Best Bank Bonuses and Promotions For May 2022

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

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

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

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

Best Bank Bonuses in May 2022

These are our absolute favorite promotions right now.

Why?

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

Note: If you're hungry for more offers, you can keep scrolling for our full list of all 449 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
50 days
Requires
  • Min Balance
How To Earn

or, read the full requirements

Fifth Third Bank

Personal Checking

Personal Checking: $350 bonus offer

Fifth Third Bank has revived their personal checking account bonus, and made it sweeter this time around. They've increased the offer amount from $250 to $350 AND decreased the deposit requirement from $1,000 to $500.

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

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

Bonus
$350
Account Type
Personal Checking
Expires In
125 days
Requires
  • Direct Deposit
Apply Now

at Fifth Third Bank

or, read the full requirements

Chase

Chase Total Checking®

Chase Total Checking®: $200 bonus offer

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

That said, Chase Total Checking® is the most popular account from one of the top national banks.

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

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

at Chase

or, read the full requirements

Monifi

Monifi Spend

Monifi Spend: $250 bonus offer

Monifi is offering a $250 bonus to Spend customers who set up direct deposits into their new Spend account. You'll need to be a relatively new Spend customer (account opened between January 1 and May 31), but you don't need to have opted into the bonus at account opening to qualify.

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

at Monifi

or, read the full requirements

BMO Harris

Personal Checking

Personal Checking: $200 bonus offer

BMO Harris Bank is giving you 3 months to accumulate $4,000 in direct deposits to earn a $200 welcome bonus for opening a new Smart Advantage™ or Smart Money™ checking account. Even better? They're also offering a $5/month kicker if you save regularly.

It's not available nationally, but if you're in one of the targeted states, you can open an account online to grab that cash.

Bonus
$200
Account Type
Personal Checking
Expires In
8 days
Requires
  • Direct Deposit
Learn More

at BMO Harris

or, read the full requirements

Huntington

Huntington 5 Checking®

Huntington 5 Checking®: $200 bonus offer

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

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

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

at Huntington

or, read the full requirements

Bank of America

Advantage Banking Account

Advantage Banking Account: $100 bonus offer

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

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

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

at Bank of America

or, read the full requirements

HSBC

HSBC Premier

HSBC Premier: $500 bonus offer

HSBC is offering a sign-up bonus of $500 to new Premier checking customers. It's available nationwide and you can open the account online, but highly targeted to more affluent customers. They've bumped up the offer a little, but also doubled the direct deposit requirements.

Keep in mind that HSBC is known to have a more involved account opening process than most of their competitors. Expect a "pending" status after applying online, and you may be asked to verify information by email or by phone before being approved.

That said, this $500 welcome bonus for opening a new Premier checking account is still worthwhile in our book if you can swing the $10,000 necessary in direct deposits each month.

Bonus
$500
Account Type
Personal Checking
Expires In
33 days
Requires
  • Direct Deposit
Apply Now

at HSBC

or, read the full requirements

Wells Fargo

Personal Checking

Personal Checking: $300 bonus offer

Wells Fargo is offering new personal checking account customers a $300 bonus.

To be eligible, you'll first need to open a new Clear Access Banking℠, Everyday Checking, Prime Checking, or Premier Checking account, and then you'll have 3 months to receive $1,000 in direct deposits in order to qualify for the promo.

This is a pretty easy bonus that's available nationally without restriction. Plus, the deposit requirement has been cut in half (from $2,000 to $1,000), and the reward amount bumped up: from the $200 offered last year to the $300 now. Can't complain about that!

Keep in mind that this is their public offer. Wells Fargo is also targeting some customers with higher amounts (we've seen up to $400). Up to you whether it makes sense to wait for a targeted offer (if it comes), or to take advantage of this one.

