
  2. Within 60 days, receive deposits totaling $500.
  3. Bonus will be credited to your new account approximately 60 days after account opening.

43. KeyPoint Personal Checking - up to $300 bonus

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

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

KeyPoint Credit Union : Personal Checking

Bonus Amount
up to $300
Account Type
Personal Checking
Availability
CA
Offer Expires
July 31, 2022
Bonus Requirements
  1. Open a new personal checking account with at least $25 using the promo code MB50, earn $50.
  2. Within 60 days, receive a recurring direct deposit of at least $1,000 to earn $200.
  3. Within 3 months of account opening, use your debit card to make 40 purchases to earn an additional $50.
  4. First bonus will be credited within 7 days of account opening. Remaining bonuses will be credited within 3 months after account opening.

44. 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
July 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

45. Alltru Personal Checking - $300 bonus

If you live, work or worship in St. Charles County, St. Louis County, or St. Louis City, Missouri, check out AllTru Credit Union. They're offering new members a generous $300 sign up bonus for opening a new checking account – including students!

You'll need to sign up for online banking and then receive 2 direct deposits. Pretty simple!

Alltru Credit Union : Personal Checking

Bonus Amount
$300
Account Type
Personal Checking
Availability
MO
Offer Expires
July 31, 2022
Bonus Requirements
  1. Open a new checking account using the promo code CHECKING300.
  2. Sign up for online banking.
  3. Within 60 days, receive (2) $500 direct deposits.
  4. Bonus will be credited to your account within 15 days.

46. 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
July 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.

47. Citi Self Invest - up to $500 bonus

Available nationwide to new and existing customers, Citi is offering up to a $500 bonus when you add new-to-Citi funds to a Citi® Self Invest account.

As is typical with Citi promotions, this is a tiered offer: the more you add, the more you earn. You'll need to deposit at least $10,000 to earn a $100 reward, or at least $200,000 to receive the full $500.

You'll need to also maintain your funds through a date defined in the table below:

Month opened/new funds addedFunding periodMaintain Funds Through
March 202203/1/2022 - 04/30/202205/31/2022
April 202204/1/2022 - 05/31/202206/30/2022
May 202205/1/2022 - 06/30/202207/31/2022
June 202206/1/2022 - 07/31/202208/31/2022

Citi : Citi® Self Invest

Bonus Amount
up to $500
Account Type
Investment
Availability
Nationwide
Offer Expires
July 31, 2022
Bonus Requirements
  1. Open a new Citi® Self Invest account or add new-to-Citi funds to an existing account.
  2. Opt-in to eDelivery of statements and confirmations.
  3. Bonus will be tiered based on the total amount added: $10,000 to earn $100; $50,000 to earn $200; $200,000 to earn the full $500.
  4. Maintain the New-To-Citi funds in your account through the “maintain funds” deadline as outlined in the chart.
  5. Bonus will be credited on the last day of the 3rd month following the “maintain funds” period.

48. Bank of America Business Checking - $500 bonus

Bank of America is offering a $500 welcome bonus when you open a new business checking account and maintain a minimum balance. What's even more? You can stack this offer with an eligible small business credit card for an extra $300 bonus to earn a total of $800.

Bank of America : Business Checking

Bonus Amount
$500
Account Type
Business Checking
Availability
Nationwide
Offer Expires
July 31, 2022
Bonus Requirements
  1. Open a new Business Advantage Relationship Banking or Business Advantage Fundamentals™ Banking account.
  2. Within 30 days, make qualifying deposits of $20,000 or more in new money.
  3. From day 31- day 90, maintain an average balance of $20,000.
  4. Bonus will be deposited directly into your Business Advantage Banking account within 60 days from the end of your qualifying period.
Apply Now

at Bank of America

49. Landmark Credit Union Personal Checking - $300 bonus

Landmark Credit Union is offering a $300 bonus for signing up with one of their personal checking accounts.

