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 396 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

396 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 396 bank promotions that will give you cash for opening a new account right now:

151. Linn Area Credit Union Personal Checking - $50 bonus

Available to Iowa resident with the ability to open online, Linn Area Credit Union is offering a $50 welcome bonus when you open a new personal checking account and set up direct deposit OR enroll in online banking and eStatements. The bonus isn't high, but the requirements are minimal. If you qualify for membership, it's an easy bonus.

Linn Area Credit Union : Personal Checking

Bonus Amount
$50
Account Type
Personal Checking
Availability
IA
Offer Expires
December 31, 2022
Bonus Requirements
  1. Join Linn Area Credit Union.
  2. Open a new personal checking account with promo code "50FORME".
  3. Make a direct deposit OR enroll in online banking and eStatements.
  4. Bonus will be provided as a checking account credit within 60 days of account opening after verifying the requirements are fulfilled.
Apply Now

at Linn Area Credit Union

152. Jefferson Bank of Missouri Personal Checking - $300 bonus

Midwesterners in Kansas, Illinois, Missouri and Ohio, can earn $300 from Jefferson Bank for opening a new personal checking account. You just need to receive 2 direct deposits and keep the account open for 90 days. Not bad!

The eligible accounts all have monthly maintenance fees, but if you go with the MyChoice Checking option, the fee is waived just by meeting the bonus requirements (receiving a direct deposit).

Jefferson Bank of Missouri : Personal Checking

Bonus Amount
$300
Account Type
Personal Checking
Availability
OK, IL, KS, MO
Offer Expires
December 31, 2022
Bonus Requirements
  1. Open a new personal checking account using the promo code GET300.
  2. Within 90 days, receive 2 direct deposits.
  3. Bonus will be deposited into the checking account within 15 business days after account has met all requirements AND has been open for 90 days.
Apply Now

at Jefferson Bank of Missouri

153. Fulton Bank Personal Checking - $200 bonus

Fulton Bank is offering $200 to new Simply Checking or Interest Checking customers for completing either direct deposit or debit card transactions. If you live in one of the targeted areas, this is an easy bonus for opening a personal checking account that has no monthly fees.

The fine print states that you will have needed to receive a direct communication (email or digital ad) from them to be eligible, but YMMV.

Fulton Bank : Personal Checking

Bonus Amount
$200
Account Type
Personal Checking
Availability
DE, DC, MD, NJ, PA, VA
Offer Expires
December 31, 2022
Bonus Requirements
  1. Open a new Simply Checking or Interest Checking account using the link below.
  2. Within 60 days, set up a recurring direct deposit totaling $500 OR use your debit card at least 15 times for a total of $300 in total purchases.
  3. Bonus will be credited to your account 4-6 weeks after meeting the requirements.
Apply Now

at Fulton Bank

154. UNIFY Financial Credit Union Personal Checking - up to $150 bonus

UNIFY Financial Credit Union is offering up to a $150 welcome bonus when you open a new personal checking account. This is a tiered bonus, meaning the more activities you complete, the more you can earn. You'll need both a direct deposit and debit card spend to reach the max bonus amount. It's important to note that while membership to UNIFY Financial can be achieved nationwide, this bonus offer is only available to residents in 1 of 3 select counties in California.

UNIFY Financial Credit Union : Personal Checking

Bonus Amount
up to $150
Account Type
Personal Checking
Availability
CA
Offer Expires
December 31, 2022
Bonus Requirements
  1. Become a member of UNIFY FCU and open a new Free or eChecking checking account with a UNIFY Visa Debit Card and receive a $50 bonus into your checking account following the first statement cycle.
  2. Within 60 days, establish a recurring ACH Direct Deposit of at least $500 aggregate each month, earn another $50.
  3. With 60 days of account opening, earn a $1 for every debit card purchase over $5, up to $50 total.
Apply Now

at UNIFY Financial Credit Union

155. First Merchants Bank Personal Checking - up to $400 bonus

First Merchants Bank is offering new customers a tiered bonus based on which checking account you choose, from $50-$400.

You'll earn $50 for opening a Simple Access or Carefree Checking account, $150 for opening an Advantage Checking account or First Direct Checking, or the full $400 for opening an Elite Checking account. This is the highest we've seen this offer and double the last time it came around, so now's a good time to act!

Be sure to check out each of their checking account products (and monthly fees) to decide which bonus to go for. The bonus requirements are otherwise the same.

