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By
Lauren Ward
Lauren Ward
Contributor
Lauren is a freelance contributor to Newsweek’s personal finance team. She is passionate about educating people on how to transform their finances from a source of stress to a tool in creating a better life. An avid gardener and board game player, Lauren lives with her family in Richmond, VA.
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Reviewed By
Robert Thorpe
Robert Thorpe
Senior Editor
Robert is a senior editor at Newsweek, specializing in a range of personal finance topics, including credit cards, loans and banking. Prior to Newsweek, he worked at Bankrate as the lead editor for small business loans and as a credit cards writer and editor. He has also written and edited for CreditCards.com, The Points Guy and The Motley Fool Ascent.
Read Robert Thorpe's full bio
When you’re opening a new bank account, there are a lot of factors to consider, like the account’s annual percentage yield (APY), monthly fees and transaction limitations. But one thing you should also consider is whether or not it comes with a bank account bonus.
New bank account offers typically come in the form of free cash that you can earn after meeting specific deposit or spending requirements outlined by the bank. In other words, you’re getting rewarded just for opening and using an account.
You can usually find both checking account promotions and savings account promotions. These new bank account offers vary depending on the institution, but they typically range from a couple hundred to a few thousand dollars. If you’re interested in taking advantage of a checking or savings account bonus, we’ve curated your top options below.
Methodology
Newsweek Vault’s banking experts have done hundreds of hours of research to present you with all the latest information about your banking options. Whether you’re interested in opening a new checking account or savings account, our research spans all the top online banks, credit unions and brick-and-mortar branches.
We assessed the following five key factors to help you choose the best account for your personal finance needs.
- Associated fees
- ATM access
- Balance requirements
- Customer service
- Interest-earning potential
Our Picks
- Best for Six-Figure Deposits: Chase Bank Private Client Checking
- Best for Extended Direct Deposits: Bank of America Advantage Banking
- Best for a Low Direct Deposit Minimum: M&T Bank Checking
- Best for Mid-Range Direct Deposit Requirements: Huntington National Bank Perks Checking
- Best for Regional Bonus: Citizens Bank New Personal Checking and Savings Account
- Best for Account Options: BMO Relationship Checking
- Best for Interest Earnings After Bonus: SoFi Checking and Savings Account
- Best for Online or In-Person Signup: Wells Fargo Everyday Checking Accounts
- Best for Checking Account Bonus: Citi Checking Account
- Best for Debit Card Users: Truist One Checking Online
10 Best Bank Sign-Up Bonuses of 2024
Best for Six-Figure Deposits
Chase Private Client Checking℠
Vault Verified
APY
0.01%
Bonus
Up to $3,000
Why We Chose It
New account holders who meet with a Private Client Banker to open or upgrade to a Chase Private Client Checking℠ can earn a bonus ofup to $3,000 with qualifying activities.
- Earn $1,000 when you deposit between $150,000-$249,999
- Earn $2,000 when you deposit between $250,000-$499,999
- Earn $3,000 when you deposit $500,000 or more
New money or securities must be transferred within 45 days of coupon enrollment to eligible accounts and maintained for 90 days from initial enrollment. Offer expires 7/24/24.
Pros
- Offers a chance to earn one of the largest bank account bonuses available
- Bonus added to account within 40 days
- Qualifying funds can be spread out among eligible checking, savings and wealth management accounts
Cons
- Bonus requires a significant amount of cash
- $35 monthly service fee unless you maintain an average beginning daily balance in qualifying accounts of at least $150,000 or link a Chase Platinum Business Checking℠ account
- Retirement accounts are not eligible for the checking account promotion
Best for Extended Direct Deposits
Bank of America Advantage Banking
Vault Verified
APY
Up to 0.02%
Bonus
$200
Why We Chose It
Bank of America offers a $200 bonus to new personal checking customers who open a qualifying checking account by September 30, 2024. Minimum opening balances vary from $25 to $100. The account must receive $2,000 or more in qualifying direct deposits within 90 days of opening the account to qualify for the bonus. Additional terms and conditions apply. See the offer page for more details.
Pros
- Lower monthly direct deposit requirement compared to many other options
- Three eligible checking accounts to choose from
- Several options to get the monthly fee waived for each type of account
Cons
- Bonus takes up to 60 days to pay out
- Only the top-tier account earns interest on balances
Best for a Low Direct Deposit Minimum
M&T Bank Checking
Vault Verified
APY
0.01%
Bonus
Up to $200
Why We Chose It
You only need direct deposits totaling at least $500 over the first 90 days of account opening to qualify for an up-to $200 cash bonus. The offer is available online or in branches until August 31, 2024. M&T Bank has three different checking account options to choose from, including the fee-free EZChoice checking account.
