Banks want your business. With more than 4,700 FDIC-insured banks in the U.S. alone, you have more than a few choices.
All of this competition is good news for you, the customer. You can shop around and find banks that offer fee-free checking accounts, high-yield savings account and checking account options, and rewards for spending. Those perks have become so common, banks need another way to gain an edge.
That’s where bank promotions come in. These promotions reward you, the account holder, for opening a new account. In some cases, you’ll have to set up qualifying direct deposits or satisfy some basic activity requirements to get the bonus. This is to ensure you aren’t planning to open an account, grab the bonus, and run.
Below is a list of the best account bonuses for December 2023, including checking, savings, business account, and credit union bonuses. Some are time-sensitive, so be sure to pay attention to the deal expiration date if you’re interested in one.
Best Checking Account Bonuses
If you’re in the market for a new checking account, there are a few bank account bonuses specific to checking to consider.
1. U.S. Bank Smartly Checking
- Up to $800
- Monthly fee: $6.95 (waived for electronic deposits of $1,000 or more a month)
- Requirement: Minimum direct deposit of $3,000 or more within first 90 days
U.S. Bank is currently welcoming new applicants in 26 U.S. states with a special online offering:
- Earn up to $800 when you open a new U.S. Bank Smartly® Checking account and a Standard Savings account online and complete qualifying activities. Subject to certain terms and limitations. Offer valid through December 29, 2023. Member FDIC.
- Applicant must reside in AZ, AR, CA, CO, ID, IL, IN, IA, KS, KY, MN, MO, MT, NE, NV, NM, NC, ND, OH, OR, SD, TN, UT, WA, WI, WY to be eligible for checking account.
You won’t get a bonus when you open the account. It will come after you satisfy the direct deposit requirements. The amount of the bonus depends on the total sum of your qualifying deposits within 90 days of account opening.
2. SoFi Checking & Savings
- Bonus: $50 or $300
- No monthly fees
- Requirement: At least $5,000 in a 25-day period for $300 bonus; $1,000-$4,999 for $50 deposit
All you have to do to qualify for SoFi’s bonus is set up a new checking account and add a qualifying direct deposit within the first 90 days. To qualify for the $300 bonus, you’ll need deposits of $5,000 or more during the 25-day evaluation period. But you’ll earn a $50 bonus if your deposits total at least $1,000 during that time. The 25 days starts with your first qualifying deposit.
SoFi checking and savings accounts come with a variety of features. There are no service fees, and you’ll get free cash withdrawals and deposits at any Allpoint ATMs. Your savings account will also qualify for 4.60% annual percentage yield (APY), and your checking account earns 0.50% APY.
3. Bank of America Advantage Accounts
- Bonus: $200
- Monthly fee: $0-$25
- Requirement: $1,000 in deposits in the first 90 days
Bank of America offers a $200 bonus for customers who open an Advantage checking account. You’ll need to apply through this page to get it. After account approval, you’ll have to make deposits of at least $1,000 within the first 90 days of account opening.
There are three account options to go with this promotion:
- Advantage SafeBalance Banking: Designed for checkless banking, this checking account option comes with a $4.95 monthly service fee. This fee will be waived if you’re a student under 25 or enroll in Bank of America’s Preferred Rewards.
- Advantage Plus Banking: If you have direct deposits, this account might be for you. The $12.95 monthly maintenance fee is waived for accounts with at least a $250 monthly direct deposit, accounts that maintain a $1,500 minimum daily balance, and those enrolled in Preferred Rewards.
- Advantage Relationship Banking: If you can keep at least a $10,000 minimum daily balance in all your accounts connected to this one, the $25 monthly service fee will be waived. Enrolling in Preferred Rewards also waives the fee. The best thing about this account is that your balance earns interest.
