Which banks are currently offering account opening bonuses

Banks and credit unions offer cash bonuses to open a checking account, but the offers change monthly and vary by location. Common names include Chase, Bank of America, Wells Fargo, Citibank, Capital One, and regional banks like PNC and U.S. Bank. Credit unions often run their own promotions through organizations like Connexus Credit Union and Pentagon Federal Credit Union. The bonus amounts range from $50 to $500, depending on the bank and what you have to do to keep it.

These are not automatic. You typically have to meet conditions—like setting up direct deposit, maintaining a minimum balance for a set period, or making a certain number of debit card transactions. If you do not meet the terms, you do not get the money. Some banks require you to open the account within a specific window, like during a promotional month, and bonuses are only paid after you have held the account for 30 to 90 days.

The best place to check current offers is the bank's own website or a comparison site like Bankrate, NerdWallet, or DepositAccounts. These sites list active promotions and the exact requirements for each one. Call the bank directly if you are unsure whether an offer applies to your state or account type, because some bonuses are only available in certain regions.

Key Takeaways

  • Bank bonuses for opening a checking account typically range from $50 to $500 and require you to meet specific conditions like direct deposit or a minimum balance.
  • Offers change frequently and may only be available in certain states or for specific account types, so check the bank's website directly before opening.
  • You usually have to hold the account for 30 to 90 days before the bonus is deposited, and closing the account early may disqualify you from the money.
  • Credit unions often run their own promotions alongside national banks, and comparison sites like Bankrate and DepositAccounts show multiple offers side by side.
  • The bonus is only paid if you meet all the stated requirements—direct deposit, debit card use, or balance thresholds—so read the fine print before you open.

What conditions you have to meet to get the bonus

The most common requirement is direct deposit. A bank might offer $200 if you set up direct deposit within 60 days of opening the account. Direct deposit means your paycheck or government payment (like Social Security or a tax refund) goes straight into the account electronically. Some banks require the deposit to hit within a certain timeframe—for example, within 90 days—or they will not pay the bonus.

A second common condition is a minimum balance. You might have to keep $500 or $1,500 in the account for 30 or 60 days. If your balance drops below that threshold, even for a day, you may lose the bonus. Some banks waive monthly fees if you maintain the minimum, but the bonus is separate—you have to do both.

A third type of requirement is debit card activity. A bank might require 10 or 15 debit card transactions in the first 60 days. Small purchases count—a coffee, a gas station fill-up, anything you swipe the card for. Some banks count online bill payments or transfers as transactions; others do not. Check the terms before you open.

A few banks combine these. For example, Chase might offer $300 if you set up direct deposit and make 10 debit transactions within 90 days. If you only do one of the two, you get nothing. Read the full terms before you commit, because missing even one requirement costs you the money.

How long it takes to receive the bonus after opening

The bonus is not paid immediately. Most banks deposit the money 30 to 90 days after you open the account, and only after they confirm you have met all the conditions. If you set up direct deposit on day 5 but the bank requires the deposit to arrive within 60 days, they will not pay until they see that deposit hit. If you need the money quickly, this is not the right tool.

Some banks are faster than others. A few credit unions deposit bonuses within 7 to 14 days of meeting the last requirement. Most national banks take 60 to 90 days. The bank's website should state the timeline—look for language like "bonus will be deposited within 90 days of meeting all requirements." If it does not say, call and ask before you open.

Once the bonus is deposited, it is yours to keep. You can withdraw it or leave it in the account. However, many banks have a holding period—if you close the account within 6 months or a year, you have to return the bonus or the bank will claw it back from your linked savings account or debit card. Read the terms for the clawback clause.

Banks with the highest current bonuses

The highest bonuses tend to come from online banks and credit unions because they have lower overhead costs. Connexus Credit Union and Pentagon Federal Credit Union have offered bonuses of $300 to $500 in recent months, though membership requirements vary. Online banks like Ally and Charles Schwab have run promotions in the $200 to $300 range. Traditional banks like Chase, Bank of America, and Wells Fargo typically offer $100 to $300.

The size of the bonus does not always mean the best deal. A $500 bonus that requires you to maintain a $5,000 balance for six months costs you money in opportunity cost—that $5,000 could earn interest elsewhere. A $100 bonus with no balance requirement and only direct deposit as a condition might be the better choice. Compare the bonus amount against the requirements and the account's monthly fees.