First Merchants Bank : Personal Checking

Bonus Amount
up to $400
Account Type
Personal Checking
Availability
IL, IN, MI, OH
Offer Expires
December 31, 2022
Bonus Requirements
  1. Open a new personal checking account using the promo code BANKOFFERS0722.
  2. Within 60 days, complete 15 debit card transactions.
  3. Within the same 60 days, complete one direct deposit of $500.
  4. Bonus will be credited to your account within 8 weeks of meeting requirements.
Apply Now

at First Merchants Bank

156. Hinsdale Bank & Trust Company Total Access Checking - $300 bonus

Back for 2022, Hinsdale Bank & Trust Company is offering $300 to new Total Access Checking customers after they meet direct deposit requirements and enroll in online banking and e-statements. It's a solid bonus with easy requirements, so if you live in their footprint, we recommend grabbing this offer!

Keep in mind that if you earn this bonus, you're no longer eligible for any similar bonuses with Wintrust's subsidiaries. You can; however, stack this with their Statement Savings bonus for $500 total.

Hinsdale Bank & Trust Company : Total Access Checking

Bonus Amount
$300
Account Type
Personal Checking
Availability
IL
Offer Expires
December 31, 2022
Bonus Requirements
  1. Open a new Total Access Checking account using the link below.
  2. Enroll in online banking and eStatements.
  3. Receive direct deposits totaling $500 each month for the 2 consecutive months after the month you opened the account.
  4. Bonus will be deposited into your new account within 30 days after the qualification period.
Apply Now

at Hinsdale Bank & Trust Company

157. Hinsdale Bank & Trust Company Statement Savings - $200 bonus

Back for 2022, Hinsdale Bank & Trust Company is offering a $200 welcome bonus when you open a new Statement Savings account and make new deposits totaling $15,000 or more. Want to earn more? You can stack this offer with their checking account bonus to earn a total of $500. Keep in mind that you may only be eligible for 1 bonus of this type across all Wintrust Community Trust banks.

Hinsdale Bank & Trust Company : Statement Savings

Bonus Amount
$200
Account Type
Personal Savings
Availability
IL
Offer Expires
December 31, 2022
Bonus Requirements
  1. Open a new Statement Savings account using the link below or tell the banker you are aware of this offer at account opening.
  2. Deposit $15,000.00 or more of new money, defined as money not held at any WTFC location.
  3. Maintain a minimum balance of at least $15,000.00 on the last business day of each of the 3 consecutive calendar months following the calendar month your new account is opened.
  4. Bonus will be deposited into your new account within 30 calendar days after the 3-month Qualification Period.
Apply Now

at Hinsdale Bank & Trust Company

158. Elgin State Bank Total Access Checking - $300 bonus

Back for 2022, Elgin State Bank is offering $300 to new Total Access Checking customers after they meet direct deposit requirements and enroll in online banking and e-statements. It's a solid bonus with easy requirements, so if you live in their footprint, we recommend grabbing this offer!

Keep in mind that if you earn this bonus, you're no longer eligible for any similar bonuses with Wintrust's subsidiaries. You can; however, stack this with their Statement Savings bonus for $500 total.

Elgin State Bank : Total Access Checking

Bonus Amount
$300
Account Type
Personal Checking
Availability
IL
Offer Expires
December 31, 2022
Bonus Requirements
  1. Open a new Total Access Checking account using the link below.
  2. Enroll in online banking and eStatements.
  3. Receive direct deposits totaling $500 each month for the 2 consecutive months after the month you opened the account.
  4. Bonus will be deposited into your new account within 30 days after the qualification period.
Apply Now

at Elgin State Bank

159. Elgin State Bank Statement Savings - $200 bonus

Back for 2022, Elgin State Bank is offering a $200 welcome bonus when you open a new Statement Savings account and make new deposits totaling $15,000 or more. Want to earn more? You can stack this offer with their checking account bonus to earn a total of $500. Keep in mind that you may only be eligible for 1 bonus of this type across all Wintrust Community Trust banks.

Elgin State Bank : Statement Savings

Bonus Amount
$200
Account Type
Personal Savings
Availability
IL
Offer Expires
December 31, 2022
Bonus Requirements
  1. Open a new Statement Savings account using the link below or tell the banker you are aware of this offer at account opening.
  2. Deposit $15,000.00 or more of new money, defined as money not held at any WTFC location.
  3. Maintain a minimum balance of at least $15,000.00 on the last business day of each of the 3 consecutive calendar months following the calendar month your new account is opened.
  4. Bonus will be deposited into your new account within 30 calendar days after the 3-month Qualification Period.
Apply Now

at Elgin State Bank

160. UNIFY Financial Credit Union Personal Checking - up to $250 bonus

If you live in Benton County or Washington County, Arkansas, UNIFY Financial Credit Union is offering up to a $250 welcome bonus when you open a new personal checking account. This is a tiered bonus, meaning the more activities you complete, the more you can earn. You'll need both a direct deposit and debit card spend to reach the max bonus amount. As stated above, while membership to UNIFY Financial can be achieved nationwide, this bonus offer is only available to residents in 1 of 2 select counties in Northwest Arkansas.

