What a May checking account bonus is and how to find one

A checking account bonus is money a bank pays you for opening an account and meeting certain conditions during a set period—often called a promotional period. In May, banks run these offers to attract new customers. The bonus is separate from interest you earn on your balance; it's a one-time payment the bank deposits into your account after you've met the terms.

Banks advertise these bonuses on their websites, through email, and on comparison sites that track current offers. The amount varies widely—anywhere from $50 to $500 or more, depending on the bank and how much you need to deposit or spend. Not every bank runs a May promotion, and the offers that exist in May may be different from what was available in April or will be in June.

The catch is that bonuses come with conditions. You typically have to deposit a minimum amount, keep the account open for a set number of months, or complete a certain number of debit card transactions. If you don't meet the terms, you won't receive the bonus—and the bank won't refund money you've already deposited.

Key Takeaways

  • Checking account bonuses in May range from $50 to $500 or more, but you must meet specific conditions to receive the money.
  • Common requirements include a minimum deposit (often $500 to $2,500), a set number of debit card transactions, or keeping the account open for 60 to 90 days.
  • The promotional period—the window during which you must complete the requirements—is usually 30 to 90 days from account opening.
  • You can track your progress toward the bonus through your online banking portal or by calling the bank's customer service line.
  • Bonuses are taxable income and will be reported to the IRS on a 1099-INT or 1099-MISC form if they exceed $10.

Common requirements banks set for May bonuses

Most banks tie their May bonus to one or more of these conditions. A minimum deposit requirement means you have to put at least a certain amount into the account within a set timeframe—often $500, $1,000, $1,500, or $2,500. Some banks count direct deposits (like paychecks) toward this; others require a transfer from an external account. Read the fine print to know which counts.

A debit card transaction requirement means you have to use the debit card a certain number of times—often 10, 15, or 20 transactions—within the promotional period. Each purchase, ATM withdrawal, or online payment typically counts as one transaction. Some banks count only purchases at merchants, not ATM withdrawals.

A direct deposit requirement means your paycheck or government payment (like Social Security or a tax refund) must be deposited directly into the account. The bank usually specifies a minimum amount per deposit and how many deposits you need to receive. This requirement is common for higher bonuses.

The promotional period—the window during which you must complete the requirements—is usually 30, 60, or 90 days from the date you open the account. If you open the account on May 5 and the period is 60 days, you have until early July to finish. Missing the deadline means you forfeit the bonus.

How to track your progress toward the bonus

Once you've opened the account and started meeting the requirements, you can monitor your progress through your online banking portal. Log in and look for a section labeled "Promotions," "Offers," or "Bonus Status." This page usually shows which requirements you've completed, which remain, and how many days are left in the promotional period.

If you don't see this information online, call the bank's customer service number on the back of your debit card or on the account opening confirmation. Ask specifically: "What is the status of my May bonus?" and "How many [transactions/deposits] do I still need to complete?" Write down the representative's name and the date of the call in case you need to dispute the bonus later.

Some banks send email updates as you progress. If the bank says it will email you when the bonus is deposited, check your spam folder—promotional emails sometimes land there. If you don't receive the bonus within a few days of the promotional period ending, contact the bank again with the details of your account and the original offer terms.

When the bonus actually arrives in your account

Banks deposit the bonus into your checking account after the promotional period ends and they've verified you met all the requirements. This verification can take a few days to a few weeks. Some banks deposit the bonus within 5 to 10 business days; others take up to 30 days. The bank's terms should specify the timeline.

The bonus will appear as a deposit in your account history, usually labeled something like "Promotional Bonus" or "New Account Bonus." You'll see it on your statement and in your online transaction list. Once it's deposited, it's yours to keep—the bank cannot take it back if you close the account the next day, though some banks do require you to keep the account open for a certain period to avoid monthly fees.

If the promotional period has ended and you've met all the requirements but the bonus hasn't appeared, contact the bank within 30 days. Bring the original offer terms (screenshot or email) and proof that you completed the requirements. The bank may need to manually process the bonus if there was a system error.