Bonus
$300
Account Type
Personal Checking
Expires In
48 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
64 days
Requires
  • Direct Deposit
Apply Now

at M&T

or, read the full requirements

TD Bank

Beyond Checking

Beyond Checking: $300 bonus offer

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

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

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

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

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

at TD Bank

or, read the full requirements

Best savings account bonuses

Bank Bonus Details Learn More

CIT Bank

Money Market Account

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

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

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

at CIT Bank

or, read the full requirements

Discover

Online Savings Account

Online Savings Account: up to $200 bonus offer

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

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

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

at Discover

or, read the full requirements

Bask Bank

Bask Mileage Savings

Bask Mileage Savings: 1,000 bonus miles offer

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

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

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

at Bask Bank

or, read the full requirements

Alliant

Ultimate Opportunity Savings Account

Ultimate Opportunity Savings Account: $100 bonus offer

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

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

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

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

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

at Alliant

or, read the full requirements

Regions

LifeGreen Savings

LifeGreen Savings: up to $100 bonus offer

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

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

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

at Regions

or, read the full requirements

Best investment account bonuses

Bank Bonus Details Learn More

Axos

Self-Directed Trading

Self-Directed Trading: $100 bonus offer

Available nationwide with the ability to open online, Axos is offering a $100 welcome bonus when you open a new self-directed trading account. This is a limited time offer for Axos to promote their new investment platform.

Bonus
$100
Account Type
Investment
Expires In
33 days
Requires
  • Min Balance
Apply Now

at Axos

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
47 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.

Ally will also cover any transfer fees your current brokerage might charge, up to $150.

Here are the tiers of this investing bonus:

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

at Ally

or, read the full requirements

M1

M1 Invest [Transfer]

M1 Invest [Transfer]: up to $2500 bonus offer

If you already have funds invested on another platform, you can earn big when you transfer funds to an M1 Finance account.

Right now, you can earn a bonus of up to $2,500 for making the switch. All you have to do is open a new account that matches the type you’re transferring from, upload some documents, and you’ll be in line for the bonus.

The total bonus that you get depends on the amount of your transfer:

  • $100,000 – $249,999.99: $250
  • $250,000 – $499,999.99: $500
  • $500,000 – $999,999.99: $1,000
  • $1,000,000+: $2,500

What's more, if you're a new M1 Invest customer, you can stack this bonus with their new account bonus, which offers $30-$500.

Bonus
up to $2500
Account Type
Investment
Expires In
217 days
Requires
  • Min Balance
Apply Now

at M1

or, read the full requirements

Tradestation

Securities or Crypto Account

Securities or Crypto Account: up to $150 bonus offer

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

What's more? You can stack this offer with their earn up to $5,000 promotion after your account is opened.

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

at Tradestation

or, read the full requirements

SoFi

Sofi Invest

Sofi Invest: up to $100 bonus offer

Available nationwide, SoFi is offering up to a $100 welcome bonus when you open a new SoFi Crypto account and buy at least $50 in cryptocurrency. This is a tiered bonus, the bonus payout is determined by the amount of your first purchase of Crypto.

The tiers are as follows:

  • Tier 1 | Balance Maintained: $50 - $99.99: $10 in BTC
  • Tier 2 | Balance Maintained: $100 - $499.99: $15 in BTC
  • Tier 3 | Balance Maintained: $500 - $4,999.99: $50 in BTC
  • Tier 4 | Balance Maintained: $5,000+: $100 in BTC
Bonus
up to $100
Account Type
Investment
Expires In
33 days
Requires
  • Min Balance
Apply Now

at SoFi

or, read the full requirements

Best business account bonuses

Bank Bonus Details Learn More

Chase

Chase Business Complete Banking℠

Chase Business Complete Banking℠: $300 bonus offer

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

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

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

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

Bonus
$300
Account Type
Business Checking
Expires In
54 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
33 days
Requires
  • Min Balance
Apply Now

at Axos

or, read the full requirements

BMO Harris

Business Checking

Business Checking: up to $400 bonus offer

Available in select states within their footprint, BMO Harris is offering up to a $400 welcome bonus when you open a new business checking account and meet the minimum balance requirements. This is a tiered bonus, the higher the balance, the more you can earn.

Bonus
up to $400
Account Type
Business Checking
Expires In
6 days
Requires
  • Min Balance
Apply Now

at BMO Harris

or, read the full requirements

Axos

Business Premium Savings

Business Premium Savings: up to $200 bonus offer

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

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

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

Bonus
up to $200
Account Type
Business Savings
Expires In
33 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
40 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

449 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 449 bank promotions that will give you cash for opening a new account right now:

31. GTE Financial Personal Checking - $200 bonus

This offer is BACK, but only for Florida residents this go around. GTE Financial is offering a $200 welcome bonus to new members that open a checking account and setup direct deposit. As with nearly all credit unions, when you join, a member-share account is established. You'll need to fund it with $5, which purchases your share of the credit union and makes you a member-owner.