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

Landmark Credit Union : Personal Checking

Bonus Amount
$300
Account Type
Personal Checking
Availability
IL, WI
Offer Expires
July 31, 2022
Bonus Requirements
  1. Open any new Landmark Checking Account with promo code P100.
  2. Enroll in eStatements.
  3. Make direct deposits of at least $250 per month.
  4. Landmark will review your new account 60 days after opening. The $300 bonus will deposit within 45 days of the review. Accounts closed within the first 6 months will be charged a $300 penalty.
Apply Now

at Landmark Credit Union

50. Teachers Federal Credit Union Smart Checking - up to $400 bonus

Teachers Federal Credit Union is offering up to a $400 welcome bonus when you join and open a new personal checking account. It's broken into two parts, with each one being optional: a direct deposit offer and a debit spend bonus. It's up to you to decide how much free money you want.

Have a referral? This offer will stack with their $50 referral bonus as well.

Note: there are some reports of users stating that customer service is not allowing online applications for this bonus offer anymore.

Teachers Federal Credit Union : Smart Checking

Bonus Amount
up to $400
Account Type
Personal Checking
Availability
NY
Offer Expires
July 31, 2022
Bonus Requirements
  1. Join Teachers Federal Credit Union and open a new checking account with promo code "OFFER400".
  2. Within 60 days, make direct deposits totaling at least $2,500, earn $300.
  3. Within 60 days, spend $500 in debit card purchases, earn $100.
Apply Now

at Teachers Federal Credit Union

51. Teachers Federal Credit Union Student Checking - $100 bonus

Teachers Federal Credit Union is offering students a $100 welcome bonus when you join and open a new personal checking account. The only requirement to spend $500 within 90 days. Don't go crazy buying things you don't need, but if you have the spend, this is an easy bonus.

Teachers Federal Credit Union : Student Checking

Bonus Amount
$100
Account Type
Personal Checking
Availability
NY
Offer Expires
July 31, 2022
Bonus Requirements
  1. Join Teachers Federal Credit Union and open a new checking account with promo code "STUDENT22".
  2. Within 60 days, spend $500 in debit card purchases, earn $100.
Apply Now

at Teachers Federal Credit Union

52. Premier Bank Simple Checking - $200 bonus

Premier Bank is offering new Simple Checking customers a sign-up bonus worth $200. Previously, this bonus was more a la carte with several smaller bonuses you could earn; however, now you must now complete all actions to receive the reward.

Premier Bank : Simple Checking

Bonus Amount
$200
Account Type
Personal Checking
Availability
IN, MI, OH, PA
Offer Expires
July 31, 2022
Bonus Requirements
  1. Open a new personal checking account using the link below.
  2. Within 45 days, make 10 purchases using your debit card and complete a Direct Deposits totaling at least $1000.
  3. Bonuses will be credited to your new checking account 120 days after account opening.
Apply Now

at Premier Bank

53. Georgia's Own Credit Union Personal Checking - up to $200 bonus

Available to Georgia residents with the ability to open online, Georgia's Own Credit Union is offering up to a $200 welcome bonus when you open a new personal checking account and set up direct deposit. If you opt for their free checking or student checking account, you'll see the bonus cut in half.

Georgia's Own Credit Union : Personal Checking

Bonus Amount
up to $200
Account Type
Personal Checking
Availability
GA, NC, SC, TN, VA
Offer Expires
July 31, 2022
Bonus Requirements
  1. Become a member and open a new personal checking account.
  2. For the first two statement cycles, complete six (6) debit card transactions.
  3. Within the same period, complete a monthly direct deposit(s) of at least $500 per statement cycle.
  4. Bonus will be paid within 90 days after account opening.
Apply Now

at Georgia's Own Credit Union

54. BayFirst Simply Free Checking - $350 bonus

BayFirst (formerly First Home Bank) is offering to match up to $350 in direct deposits (or auto transfer) within the first 90 days for new checking customers. For most folks, this should be a fairly simple bonus to earn.

BayFirst National Bank : Simply Free Checking

Bonus Amount
$350
Account Type
Personal Checking
Availability
FL
Offer Expires
July 31, 2022
Bonus Requirements
  1. Open a new Simply Free checking account.
  2. Within 90 days, make direct deposits or transfer an auto loan. Up to $350 will be matched.
  3. The deposit match will be deposited on the 91-100 day after account opening.

55. Citizens Personal Checking - up to $400 bonus

Earn up to $400 for opening a new personal checking account at Citizens Bank – a solid bonus given the low requirements. You'll earn $300 for opening the checking account plus an opportunity to earn another $100 through debit spend.

