Best Bank Bonuses and Promotions of August 2022

You’re probably familiar with the usual ways to earn money from your bank accounts, such as interest on your deposits and cashback rewards for spending. These are all things you should be taking advantage of.

But there’s also free money waiting for you in the form of new account bonuses, and all you have to do is open a new checking or savings account.

It's true! Many banks, credit unions, and brokerages offer a financial incentive to attract new customers (and their deposits!).

Keep reading to learn more about these new account offers or to compare the best bank bonuses available today.

Best Bank Bonuses in August 2022

These are our absolute favorite promotions right now.

Why?

Because the requirements necessary to earn each bonus are in line with the reward (please don't require us to deposit $500k to earn $150 🙄) and they're from reputable banks and institutions that are available nationwide.

Note: If you're hungry for more offers, you can keep scrolling for our full list of all 433 current offers.

Best checking account bonus offers

Bank Bonus Details Learn More

Citi

Citi Priority Account

Citi Priority Account: up to $2000 bonus offer

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

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

Depending on when you deposit the cash (it needs to be there by the 20th day), the bonus represents an effective rate of roughly 5-11% on your savings. The $200 offer nets you the best effective rate, but every offer is significantly more than what you can find on most savings accounts. So if you have the cash, this is a great way to put it to work, risk-free.

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

or, read the full requirements

Fifth Third Bank

Personal Checking

Personal Checking: $375 bonus offer

Fifth Third Bank has revived their personal checking account bonus, and made it sweeter this time around. They've increased the offer amount from $350 to $375.

You can open the account online through the promotion's landing page, or choose instead to enter your email address to receive a unique code that you can take into your local branch.

Another perk? Users report receiving their bonus just days after the qualifying deposit is posted.

Bonus
$375
Account Type
Personal Checking
Expires In
51 days
Requires
  • Direct Deposit
Apply Now

at Fifth Third Bank

or, read the full requirements

Chase

Chase Total Checking®

Chase Total Checking®: $200 bonus offer

Chase has recently decreased this welcome offer from $225 down to $200. While $200 is what Chase has historically offered as a new checking account bonus, it's still a bummer to see the amount go down.

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

Your new account can be opened easily online, and earning the bonus is super straightforward: receive a qualifying direct deposit into your new account within 90 days, and Chase will reward you within 15 days. Definitely check it out!

Bonus
$200
Account Type
Personal Checking
Expires In
70 days
Requires
  • Direct Deposit
Apply Now

at Chase

or, read the full requirements

Albert

Albert Cash Account

Albert Cash Account: $150 bonus offer

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

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

at Albert

or, read the full requirements

M&T

Personal Checking Account

Personal Checking Account: $250 bonus offer

M&T is offering $250 if you open one of their premium checking accounts and make a small direct deposit within 90 days.

If you're not able to meet the requirements to waive the maintenance fees, you can alternatively opt for their basic checking account.

Regardless, be sure to enter your zipcode on the linked offer page, which will auto apply the appropriate promo code if you're within a targeted zipcode. Many readers have tried to apply the promo to an outside zip, and while the system allows you to move forward, you'll be "surprised" with no bonus payout when that time comes.

Bonus
$250
Account Type
Personal Checking
Expires In
21 days
Requires
  • Direct Deposit
Apply Now

at M&T

or, read the full requirements

Huntington

Huntington 5 Checking®

Huntington 5 Checking®: $200 bonus offer

Huntington is offering a welcome bonus to those opening new personal checking accounts. This one offers $200 for a $1,000 deposit into their interest-earning account.

This account comes with a monthly fee. If you don't qualify for the waiver, you can opt instead for a smaller bonus by making the same deposit into their basic (and fee-free) checking account.

Bonus
$200
Account Type
Personal Checking
Expires In
58 days
Requires
  • Min Balance
Apply Now

at Huntington

or, read the full requirements

TD Bank

Beyond Checking

Beyond Checking: $300 bonus offer

TD Bank is offering a $300 welcome bonus for opening a personal checking account and using direct deposit within the first 2 months. What's more, you can maximize this promo by also opening a new personal savings account — stacking an extra $200 on top of this offer for a total of $500.