You'll then need to add a checking account. Branches are located in Florida, but anyone can become a member by joining CU Savers Club, which is free.

What's more, you may be eligible for an additional bonus if you use referral code: S687849V2U.

GTE Financial Credit Union : Personal Checking

Bonus Amount
$200
Account Type
Personal Checking
Availability
FL
Offer Expires
May 31, 2022
Bonus Requirements
  1. Become a GTE member and apply the promo code JOIN200.
  2. Open a Go Premium with GTE Secure, Go Full Access, or Go Further checking account.
  3. Within 60 days, make a direct deposit totaling $500 or more.
  4. Bonus will be deposited into your new checking account within 10 days of completing the requirements.
Apply Now

at GTE Financial

32. First Personal Checking - $200 bonus

Back for 2022, First Financial Bank is offering new checking customers $200 cash. To meet the offer requirements, they're giving you the option to choose between direct deposit, ACH debit, bill pay, debit card transactions or writing a check – so the flexible terms are super easy to meet.

One catch, however: it looks like you'll need to visit a branch to take advantage. This is unlike their United Way promo, which is nearly identical but allows you to open an account online with a promo code.

Regardless, if you live in their footprint, we definitely recommend checking out this offer!

First Financial Bank : Personal Checking

Bonus Amount
$200
Account Type
Personal Checking
Availability
IL, IN, KY, OH
Offer Expires
May 31, 2022
Bonus Requirements
  1. Open a new personal checking account at your local branch.
  2. By July 31, 2022, have a direct deposit worth $500 or more OR conduct 3 payment transactions.
  3. Bonus will be credited to your new account at the end of the following month after you've met the requirements.

33. PNC Virtual Wallet® Checking Pro - $200 bonus

Don't live in a state where PNC has a branch? No worries, PNC is offering a $200 bonus when you open a Virtual Wallet Checking Pro account, which is only available to customers outside their in-branch footprint. Just complete the direct deposit requirements within 60 days. If you're in any one of the following states, this bonus is for you: AR, CT, ID, IA, KS, LA, ME, MA, MN, MS, MT, NE, NV, NH, ND, OK, OR, RI, TN, UT, VT, WA, WY.

PNC Bank : Virtual Wallet® Checking Pro

Bonus Amount
$200
Account Type
Personal Checking
Availability
AR, CT, ID, IA, KS, LA, ME, MA, MN, MS, MT, NE, NV, NH, ND, OK, OR, RI, TN, UT, VT, WA, WY
Offer Expires
May 31, 2022
Bonus Requirements
  1. Reside in a state that doesn't have a PNC branch.
  2. Open an account using the link below.
  3. Within 60 days, complete direct deposits totaling $2,000.
  4. Bonus will be deposited within 60-90 days after all conditions are met.

34. Altra Personal Checking - $150 bonus

If you are an employee or immediate family member w/employee ​badge or student at Saint Mary's University of Minnesota and aren't already a member, check out this super easy bonus. Using the promo code provided, open a new A+ Checking or A+ Platinum Checking, then make 10 purchases using your new debit card. That's it!

Altra Federal Credit Union : Personal Checking

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

35. TD Bank TD Ameritrade - up to $1000 bonus

Available nationwide with the ability to open online, TD Bank is offering up to a $1,000 welcome bonus when you open a new investment account using the link below. This is a tiered bonus, the more you deposit into TD, the more you can earn. Tiers start at $25,000 and go up to $500,000 to receive the max bonus. Keep in mind you'll need to register for the bonus AND keep you deposits on hand for at least 12 months to receive the bonus.

TD Bank : TD Ameritrade Account

Bonus Amount
up to $1000
Account Type
Investment
Availability
Nationwide
Offer Expires
May 31, 2022
Bonus Requirements
  1. Open a new investment account through the link below (offer NC1000 already applied).
  2. Within 45 days make qualifying new deposits into your investment account – $25,000-$49,999 earns $100; $50,000-$99,999 earns $300; $100,000-$499,999 earns $500; $500,000+ earns $1,000.
  3. Bonus will post the 45th day after offer enrollment.
  4. Maintain funds in the account at the level which you earned your bonus for 12 months to avoid clawback.