4. Huntington Platinum Perks Checking
- Bonus: $400 or $600
- Monthly fee: $0-$25
- Requirement: At least one direct deposit in the first 90 days for $400 bonus; $25,000 in deposits in the first 90 days for $600 bonus
Huntington Bank has two tiers of bonuses, depending on your account needs. The highest bonus, $600, goes with the bank’s Platinum perks checking, which comes with a $25 monthly fee. If you can maintain a $25,000 balance across all your Huntington bank accounts, that fee will be waived. This account also comes with unlimited fee-free withdrawals at out-of-network ATMs.
For lower balances, take a look at Huntington’s Perks Checking. You’ll get $400 in cash bonuses with this account and no service fees with at least $1,000 in qualifying direct deposits each month.
After you open an account, you’ll need to make at least $25,000 in deposits within the first 90 days. Your account will also have to remain open for 90 days. The bank account bonus will be deposited 14 days after you’ve met the requirements.
5. Wells Fargo Everyday Checking Account
- Bonus: $300
- Monthly fee: $10, but it can be waived
- Requirement: $25 deposit plus $1,000 in direct deposits in the first 90 days
Another great deal is Wells Fargo’s $300 new bank account bonus. You’ll only need to deposit $25 to open the account, then receive at least $1,000 in direct deposits within the first 90 days of opening. This offer is only for new account holders.
There are minimum balance requirements to avoid the $10 monthly maintenance fee. You’ll need to satisfy at least one of them during each billing period:
- Maintain at least a $500 daily balance
- Have at least $500 in qualifying direct deposits
- Have a qualifying Wells Fargo student card or be between the ages of 17 and 24
Even without the bonus, Wells Fargo requires a $25 deposit to kick off your Everyday Checking account. Your account comes with a variety of features, including fraud monitoring and the ability to temporarily lock your card if you lose track of it.
6. Chase Total Checking
- Bonus: $200
- Monthly fee: $0 or $12
- Requirement: Direct deposit set up within first 90 days
If an account with Chase Bank interests you, always check for a current promotion. Currently, the bank is offering a $200 bonus if you open a new Chase Total Checking account. You’ll need to make qualifying direct deposits totaling $500 or more within 90 days of opening the account, but there are no minimum deposit requirements to get the bonus.
Where those minimums come in is in the monthly service fee. You’ll pay $12 a month, unless you qualify to have the fee waived by doing one of three things:
- Make electronic deposits to the account of $500 or more every month
- Maintain a minimum balance of at least $1,500
- Have an average daily balance of $5,000 or more across all your Chase Bank accounts
7. Fifth Third Bank
- Bonus: $275
- No monthly fees
- Requirement: $500 or more in qualifying deposits in the first 90 days
If you can make at least $500 in qualifying direct deposits within 90 days of opening your bank account, Fifth Third Bank is offering a $275 bonus. Once you’ve achieved that $500 milestone, the funds will be deposited into your new checking account within 10 business days.
In addition to the cash bonus, Fifth Third’s checking accounts earn 0.01% APY. You’ll also be given extra time to resolve any overdrafts. You’ll have until midnight on the business day after your account goes into the negative to bring it back to $0 and avoid any issues.
8. BMO Harris Smart Advantage Account
- Bonus: $200 or $350
- Monthly fee: $0-$25
- Requirement: $4,000 in qualifying deposits for $200 bonus; $7,500 in qualifying deposits for $350 bonus
If you live in the Midwest, BMO Harris has an offer that might appeal to you. Sign up for a BMO Harris Smart Advantage account, and you could qualify for a $200-$350 cash bonus.
The $200 bonus goes with either the Smart Advantage or Smart Money checking account. Both of these accounts have no minimum balance requirements. The Smart Advantage account has no maintenance fee, while the Smart Money account has a $5 fee per month unless you’re under age 25, at which point the fee is waived.
The $350 bonus is attached to the Premier account, which lets you earn rewards for your account activities. You’ll need to maintain at least a $25,000 balance to qualify for this tier. This account comes with a $25 monthly service fee.