If the $2,500 in direct deposit is too high, they're also running a smaller offer with only a $500 deposit requirement.

While this isn't available nationwide, it is open to a healthy list of states, and is no longer targeted to select customers.

If you're eligible, we definitely recommend claiming this easy bonus.

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

at TD Bank

or, read the full requirements

Bank of America

Advantage Banking Account

Advantage Banking Account: $100 bonus offer

Bank of America is offering $100 for opening a new personal checking account. They recently upped the direct deposit requirements from $250 to $1000, which is quite steep for a bonus of this size.

It's not a huge bonus, but it's available nationwide and the requirements are super low.

Bonus
$100
Account Type
Personal Checking
Expires In
143 days
Requires
  • Direct Deposit
Apply Now

at Bank of America

or, read the full requirements

Best savings account bonuses

Bank Bonus Details Learn More

CIT

Money Market Account

Money Market Account: 1-Year Amazon Prime ($139) bonus offer

CIT Bank is offering a unique bonus for opening a money market account and maintain a minimum balance. Not only will you earn interest on you money (0.45% APY currently), you'll also receive one year of Amazon Prime absolutely free. This is valid for new Amazon Prime customers or existing customers to be applied at time of renewal.

Bonus
1-Year Amazon Prime ($139)
Account Type
Mma
Expires In
Limited Time
Requires
  • Min Balance
Apply Now

at CIT

or, read the full requirements

Discover

Online Savings Account

Online Savings Account: up to $200 bonus offer

Discover – one of our top picks for online banks – is currently offering up to $200 for opening a new Online Savings account. You'll need to deposit $25,000 to earn the full amount, but $15,000 only results in a loss of $50.

One perk to this bonus is that Discover doesn't have a requirement for how long you need to keep the cash in the account, so you can deposit and withdraw immediately. Doesn't get much easier than that!

Bonus
up to $200
Account Type
Personal Savings
Expires In
36 days
Requires
  • Min Balance
Apply Now

at Discover

or, read the full requirements

Alliant

Ultimate Opportunity Savings Account

Ultimate Opportunity Savings Account: $100 bonus offer

Alliant Credit Union has partnered with Suze Orman to encourage people to make saving a priority. To that end, they've launched “The Ultimate Opportunity Savings Account” promotion, where you can earn a $100 welcome bonus by opening a new savings account and making the commitment to deposit $100 each month.

Keep in mind that these deposits don't need to be made via direct deposit, as is common with many bank bonuses. Instead, regular transfers each month will work.

The first transfer will need to be made within 30 days of opening the account, and while it does take a full 12 months to satisfy the requirements, the ROI on your cash is impressive.

This is a nationwide bonus from one of the best credit unions, so definitely check it out!

Bonus
$100
Account Type
Personal Savings
Expires In
143 days
Requires
  • Min Balance
Apply Now

at Alliant

or, read the full requirements

Bask Bank

Bask Mileage Savings

Bask Mileage Savings: 1,000 bonus miles offer

Bask Bank is offering new account holders an additional 1,000 American Airlines AAdvantage® miles – on top of what the Bask Mileage Savings account already accrues.

You'll need to be a brand new Bask Bank customer to take advantage, but this offer is otherwise available nationwide with the ability to open online.

Bonus
1,000 Miles
Account Type
Personal Savings
Expires In
Limited Time
Requires
  • Min Balance
Apply Now

at Bask Bank

or, read the full requirements

Regions

LifeGreen Savings

LifeGreen Savings: up to $100 bonus offer

The main draw of LifeGreen Savings is its bonus offer, which pays out up to $100 per year when you set up automated transfers (in addition to the normal APY). If you transfer at least $10 into the account per month, you'll get a 1% savings bonus at the end of the year (up to $100).

The best part of this offer is that it isn't a one-time cash back deal. LifeGreen Savings bonuses are eligible each year that the account is in good standing.

