Which banks offer money to open a checking account right now
Several large banks and online banks offer cash bonuses when you open a new checking account, but the offers change frequently and come with conditions. Chase, Bank of America, Wells Fargo, Citibank, and online banks like Ally and Charles Schwab have run these promotions in the past year, though not all offer them at the same time. The bonus amounts range from $50 to $500 depending on the bank and how much you deposit or keep in the account.
The catch is that these offers are temporary and come with requirements you must meet to keep the money. Most banks require you to deposit a minimum amount (often $500 to $2,500) within a set timeframe, maintain that balance for a certain number of months, or set up direct deposit. If you close the account within six months or fail to meet the conditions, the bank may take back the bonus or charge you a fee.
The best way to find current offers is to visit each bank's website directly and look for a "promotions" or "new customer offers" section. You can also call the bank's customer service line and ask what checking account bonuses they have available right now. Avoid relying on third-party websites that list offers, because they often show outdated information.
Key Takeaways
- Banks like Chase, Bank of America, Wells Fargo, and Citibank periodically offer $50 to $500 bonuses for opening a checking account, but these promotions change every few months.
- Most bonuses require you to deposit a minimum amount (typically $500 to $2,500) and keep it there for 30 to 90 days, or set up direct deposit from your employer.
- If you close the account within six months or fail to meet the bank's conditions, you will lose the bonus and may be charged a fee.
- Check the bank's official website or call their customer service to confirm what offer is available today, since promotions are not permanent.
What conditions you need to meet to keep the bonus
Banks attach strings to these offers because they want to make sure you actually use the account and keep money in it. The most common requirement is a minimum deposit within 30 days of opening the account. This might be $500, $1,000, $1,500, or $2,500 depending on the bank and the size of the bonus. You do not have to keep that money in the account forever, but you usually have to leave it there for at least 30 to 90 days before you can withdraw it without losing the bonus.
Another frequent condition is direct deposit. The bank may require you to set up at least one direct deposit from your employer or a government benefit (like Social Security or unemployment) within 60 days. A single deposit sometimes counts, though some banks want to see recurring deposits. If you do not receive direct deposit income, this requirement can be a barrier.
A third type of condition is a minimum balance requirement for a set period. You might need to keep $1,500 in the account for 90 days, or $2,500 for six months. If your balance drops below that threshold, you may forfeit the bonus. Some banks also require you to make a certain number of debit card purchases or transfers within the first month.
Always read the full terms before you open the account. Banks publish these in a document called the "promotion terms" or "offer details," usually as a PDF on the promotions page. If the terms are not clear, call the bank and ask a representative to walk you through each requirement.
How much money different banks are offering
The bonus amount depends on which bank you choose and what type of checking account you open. Premium or high-yield checking accounts often come with larger bonuses than basic accounts, but they may also have higher minimum balance requirements or monthly fees if you do not maintain that balance.
| Bank Type | Typical Bonus Range | Common Minimum Deposit | Common Timeline |
|---|---|---|---|
| Large national banks (Chase, Bank of America, Wells Fargo) | $100 to $300 | $500 to $2,500 | 30 to 90 days |
| Online banks (Ally, Charles Schwab, Discover) | $50 to $200 | $0 to $500 | 30 to 60 days |
| Credit unions | $25 to $150 | $100 to $1,000 | 30 to 90 days |
Online banks tend to offer smaller bonuses but lower or no minimum deposit requirements, which makes them easier to open if you do not have much cash on hand. Large national banks offer bigger bonuses but usually ask for more money upfront. Credit unions vary widely depending on the union, so you will need to check with your local credit union to see what they offer.
Keep in mind that the bonus is taxable income. If you receive a $200 bonus, the bank will send you a 1099-INT form at the end of the year, and you will owe income tax on that $200. This does not change the fact that you are getting money, but it means the actual value to you is slightly less than the stated bonus amount.
How to find out what offer is available at your bank
Start by visiting the bank's main website and looking for a link labeled "promotions," "new customer offers," "checking account offers," or "current offers." This section usually appears near the top of the homepage or in the footer. Click through to the checking account promotions page and read the full details of any offer that interests you.
If you cannot find the promotion online, call the bank's customer service number (usually on the back of a debit card or on the website) and ask what checking account bonuses they have available. Be specific: tell them you are a new customer and ask what the current offer is, what the minimum deposit is, and what the timeline is. Write down the name of the representative and the date you called, in case you need to reference the conversation later.
You can also visit a branch in person and ask a banker about current offers. This is useful if you want to open the account on the spot and have questions answered face-to-face. However, branch staff sometimes do not know about all the promotions, so it is worth checking the website first so you know what to ask about.
What happens if you do not meet the requirements
If you fail to meet the conditions, the bank will not deposit the bonus into your account. For example, if the offer requires a $1,000 deposit within 30 days and you only deposit $500, you will not receive the bonus. The bank will not charge you a fee for missing the requirement—you simply will not get the money.
However, if you close the account within a certain timeframe (often six months), some banks will claw back the bonus if you have already received it. This means they will deduct the bonus amount from your final balance or charge it as a fee. Always check the terms to see if there is a "clawback" clause that penalizes early closure.
If the account has a monthly maintenance fee and you do not maintain the minimum balance, you will be charged that fee every month. Over time, these fees can add up and wipe out the value of the bonus. For example, a $200 bonus is worthless if you pay $15 a month in fees for 12 months.
Online banks versus big banks: which offer is better for you
Online banks like Ally, Charles Schwab, and Discover typically have lower or no minimum deposit requirements, which makes them easier to open if you have limited cash. They also usually have no monthly maintenance fees, so you will not lose money if your balance drops. The downside is that their bonuses tend to be smaller ($50 to $200 instead of $200 to $500), and you cannot walk into a branch if you need help.
Large national banks like Chase and Bank of America offer bigger bonuses and have physical branches where you can deposit cash or talk to someone in person. The tradeoff is that they often require larger minimum deposits and charge monthly fees if you do not maintain a certain balance. If you already bank with one of these institutions, opening a second account with them might be easier because you can transfer money between accounts instantly.
Credit unions fall somewhere in the middle. Their bonuses are modest, but they often have lower fees and more personalized service than big banks. If you are a member of a credit union, check with them first before opening an account at a national bank.
Frequently Asked Questions
Do I have to use the account after I get the bonus?
No, but many banks require you to keep the account open for six months or longer, or they will charge you a fee or claw back the bonus. After that period ends, you can close the account if you want. Check the terms to see how long you must keep it open.
Can I open multiple accounts at the same bank to get multiple bonuses?
Most banks limit their bonuses to one per customer per year, and some have a longer restriction (like one bonus per customer per two years). If you open a second account too soon, you will not receive a second bonus. Read the terms to see what the bank's policy is.
What if I already have a checking account at the bank?
Most promotions are only for new customers who do not have an existing account at that bank. If you already have an account there, you will not be able to receive the bonus. Some banks define "new customer" as someone who has not had an account in the past 12 months, so if you closed an old account, you might still may have access to.
Do I have to keep the bonus money in the account, or can I withdraw it right away?
Once the bonus is deposited into your account, it is yours to withdraw. However, you still have to meet any other requirements, like keeping a minimum balance or maintaining the account for a set period. If you withdraw the bonus and then close the account early, the bank may charge you a fee.
Is the bonus taxable?
Yes. The bank will send you a 1099-INT form at the end of the year showing the bonus as interest income, and you will owe federal and state income tax on it. This does not mean the bonus is not worth taking, but it means the actual value is slightly less than the stated amount.