Pros
- Low direct deposit minimum to qualify compared to other banks
- You have 90 days to qualify for the bonus once you open your account
- Three different checking account options to choose from
Cons
- Two of the checking accounts require large minimum daily balances to avoid a monthly fee
- It takes an additional 90 days for your cash bonus to be delivered to your account
- M&T Bank branches are only available on the East Coast
Best for a Mid-Range Direct Deposit Minimum
Huntington National Bank Perks Checking
Vault Verified
APY
0.03%
Bonus
$600
Why We Chose It
New Huntington Bank customers can earn up to $600 depending on the checking account until October 7, 2024. Earn $400 when you open a Perks Checking account and receive a qualifying direct deposit within 90 days. Earn $600 with minimum deposits of at least $25,000 or more into a new Platinum Perks Checking account within 90 days of account opening and keep the account open for 90 days.
Pros
- Offers two checking account bonuses
- Funds are quickly deposited in just 14 days of meeting eligibility requirements
- Huntington offers ways to avoid maintenance fees
Cons
- APY is just 0.02% to 0.03%
- Offer is only available in 10 states
Best for Regional Bonus
Citizens Bank New Personal Checking and Savings Account
Vault Verified
APY
0.07%
Bonus
Up to $400
Why We Chose It
Citizens Bank offers bonuses for several of its checking and savings accounts. This two-step bonus gives you the potential to earn up to $400 within the first two months. You can earn $300 by opening a personal checking account and making a single direct deposit of at least $500 within the first 60 days of account opening. You can also earn $100 when you open a personal savings account and deposit $100 or more for three months in a row.
Pros
- The required deposit amount is low for a high bonus amount
- Customers have the flexibility to choose from several different types of accounts
Cons
- Bonus takes up to four months after account opening to pay out
- Offer only available via a promotional page and may be easy to miss
Best for Account Options
BMO Relationship Checking
Vault Verified
APY
0.01%
Bonus
$400
Why We Chose It
BMO gives you the chance to earn up to $500 when you open a personal checking account. You’ll earn $350 by opening a Smart Advantage Checking or Smart Money Checking and receiving at least $4,000 in direct deposits within the first 90 days. The $500 offer is for opening a Relationship Checking account and receiving $7,500 in direct deposits in the first 90 days.
Pros
- Get a $500 bonus with $7,500 in qualifying direct deposits within the first 90 days
- Earn interest on your account balance
- Monthly ATM fee rebate available
Cons
- It takes 100 days after completing the eligibility requirements to receive your bonus
- A zero balance could result in an account closure
- Offer may vary based on where you live
Best for Interest Earnings After Bonus
SoFi Checking and Savings Account
Vault Verified
APY
4.60%
Bonus
Up to $300
Why We Chose It
You can earn up to $300 when you open a SoFi Checking and Savings Account by December 31, 2024. Direct deposits of $1,000-$4,999.99 during the promotional period earn $50, while direct deposits of $5,000 or more earn $300. After the 25-day waiting period, SoFi will credit the cash bonus to your account within seven business days. You’ll also earn a highly competitive 4.60% APY on your savings account balance with direct deposit, and 0.50% APY on checking balances with direct deposit.
Pros
- Existing SoFi members are eligible with no history of direct deposit transactions
- Members can access their paychecks up to two days early with direct deposit
- No account fees
Cons
- Must have at least $5,000 in direct deposit amounts to qualify for higher tier bonus
- Only savings accounts with direct deposit are eligible for higher savings account interest rate
- No physical branches
Best for Online or In-Person Signup
Wells Fargo Everyday Checking Accounts
Vault Verified
APY
0.01%
Bonus
$300
Why We Chose It
People who meet the qualifications can earn $300 after opening a Wells Fargo checking account. You’d be required to put up a minimum $25 opening deposit in each account by June 25, 2024. You must receive at least $1,000 qualifying electronic deposits within 90 days of opening it to receive a $300 bonus. You need to be a new Wells Fargo customer to earn this bonus.