Bonus
up to $100
Account Type
Personal Savings
Expires In
Limited Time
Requires
  • Min Balance
Apply Now

at Regions

or, read the full requirements

Best investment account bonuses

Bank Bonus Details Learn More

Ally

Ally Invest

Ally Invest: up to $3000 bonus offer

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

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

Here are the tiers of this investing bonus:

New Money Added Bonus Amount
$10,000-$24,999 $100
$25,000-$99,999 $250
$100,000-$249,999 $300
$250,000-$499,999 $600
$500,000-$999,999 $1,200
$1,000,000-$1,999,999 $2,000
$2,000,000+ $3,000
Bonus
up to $3000
Account Type
Investment
Expires In
51 days
Requires
  • Min Balance
Apply Now

at Ally

or, read the full requirements

J.P. Morgan

Self-Directed Investing

Self-Directed Investing: up to $625 bonus offer

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

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

Here are all 3 tiers of this investing bonus:

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

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

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

at J.P. Morgan

or, read the full requirements

Acorns

Acorns Invest [Referral Program]

Acorns Invest [Referral Program]: $500 bonus offer

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

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

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

This offer will also automatically stack with their regular $10 bonus offered to BankBonus.com users, for additional earnings.

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

at Acorns

or, read the full requirements

Axos

Self-Directed Trading + Rewards Checking Combo

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

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

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

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

at Axos

or, read the full requirements

Tradestation

Securities or Crypto Account

Securities or Crypto Account: up to $150 bonus offer

Available nationwide with the ability to open online, Tradestation is offering new customers a $150 cash bonus when you open a new securities investment account or $150 in Bitcoin when you open a new crypto trading account.

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

at Tradestation

or, read the full requirements

Tastyworks

Investment Account

Investment Account: up to $250 bonus offer

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

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

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

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

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

at Tastyworks

or, read the full requirements

Best business account bonuses

Bank Bonus Details Learn More

Chase

Chase Business Complete Banking℠

Chase Business Complete Banking℠: $300 bonus offer

Chase Bank is offering business owners a $300 bonus to open a new Chase Business Complete Banking℠ account.

The requirements are pretty easy to meet: deposit $2,000 and maintain it for 2 months, and complete just 5 qualifying transactions in the first 3 months. Several activities count as "qualifying transactions", including purchases on your debit card, deposits into the account, setting up a bill payment, and more. See the fine print for the full list, but needless to say, meeting that requirement should be painless.

What's especially awesome about this bonus compared to other business checking account offers is that Chase recently launched the ability for customers to open an account online. Compared to the vast majority of business checking accounts which require you to visit your local branch, opening an account at Chase is significantly more convenient.

If you prefer live help, however, you can still enroll in this offer by entering your email address on the bonus landing page to have an offer code sent to you. Just be sure to take that code with you when you visit a branch.

Bonus
$300
Account Type
Business Checking
Expires In
71 days
Requires
  • Min Balance
  • Card Spend (optional)
Apply Now

at Chase

or, read the full requirements

Axos

Business Interest Checking

Business Interest Checking: up to $200 bonus offer

Available nationwide with the ability to open online, Axos is offering a $200 welcome bonus when you open a new Business Interest Checking account and maintain a minimum balance. This is double their previous offer so now might be a good time to jump on it!

It's important to note that only new businesses (those incorporated after 06/01/2020) are eligible for $200 and must use promo code NEWBIZ200. If your business is older than that, you'll only be eligible for a $100 bonus and must use promocode NEWAXOSBIZ.

Bonus
up to $200
Account Type
Business Checking
Expires In
51 days
Requires
  • Min Balance
Apply Now

at Axos

or, read the full requirements

Axos

Business Premium Savings

Business Premium Savings: up to $200 bonus offer

Available nationwide with the ability to open online, Axos is offering a $200 welcome bonus when you open a new Business Premium Savings account and maintain a minimum balance. This is double their previous offer so now might be a good time to jump on it!

