Which banks offer money for opening a checking account

Several banks and credit unions offer cash bonuses when you open a new checking account, but the offers change frequently and vary by region. Chase, Bank of America, Wells Fargo, Ally Bank, Charles Schwab, and many regional banks and credit unions have run these promotions at different times. The bonus amount typically ranges from $50 to $300, though some offers have been higher.

The catch is that these offers come with conditions. Most require you to deposit a minimum amount within a set timeframe—often $500 to $2,500 within 30 to 90 days. Some require you to set up direct deposit. Others ask you to make a certain number of debit card purchases or maintain a minimum balance for a period. If you don't meet the conditions, you won't receive the bonus.

Offers are not permanent. A bank might run a promotion for a few months, then stop, then start again months later. The terms and amounts change based on the bank's needs and market conditions. Checking the bank's website directly or searching current promotions is the only way to know what is available right now.

Key Takeaways

  • Banks offering checking account bonuses include Chase, Bank of America, Wells Fargo, Ally Bank, Charles Schwab, and many credit unions, though offers rotate and vary by location.
  • Most bonuses require you to deposit a minimum amount (usually $500 to $2,500) within 30 to 90 days or set up direct deposit to receive the money.
  • Bonus amounts typically range from $50 to $300, but you forfeit the bonus if you don't meet the bank's specific conditions.
  • Promotions change frequently, so you need to check the bank's website or current promotion sites to see what is available when you are ready to open an account.

How to find current checking account bonuses

Start by visiting the websites of banks where you already have accounts or banks with branches near you. Most banks display current promotions prominently on their homepage or in a "Promotions" or "Special Offers" section. Read the full terms before you proceed—the bonus amount is only part of the story.

Websites that track bank promotions, such as Bankrate, DepositAccounts, and MyBankTracker, list current offers across multiple institutions. These sites update regularly and let you filter by bonus amount, minimum deposit, and region. Keep in mind that some offers are only available to customers in certain states or to those who are new to the bank.

Credit unions often run their own promotions. If you are a member of a credit union or work for an employer that partners with one, check their website or call their member services line to ask about current offers.

What conditions you need to meet to get the bonus

Read the promotion terms carefully before opening the account. The most common requirements are:

  • Minimum deposit: You must deposit a set amount (often $500 to $2,500) within a specific window, usually 30 to 90 days of opening the account.
  • Direct deposit: Some banks require you to set up at least one direct deposit from an employer or government benefit within the timeframe.
  • Debit card purchases: A few promotions require you to make a certain number of purchases with your debit card (for example, 10 transactions within 60 days).
  • Minimum balance: Some offers require you to maintain a certain balance for a set period, such as $1,500 for 90 days.
  • Account status: Many promotions are only for new customers or customers who have not had an account with that bank in the past 12 months.

If you do not meet all the conditions by the deadline, the bank will not pay the bonus. Some banks will notify you if you are close to missing a requirement, but not all do. Mark the deadline on your calendar and track your progress.

Comparing bonuses across different banks

A higher bonus amount does not always mean a better deal. A $300 bonus that requires a $2,500 deposit for 90 days is different from a $100 bonus that requires only a $500 deposit for 30 days. Consider the effort and the money you have to tie up.

Also look at the account itself. Some banks charge monthly fees, have low interest rates on savings, or offer limited ATM networks. A $200 bonus loses its value if the account costs you $15 a month in fees. Check the account's regular terms—monthly maintenance fees, overdraft fees, minimum balance requirements, and interest rates—before you decide.

If you are opening the account mainly for the bonus and plan to close it afterward, make sure you understand the bank's policy on closing accounts shortly after opening. Some banks flag accounts that are opened and closed within a few months, though they rarely claw back the bonus if you met the conditions.

Timing your account opening for the best offer

Bank promotions tend to be more generous during slower business periods, such as late fall and winter, and less generous during busy seasons like tax time. However, this is not a hard rule, and promotions can appear at any time.

If you see an offer you like, do not wait too long. Promotions can end without notice. However, if you are not ready to meet the conditions (for example, you do not have $500 to deposit yet), waiting for a different offer might make sense. Checking promotion sites weekly or signing up for email alerts from banks you are interested in can help you catch offers before they disappear.

Tax implications of checking account bonuses

Bank bonuses are considered taxable income by the IRS. If you receive a bonus of $10 or more, the bank will send you a Form 1099-INT (or sometimes a Form 1099-MISC) in January of the following year. You must report this income on your tax return.

The amount is usually small enough that it does not significantly affect your tax bill, but it does count as income. If you are close to a tax bracket threshold or receive means-tested benefits, the bonus could have an impact. Keep records of the bonus amount and the form the bank sends you.

Frequently Asked Questions

Do I have to keep the account open after I get the bonus?

No. Once you meet the promotion conditions and receive the bonus, you can close the account. However, some banks may flag accounts that are opened and closed within a few months. Closing the account will not cause the bank to take back the bonus if you met all the terms, but it might affect your ability to receive future bonuses from that bank.

What if I don't meet the minimum deposit requirement?

You will not receive the bonus. The bank will not pay partial bonuses. If you deposit $400 but the requirement is $500, you get nothing. Set a reminder for the deadline so you do not miss it.

Can I use a transfer from another account to meet the minimum deposit?

Yes, in most cases. A transfer from your savings account, another bank, or a money transfer service counts as a deposit. However, some promotions specifically require a direct deposit from an employer or government benefit. Read the terms to see what type of deposit qualifies.

Will opening multiple accounts at the same bank get me multiple bonuses?

Usually not. Most banks limit bonuses to one per customer per promotion period, and some exclude customers who have had any account with the bank in the past 12 months. Attempting to open multiple accounts to claim multiple bonuses may result in the bank denying all bonuses and closing the accounts.

How long does it take to receive the bonus after I meet the requirements?

This varies by bank. Some deposit the bonus within 30 days of meeting the conditions; others take 60 to 90 days. The promotion terms should state when you can expect the money. If the deadline passes and you have not received it, contact the bank's customer service to confirm you met all the requirements.