Tax reporting for checking account bonuses

Checking account bonuses are considered taxable income by the IRS. If the bonus is $10 or more, the bank will send you a 1099-INT form (if the bonus is classified as interest) or a 1099-MISC form (if it's classified as miscellaneous income) by January 31 of the following year. You'll receive a copy and the IRS will receive a copy.

You must report this income on your tax return for the year you received the bonus. If you received a $200 bonus in May, you'll report it on your 2024 tax return (filed in 2025). The bank will include the bonus amount in Box 1 of the 1099-INT or Box 3 of the 1099-MISC.

If you received multiple bonuses from different banks in the same year, each one is reported separately, and you add them all together on your return. Keep copies of all 1099 forms you receive. If a bank fails to send you a 1099 for a bonus of $10 or more, contact the bank and ask for a corrected form.

Comparing May bonus offers across banks

To decide which May bonus is worth your time, compare the bonus amount against the effort required. A $100 bonus that requires 20 debit card transactions and a $1,500 deposit might not be worth opening an account if you already have one elsewhere. A $300 bonus that requires only a direct deposit and 30 days of account ownership might be more practical.

Also consider the account itself. Some banks charge monthly maintenance fees ($5 to $15) if you don't meet balance or deposit requirements. If the bonus is $100 but the account charges $12 per month and you close it after three months, you've only netted $64. Read the full account terms, not just the bonus offer.

Check whether the bank offers other perks: no overdraft fees, free ATM access, no minimum balance, or higher interest rates on savings. A bank with a smaller bonus but lower fees might be the better choice if you plan to keep the account open long-term.

What happens if you don't meet the requirements

If you don't complete all the requirements by the end of the promotional period, the bank will not deposit the bonus. There is no partial credit—you either meet the terms or you don't. For example, if you need 20 debit card transactions and you only complete 18, you forfeit the entire bonus.

The money you deposited to meet the minimum deposit requirement stays in your account; the bank doesn't take it back. You can withdraw it anytime. But the promotional bonus itself is gone. Some banks will notify you by email or through your online portal if you're close to missing a requirement, but don't rely on this—track your progress yourself.

If you realize partway through the promotional period that you won't meet the requirements, you can close the account without penalty (unless the account terms require a minimum holding period). Your deposited funds will be returned to you, minus any fees the bank charged for the account.

Frequently Asked Questions

Can I get a May bonus if I already have a checking account at that bank?

Most banks limit bonuses to new customers only. "New" typically means you haven't held an account at that bank in the past 12 months. If you closed an account less than a year ago, you may not be may be able to access. Check the offer terms or call the bank to confirm your may be able to access before opening a new account.

Do I have to keep the bonus money in the account, or can I withdraw it right away?

Once the bonus is deposited, it's yours and you can withdraw it immediately. However, some banks require you to keep the account open for a certain period (often 30 to 90 days) to avoid monthly fees. Closing the account too soon won't cost you the bonus, but it may trigger a fee if the account terms require a minimum holding period.

What if the bank says I didn't meet the requirements but I know I did?

Contact the bank's customer service with proof: screenshots of your transaction history, confirmation of your direct deposit, or a statement showing your deposit. Ask for a detailed breakdown of which requirements you completed and which the bank says you missed. If there's a discrepancy, ask the bank to review your account manually and escalate to a supervisor if needed.

Will opening multiple checking accounts for bonuses hurt my credit?

Opening a checking account does not affect your credit score. Banks perform a soft inquiry (which doesn't show up on your credit report) or no inquiry at all. However, if you open many accounts in a short time, some banks may flag your account for fraud prevention or deny you based on their internal policies. Space out applications if you plan to open multiple accounts.

How do I know if a May bonus offer is real or a scam?

Visit the bank's official website directly—don't click links in emails or ads. Look for the bonus offer on the bank's homepage or in the "Promotions" section. Legitimate banks display bonus terms clearly, including the amount, requirements, and promotional period. If an offer sounds too good to be true (like $1,000 for no requirements), it probably is. Never provide personal information through a link in an unsolicited email.