It's important to note that only new businesses (those incorporated after 06/01/2020) are eligible for $200 and must use promo code NEWBIZ200. If your business is older than that, you'll only be eligible for a $100 bonus and must use promocode NEWAXOSBIZ.

Wanna get a checking account instead? They're also running this $200 promotion on their Business Interest Checking account.

Bonus
up to $200
Account Type
Business Savings
Expires In
51 days
Requires
  • Min Balance
Apply Now

at Axos

or, read the full requirements

Huntington

Unlimited Plus Business Checking

Unlimited Plus Business Checking: $750 bonus offer

Huntington is offering a welcome bonus to those opening new business checking accounts. This one offers $750 for a $20,000 deposit. Don't have $20k? They're also running $100 and $400 offers for $2,000 and $5,000 deposits, respectively.

While the account needs to remain open for 6 months to avoid forfeiting the offer, you will get the bonus within 2 weeks of meeting the requirement which is pretty great!

Bonus
$750
Account Type
Business Checking
Expires In
89 days
Requires
  • Min Balance
Apply Now

at Huntington

or, read the full requirements

Amex

Business Checking

Business Checking: $300 bonus offer

Available nationwide with the ability to open online, Amex is offering a $300 welcome bonus when you open a new business checking account and make qualifying transactions. This is a rare offer from American Express and relatively easy to earn.

Bonus
$300
Account Type
Business Checking
Expires In
Limited Time
Requires
  • Min Balance
Apply Now

at Amex

or, read the full requirements

433 Current Bank Promotions and New Account Offers

We track bonuses and sign-up offers for opening everything from a new checking account or high-yield savings account, to a new credit card or brokerage account.

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

241. Arizona Federal Checking Plus - $100 bonus

Arizona Federal Credit Union may be offering one of the easiest bonuses for new members that we've seen.

Though not high at $100, the only requirement is a few debit card transactions.

It doesn't get much easier than that!

Arizona Federal Credit Union : Checking Plus

Bonus Amount
$100
Account Type
Personal Checking
Availability
AZ
Offer Expires
Limited Time
Bonus Requirements
  1. Open a Checking Plus account using the link below and promo code PHXRISING.
  2. Within 45 days, complete 10 debit card purchases.
  3. Bonus will be paid approximately 15 days after meeting requirements.
Apply Now

at Arizona Federal

242. Ballston Spa National Bank Personal Checking - $250 bonus

Ballston Spa National Bank is offering $250 to new members that open a personal checking account.

Just meet the initial direct deposit requirements for 3 consecutive months and you'll be good to go.

Ballston Spa National Bank : Personal Checking

Bonus Amount
$250
Account Type
Personal Checking
Availability
NY
Offer Expires
Limited Time
Bonus Requirements
  1. Open a new Free Direct, GO or Premier Checking account using the link below.
  2. Within 60 days, complete a direct deposit of at least $500.
  3. Continue making monthly direct deposits of at least $500 for an additional 2 consecutive months.
  4. Cash reward will be paid within 30 days of meeting the direct deposit requirement.
Apply Now

at Ballston Spa National Bank

243. Ballston Spa National Bank Business Checking - up to $240 bonus

Ballston Spa National Bank is offering a tiered bonus structure that let's you decide how much you're willing to earn.

The initial, and largest of the bonuses ($100) does require a high minimum balance, but the smaller bonuses are straightforward and add up.

Be sure to read the terms for each, as some may have monthly fees after an introductory period.

Ballston Spa National Bank : Business Checking

Bonus Amount
up to $240
Account Type
Business Checking
Availability
NY
Offer Expires
Limited Time
Bonus Requirements
  1. Open a new Business or Free Small Business checking account using the link below.
  2. Within 60 days, deposit and maintain a minimum average balance of $5,000 to earn $100.
  3. Within the same 60 days, optionally enroll in eStatements, online banking, mobile banking, and/or bill pay to earn an additional $15 for each, enroll in Merchant Services to earn $50, deposit a check using mobile banking to earn $15, and/or make 5 debit card purchases to earn $15 – for a total of $140 in additional rewards.
  4. Cash bonuses will be deposited into your new checking account within 90 days of account opening.
Apply Now

at Ballston Spa National Bank

244. Bank Five Nine Personal Checking - $300 bonus

Bank Five Nine is offering a fairly easy $300 cash bonus for new accounts; however, the eligibility requirements are rather restrictive.