UNIFY Financial Credit Union : Personal Checking

Bonus Amount
up to $250
Account Type
Personal Checking
Availability
AR
Offer Expires
December 31, 2022
Bonus Requirements
  1. Become a member of UNIFY FCU and open a new Free or eChecking checking account with a UNIFY Visa Debit Card and receive a $100 bonus into your checking account following the first statement cycle.
  2. An additional $50 bonus will be credited to the checking account following the first statement cycle.
  3. Within 60 days, establish a recurring ACH Direct Deposit of at least $500 aggregate each month, earn another $50.
  4. With 60 days of account opening, earn a $1 for every debit card purchase over $5, up to $50 total.
  5. Bonus will be credited to the checking account in the statement cycle following the 60th day.
Apply Now

at UNIFY Financial Credit Union

161. Bank of America Business Checking - $200 bonus

Bank of America is offering a $200 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 $500.

Bank of America : Business Checking

Bonus Amount
$200
Account Type
Business Checking
Availability
Nationwide
Offer Expires
December 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 $3,000 or more in new money.
  3. From day 31- day 90, maintain an average balance of $3,000.
  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

162. Bank of America Business Checking - $100 bonus

Bank of America is offering a $100 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 $400.

Bank of America : Business Checking

Bonus Amount
$100
Account Type
Business Checking
Availability
Nationwide
Offer Expires
December 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 $1,000 or more in new money.
  3. From day 31- day 90, maintain an average balance of $1,000.
  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

163. Wintrust Bank Entrepreneur Checking - $300 bonus

Wintrust Community Bank is offering small business owners a $300 sign up bonus for opening a new Entrepreneur Checking account.

You'll need to open the account in-branch and mention to the teller that you want to take part in this offer. After that the requirements are pretty straightforward: deposit and maintain $1,500 for 2 months, and complete 5 qualifying transactions each month. Qualifying transactions include ACH debits and credits, wire transfers, and debit card transactions, so that should be an easy requirement to meet.

Wintrust Bank : Entrepreneur Checking

Bonus Amount
$300
Account Type
Business Checking
Availability
IL
Offer Expires
December 31, 2022
Bonus Requirements
  1. Open a new Entrepreneur Checking account and tell the bank you're aware of this offer.
  2. Enroll in online banking and eStatements.
  3. For 2 consecutive months, maintain a balance of $1,500.
  4. In the same 2 months, complete 5 qualifying transactions (ACH debit, ACH credit, wire transfer and debit card transactions).
  5. Bonus will be credited to your new account within 30 calendar days of meeting requirements.
Learn More

at Wintrust Bank

164. United States Senate Federal Credit Union Personal Checking - up to $200 bonus

Available nationwide (via membership with the American Consumer Council) with the ability to open online, United States Senate Federal Credit Union is offering up to $200 in welcome bonuses when you open a new Senate Checking account and set up direct deposit.

United States Senate Federal Credit Union : Personal Checking

Bonus Amount
up to $200
Account Type
Personal Checking
Availability
Nationwide
Offer Expires
December 31, 2022
Bonus Requirements
  1. Become a member of United States Senate Federal Credit Union using promo code "BONUS", earn $25.
  2. Within 5 days, open a Senate Checking account and opt to receive a free Visa® debit card, earn $25.
  3. Within 30 days of application, receive a direct deposit of $250 or more, earn $150.
  4. Bonus will be deposited within 60 business days of membership application date.
Apply Now

at United States Senate Federal Credit Union

165. A+ Federal Credit Union Cash-Back Checking - up to $100 bonus

Available in Texas (or nationwide via a donation to the A+ Education Foundation) with the ability to open online, A+ Federal Credit Union is offering up to a $100 welcome bonus when you open a new Cash-Back Checking account and set up direct deposit. Don't have a direct deposit? You'll earn $25 just for opening the account.

