28 Best Bonuses for Opening a New Bank Account

Did you know that some banks will literally pay you to open a new account? It’s true. Opening one of these accounts is a great way to get some extra money. 

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15 best checking account bonus offers

Here are the best bonuses currently being offered for opening a new personal checking account.

BMO Harris Premier: $350 bonus

  • WebsiteBMO Premier Account
  • Terms: Must deposit at least $7,500. in “qualified deposits” within 90 days of opening the account. One bonus per customer. Not required to maintain a specific minimum balance
  • Expiration date: 12/30/22
  • Annual Percentage Yield: 0.01%
  • Member FDIC: Yes
  • Account benefits: Up to $25 cash back in ATM fees. No purchase fees for money orders or cashiers’ checks. $10-$75 per quarter in credit card spend bonuses

BMO Harris Smart Advantage: $200 bonus

  • WebsiteBMO Harris Smart Advantage Account
  • Terms: Must have at least $4,000 in “qualifying deposits” within 90 days of opening up the account. Minimum $25 opening deposit required. No minimum balance requirements
  • Expiration date: 12/30/22
  • APY: None
  • Member FDIC: Yes
  • Benefits: Access to the biggest ATM network in the country. No fees for paperless statements

Citi Priority: Up to $2,000

  • WebsiteCiti Website
  • Terms: Must be a new customer or not have had a Citi account in the last six months. Minimum balance must be maintained. Citi uses a tiered structure for this. You can find it in the fine print on the link above
  • Expiration date: 1/9/23
  • APY: None
  • Member FDIC: Yes
  • Benefits: Preferred Pricing on certain items or services, travel benefits, access to Citi Advisors, no monthly service fee when you maintain the required minimum balance

Citigold Checking Account – Up to $2,000 cash bonus

  • WebsiteCitigold Checking Bonus
  • Terms: Must apply via the link provided. Bonus amount depends on the amount you deposit within 20 days of opening the account. Must maintain a minimum balance of $10,000 for the first 60 days after opening the account
  • Expiration date: 1/9/23
  • APY: 2.00%
  • Member FDIC: Yes
  • Benefits: Wealth management, travel benefits, special pricing on goods and services from participating providers, up to $200 in reimbursements for online memberships/subscriptions

Bank of America Advantage Banking: $100

  • WebsiteBank of America Advantage Offer
  • Offer code: DNA100CIS
  • Terms: Only available online and to those who haven’t banked with BofA in at least a year. Must use the promo code and have “qualified deposits” totaling at least $1,000 within three months of opening the account.
  • Expiration date: 12/31/22
  • APY: Interest only available to Advantage Relationship Baking customers.
  • Member FDIC: Yes
  • Benefits: cash back, rewards, $0 Liability Guarantee with your BofA debit card.

Chase Total Checking: $200

  • WebsiteChase $200 Offer
  • Terms: You’ll need to be a new customer and use the coupon code supplied by Chase to qualify for the offer. Must set up direct deposit and receive a “qualified deposit” within 90 days of opening up your account. Accounts are not guaranteed; Chase will have to approve your application first
  • Expiration date: 10/19/22
  • APY: None
  • Member FDIC: Yes
  • Benefits: The monthly service fee can be waived if you meet one of their minimum deposit or minimum daily balance requirements

Chase College Checking — $100 bonus

  • WebsiteChase College Checking Bonus
  • Terms: Must be 17-24 years old. Must complete 10 “qualifying transactions” within 60 days of opening the account to get the bonus.
  • Expiration date: N/A
  • APY: N/A
  • Member FDIC: Yes
  • Benefits: No monthly service fee for up to 5 years, while you are still in college.