For starters, your employer must be part of Bank Five Nine's Bank@Work program.

If you qualify, from there it's mostly smooth sailing to earn your reward after completing 2 of 3 requirement options.

Bank Five Nine : Personal Checking

Bonus Amount
$300
Account Type
Personal Checking
Availability
WI
Offer Expires
Limited Time
Bonus Requirements
  1. Open a new personal checking account using the link below.
  2. Within 120 days, complete 2 out of the following 3 requirements: 1) for 3 consecutive months, deposit $250 of payroll, government or pension benefits using direct deposit, mobile deposit or in-branch deposit. 2) make 25 signature-based debit card purchases of at least $5 each. 3) make 6 online bill pay transactions of at least $25 each.
  3. The cash reward will be deposited into the checking account within 135 days of account opening.
Apply Now

at Bank Five Nine

245. Benchmark Federal Credit Union Checking - $300 bonus

Benchmark Federal Credit Union is offering an easy opportunity to earn a whopping $300 for new members who open an Ultimate Account Package (savings + checking).

Existing members can also qualify for this bonus if they do not have a checking account and add on the Ultimate Checking Account using the provided link.

Benchmark Federal Credit Union : Checking

Bonus Amount
$300
Account Type
Personal Savings
Availability
PA
Offer Expires
Limited Time
Bonus Requirements
  1. For new members, open a Benchmark Ultimate Account Package consisting of an Ultimate Saver & Ultimate Checking Account. For existing members without a checking account, add a Benchmark Ultimate Checking account to your existing account.
  2. Add a debit card to your new checking account.
  3. Within 60 days, complete a direct deposit of at least $200.
  4. The $300 cash bonus will be deposited into your new Ultimate Checking Account within 30 days from the 1st recurring Direct Deposit appearing.
Apply Now

at Benchmark Federal Credit Union

246. BHCU iSave Checking - $150 bonus

Boeing Helicopters Credit Union is offering a tiered bonus in the form of refunds, up to $50 each, when you complete any of 3 activities.

It's up to you how much you can earn, but act fast as you'll need to complete them each within 30 days of opening your account.

Boeing Helicopters Credit Union : iSave Checking

Bonus Amount
$150
Account Type
Personal Checking
Availability
PA
Offer Expires
Limited Time
Bonus Requirements
  1. Open a new iSave Free Checking account using the link below.
  2. Within 30 days, complete your first direct deposit and BHCU will match the amount up to $50.
  3. Within the same 30 days, complete your first Bill Pay and BHCU will match the amount up to $50.
  4. Within the same 30 days, use your debit card and BHCU will refund up to $50.
  5. All credits will be posted to your new account within 90 days of account opening.

247. BrightStar Credit Union Free Checking - $100 bonus

Brightstar Credit Union is offering a fairly easy $100 bonus to new members who open a Free Checking Account.

All they ask is that you maintain an active account by completing 4 transaction each month, but let you decide what those transactions will be.

With that said, they do require a fairly lengthy commitment of 7 months, plus an extra month for account review, before receiving your bonus.

BrightStar Credit Union : Free Checking Account

Bonus Amount
$100
Account Type
Personal Checking
Availability
FL
Offer Expires
Limited Time
Bonus Requirements
  1. Open a new free checking account using the link below.
  2. Enroll in eStatements.
  3. Complete at least 4 transactions (such as direct deposits, writing checks, debit spend, etc) per month for 7 months.
  4. Bonus will deposit 4-6 weeks after the end of the 7th month.
Apply Now

at BrightStar Credit Union

248. CCU eChecking - $100 bonus

California Credit Union is offering new members $100 when they open an eChecking account online, over the phone, or at a local branch.