36. CFCU Personal Checking - $222 bonus

CFCU is offering members a bonus of $222 when they sign up for their first PayMe Checking account or Performance checking account. These are both free accounts that can be opened online. You'll need to setup direct deposit and use your debit card to earn the bonus, but it's relatively low effort and and easy bonus to earn.

Communication Federal Credit Union : Personal Checking

Bonus Amount
$222
Account Type
Personal Checking
Availability
OK, KS
Offer Expires
May 31, 2022
Bonus Requirements
  1. Become a member of Communication Federal Credit Union.
  2. Open your first PayMe Checking or Performance Checking account with promo code "222".
  3. Within the first 90 days, receive direct deposits totaling $2,222.
  4. Within the same 90 days, make 22 debit card purchases of at least $2 and enroll in eStatements.
  5. Bonus paid to Primary Share within 90 days of requirements being met.

37. First United Bank and Trust Company Business Checking - $300 bonus

Available in Oklahoma and Texas markets with the ability to open online, First United Bank and Trust Company is offering a $300 welcome bonus when you open a new business checking account and maintain a minimum balance. You'll also need to use your business debit card, but other than that it's a pretty straightforward bonus.

First United Bank and Trust Company : Business Checking

Bonus Amount
$300
Account Type
Business Checking
Availability
OK, TX
Offer Expires
May 31, 2022
Bonus Requirements
  1. Be a new First United business customer and open a new First United Business Checking account.
  2. Within the first 30 days, use your First United Business Debit Card for purchases at least 10 times.
  3. Within the same 30 days, Enroll and sign up for E-statements.
  4. Then, for the entire month of June, maintain a minimum average daily balance of $1500.
  5. Bonus will be credited by 07/15/2022
Apply Now

at First United Bank and Trust Company

38. Allied First Bank Personal Checking - $200 bonus

With a footprint in Illinois and the ability to open online, Allied First Bank is offering a $200 welcome bonus when you open a new personal checking account and set up direct deposit. It's a pretty straightforward offer, so jump on it soon before it expires.

Allied First Bank : Personal Checking

Bonus Amount
$200
Account Type
Personal Checking
Availability
IL
Offer Expires
May 31, 2022
Bonus Requirements
  1. Be a new customer and open an Allied First Bank Checking Account.
  2. Within 90 days, receive two or more direct deposits totaling at least $500.
  3. On the 90th calendar day following the opening of the personal checking account, the relationship will be reviewed to determine if activity met offer requirements. If requirements are met, the cash bonuses will be credited to the personal checking account within 10 calendar days.
Apply Now

at Allied First Bank

39. Allied First Bank Student Checking - $100 bonus

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

Allied First Bank : Student Checking

Bonus Amount
$100
Account Type
Student Checking
Availability
IL
Offer Expires
May 31, 2022
Bonus Requirements
  1. Be a new customer and open an Allied First Bank Checking Account.
  2. Within 90 days, receive two or more direct deposits totaling at least $300.
  3. On the 90th calendar day following the opening of the personal checking account, the relationship will be reviewed to determine if activity met offer requirements. If requirements are met, the cash bonuses will be credited to the personal checking account within 10 calendar days.
Apply Now

at Allied First Bank

40. U.S. Bank Business Checking - $500 bonus

Available nationwide if you already have a relationship with U.S. Bank or in any of the 26 states in which they operate in if you don't, U.S. Bank is offering a $500 welcome bonus when you open a new business checking account and deposit new money. The minimum deposit requirement has nearly doubled since the last time it was offered. You can open the account online; however, you must use the promo code when applying to receive the bonus.

U.S. Bank : Business Checking

Bonus Amount
$500
Account Type
Business Checking
Availability
Nationwide
Offer Expires
May 31, 2022
Bonus Requirements
  1. Open a new U.S. Bank Silver, Gold or Platinum Business Checking Account with the promo code "CKEUM8Z".
  2. Within 30 days, deposit $5,000 in new money and maintain that balance for 60 days.
  3. Within 90 days, Enroll in the U.S. Bank Mobile App or U.S. Bank Online Banking.
  4. Also within 90 days, complete 5 qualifying transactions.
  5. Bonus will be deposited into your new U.S. Bank business checking account within 45 days of deposit verification, as long as the account is open and has a positive balance.