Chase Secure Banking – $100 bonus

  • WebsiteChase Secure Bonus Offer
  • Terms: Must be a new Chase customer or not have had a Chase account within the last 90 days. Complete 10 transactions 
  • Expiration date: 10/19/22
  • APY: N/A
  • Member FDIC: Yes
  • Benefits: Online bill pay, credit monitoring, huge ATM network, Zero Liability Protection, no account maintenance, check cashing, money order or bill pay fees

TD Bank Beyond Checking: $300 

  • WebsiteTD Checking Bonus Site
  • Terms: Must have at least $2,500 worth of “qualified deposits” within 60 days of opening the account
  • Expiration date: 10/31/22
  • APY: 0.01%
  • Member FDIC: Yes
  • Benefits: Can waive the $25 monthly maintenance fee if you meet one of their requirements. ATM fee reimbursement, free money orders and cashiers checks

TD Bank Convenience Checking: $200 

  • WebsiteTD Checking Bonus Site
  • Terms: Must have at least $500 in “qualified deposits” within 60 days of opening up your account
  • Expiration date: 10/31/22
  • APY: None
  • Member FDIC: Yes
  • Benefits: Fraud monitoring, maintenance fees can be waived for account holders under 23 years old or who maintain a minimum balance of $100

HSBC Premier Checking: $500 

  • WebsiteHSBC Checking Bonus Site
  • Terms: Must use the site linked. Must make $10,000 worth of “qualifying” direct deposits every month for the first three months after you open the account. You’ll need to be a US resident (with a verifiable US address) and have a US phone number
  • Expiration date: 2/15/23
  • APY: 0.01% on balances over $5
  • Member FDIC: Yes
  • Benefits: Monthly maintenance fee can be waived if you meet HSBC’s requirements

Huntington Bank Huntington Platinum Perks Checking: $300 

  • WebsiteHuntington Bank Bonus Offer
  • Terms: Must be opening a new account, keep the account open for a minimum of 90 days, and deposit at least $25,000 within 60 days of opening the account. The money you deposit must not come from any other Huntington account
  • Expiration date: 2/7/22
  • APY: 0.03%
  • Member FDIC: Yes
  • Benefits: Unlimited ATM withdrawals (regardless of network), 24-hour grace period before overdraft/return fees are charged, credit monitoring, and identity monitoring

PNC Virtual Wallet – Up to $200 bonus

  • WebsitePNC Virtual Wallet Offer Site
  • Terms: Must use the provided link to enroll. A “qualifying” direct deposit must be made within 60 days of opening the account. You must keep the account open to get the bonus
  • Expiration date: 10/31/2022
  • APY: 1.8%
  • Member FDIC: Yes
  • Benefits: No minimum deposit or balance required. Interest accrues on all account balances over $1.00. $20 ATM fee reimbursement per month. “Low cash mode” account protection

Axos Bank Basic Checking – $200 welcome offer

  • WebsiteAxos Welcome Offer Site
  • Terms: Use the code RC300 when you apply. Costs $50 to open an account. Bonus amount depends on how much you deposit within the first three months of having the account. To get the full $300, you’ll need to have deposited at least $7,000
  • Expiration date: 11/7/22
  • APY: 0.40% as long as the account maintains a minimum balance of $1,500
  • Member FDIC: Yes
  • Benefits: No monthly fees. No overdraft or return payment fees. Opportunities to raise your account’s APY

Fifth Third Bank Checking: Up to $250

  • WebsiteFifth Third Bank Checking Bonus
  • Terms: Must direct deposit at least $1,000 within 90 days of opening your account
  • Expiration date: 12/31/22
  • APY: 0.01%
  • Member FDIC: Yes
  • Benefits: No minimum balance required. Extra time before overdraft fees are charged. Fraud Protection

Top 4 business checking account bonuses

Business accounts also offer bonuses to attract new customers. Here are some of the best bonuses for business accounts.

U.S. Bank Business Checking — $500 Bonus With qualifying activities

  • WebsiteUS Bank Business Checking Bonus Offer
  • Terms: Use promo code “Q3BUS22” when applying. Must deposit $1,500 within 30 days of opening the account. Must enroll in online banking or app banking, have at least 10 “qualifying transactions”, and accept and settle a US Bank Payment Solutions Merchant transaction within 60 days of opening the account
  • Expiration date: 10/28/22
  • APY: N/A
  • Member FDIC: Yes
  • Benefits: Waivable maintenance fees, 125-500 free transactions per month, depending on which checking package you choose. Everyday Funding access