Citizens Bank : Personal Checking Account

Bonus Amount
up to $400
Account Type
Student Checking
Availability
CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, VT
Offer Expires
August 4, 2022
Bonus Requirements
  1. Open a new checking account using the link below.
  2. Within 60 days, make a direct deposit of $500 to earn $300.
  3. Within the same 60 days, earn $2 for every debit card purchase you make, up to $100.
  4. Bonus will be deposited to your new checking account within 4 months of account opening.

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

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

Dollar Bank, Federal Savings Bank : Everything Checking

Bonus Amount
up to $300
Account Type
Personal Checking
Availability
OH, PA, VA
Offer Expires
August 30, 2022
Bonus Requirements
  1. Open a new Everyday Checking account using the promo code CM601 online or CM602 in branch.
  2. Within 90 days, have direct deposits totaling $2,500 to earn $200.
  3. Keep the account open for a year to receive an additional $100.
  4. $200 bonus will be in the form of a Mastercard debit card rebate, which will be added to the new checking account within 40 days of the qualifying cumulative direct deposits. The $100 credit will be applied within 2 months of the 1-year anniversary of account opening.
Apply Now

at Dollar Bank

57. M&T Personal Checking - $250 bonus

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.

M&T Bank : Personal Checking Account

Bonus Amount
$250
Account Type
Personal Checking
Availability
CT, DC, DE, MD, NJ, NY, PA, VA, WV
Offer Expires
August 31, 2022
Bonus Requirements
  1. Open a new M&T checking account using the link below.
  2. Within 90 days, make at least $500 in direct deposits.
  3. The bonus will be credited to your account within 90 days of all requirements being met.

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

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

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

Bar Harbor Bank and Trust : Simple Checking

Bonus Amount
$200
Account Type
Personal Checking
Availability
ME, NH, VT
Offer Expires
August 31, 2022
Bonus Requirements
  1. Open a new Simple Checking account online using the promocode Bonus722C or in branch after downloading a coupon from the link below.
  2. Make a direct deposit of $250 or more into the account by October 31, 2022.
  3. Bonus will be credited to eligible accounts on or about 11/15/2022.
Apply Now

at Bar Harbor Bank and Trust

59. Provident Credit Union Personal Checking - $300 bonus

Provident Credit Union is offering California residents a healthy $300 bonus when they open a new personal 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 direct deposit and debit card requirement that you'll need to hit both months. In other words, you'll need a total of $1,000 in direct deposits ($500 each month) and $800 in purchases ($400 each month).

This bonus applies to their Super Reward Checking, Provident Checking, and Simply Free Checking accounts. Be sure to compare all three before deciding which is best for you.

Provident Credit Union : Personal Checking

Bonus Amount
$300
Account Type
Personal Checking
Availability
CA
Offer Expires
August 31, 2022
Bonus Requirements
  1. Open a new personal checking account using the promo code 3030.
  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 receive a direct deposit of $500.
  4. Bonus will be credited to your new account within 120 days of account opening.
Apply Now

at Provident Credit Union

60. HarborOne Bank Personal Checking and Savings - up to $750 bonus

Available to new customers who live or work within 10 miles of their Metro Boston branches, HarborOne is offering up to a $750 bonus when you open a new personal checking account and savings account in branch. This is a tiered bonus – You'll earn $450 when you open a new personal checking account and setup monthly direct deposits of $2,500 or more and $300 when maintain at least a $15,000 average monthly balance each month in a new HarborOne savings account.

It does require a little bit of capital, but if you have the money, this is an easy bonus to obtain.

HarborOne Bank : Personal Checking and Savings

Bonus Amount
up to $750
Account Type
Personal Checking
Availability
MA
Offer Expires
August 31, 2022
Bonus Requirements
  1. Be a new customer, or existing customer that hasn't had a deposit account, that lives or works near a metro Boston branch.
  2. Open any new personal checking account.
  3. Within 60 days, and through the 6 month anniversary of opening the account, receive direct deposits totaling at least $2,500 per month, earn $450.
  4. Within 60 days, and through the 6 month anniversary of opening the Checking account, maintain an average monthly balance of $15,000 AND complete the Checking account bonus, earn $300.
  5. Bonus will be credited into the new personal checking or savings account no later than 20 days from 6 month anniversary of account opening.
Learn More

at HarborOne Bank

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.