41. BMO Harris Business Checking - up to $400 bonus

Available in select states within their footprint, BMO Harris is offering up to a $400 welcome bonus when you open a new business checking account and meet the minimum balance requirements. This is a tiered bonus, the higher the balance, the more you can earn.

BMO Harris Bank : Business Checking

Bonus Amount
up to $400
Account Type
Business Checking
Availability
FL, IL, WI, MN, IN, AZ, KS, MO
Offer Expires
June 3, 2022
Bonus Requirements
  1. Open a new BMO Harris business account online or in branch using the promo code provided at the link below.
  2. By day 31 have a balance of at least $5,000 and maintain it for the next 90 days to be eligible to earn $250 OR have a balance of at least $10,000 and maintain it for the next 90 days to be eligible to earn $400.
  3. Within the first 90 days, complete 10 qualifying transactions. (any combination of: ACH credits or debits, online bill payments, mobile deposits, wire transfers or debit card POS purchase transactions).
  4. Bonus will be deposited into the new checking account within 14days of meeting the promotion requirements, approximately Day 135.

42. Polish & Slavic Federal Credit Union Minor Savings - $50 bonus

Children can earn $50 just for opening up a youth savings account with Polish & Slavic Federal Credit Union. One thing to note: while the bonus is deposited relatively quickly, it is unavailable for withdrawal until the account has been open for one year.

Polish & Slavic Federal Credit Union : Minor Savings Account

Bonus Amount
$50
Account Type
Student Savings
Availability
NY, NJ, IL,
Offer Expires
June 4, 2022
Bonus Requirements
  1. Be a member of the Polish & Slavic Federal Credit Union.
  2. Open a new Minor Savings account.
Learn More

at Polish & Slavic Federal Credit Union

43. BMO Harris Personal Checking - $200 bonus

BMO Harris Bank is giving you 3 months to accumulate $4,000 in direct deposits to earn a $200 welcome bonus for opening a new Smart Advantage™ or Smart Money™ checking account. Even better? They're also offering a $5/month kicker if you save regularly.

It's not available nationally, but if you're in one of the targeted states, you can open an account online to grab that cash.

BMO Harris Bank : Personal Checking

Bonus Amount
$200
Account Type
Personal Checking
Availability
FL, IL, WI, MN, IN, AZ, KS, MO
Offer Expires
June 5, 2022
Bonus Requirements
  1. Open a new Smart Advantage™ or Smart Money™ account using the link below.
  2. Within 90 days, have a total of $4,000 in direct deposits.
  3. Bonus is credited directly to your checking account approximately 100 days after account opening.

44. BMO Harris Premier™ - $350 bonus

BMO Harris Bank is giving you 3 months to accumulate $7,500 in direct deposits to earn a $350 welcome bonus for opening a new Premier checking account.

It's not available nationally, but if you're in one of the targeted states, you can open an account online to grab that cash. Even better? They're also offering a $5/month kicker if you save regularly.

This reward isn't quite as high compared to the bonus they offered earlier this year, with the same requirements.

BMO Harris Bank : Premier™

Bonus Amount
$350
Account Type
Personal Checking
Availability
FL, IL, WI, MN, IN, AZ, KS, MO
Offer Expires
June 5, 2022
Bonus Requirements
  1. Open a new Premier™ account using the link below.
  2. Within 90 days, have a total of $7,500 in direct deposits.
  3. Bonus is paid approximately 100 days after account opening.

45. Huntington Asterisk-Free Checking® - $150 bonus

Huntington is offering a welcome bonus to those opening new personal checking accounts. This one offers $150 for a $1,000 deposit into their fee-free account. They're also running $200 and $300 offers for $1,000 and $25,000 deposits, respectively.

Huntington National Bank : Asterisk-Free Checking®

Bonus Amount
$150
Account Type
Personal Checking
Availability
OH, MI, IN, PA, KY, WV, IL
Offer Expires
June 7, 2022
Bonus Requirements
  1. Open a new Asterisk-Free Checking account using the link below.
  2. Within 60 days, make deposits totaling $1,000.
  3. Keep your account open for 90 days.
  4. Bonus will be deposited to your new account within 14 days of meeting the requirements.

46. Huntington 5 Checking® - $200 bonus

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.