Huntington Unlimited Plus Business Checking — $750 cash bonus

  • WebsiteHuntington Unlimited Business Checking Bonus Offer
  • Terms: Within 60 days of opening the account, you must have at least $20,000 worth of new money deposits. Account must remain open for a minimum of 90 days. Offer only available in CO, IL, IN, KY, MI, MN, OH, PA, SD, WV, and WY.
  • Expiration date: 11/7/22
  • APY: The account is interest bearing, but no rate is given.
  • Member FDIC: Yes
  • Benefits: Unlimited transactions, deposit up to $25,000 monthly for free, 10% off Payroll services, up to 25 returned deposits a month

Axos Bank Basic Business Checking — Up to $200 cash bonus

  • WebsiteAxos Business Checking Bonus
  • Terms: New business owners use code “NEWBIZ200” on the application to get $200. Established business owners use “NEWAXOSBIZ” on the application to get $100. Must maintain a minimum balance of $2,500 for 60 days.
  • Expiration date: 12/31/22
  • APY: N/A
  • Member FDIC: Yes
  • Benefits: Quickbooks compatible, unlimited item processing, no monthly maintenance fees, unlimited ATM fee reimbursements

PNC Bank Business Checking — $200 cash bonus

  • WebsitePNC Business Checking Bonus
  • Terms: Business must make less than $5 million per year. Must have a minimum balance of $5,000 for the first three statement cycles and must have at least 20 qualifying debit card purchases
  • Expiration date: 12/31/22
  • APY: N/A
  • Member FDIC: Yes
  • Benefits: Cash back, up to 150 transactions per month free

Top 4 savings account bonuses

In addition to spending accounts, you can also get bonuses for signing up for savings accounts. Check these out.

Discover Online Savings Account: Up to $200

  • WebsiteDiscover Online Savings Bonus
  • Terms: Use code GOBP922 when you apply. Must deposit at least $15,000 within 30 days of opening the account to get a $150 bonus, or $20,000 to get a $200 bonus. Must be a new Discover customer
  • Expiration date: 12/15/22
  • APY: 2%
  • Member FDIC: Yes
  • Benefits: No monthly fees, no fees for insufficient funds

TD Bank Beyond Savings or Simple Savings Account: $200

  • WebsiteTD Savings Bonus Site
  • Terms: Must deposit a minimum of $20,000 within 20 days of opening the account. $20,000 minimum balance must be maintained for 90 days after opening the account
  • Expiration date: 10/31/22
  • APY: 0.01%-0.25%, depending on the account structure and balance tier
  • Member FDIC: Yes
  • Benefits: Maintenance fees can be waived if you meet one of TD’s requirements (they vary depending on which account you open)

Regions Bank LifeGreen Savings Account: Up to $100

  • WebsiteRegions LifeGreen Savings Account
  • Terms: Must have a Regions checking account. Must have an automatic transfer from your Regions Checking to LifeGreen Savings of at least $10 for 10 out of the 12 months following the opening of your account
  • Expiration date: N/A
  • APY: 1%
  • Member FDIC: Yes
  • Benefits: No monthly fee or minimum balance required

Alliant Credit Union Ultimate Opportunity Savings Account: Up to $100

  • WebsiteAlliant Ultimate Opportunity Savings Offer
  • Terms: You must use the link provided and be a new Alliant customer. Must deposit at least $100 every month for 12 months in a row and have a minimum balance of $1200
  • Expiration date: 12/31/22
  • APY: 1.7%
  • Member FDIC: No. It is, however, a member of the Credit Union equivalent: The NCUA (National Credit Union Association)
  • Benefits: No overdraft fees, no monthly fees if you use eStatements, no account minimum requirements or maximum limitations

Online banking app bonuses

Online banks want your business just as badly as the brick-and-mortar banks do. Here are a couple of the bonuses being offered by online banks.