A+ Federal Credit Union : Cash-Back Checking

Bonus Amount
up to $100
Account Type
Personal Checking
Availability
Nationwide
Offer Expires
December 31, 2022
Bonus Requirements
  1. Become a member and open a new Cash-Back Checking account using promo code '2022SEG100', earn $25.
  2. Within 60 days, complete direct deposits totaling $800 or more within any consecutive 30 calendar day window.
  3. Direct Deposit Bonus of $75 will be deposited into your Membership Savings account within a week of the date your payroll direct deposits total $800 or greater.
Apply Now

at A+ Federal Credit Union

166. Laurel Road Loyalty Checking - $300 bonus

Available nationwide, Laurel Road is offering a $300 welcome bonus when you open a new Loyalty Checking account and set up direct deposit. What's even more? Every month that you make direct deposits totaling $2,500 or more, you'll earn a $10 bonus – for the lifetime of the account.

Laurel Road : Loyalty Checking

Bonus Amount
$300
Account Type
Personal Checking
Availability
Nationwide
Offer Expires
December 31, 2022
Bonus Requirements
  1. Open a Laurel Road Loyalty Checking account.
  2. Within 60 days, make one or more qualifying direct deposits.
  3. Bonus will be deposited into your account within 60 days of meeting requirements.
Apply Now

at Laurel Road

167. PeoplesBank Personal Checking - $200 bonus

Available to both new and existing customers (that haven't had a checking accounting past 2 years), PeoplesBank is offering a $200 welcome bonus when you open a new personal checking account and set up direct deposit. Better hurry fast! This offer is ending January 31st!

PeoplesBank : Personal Checking

Bonus Amount
$200
Account Type
Personal Checking
Availability
PA, MD
Offer Expires
January 31, 2023
Bonus Requirements
  1. Be a new or existing client to PeoplesBank (if you have not had a personal checking account with PeoplesBank in the past 24 months).
  2. Open a Momentum or PrimeTime Checking account at the link below.
  3. Within 45 days, receive at least one direct deposit of $350 or more.
  4. Bonus will be paid in the form of a statement credit provided within 2 statement cycles after all of the requirements have been met.
Apply Now

at PeoplesBank

168. People First Federal Credit Union Free Checking - $200 bonus

Available in select counties of Pennsylvania and New Jersey with the ability to open online, People First Federal 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 complete purchases with your debit card during the qualification period. Your bonus will not be available immediately, as they will hold the funds in your account until you've been a member for 6 months.

People First Federal Credit Union : Free Checking

Bonus Amount
$200
Account Type
Personal Checking
Availability
NJ, PA
Offer Expires
April 30, 2023
Bonus Requirements
  1. Become a member of People First Federal Credit Union and open a new personal checking account.
  2. Within 45 days, complete direct deposits totaling $700 or more into account.
  3. Within 60 days, make 15 debit card transactions and enroll in eStatements.
  4. Bonus will be held (frozen) in your account until the account is 6 months old and released thereafter.
Apply Now

at People First Federal Credit Union

169. Aspiration Spend & Save - $150 bonus

Aspiration is offering a $150 bonus when you open their basic account and then spend at least $1,000 using your debit card.

Keep in mind that they're also offering a $200 bonus for opening an Aspiration Plus account (with the same requirements), but that one comes with a monthly fee.

In exchange, the Plus account comes with some extra perks like higher cash back and higher interest on your savings, which may offset the fee for you. Be sure to check out both accounts to see which one would serve you best!

Aspiration : Aspiration Spend & Save

Bonus Amount
$150
Account Type
Cash
Availability
Nationwide
Offer Expires
Limited Time
Bonus Requirements
  1. Open an Aspiration account using the link below.
  2. Fund the account with at least $10.
  3. Within 60 days, make at least $1,000 in cumulative debit card purchases.
  4. The bonus will post to your account within 120 calendar days from account opening.

170. TIAA Yield Pledge® Money Market - $300 bonus

TIAA Bank is offering an easy bonus to new Yield Pledge Money Market customers, with one big caveat: your employer must participate in their Workplace Banking program.

If you're lucky enough to qualify, however, this is a straightforward offer: open a new account, deposit $15,000 in the first 20 days and then maintain it for 70 after that, and get $300 for your trouble. That represents a 12% effective rate on your savings, which is significantly more than any savings account these days.

TIAA Bank : Yield Pledge® Money Market

Bonus Amount
$300
Account Type
Mma
Availability
Nationwide
Offer Expires
Limited Time
Bonus Requirements
  1. Open a new Yield Pledge Money Market account from your employer’s dedicated Workplace Banking webpage or by calling 833-880-8422.
  2. Within 20 days, deposit $15,000 in new money.
  3. Maintain that balance for the next 70 days.
  4. Bonus will be credited to your account within 120 days of account opening.

171. TIAA Yield Pledge® Checking - $150 bonus

TIAA Bank is offering an easy bonus to new Yield Pledge Checking customers, with one big caveat: your employer must participate in their Workplace Banking program.