9. TD Bank Checking Account
- Bonus: $200 or $300
- Monthly fee: $0-$25
- Requirement: $500-$2,500 direct deposit to checking
TD Bank promotions cover two different types of checking accounts, each with its own requirements:
- Earn $200 on a TD Convenience Checking Account when your direct deposited funds equal $500 or more within the first 60 days of account opening
- Earn $300 on a TD Beyond Checking Account when direct deposited funds equal $2,500 or more within the first 60 days of account opening
With TD Bank’s checking accounts, you’ll face a monthly fee of $15 on the Convenience Checking account and $25 on the Beyond Checking account. That fee will be waived as long as you keep a minimum balance of $100 for the lower-priced account and $2,500 for the higher-priced one.
10. Truist One Checking
- Bonus: $300
- Monthly fee: 12 a month (can be waived)
- Requirement: Make two direct deposits in the first 90 days
For Truist’s $300 bonus, you’ll only need two qualifying direct deposits within the first 90 days for a total of $1,000 or more. You can either apply for an account online or at a branch using promo code TRUISTCHKQ323.
Your Truist checking account will come with a monthly service fee, but it can be waived through one of the following methods:
- Direct deposit $500 or more per statement cycle
- Maintain total combined balance of $500 in any Truist account
- Have a Truist credit card, mortgage loan, or personal loan
- Have a linked small business checking account
- Be a student under the age of 25
There are no overdraft fees, and Truist even offers each account a $100 buffer. That means if your account drops below $0, you’ll be covered until it reaches $100.
Best Savings Account Bonuses
Checking account business is only part of a bank’s customer base. Banks also want to entice you to sign up for savings. Here are some great bonuses you can get for setting up a new savings account.
1. Discover Online Savings Account
- Bonus: $150 or $200
- Interest rate: 3.60% APY
- Requirement: Deposit $15,000 (for $150) or $25,000 (for $200) within 30 days of account opening
You’ll need to have some money on hand to qualify for a Discover savings account bonus. There are two options:
- $150 bonus if you deposit at least $15,000 within 30 days
- $200 bonus if you deposit at least $25,000 within 30 days
These offers are designed to bring in new customers, so existing and prior Discover savings customers aren’t eligible. There are no fees associated with their savings accounts, although you will be limited to six withdrawals per month per account.
2. TD Bank Personal Savings Account
- Bonus: $200
- Interest rate: Varies by balance level
- Requirement: $10,000 initial deposit
TD Bank offers a $200 bonus when you sign up for one of two different savings account options. You’ll need to deposit at least $10,000 within 20 days of account opening and maintain that balance for 90 days to get your bonus.
There are two types of savings accounts with TD Bank:
- Signature Savings: Skip a fee by linking this account to a TD Beyond checking account. Otherwise, you’ll need a balance of $10,000 to avoid the $15 monthly fee.
- Simple Savings: The fee is only $5 a month on this account. You can skip this fee if you link it to a TD Beyond checking account or TD Convenience checking account or maintain a balance of at least $300. Account holders who are under age 18 or over age 62 also get free savings.
3. Alliant Credit Union Ultimate Opportunity Savings Account
- Bonus: $100
- Interest rate: 3.10% APY
- Requirement: Bonus deposited after 12 months of $100 monthly deposits with $1,200 balance
Financial advisor Suze Orman has partnered with Alliant Credit Union for the Ultimate Opportunity Savings Account. With Alliant’s new bank account bonus, you get one $100 deposit once you’ve deposited $100 or more each month for 12 consecutive months. You’ll need to have a balance of $1,200 or more to qualify for the bonus.
Bonuses aren’t the only reason to use Alliant’s online savings account feature. You’ll also earn 3.10% APY on your balance. You can pair Alliant’s savings with a personal checking account that has no overdraft fees and earns 0.25% APY.