You'll need to set up and maintain a direct deposit for at least 3 months, but the requirements are otherwise straightforward. If you're eligible, check it out!

California Credit Union : eChecking Account

Bonus Amount
$100
Account Type
Personal Checking
Availability
CA
Offer Expires
Limited Time
Bonus Requirements
  1. Open a new eChecking account using the link below.
  2. Enroll in digital banking.
  3. Within 120 days, receive a direct deposit of $500, and maintain 3 months of that recurring direct deposit.
  4. The bonus will be added to the checking account the 1st week of the following month from the qualifying date.

249. CapEd Federal Credit Union High Yield Checking - $100 bonus

CapEd Credit Union is offering a bonus not only to you, but also to the school of your choosing when you sign up for a new personal checking account and meet the requirements.

To sweeten the deal, their high yield checking account offers one of the highest rates we've seen and membership can be obtained nationwide through a donation to the Idaho CapEd Foundation.

CapEd Federal Credit Union : High Yield Checking

Bonus Amount
$100
Account Type
Personal Checking
Availability
Nationwide
Offer Expires
Limited Time
Bonus Requirements
  1. Open a CapEd High Yield Checking account using the link below.
  2. Enroll in eStatements.
  3. Within any 1 of the first 3 statement cycles, receive a direct deposit.
  4. In that same cycle, make 12 debit card transactions.
  5. $100 will be paid to your checking account and to your selected school district upon meeting the requirements.
Apply Now

at CapEd Federal Credit Union

250. Stanford Federal Credit Union Personal Checking - $100 bonus

Stanford Federal Credit Union is offering a relatively simple bonus for new members in their footprint.

Just complete the direct deposit requirements and $100 cash will be deposited into your account. Not in the Stanford footprint? You may also be eligible to join nationwide through a donation to Friends of the Palo Alto Library (FOPAL) or Museum of American Heritage (MOAH).

Stanford Federal Credit Union : Personal Checking

Bonus Amount
$100
Account Type
Personal Checking
Availability
Nationwide
Offer Expires
Limited Time
Bonus Requirements
  1. Open a Stanford FCU Basic or Premier Checking account using promo code NEW100.
  2. Within 60 days, enroll in and complete monthly direct deposits of at least $500.
  3. Bonus will be credited to your account 90 days after opening.
Apply Now

at Stanford Federal Credit Union

251. Valley National Bank Valley My Choice - up to $150 bonus

Valley National Bank is offering young adults ages 17 to 25 up to $150 for opening a new Valley My Choice checking account.

The bonus breaks down into two $75 rewards. The first is earned just by opening the account and enrolling in mobile banking and paperless statements (super easy!). For the second $75, you have your choice between debit card purchases or online bill payments. Either way, this is a really easy bonus for teens and young adults.

Valley National Bank : Valley My Choice

Bonus Amount
up to $150
Account Type
Student Checking
Availability
AL, FL, NJ, NY
Offer Expires
Limited Time
Bonus Requirements
  1. Open a new Valley My Choice checking account using the link below.
  2. Within 60 days, activate mobile banking and enroll in paperless statements to earn $75.
  3. Within the same 60 days, optionally complete 1 of the following 2 requirements to earn an additional $75: (1) make 20 debit card purchases of $5 or more each, OR (2) complete 3 online bill payments.
  4. Bonus(es) will be credited to your account within 90 days of account opening.
Apply Now

at Valley National Bank

252. Valley National Bank Valley All Access Rewards Checking - up to $240 bonus

Valley National Bank is offering a bonus of $20 per month for an entire year. To ensure you receive the full bonus amount, you'll need to maintain consecutive direct deposits for each month.

Valley National Bank : Valley All Access Rewards Checking

Bonus Amount
up to $240
Account Type
Personal Checking
Availability
AL, FL, NJ, NY
Offer Expires
Limited Time
Bonus Requirements
  1. Receive a total of $750 or more in qualifying direct deposits per month.
  2. The cash reward will be credited within 35 days of the monthly qualifying recurring direct deposit.
Apply Now

at Valley National Bank

253. UBT Simply Free Checking - $50 bonus

Union Bank & Trust is offering $50 to new customers that sign up for their Simply Free or Simply Free Student checking accounts.