Huntington National Bank : Huntington 5 Checking®

Bonus Amount
$200
Account Type
Personal Checking
Availability
OH, MI, IN, PA, KY, WV, IL
Offer Expires
June 7, 2022
Bonus Requirements
  1. Open a new Huntington 5 Checking account using the link below.
  2. Within 60 days, make deposits totaling $1,000.
  3. Keep your account open for 90 days.
  4. Bonus will be deposited to your new account within 14 days of meeting the requirements.

47. Huntington 25 Checking® - $300 bonus

Huntington is offering a welcome bonus to those opening new personal checking accounts. This one offers $300 for a $25,000 deposit into their premium account.

In our opinion, it's not a good deal compared to their other personal checking offers that give you up to $200 for a $1,000 deposit.

Huntington National Bank : Huntington 25 Checking®

Bonus Amount
$300
Account Type
Personal Checking
Availability
OH, MI, IN, PA, KY, WV, IL
Offer Expires
June 7, 2022
Bonus Requirements
  1. Open a new Huntington 25 Checking account using the link below.
  2. Within 60 days, make deposits totaling $25,000.
  3. Keep your account open for 90 days.
  4. Bonus will be deposited to your new account within 14 days of meeting the requirements.

48. Union Savings Bank Access Checking - up to $150 bonus

Union Savings Bank is offering new Access Checking customers up to $150 as a welcome bonus.

This is a repeat of a previous offer, which has been as high as $250 for the same requirements. So, you may want to wait and see if the higher offer comes back. Otherwise, the requirements are straightforward, and we recommend this bonus for those who live in Union's Connecticut footprint.

Union Savings Bank : Access Checking

Bonus Amount
up to $150
Account Type
Personal Checking
Availability
CT
Offer Expires
June 7, 2022
Bonus Requirements
  1. Open a new Access Checking account with at least $50.
  2. Within 90 days, receive a direct deposit to earn $100.
  3. Within the same 90 days, make 10 debit card purchases to earn an additional $50.
  4. Bonus will be credited to your account between May 15 and August 20, 2022.
Apply Now

at Union Savings Bank

49. Union Savings Bank Essential Checking - up to $100 bonus

Union Savings Bank is offering new Essential Checking customers up to $100 as a welcome bonus.

This is a repeat of a previous offer, which has been as high as $150 for the same requirements. So, you may want to wait and see if the higher offer comes back. Otherwise, the requirements are straightforward and the account is free, so we recommend this bonus for those who live in Union's Connecticut footprint.

Union Savings Bank : Essential Checking

Bonus Amount
up to $100
Account Type
Personal Checking
Availability
CT
Offer Expires
June 7, 2022
Bonus Requirements
  1. Open a new Essential Checking account with at least $50.
  2. Within 90 days, receive a direct deposit to earn $50.
  3. Within the same 90 days, make 10 debit card purchases to earn an additional $50.
  4. Bonus will be credited to your account between May 15 and August 20, 2022.
Apply Now

at Union Savings Bank

50. Newtown Savings Bank Free Checking - $150 bonus

If you're located in Connecticut, Newton Savings Bank is offering an easy $150 welcome bonus for opening a new Free Checking account.

The bonus requires you to set up direct deposit, but there's no requirement on the amount of that deposit.

Bonus: You can also combine this with their Statement Savings bonus, to earn an additional $50!

Newtown Savings Bank : Free Checking

Bonus Amount
$150
Account Type
Personal Checking
Availability
CT
Offer Expires
June 10, 2022
Bonus Requirements
  1. Open a new Free Checking account using the promo code SPRING22.
  2. Within the first month, receive a direct deposit of any amount.
  3. Bonus will be credited to your new account by August 9, 2022.
Apply Now

at Newtown Savings Bank

51. Newtown Savings Bank Statement Savings - $50 bonus

If you're located in Connecticut, Newton Savings Bank is offering an easy $50 welcome bonus for opening a new Statement Savings account.

The bonus requires you to deposit $300 and maintain that balance through May 2022.

Keep in mind that to be eligible for this savings bonus, you'll also need to be a new checking customer as well. They're offering $250 or $150 (depending on which account you choose) to open either a Flagship Checking or Free Checking account.