Best Credit Union Bonuses
Credit unions have long been restricted in membership. They were originally designed to be local, but over time, they’ve expanded. There are some credit unions that offer access to branches and ATMs nationwide, making online banking a possibility.
Here are a few ways to get a bonus when you open a credit union account.
1. First Tech Federal Credit Union
- Bonus: Up to $350
- No monthly fees
- Requirement: $200 with direct deposit setup; $150 for qualifying debit card purchases
Serving tech workers across the country, First Tech FCU is open to tech companies and their employees. If you qualify, now is a good time to join, thanks to a $200 bonus when you open a new account and set up a qualifying direct deposit. You can earn an additional $150 on First Tech credit or debit card purchases.
You don’t have to work in tech to qualify for a First Tech FCU membership. You can sign up and earn a personal checking account bonus by joining the Computer History Museum or Financial Fitness Association.
Is it worth joining? If you live near a branch in Oregon, California, Colorado, or Washington, it might be. But they also have robust online offerings and access to 30,000 ATMs through the Co-Op Network.
2. UNIFY Financial Credit Union
- Bonus: $150
- No monthly fees with e-statements
- Requirement: $50 immediately; additional $100 through direct deposit setup and by making purchases with your Visa card
UNIFY Financial Credit Union has a nationwide footprint, with access to branches and ATMs nationwide through the Co-Op Network. This is a setup that expands access beyond local communities. Currently, you can earn a bonus when you open an account with UNIFY.
Here’s how it works. You’ll get a $50 bonus just for opening a qualifying account. By setting up direct deposit of at least $500, you’ll earn another $50, with a final $50 earned by making qualifying transactions using your UNIFY Visa debit card.
There are three checking accounts that qualify for the bonus. Although all three accounts feature no monthly fees, there is a $25 minimum opening deposit.
3. BluPeak Credit Union
- Bonus: $300
- No monthly fees
- Requirement: Open account ($50), set up direct deposit ($50), keep the account open six months ($100), open one year ($100)
California residents may be familiar with BluPeak, which has 60,000 members across the state. BluPeak is offering up to $300 in bonuses to new account owners. The rewards are offered in separate amounts when you complete each of the following:
- $50 to open a new checking account
- $50 for setting up direct deposit
- $100 once your account reaches the six-month mark
- $100 once your account reaches the one-year mark
BluPeak has both checking and savings accounts, with both being accessible online and through the mobile app. You’ll also get access to fee-free ATM access at more than 30,000 locations through the Co-Op Network.
4. Clearview Credit Union
- Bonus: $500
- Monthly fee: $5-$9.95
- Requirement: E-statement signup and $500 deposit in first 60 days
Although local branches are primarily in Pennsylvania, Clearview Credit Union accepts members who are related to someone who lives in the coverage area. If you qualify, the signup bonus can make it worth doing your banking remotely. The requirements for this bonus are also attractive. You simply sign up for e-statements and deposit at least $500 into the account within the first 60 days.
Clearview offers two tiers of bonuses:
- $200 bonus for a Simple, Basic, Fresh Start, or Fresh Start Pro Checking account
- $300 bonus for an Absolute Checking account
Fees depend on the type of account, your age, and whether you set up direct deposits. If you go for the $300 bonus, Absolute Checking, you’ll pay $5 a month, or $2 a month if you’re under age 26. Fresh Start checking is $7.95 with direct deposit and $9.95 without. Simple checking is only $3 a month.
Clearview is also a part of the credit union co-op, giving you access to more than 5,000 branches and more than 80,000 fee-free ATMs across the country. If you need that in-person touch, you can also video chat with bank representatives remotely.
Best Business Bank Account Bonuses
Opening a bank account for your business? There are some bonuses specific to business checking accounts and savings accounts that could earn you some money.