Pros
- Threshold requirements are lower for the checking account than some competitors
- You can open a checking account online or in-branch
Cons
- You must use the special offer code
- Low 0.01% APY
Best for checking account bonus
Citi Checking Account
Vault Verified
APY
4.35%
Bonus
Up to $2,500
Why We Chose It
Citi is offering new checking account customers—including people who haven’t had a Citi checking account for at least a year—a chance to earn up to $2,500 after maintaining a minimum balance for 60 days. The tiered bonus depends on your account balance:
- $30,000-$199,999 can earn a $500 bonus
- $200,000-$299,999 can earn a $1,500 bonus
- $300,000+ can earn a $2,500 bonus
The account must maintain the balance level consistently throughout the eligibility period to get a higher bonus. For example, if your account dips below $200,000 for a day during the promotional period, you’re no longer eligible for the $1,500 bonus and can only earn $500.
Pros
- Have until 7/8/24 to redeem offer
- Can open online
Cons
- Must have at least $30,000 to earn $500
- Low APY earnings compared to other banks unless you’re in a Relationship Tier
- High balance requirements to avoid fees
Best for Debit Card Users
Truist One Checking Online
Vault Verified
APY
0%
Bonus
$00
Why We Chose It
You can earn $400 when you open a Truist One Checking Online account. You’ll just need to receive one qualifying direct deposit of $500 or more and complete at least 15 debit card purchases within the first 90 days of opening your account. You’ll receive your reward within four weeks after you complete these qualification requirements. This offer is good until June 26, 2024.
Pros
- Low direct deposit requirement
- No overdraft fees
- Five ways to waive monthly maintenance fee
Cons
- Requires a lot of debit card transactions
- Account does not earn interest
- Offer only available in 17 states and Washington, D.C.
What are Bank Account Bonuses?
A bank account bonus is a cash incentive periodically offered by financial institutions to attract new customers. When you open an eligible account and meet the qualification requirements, you’ll receive a corresponding bonus. Usually it can take several weeks or even months to have the money deposited into your account after you complete the required tasks.
In order to qualify, you usually need to meet some minimal threshold of banking activity. For instance, you may need to set up direct deposits of a certain amount or spend a specific sum of money. The bank typically gives a timeframe of how quickly you need to complete these transactions in order to qualify.
Why Do Banks Offer Account Bonuses?
New bank account offers are designed to attract new customers. The extra cash incentive is often enough to bring in new deposits or debit card spending. And the terms and conditions of checking account promotions usually include a minimum amount of time that the new account must be kept open in order to receive the bonus. That guarantees the bank will keep those new customers for at least a few months.
However, it’s important to make sure that a bank account bonus makes sense for you as well. Compare the benefits with any drawbacks, such as paying fees, changing your interest rate and meeting the eligibility requirements.
How To Sign Up for a Bank Account
Signing up for a new bank account is an easy process that can be done either online or in a physical branch location.
- Choose the best bank account: Whether you need checking, savings or both, explore a few different options. Make sure you’re eligible for any bonuses you hope to receive and also confirm that the bank serves your location.
- Gather required documents: Before you apply, pull together the documents you’ll need to complete the application. This usually includes a government ID, personal information (including a social security number), contact information, and proof of residency.
- Submit the online application: Once you have your documents together, you can complete an online application. It’s an easy process that should only take a few minutes. Note that some bonus offers are only available when you apply in a branch location and provide the offer code to the banker before completing the in-person application.
- Get approved: Banks typically don’t do a credit check when you apply for a checking or savings account, but they will do other types of background checks. The most common verification is looking at your history in ChexSystems, which tracks past banking history. People who have committed fraud, have outstanding bank fees or have a history of frequent overdrafts may not get approved.
- Make an opening deposit: After the bank approves your application, you can officially open your account by making a deposit, either in person or by transferring funds from an external account.
- Meet any signup bonus requirements: In order to qualify for a potential bonus, you’ll need to follow the bank’s instructions. You may need to set up direct deposits within a certain timeframe or spend a specific amount of money.
How Many Bank Accounts Do You Need?
At a minimum, you should open at least one checking and savings account to manage your money. Cash in your checking account is used for daily spending, while extra money from your paycheck should go into your savings account.
It’s also common to open more than one account of each type. Some couples, for instance, prefer to have individual and joint checking accounts. Shared expenses are paid from the joint account while personal spending happens from the individual accounts. You may also like to have multiple savings accounts for different goals so it’s easy to track your progress. For example, you may have an emergency savings account as well as one devoted to vacation savings. There’s no right answer. Just make sure you’re not overpaying on service fees and do whatever simplifies the money management process for you.