This offer used to require direct deposit, but now just requires 10 debit card purchases. In our opinion, that's much more aligned to the $50 reward.

Union Bank and Trust : Simply Free Checking

Bonus Amount
$50
Account Type
Personal Checking
Availability
NE, KS
Offer Expires
Limited Time
Bonus Requirements
  1. Open a Simply Free or a Simply Free Student checking account.
  2. Enroll in eStatements.
  3. Within 60 days, make 10 debit card purchases.
  4. Bonus will be credited within 70 days of account opening.

254. Florida Credit Union Personal Checking - $300 bonus

Florida Credit Union is giving new members $300 when they open any checking account.

Both checking options are free; however, one offers interest and the other does not.

Florida Credit Union : Personal Checking

Bonus Amount
$300
Account Type
Personal Checking
Availability
FL
Offer Expires
Limited Time
Bonus Requirements
  1. Open a free personal checking account.
  2. Within 60 days, complete direct deposits totaling $500 or more.
  3. Keep account open for at least 90 days.
Apply Now

at Florida Credit Union

255. Bask Bank Bask Mileage Savings - 1,000 bonus miles

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.

Bask Bank : Bask Mileage Savings

Bonus Amount
1,000 Miles
Account Type
Personal Savings
Availability
Nationwide
Offer Expires
Limited Time
Bonus Requirements
  1. Open a new Bask Mileage Savings Account.
  2. Within 30 days, deposit $5,000 and then maintain that balance for 90 consecutive days.
  3. AAdvantage® bonus miles are awarded within 10 business days.

256. TBK Bank Business Interest Checking - up to $200 bonus

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

TBK Bank : Business Interest Checking

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

257. TBK Bank Everyday Checking - $125 bonus

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

TBK Bank : Everyday Checking

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

258. Peoples Bank Premier Checking - up to $300 bonus

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

Peoples Bank : Premier Checking

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

at Peoples Bank

259. Peoples Bank Personal Interest Checking - up to $150 bonus

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

Peoples Bank : Personal Interest Checking

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

at Peoples Bank

260. Honor Credit Union Personal Checking - $250 bonus

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

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

Honor Credit Union : Personal Checking

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

at Honor Credit Union

261. Flushing Bank Complete Checking - up to $800 bonus

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

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

Flushing Bank : Complete Checking

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

at Flushing Bank

262. Flushing Bank Complete Checking - up to $200 bonus

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

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

Flushing Bank : Complete Checking

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

at Flushing Bank

263. Republic Bank Ultimate Checking - up to $150 bonus

This bonus by Republic Bank allows several ways to increase earnings, the simplest being an in-branch deposit of at least $50 which will earn you $25!

One neat thing about Republic Bank is they will even send out specialist to your office to help you open the account.

Republic Bank : Ultimate Checking

Bonus Amount
up to $150
Account Type
Personal Checking
Availability
FL, IN, KY, TN
Offer Expires
Limited Time
Bonus Requirements
  1. Be employed at a business that has a relationship with Republic Bank.
  2. By the end of the third full statement cycle, receive a direct deposit of at least $100 to your checking account and receive $100
  3. Also by the end of the third full statement cycle, make 50 or more debit purchases for an additional $25.
  4. Within the first full statement cycle, deposit of at least $50 in branch for an additional $25.
  5. Bonuses will be deposited on the first business day of the statement cycle following the qualifying event(s).
Apply Now

at Republic Bank

264. Equity Bank Personal Checking - up to $100 bonus

New customers can receive up to $100 from Equity Bank when they open a Bank@Work account and complete various (optional) activities.

Receive $25 just for opening your new checking account. Various tasks like enrolling in online banking, eStatement and more will each earn you small bonuses adding up to the remaining $75.