1. U.S. Bank Business Checking
- Bonus: $500
- No monthly fees
- Requirement: Sign up for online banking and maintain a $3,000 balance for the first 60 days
Among the best bank promotions is this $750 bonus, which you’ll get with a U.S. Bank Business Checking package. To qualify, you just need to open a checking account and deposit $3,000. Maintain that balance for the first 60 days. You also will need to sign up for U.S. Bank Business Online Banking, either online or through the mobile app.
U.S. Bank has three tiers of business accounts, but unless you have a large number of cash deposits, consider the Silver package. That tier is free until you reach $2,500 or 25 in cash deposits in a statement cycle. At that point, each cash deposit $0.33 per unit.
2. Chase Business Complete Checking
- Bonus: $300
- Monthly fee: $0-$15
- Requirement: Maintain $2,000 – $15,000 balance and complete five qualifying activities
One of the best business checking account offers comes from Chase. To earn a $300 bonus, you’ll need to deposit $2,000 or $15,000 and leave it there for 60 days. You’ll also need to have at least five qualifying activities, which can include debit card purchases, ACH deposits, wires, or peer-to-peer payments.
As long as you continue to maintain that $2,000 or $15,000 balance, you won’t pay a monthly fee for your business checking account. The fee is $15 a month otherwise.
3. Bank of America Business Checking
- Bonus: $200
- Monthly fee: $0-$12
- Requirement: Deposit $5,000 and maintain that balance through day 90
If you can deposit $5,000 into your new business checking account, Bank of America’s promotion could be a winner. You’ll get $200 if you deposit $5,000 within the first 30 days and maintain that balance for the following 60 days.
Bank of America’s business account holders have access to features like Cash Flow Monitor, available in the banking app, and access to small business specialists. If you can’t maintain the $5,000 balance, you’ll be charged a $16 monthly maintenance fee. You can also avoid this fee by making $250 in debit card purchases or becoming a Preferred Rewards for Business member.
4. PNC Business Checking
- Bonus: $200 or $500
- Monthly fee: $0-$25
- Requirement: For $200 reward, $5,000 deposit and 90-day minimum balance, along with 20 qualifying transactions; $500 reward requires $30,000 deposit and 90-day minimum balance
PNC has two offers on its business checking account, but unless you’re ready to deposit $30,000, the higher-tier likely won’t apply to you. With the lower-tier bonus, you get $200 for depositing $5,000 and leaving it in the account for three statement cycles. But the activity is where things get a little more challenging. You’ll have to complete at least 20 qualifying transactions using your PNC Business Visa debit card.
With the higher-tier account, called Analysis Business Checking, you can earn a $500 bonus. However, you’ll need to maintain a $30,000 bonus throughout the 90-day cycle.
PNC Business Checking comes with a $12 monthly maintenance fee unless you keep a balance of at least $500, make $500 in monthly purchases using your linked card, or process at least $500 in monthly purchases using a PNC Merchant Services account. You’ll need to have at least $100 to open your account, whether you’re going for the bonus or not.
With PNC Analysis Checking, that monthly fee increases to $25. You’ll pay per-item for your activities each month.
5. Axos Bank Business Savings
- Bonus: $200
- Interest rate: 0.20% APY
- Requirement: Maintain $2,500 balance for two months
Axos’s $200 bonus is designed for new business owners, but the good news is, Axos defines “new” as a business filed after June 1, 2020. That means you can even be a couple of years along and still qualify.
To get your $200, apply using the promo code NEWBIZ200. Then deposit at least $2,500 and maintain that minimum balance for the first two months. There’s a minimum opening deposit of only $1,000, but you’ll have to increase it to $2,500 to earn the bonus. Your funds will earn 0.20% APY.