Newtown Savings Bank : Statement Savings

Bonus Amount
$50
Account Type
Personal Savings
Availability
CT
Offer Expires
June 10, 2022
Bonus Requirements
  1. Open a new Statement Savings account using the promo code SPRING22.
  2. Deposit $300 and maintain that balance through May 30, 2022.
  3. Bonus will be credited to your new account by August 9, 2022.
Apply Now

at Newtown Savings Bank

52. Camden National Bank Personal Checking - $200 bonus

Camden National Bank is offering up to $200 to customers who open a new personal checking account. The bonus is tiered based on which account you open, but the requirements stay the same: 10 debit card purchases.

This is a pretty solid offer considering the easy requirement, and the fact that the account fees are pretty easily waived even for Premier Checking (which would net you the full $200).

If you live in Maine or New Hampshire, definitely check it out!

Camden National Bank : Personal Checking

Bonus Amount
$200
Account Type
Personal Checking
Availability
ME, NH
Offer Expires
June 10, 2022
Bonus Requirements
  1. Open a new personal checking account using the link below.
  2. Within 60 days, make 10 debit card purchases.
  3. Bonus will be credited to your new account within 90 days of the qualifying purchase, and the amount will be determined by the account opened: $100 for opening Choice Checking, $200 for opening a Rewards Checking account or Premier Checking account.
Apply Now

at Camden National Bank

53. American Eagle FCU Personal Checking - $200 bonus

American Eagle Financial Credit Union is offering $200 to new checking account customers. This is an increase since it was offered this past Fall. You'll need to meet membership eligibility requirements (which includes also opening a Membership Savings account with $5) in addition to the checking account requirements of direct deposit and debit card transactions.

This offer applies to both of their free checking accounts: Everyday Checking and Student Checking. Keep in mind that the Student Checking account requires you to go in-branch to open.

American Eagle has offered a similar checking account bonus in the past with the same requirements, but also offered $50 less.

American Eagle Financial Credit Union : Personal Checking

Bonus Amount
$200
Account Type
Personal Checking
Availability
CT, MA
Offer Expires
June 11, 2022
Bonus Requirements
  1. Open a new Everyday Checking or Student Checking account using the link below.
  2. Within 60 days, receive direct deposits totaling $500.
  3. Within the same 60 days, make 10 debit card purchases (signature or pin-based).
  4. Bonus will be credited to your Membership Savings account within 120 days of account opening.
Apply Now

at American Eagle FCU

54. U.S. Bank Personal Checking - $400 bonus

U.S. Bank is back with their bonus of $400 for opening a new checking account and making recurring direct deposits (at least 2) totaling $4,000 or more.

With each iteration of this offer, U.S. Bank seems to raise the bar slightly.

In Q4 2021, the reward was tiered depending on how much your direct deposits total was: $2,500 to earn $200, or $5,000+ to earn the full $400. In Q3, there was an additional $100 tier for having direct deposits that totaled $1,000.

Still, this is a national bonus that is relatively easy to hit, so we definitely recommend taking advantage if you qualify.

U.S. Bank : Personal Checking

Bonus Amount
$400
Account Type
Personal Checking
Availability
Nationwide
Offer Expires
June 13, 2022
Bonus Requirements
  1. Open a new U.S. Bank personal checking account using the promo code 2022MAY.
  2. Within 60 days, be enrolled in online banking or the U.S. Bank mobile app.
  3. Within the same 60 days, complete recurring direct deposits that total $2,500 or more.
  4. Bonus will be deposited into your new account within 60 days of meeting requirements.

55. Discover Online Savings - up to $200 bonus

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!

Discover Bank : Online Savings Account

Bonus Amount
up to $200
Account Type
Personal Savings
Availability
Nationwide
Offer Expires
June 15, 2022
Bonus Requirements
  1. Open a new Discover Online Savings Account using promo code "BP222" at the link below.
  2. Within 30 days, deposit $15,000 to earn $150 or $25,000 to earn $200.
  3. Bonus will be credited to your account within 30 days of qualifying for the bonus.

56. Independent Bank ONE - $200 bonus

Independent Bank is offering $200 to customers who open a new ONE Account and connect their direct deposits. They are looking for active customers, so you'll also need to use your debit card to earn the bonus. Previously this was a tiered bonus that allowed you to earn smaller bonuses for optionally completing activities independently; however, this one is an all or nothing deal.

Tip: Independent Bank also offers $50 for every friend you refer to the bank, up to $500. So you can potentially earn $700!