Equity Bank : Personal Checking

Bonus Amount
up to $100
Account Type
Personal Checking
Availability
AR, KS, MO, OK
Offer Expires
Limited Time
Bonus Requirements
  1. Be employed at a company with a banking relationship at Equity Bank.
  2. Open a qualifying checking account to receive $25.
  3. Do any of the following activities to earn their respective bonuses: direct deposit ($15), open a Platinum Checking account ($10), add a debit card ($10), enroll in online banking ($5), go paperless ($5), complete automatic debits ($5, up to 6 times!).
Apply Now

at Equity Bank

265. Western Personal Checking - $100 bonus

As far as bonuses go, this is about as easy as it gets.

Western State Bank is dishing out $100 to open a VIP or VIP Plus checking account and enroll in a few features like eStatements, direct deposit and a debit card.

Western State Bank : Personal Checking

Bonus Amount
$100
Account Type
Personal Checking
Availability
AZ, ND
Offer Expires
Limited Time
Bonus Requirements
  1. Open a VIP or VIP Plus personal checking account.
  2. Enroll in direct deposit.
  3. Enroll in eStatements.
  4. Open a Cash & Check Card.
  5. Bonus will deposit within 60 days after first direct deposit is received.

266. Western Future Checking - $25 bonus

Bonuses for young adults are hard to come by; however, Western State Bank is offering new customers $25 when they open a new Future Checking account (ages 17 and below).

Western State Bank : Future Checking

Bonus Amount
$25
Account Type
Student Checking
Availability
AZ, ND
Offer Expires
Limited Time
Bonus Requirements
  1. Open a Future checking account.
  2. Bonus will be deposited within 60 days.

267. Western Free Checking - $50 bonus

Another fairly simple bonus from Western State Bank; they are offering new customers $50 for opening a Free Checking account.

They are also offering a $100 for opening a VIP Checking account, which is a much better deal if you can meet the $500 minimum balance requirement to waive the monthly fee.

Western State Bank : Free Checking

Bonus Amount
$50
Account Type
Personal Checking
Availability
AZ, ND
Offer Expires
Limited Time
Bonus Requirements
  1. Open a Free personal checking account
  2. Enroll in direct deposit.
  3. Enroll in eStatements.
  4. Open a Cash & Check Card.
  5. Bonus will deposit within 60 days after first direct deposit is received.

268. Western Personal Checking Referral - $100 bonus

Western State Bank is offering a pretty sweet referral deal. Just complete a special form and give to your friends and family to take with them when they open their account.

There are no other requirements and no limit on the number of referral bonuses you can earn.

Western State Bank : Personal Checking Referral

Bonus Amount
$100
Account Type
Personal Checking
Availability
AZ, ND
Offer Expires
Limited Time
Bonus Requirements
  1. Be an existing member.
  2. Complete online form linked below and give form to friends and family.
  3. Bonus will be deposited within 30 days of them opening a new personal checking account.

269. The Bank of Princeton Wise Checking - $100 bonus

The Bank of Princeton is offering $100 when you sign up for a new Wise Checking account and complete a direct deposit.

The Bank of Princeton : Wise Checking

Bonus Amount
$100
Account Type
Personal Checking
Availability
NJ, PA
Offer Expires
Limited Time
Bonus Requirements
  1. Open a Wise Checking account.
  2. Within 60 days, make a minimum direct deposit of $500.00.
  3. Bonus will be deposited within 30 business days after the initial direct deposit posts to the account.
Apply Now

at The Bank of Princeton

270. Exchange Bank Platinum Checking - $100 bonus

Exchange Bank is offering $100 when you open a new Platinum Checking account.

The lone requirement is establishing direct deposit.

This bonus may have a limited footprint, but if you're in the area, it's a relatively easy bonus.

Exchange Bank : Platinum Checking

Bonus Amount
$100
Account Type
Personal Checking
Availability
KS, NE
Offer Expires
Limited Time
Bonus Requirements
  1. Open a Platinum Checking account.
  2. Establish and complete a recurring direct deposit.
  3. Bonus will be deposited into your account.
Apply Now

at Exchange 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.