How Do You Tell if a Bank Account Bonus is a Good Deal?
It depends on the bonus you’re considering. First, make sure you meet all of the eligibility requirements. You probably need to be a new customer at the bank. You must also commit to whatever transactions need to be done, like switching over your direct deposits or spending a certain amount. Check for monthly fees associated with the account and any restrictions, like limitations on deposits or withdrawals, that might knock the bank account out of the running for your needs and financial goals. If you have to pay to keep the account open, you’re minimizing the actual profit you’d earn from opening the account. Most banks also require you to keep the account open for some time after earning the bonus.
More Banks With Sign-Up Bonus Offers
These certainly aren’t the only banks offering savings and checking account promotions. Here are a few more new bank account offers you might want to consider.
Discover Online Savings Account
You can earn up to $200 with the Discover Bank Online Savings Account. To get this savings account bonus, you’ll need to deposit at least $25,000 within 45 days of opening your account. You can earn $150 if you deposit at least $15,000 in that same timeframe. This is a very high requirement that won’t work for everyone, but if you have a lot of cash you’re looking to store, this account is a good option because it has a high 4.25% APY.
KeyBank Key Smart Checking
When you open a KeyBank Key Smart Checking account, you can earn $200 when you make a direct deposit of $500 within 60 days. To qualify, you’ll need to open your account before June 21, 2024, and make a $10 minimum opening deposit. If you meet the requirement, you’ll receive your bonus within 60 days. This is a relatively easy bonus to earn, especially if you don’t receive the large direct deposits that some other bonuses require.
Alliant Credit Union Ultimate Opportunity Savings Account
The Alliant Credit Union Ultimate Opportunity Savings Account’s $100 new account bonus is a way to help you build good financial habits. That’s because it requires you to make at least $100 in deposits for 12 consecutive months before you earn your bonus. You also need to hold those deposits the entire time without withdrawing them. The account currently has a 3.10% APY, so it can be a good way to build an emergency fund.
Frequently Asked Questions
What Bank Gives the Biggest Bonus?
It depends on when you’re looking and what eligibility requirements you meet. Most banks have an expiration date for their latest promotional bonus, which means the biggest bonus may change from month to month. You also should narrow your search to bonuses that you qualify for and that are available in your geographic area. Also remember that bank bonuses are almost always reserved for new customers only.
How Do You Qualify for a Bank Account Bonus?
Direct deposit requirements and minimum account balances for a certain amount of calendar days are the most common ways to qualify for bank account bonuses. You usually have to meet all requirements and be a new accountholder to get the best bank account sign-up bonus. For example, if you have a checking account with your bank but not a savings account, you may be eligible for the savings account bonus offer but not a checking account offer. It’s also important to check for restrictions, like an online-only offer you can’t get in a branch or bonuses only available in select states.
Are Bank Account Bonuses Worth It?
Bank account bonuses can be worth it if you can meet the eligibility requirements during the designated time frame. They can also help you meet your financial goals faster. Before opening a new account for the bonus offer, check the details carefully to know how long you have to meet the requirements, what those requirements are and any stipulations that might make you ineligible, like being an existing bank customer or having the same account type already.
Do Bank Account Bonuses Count as Income?
Yes, just like earned interest on your bank account, cash bonuses also count as taxable income. Your bank should include this amount on the 1099-INT form it sends to you before tax season. But even if you don’t receive the paperwork, you’re responsible for reporting cash from an account bonus to the IRS. Take this extra taxation into account when deciding whether or not a bank bonus is worth it.
Where Do You Find a Bank Account Bonus?
You can find information about bank account bonuses by going to each bank’s website, though some can be hard to find. Consulting curated lists like what we’ve presented here could also be a more efficient way to find these offers. Bonuses change regularly and are only around for a limited time, so checking often and comparing bank offers can help you find the most lucrative bonuses with requirements you know you can meet within the promotional period time frame.
Newsweek writer Mandy Sleight contributed to this post.
Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. We may earn a commission from partner links on Newsweek, but commissions do not affect our editors’ opinions or evaluations.
Lauren Ward
Contributor
Lauren is a freelance contributor to Newsweek’s personal finance team. She is passionate about educating people on how to transform their finances from a source of stress to a tool in creating a better life. An avid gardener and board game player, Lauren lives with her family in Richmond, VA.
Read more articles by Lauren Ward