6. Huntington Business Checking Account
- Bonus: $100-$1,000
- Monthly fee: $0-$40
- Requirement: Make a minimum deposit and retain the account for 90 days
Huntington has three bonus tiers, each applying to different account types. You must keep the account open for at least 90 days to qualify:
- Business Checking 100: You’ll get a $100 bonus with this account. You’ll need to deposit at least $2,000 within 60 days
- Unlimited Business Account: Earn a $400 bonus for depositing $5,000 or more within 60 days
- Unlimited Plus Business Checking: Earn a $1,000 for depositing $20,000 or more within 60 days
Both higher-tier accounts are ideal if you think your business will have more than 100 transactions a month. Transactions are defined as everything from deposits to checks paid. You’ll pay $0.50 per transaction over 100 with the Business Checking 100 account, but the other accounts include unlimited transactions.
Another consideration, as you’re choosing accounts, is your typical balance. Business Checking 100 has no monthly maintenance fees, but you’ll need to maintain a $10,000 balance to waive the fee for the Unlimited account and a $50,000 balance for Unlimited Plus. Otherwise, you’ll be charged a monthly fee ($20 for Unlimited and $40 for Unlimited Plus).
Bottom Line
Bank promotions can be a great way to earn a little extra money if you’re already in the market for a new bank account. But bank bonuses typically come with requirements, including a minimum deposit, qualifying monthly direct deposits, and signups for a mobile app or online account. Read the fine print before applying for any bank account to ensure you’re getting the best account for your needs.
Frequently Asked Questions
What are bank bonuses?
Bank bonuses are incentives that banks and credit unions offer to potential customers as a way to encourage them to open a new bank account. These bonuses can be in the form of cash rewards, points, or other perks.
What is the best bank account bonus?
The best bank account bonus varies based on current promotions and individual financial needs. Consider both the bonus amount and account requirements, to determine the best fit for your situation. Make sure you return periodically for the best bank account bonuses as they change frequently.
How do I qualify for a bank bonus?
Typically, to qualify for a bank bonus, you might need to open a new checking or savings account, set up direct deposit, or meet a minimum deposit requirement within a certain time frame. The specific criteria varies by bank and offer.
Do all banks offer bonuses?
No, not all banks offer bonuses. However, many major banks, credit unions, and some online banks provide promotional offers from time to time.
Are there any fees associated with these bank bonus offers?
Some bank accounts have monthly maintenance fees, but many offers will waive the fees if certain conditions are met, like maintaining a minimum balance or having regular direct deposits. Always read the terms and conditions to be aware of any potential fees.
How long does it take to receive the bonus after meeting the requirements?
The time it takes can vary. Some banks and credit unions might deposit the bonus into your account within a few days of meeting the criteria, while others might take several weeks.
Are bank bonuses taxable?
Yes, in the United States, bank bonuses are typically considered taxable income. Banks often send out a 1099-INT form for tax purposes if you receive a bonus.
Can I earn multiple bonuses from the same bank?
It depends on the bank’s policy. Some banks and credit unions may limit bonuses to one per customer, while others might allow you to earn bonuses for different types of accounts.
What should I look for when considering a bank bonus offer?
It’s essential to consider the requirements to earn the bonus, any fees associated with the account, the bank’s reputation and customer service, and any additional perks or services the bank offers.
Can I close my account after receiving the bonus?
You can, but many banks have a clause that if you close your account within a certain time frame after receiving the bonus (e.g., 6 months), they might deduct the bonus amount from your account. It’s essential to read the terms and conditions.
Are bank bonuses worth it?
Bank bonuses are attractive because they’re easy money. However, it’s important to weigh the bonus against any potential fees, the requirements to obtain the bonus, and whether the bank’s services align with your financial needs. For some, the bonus offers significant value, while for others, long-term fees might outweigh the initial bonus.
Should I open a bank account just for the bonus?
While the allure of a bank bonus can be tempting, it’s essential to consider your financial needs and habits. If the account type, services, and potential fees align with what you’re looking for, then the bonus can be a nice perk.
However, if you find yourself altering your financial behavior significantly just to meet the bonus criteria, it may not be the best decision. Always read the terms and ensure the account suits your needs beyond just the bonus.
