Which banks offer money for opening a checking account
Not all banks offer bonuses for opening a checking account, but many do — typically ranging from $50 to $500. The banks that offer them most often are online banks and regional banks trying to build their customer base. Large national banks like Chase, Bank of America, and Wells Fargo rarely offer checking account bonuses anymore, though they occasionally run promotions.
Banks that frequently advertise checking bonuses include Ally Bank, Charles Schwab, Discover Bank, and various regional institutions. Credit unions sometimes offer bonuses too, though they call them by different names like "membership rewards" or "new member gifts." The specific amount and terms change throughout the year, so what one bank offers in January may be different by March.
Online banks tend to offer higher bonuses than brick-and-mortar banks because they have lower overhead costs. However, online banks require you to fund the account and manage it entirely through their website or app — there are no physical branches to visit.
Key Takeaways
- Bank bonuses for checking accounts typically range from $50 to $500, with online banks offering higher amounts than traditional banks.
- Most bonuses require you to deposit a minimum amount of money (often $500 to $2,500) within a set timeframe, usually 30 to 90 days.
- You must keep the account open for a specific period — commonly 90 days to six months — or the bank may claw back the bonus.
- The bonus is taxable income and will be reported to the IRS on a 1099-INT form, so you may owe taxes on the money.
- Banks publish their bonus terms on their websites, and you can compare current offers across multiple banks before deciding where to open an account.
What you have to do to get the bonus
Every bank that offers a checking bonus attaches conditions to it. The most common requirement is a minimum deposit — you must put a certain amount of money into the account within a set window, usually 30 to 90 days from opening. This deposit amount varies widely: some banks require $500, others $1,000, $2,500, or even $5,000. The bank will specify the exact figure in the offer terms.
The second condition is account tenure. You must keep the account open and in good standing for a set period — typically 90 days, six months, or a year. If you close the account before that time is up, the bank will not pay the bonus, and some banks will actually deduct it from your account if they already deposited it.
A third condition, less common but worth checking, is direct deposit. Some banks require you to set up at least one direct deposit (paycheck, government payment, or transfer from another account) to trigger the bonus. Others require a certain number of debit card transactions or a minimum balance maintained throughout the period.
Read the fine print before you open the account. Banks publish these terms on the promotion page itself, usually in smaller text or a separate "terms and conditions" link. If the terms are not clear, call the bank or chat with their support team before opening.
How long it takes to receive the bonus
The bonus does not arrive immediately. After you meet all the conditions — the deposit, the waiting period, the direct deposit if required — the bank typically deposits the bonus into your account within 30 to 60 days. Some banks are faster and credit it within two weeks; others take up to 90 days.
The bank will usually send you an email or notification when the bonus has been credited. Check your account statement to confirm the deposit appeared. If 90 days have passed since you met the last condition and you have not received the bonus, contact the bank's customer service to ask about the status.
Do not close the account immediately after receiving the bonus. Even though you have the money, the bank's system may flag the closure as suspicious and reverse the bonus if you leave too quickly. Wait at least a few weeks after the bonus posts before deciding whether to keep or close the account.
Tax implications of bank bonuses
Bank bonuses are taxable income. The IRS treats them as interest income, even though they are not actually interest. At the end of the year, the bank will send you a 1099-INT form (or sometimes a 1099-MISC) reporting the bonus amount. You must include this on your tax return.
The tax you owe depends on your overall income and tax bracket. If the bonus is $100, you might owe $20 to $37 in federal tax depending on your situation. If it is $500, you might owe $100 to $185. State income tax may apply as well, depending on where you live.
Some people open multiple accounts at different banks to collect multiple bonuses in a single year. This is legal, but each bonus is taxable, so the total tax bill can add up. Keep track of all the 1099 forms you receive and report each bonus on your return.
How to compare bonuses across banks
The stated bonus amount is not the only thing that matters. A $500 bonus that requires a $5,000 deposit and a six-month hold is less valuable than a $200 bonus that requires a $500 deposit and a 90-day hold. Calculate the real value by considering the deposit requirement, the time commitment, and the tax you will owe.
Start by visiting the websites of banks you already know or that have physical branches near you. Look for a "promotions" or "special offers" section. Online banks like Ally, Discover, and Charles Schwab publish their current offers prominently on their homepages.
Websites like Bankrate, NerdWallet, and DepositAccounts.com aggregate current checking account bonuses from multiple banks in one place. These sites update regularly, though not always in real time, so verify the offer on the bank's own website before opening an account.
Pay attention to the account type. Some bonuses apply only to basic checking accounts, while others are for premium or high-yield checking. Make sure the account type matches what you actually need — if you want a simple checking account with no fees, do not open a premium account just to get a larger bonus.
Bonuses that require direct deposit or other conditions
Some banks tie their bonus to ongoing account activity, not just the initial deposit. They may require you to set up direct deposit, make a certain number of debit card purchases, or maintain a minimum balance throughout the holding period. These conditions are designed to ensure you actually use the account rather than just collecting the bonus and leaving.
Direct deposit requirements are common at regional banks and credit unions. The bank will specify whether any direct deposit counts or whether it must be a paycheck, government benefit, or other specific type. If you are self-employed or do not receive regular direct deposits, this condition may be difficult to meet.
Debit card transaction requirements are less common but do appear. A bank might require 10 debit card purchases within 90 days, for example. This is easy to meet if you use your debit card regularly, but if you prefer credit cards or cash, it becomes an extra step.
What happens if you close the account early
If you close the account before the holding period ends, you will not receive the bonus. If the bank already deposited the bonus, they will reverse it — the money will disappear from your account. Some banks charge an early closure fee on top of that, though many have eliminated this practice.
The holding period is firm. A bank that requires a six-month hold will not release the bonus at five months and 29 days. If you need to close the account for a legitimate reason — you are moving, changing banks, or the account does not meet your needs — contact the bank first and ask whether they will make an exception. They usually will not, but it does not hurt to ask.
If you are considering opening an account primarily for the bonus, make sure you are comfortable keeping money there for the full holding period. If you think you might need to close it sooner, the bonus may not be worth the hassle.
Frequently Asked Questions
Can I open multiple checking accounts at the same bank to get multiple bonuses?
Most banks limit bonuses to one per customer per year or per account type. Some have a "bonus once per lifetime" rule. Check the terms before opening a second account at the same bank — you may not receive a second bonus even if you meet all the conditions.
Do I have to keep a minimum balance to keep the bonus?
The bonus itself is separate from the account's minimum balance requirement. Some checking accounts have no minimum balance; others require $500 or more to avoid monthly fees. The bonus terms will specify whether you must maintain a balance to keep the bonus. Read both the promotion terms and the account's regular terms and conditions.
What if the bank changes the bonus terms after I open the account?
Banks can change promotion terms for new customers, but they cannot retroactively change the terms for accounts already opened under a previous offer. Your bonus terms are locked in when you open the account. However, if you have not yet met all the conditions, the bank may try to apply new terms — contact them immediately if this happens.
Will the bonus affect my credit score?
No. Opening a checking account does not trigger a hard credit inquiry and does not affect your credit score. Banks may do a soft pull to check for fraud, but this does not show up on your credit report or impact your score.
Can I use a bonus from one bank to meet the deposit requirement at another bank?
Yes. If Bank A gives you a $200 bonus and you deposit it into Bank B to meet their $500 minimum deposit requirement, that counts. The money is yours once it is in your account, so you can move it wherever you want.