Independent Bank : ONE Account

Bonus Amount
$200
Account Type
Personal Checking
Availability
MI
Offer Expires
June 15, 2022
Bonus Requirements
  1. Become a new customer at Independent Bank and open a new ONE account online or in-branch.
  2. Within 60 calendar days of account opening, use your debit card 20 times.
  3. During the same 60 days, complete 4 direct deposits of $100 or more.
  4. Bonus is paid out within 60 calendar days of qualification.
Apply Now

at Independent Bank

57. First Home Bank CASH Kids Club - up to $150 bonus

In celebration of their Bellair Bluffs Grand Opening, First Home Bank is offering new customers up to $150 if they open a Cash Kids Club Savings account for their kids 12 and under. The bonus is structured as a savings match: $25 each month for the first 6 months, up to a total of $150.

You'll need to open the account in a physical branch, with an opening deposit of at least $25.

This offer can also be combined with their Simply Free Checking bonus.

First Home Bank : CASH Kids Club

Bonus Amount
up to $150
Account Type
Student Savings
Availability
FL
Offer Expires
June 18, 2022
Bonus Requirements
  1. Open a new Cash Kids Club savings account in-branch (Bellair Bluffs).
  2. For the first six statement cycles, First Home Bank will match your savings deposit, up to $25.
  3. Bonus will be credited to the savings account.
Apply Now

at First Home Bank

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

TBK Bank is offering new AIM Checking customers up to $600 for completing certain requirements within 120 days. This is 3 times the amount provided when this promo last ran! Each requirement has an associated reward, and you can choose to partake in as many or as few of the requirements as you'd like!

TBK Bank : AIM Checking

Bonus Amount
up to $600
Account Type
Personal Checking
Availability
CO, IL, IA, KS, TX
Offer Expires
June 18, 2022
Bonus Requirements
  1. Open a new AIM Checking account.
  2. Within 120 days, do any of the following to earn their respective bonus amount: 1. Make at least 3 direct deposits totaling a minimum of $12,000 - earn $500; 2. Complete at least 3 recurring automatic transfers from this account to a TBK Bank savings or money market account - earn $50; 3. Make 9 Bill Pay payments to service providers - earn $25; 4. Make 50 Point-of-Sale one time or recurring debit card transactions - earn $25.
  3. Bonus earned will deposit within 1 business day following the 120 day qualifying period.

59. Capital One 360 Checking - up to $250 bonus

Available nationwide and from a well-ranked bank, Capital One is offering up to $250 if you open a 360 Checking account and setup direct deposit. We've seen this offer as high as $400, but also as low as $100, so this sits pretty squarely in the middle. Overall, if you're a new Capital One customer, this is a bonus with easy requirements and is worth taking advantage of.

Capital One : 360 Checking

Bonus Amount
up to $250
Account Type
Personal Checking
Availability
Nationwide
Offer Expires
June 21, 2022
Bonus Requirements
  1. Open a 360 Checking account using the promo code BONUS250.
  2. Within 75 days, complete 2 direct deposits of at least $250.
  3. Bonus will be received in either September, October or November of 2022 depending on when you opened your account.
Apply Now

at Capital One

60. First National Bank of Omaha Personal Checking - $300 bonus

First National Bank of Omaha is offering new checking account customers up to $300 as a welcome bonus. You'll get a new account bonus just for opening the account, and then a second bonus for receiving direct deposits totaling $500 for 2 35-day periods in a row.

This go around they've doubled the direct deposit amount.

It's important to note that you can do this offer in-branch in Colorado, Illinois, Iowa, Kansas, Nebraska, South Dakota and Texas or online, with a slightly larger footprint to include residents in Missouri and select areas of Wisconsin and Wyoming.

First National Bank of Omaha : Personal Checking

Bonus Amount
$300
Account Type
Personal Checking
Availability
CO, KS, NE, IA, SD, IL, KS, TX, MO, WI, WY
Offer Expires
June 21, 2022
Bonus Requirements
  1. Open a new checking account with promo code "BANK", receive a $50 bonus within 30 days.
  2. Within 140 days, complete direct deposits totaling at least $500 for two consecutive 35 day periods.
  3. Alternatively, within the first 140 days, you may receive 9 credits posting to your account through debit card transactions for two consecutive 35 day periods.
  4. Direct deposit bonus of $250 will be deposited within 35 days of receiving qualifying deposits.
Apply Now

at First National Bank of Omaha

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.