Albert

  • Website: Albert website
  • Terms: You must make a qualifying deposit of at least $500 within 45 days of opening your account and then within every 30 days for the next consecutive 90 days. You need to spend at least $200 on qualifying purchases every 30 days for 90 consecutive days
  • Expiration date: N/A
  • APY: N/A
  • Member FDIC: Yes
  • Benefits: Access to the Genius team, cash back, investment advice, automatic saving

READ MORE: Here are 10 apps like Albert

SoFi Checking and Savings: Up to $300

  • WebsiteSoFi Checking and Savings Offer
  • Terms: Set up direct deposit and get a qualifying deposit within 30 days. The amount of your deposit will depend on the total of the deposit
  • Expiration date: 12/31/22
  • APY: 2%
  • Member FDIC: Yes
  • Benefits: Up to 15% cash back on qualifying purchases, no account fees, automatic savings

Best high-yield savings account bonus

High-yield savings accounts are great because their interest rates are higher. Here’s the best bonus we found to help convince people that high-yield savings is for them.

Discover Online Savings Account: Up to $200

  • WebsiteDiscover Savings Bonus
  • Terms: Open to new Discover customers only. Deposit up to $25,000 within 30 days of opening the account to get $200
  • Expiration date: 12/15/22
  • APY: 2%
  • Member FDIC: Yes
  • Benefits: No excessive withdrawal fees, no maintenance fees, interest compounds at a daily/monthly rate

Best non-cash bank promotions

These are a little more complicated than regular checking and savings bonuses. These bonuses pay in miles and points that you can use for travel, cash back, etc.

Bask Bank: 5,000 American Airlines AAdvantage loyalty miles

  • WebsiteBask Bank Bonus
  • Terms: New customers only. Must deposit a minimum of $25,000 within 15 days of opening the account. Must keep a minimum balance of $5,000 every day for 90 consecutive days within the first 105 days after opening the account
  • Expiration date: 12/15/22
  • APY: 2.53%
  • Member FDIC: Yes
  • Benefits: Can choose to open a savings account that earns miles instead of interest

Brex Cash: Up to 10,000 bonus points

  • WebsiteBrex Points Explainer
  • Terms: Must spend $3,000 within 3 months to earn the 10,000 points
  • Expiration date: N/A
  • APY: N/A
  • Member FDIC: Yes
  • Benefits: Points are earned every time you spend money with your Brex card. Partner perks include deals with Apple, QuickBooks, and AWS. Can trade points for cryptocurrency

Best referral bonuses

  • American Airlines Federal Credit Union: $25 for each family member referral up to $250
  • Chase Bank: $50 for each referral up to $500
  • Chime: $100 for a referral and $100 to the referred customer

What you should know about bank account bonuses

Banks use bonuses to try to convince you to choose them instead of their competitors. Bonuses are especially popular when a bank is rolling out a new product. 

What to watch out for

  • “Qualifying” deposits and spending. Make sure you understand exactly what will “qualify” before you sign up.
  • High or lengthy minimum balance requirements
  • Lowered interest rates to offset the bonus
  • Large deposit requirements

What to look for in a new checking account

Don’t choose your checking account solely because of its bonus offer. Make sure the account is worth it even without the bonus. Here’s what to look for:

  • Fee-free checking
  • Convenient ATM access
  • Limited enrollment criteria
  • No or low monthly service fees
  • Free electronic deposits
  • Low or no account balance requirements
  • Other financial products offered by the same bank, like money market accounts, CDs, credit cards, etc.
  • Is it FDIC insured?
  • Does the account earn interest? 

Not sure what you need in a bank account? Check out financial guru Dave Ramsey’s tips:

The bottom line

Banks want your business. If you’re in the market for a new account or are looking to switch banks, looking for awesome bonuses can help you narrow your options. 

FAQs

How can you tell if a bank is compatible with Zelle?

They’ll tell you. If it isn’t obvious, use the bank’s Help Center to search for “Zelle” to find out whether or not it is compatible.

Can I qualify for a new account bonus if Social Security is my only source of income?

Yes. Social Security payments are one of the types of “qualified” deposits that some banks require in order to receive a bonus offer.

What is an ACH transfer?

A transfer of funds between banks, using the Automatic Clearing House. If you’ve set up automatic payments from one lender — for example, a payday lender — to another, there are steps you need to take if you need to stop these transactions or switch them to a new bank account.

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