Bonus amounts also depend on your location. Some banks run regional promotions—a bonus available in California might not be available in Texas. If you see a bonus advertised but your state is not listed, contact the bank to confirm whether you are in the may be able to access area.

How to find the current offers in your area

Start with the bank's official website. Go to the homepage and look for a banner or link that says "New Customer Offer" or "Checking Account Bonus." Click through to see the exact amount, the requirements, and the timeline. This is the most reliable source because it is updated by the bank itself.

If you want to compare multiple banks at once, use DepositAccounts.com, Bankrate.com, or NerdWallet. These sites list active promotions from dozens of banks and let you filter by bonus amount, account type, or region. They also show the requirements side by side, so you can see which offer is easiest to meet. Be aware that these comparison sites do not list every bank—smaller regional banks and some credit unions may not appear.

For credit unions, search the Credit Union Locator on the CO-OP Network website or call your local credit union directly. Many credit unions do not advertise bonuses online, so a phone call is often the fastest way to find out what they are offering this month.

What happens if you close the account before the bonus period ends

Closing the account early usually means you lose the bonus. Most banks state in their terms that if you close the account within 6 to 12 months, you forfeit the promotional money. Some banks go further and charge a early closure fee—typically $25 to $100—if you close within a certain window. The fee is separate from losing the bonus.

A few banks will claw back the bonus from your linked accounts. If you received a $200 bonus and closed the account after two months, the bank might deduct $200 from your savings account or charge your debit card. This is rare but does happen, so check the terms before you open.

If you need to close the account for a legitimate reason—you are moving, the bank is closing a branch, or you had a problem with customer service—contact the bank and ask whether they will make an exception. Some will waive the clawback or fee if you explain the situation. It does not hurt to ask, but do not count on it.

Comparing bonuses to other ways to earn money from your bank

A checking account bonus is a one-time payment. Once you have received it, you will not get another bonus from that bank for opening a new account—most banks have a rule that you can only receive one bonus per person every 12 months or longer. If you are looking for ongoing money, a high-yield savings account or money market account may be better because they pay interest every month.

Some banks offer referral bonuses if you refer a friend who opens an account. These are usually smaller—$25 to $50 per referral—but they can add up if you refer multiple people. Check whether the bank you choose has a referral program before you open.

Cashback credit cards offer ongoing rewards for spending, but they are different from checking account bonuses and require you to pay off the balance monthly to avoid interest charges. A checking account bonus is simpler: meet the requirements, get the money, and you are done.

Frequently Asked Questions

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

Usually not. Most banks limit bonuses to new customers only, and they define "new" as someone who has not had an account with them in the past 12 to 24 months. If you closed an account with Chase two years ago, you might be may be able to access for a new bonus now. If you still have an active account, you are not. Call the bank to confirm your status before you open a second account.

Do I have to use the debit card that comes with the account?

Only if the bonus requires debit card transactions. If the bonus only requires direct deposit and a minimum balance, you do not need to use the card at all. If it requires 10 debit transactions, you have to make those purchases or transfers to meet the requirement. Some banks count online bill payments or transfers as transactions; others only count in-person or online purchases. Check the fine print.

What if I do not get direct deposit from my job?

You can still meet the direct deposit requirement using other sources. Tax refunds, Social Security, unemployment benefits, and stimulus payments all count as direct deposit. You can also transfer money from another bank account, though some banks do not count transfers as direct deposit—call and ask first. If you cannot meet the direct deposit requirement, look for a bonus that only requires a minimum balance or debit card use.

Can I open multiple accounts at different banks to get multiple bonuses?

Yes, as long as you meet each bank's requirements. You can open a checking account at Chase, a savings account at Bank of America, and a checking account at a credit union all in the same month and receive all three bonuses. Each bank has its own bonus rules and holding periods, so track them separately. Be aware that opening many accounts in a short time can trigger fraud alerts or affect your credit score slightly, though the impact is usually temporary.

Is the bonus considered taxable income?

Yes. Bank bonuses are considered taxable income by the IRS. If you receive a bonus of $600 or more in a calendar year, the bank will send you a 1099-INT or 1099-MISC form. You have to report it on your tax return. Smaller bonuses under $600 are still technically taxable, but the bank does not report them, so the IRS may not know. Consult a tax professional if you are unsure how to report it.