If you're lucky enough to qualify, however, this is a straightforward offer: open a new account, make cumulative direct deposits totaling $1,000 in 90 days, and get $150 for your trouble.

TIAA Bank : Yield Pledge® Checking

Bonus Amount
$150
Account Type
Personal Checking
Availability
Nationwide
Offer Expires
Limited Time
Bonus Requirements
  1. Open a new Yield Pledge Checking account from your employer’s dedicated Workplace Banking webpage or by calling 833-880-8422.
  2. Within 90 days, receive direct deposits totaling $1,000.
  3. Bonus will be credited to your account within 120 days of account opening.

172. HarborOne Bank Checking + Savings Combo - up to $200 bonus

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

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

HarborOne Bank : Checking + Savings Combo

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

at HarborOne Bank

173. Altra A+ Checking - $100 bonus

Altra Bank is offering $100 when you open an A+ Checking account.

Altra Federal Credit Union : A+ Checking

Bonus Amount
$100
Account Type
Personal Checking
Availability
MN, WI, TN, TX
Offer Expires
Limited Time
Bonus Requirements
  1. Use the promo code A+100 to open an A+ Checking account.
  2. Within 30 days, make a direct deposit of at least $50.

174. Altra A+ Platinum - $100 bonus

Altra Bank is offering $100 when you open an A+ Platinum account.

Altra Federal Credit Union : A+ Platinum

Bonus Amount
$100
Account Type
Personal Checking
Availability
MN, WI, TN, TX
Offer Expires
Limited Time
Bonus Requirements
  1. Use the promo code A+100 to open an A+ Platinum account.
  2. Within 30 days, make a direct deposit of at least $250.

175. City National Bank of West Virginia City Gold Checking - $200 bonus

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

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

City National Bank of West Virginia : City Gold Checking

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

at City National Bank of West Virginia

176. Service Credit Union Everyday Checking - up to $100 bonus

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

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

Service Credit Union : Everyday Checking

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

at Service Credit Union

177. Christian Community Credit Union Personal Checking - $200 bonus

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

Christian Community Credit Union : Personal Checking Account

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

at Christian Community Credit Union

178. Discover Cashback Debit - up to $360 bonus

Discover Bank has a cool twist on the old-fashioned debit card: cash back rewards. Open an account online, and they'll give you 1% cash back on up to $3,000 in debit card purchases each month, for up to $360 each year as a bonus to your normal spending. See website for details.

Discover Bank : Cashback Debit

Bonus Amount
up to $360
Account Type
Personal Checking
Availability
Nationwide
Offer Expires
Limited Time
Bonus Requirements
  1. Open a new Discover Cashback Debit checking account using the link below.
  2. Use your debit card to earn cashback – up to $30 can be earned per month (see website for details).
  3. Bonus cash will be deposited into your account each month.

179. Community First Credit Union of Florida Personal Checking - up to $175 bonus

Community First Credit Union is offering $175 for opening a new personal checking account. It breaks down as $25 for opening the account and enrolling in their Save My Change program (which is an automatic savings feature that rounds up your debit card transactions and automatically transfers the change into a savings account), and then $150 for establishing direct deposits that total $1,000.

They're also offering an additional $25 for every friend you refer to a Bonus Debit or Advantage checking account, limited to 5 annually.

Community First Credit Union of Florida : Personal Checking Account

Bonus Amount
up to $175
Account Type
Personal Checking
Availability
FL
Offer Expires
Limited Time
Bonus Requirements
  1. Open a new checking account using the promo code CHK2021.
  2. Enroll in the Save My Change program to earn $25.
  3. Within 90 days, receive direct deposits totaling $1,000 to earn the remaining $150.
  4. Bonus will be deposited into your account within 7 days after the 90 day period.
Apply Now

at Community First Credit Union of Florida

180. Robinhood Investing - up to $225 bonus

Robinhood is a commission-free stock trading platform that's had mixed headlines in the news (GME, what?). But Robinhood is a popular choice – particularly among beginner investors – due to their sleek, easy-to-use app.

This is a program that many investment apps now offer, but Robinhood pioneered: sign up and get a free stock. The stock has a 98% chance of being worth $3-$10, so this isn't an amazing bonus, but it's something for almost nothing (you don't even need to fund your account). The stock will hit your account within a week, and is tradeable 2 days after that.

Robinhood : Investing Account

Bonus Amount
up to $225
Account Type
Investment
Availability
Nationwide
Offer Expires
Limited Time
Bonus Requirements
  1. Open a new Robinhood investing account.
  2. Link your bank account.
  3. Stock bonus will be credited to the enrolled account within approximately one week.

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.