Which banks offer checking account bonuses right now
Major banks and online banks regularly offer cash bonuses when you open a new checking account, but the offers change every few weeks and vary by location. Chase, Bank of America, Wells Fargo, Citibank, Capital One, and Ally Bank have all run checking bonuses in recent years. Online banks like Charles Schwab, Discover Bank, and LendingClub also offer them. The bonus amounts range from $50 to $500 or more, depending on the bank and the specific promotion.
Because these offers change frequently and sometimes differ by state or region, the best way to find current bonuses is to visit each bank's website directly and look for a "promotions" or "special offers" section. You can also search "[bank name] checking bonus" to see what is available this week. Some banks advertise bonuses only online, while others promote them in branches.
Not all banks offer bonuses at all times. If a bank you like is not running a promotion, you can check back in a few weeks—many rotate offers throughout the year.
Key Takeaways
- Checking account bonuses typically range from $50 to $500, but the exact amount and which banks offer them changes every few weeks.
- Most bonuses require you to deposit a minimum amount of money within a set timeframe, usually 30 to 90 days.
- Some bonuses also require you to set up direct deposit or make a certain number of debit card purchases.
- You can only receive a bonus once per bank in most cases, and some banks exclude you if you have opened an account with them in the past 12 to 24 months.
- The bonus is taxable income, so the bank will send you a 1099 form if the bonus is $600 or more.
Common requirements to get the bonus
Banks do not hand over the bonus money just for opening an account. Most require you to meet one or more conditions within a specific window, usually 30 to 90 days. The most common requirement is a minimum deposit—often $500 to $2,500, depending on the bank and the bonus size. Some banks require the deposit to come from an outside account (not a transfer from another account at the same bank).
Other banks require direct deposit—meaning your paycheck or government payment must be deposited electronically into the account. A few ask you to make a certain number of debit card purchases, such as 10 transactions within 60 days. Some combine these: for example, a $300 bonus might require both a $1,000 deposit and one direct deposit within 90 days.
Read the fine print on the promotion page before you open the account. If you do not meet the requirements by the deadline, you will not receive the bonus, and the bank will not refund it later.
Restrictions on who can receive a bonus
Banks limit who can claim a bonus to prevent people from opening multiple accounts and collecting multiple bonuses from the same bank. Most banks will not pay a bonus if you have opened a checking account with them in the past 12 to 24 months. A few have longer windows—some exclude you if you have had any account with them in the past three years.
Some banks also exclude you if you currently have an account open with them, even if it is a savings account or money market account. Others only look at checking accounts. The rules vary, so check the promotion terms before you apply.
These restrictions apply to each bank separately. You can receive a bonus from Chase and a different bonus from Bank of America in the same month, as long as you meet each bank's individual rules.
How long it takes to receive the bonus
Once you meet all the requirements, the bank typically deposits the bonus into your new checking account within 10 to 30 days. Some banks are faster—a few credit the bonus within a week of confirming you have met the conditions. Others take up to 60 days, especially if they are verifying a direct deposit or waiting for a check to clear.
The bank will usually send you an email or notification when the bonus has been credited. Check your account statement to confirm the deposit. If 60 days have passed since you met the requirements and you do not see the bonus, contact the bank's customer service to ask about the status.
Tax implications of checking account bonuses
Bank bonuses are considered taxable income by the IRS. If the bonus is $600 or more, the bank will send you a 1099-INT form (or sometimes a 1099-MISC) in January of the following year, and you will need to report it on your tax return. Smaller bonuses under $600 are still technically taxable, but the bank does not report them to the IRS, and many people do not report them either.
The amount you owe in taxes depends on your overall income and tax bracket. A $200 bonus might add $30 to $50 to your tax bill, depending on your situation. If you are expecting a refund, the bonus income might reduce it slightly. Keep the 1099 form when it arrives and include it with your tax documents.
Comparing bonuses across banks
A larger bonus is not always the best deal if the requirements are harder to meet or the account has high fees. Before you choose, compare three things: the bonus amount, the requirements to earn it, and the account's ongoing costs.
For example, one bank might offer a $500 bonus but require a $2,500 deposit and direct deposit, while another offers $100 with only a $500 deposit and no other conditions. The first bonus is larger, but the second might be easier to claim. Similarly, a bank with a $300 bonus but a $15 monthly fee might cost you more over time than a bank with a $100 bonus and no fees.
Look at the account's features too: does it have no monthly fees, does it reimburse ATM fees, does it offer a debit card, and does it pay interest on your balance? A bonus is a one-time payment, but fees and features affect your account for as long as you keep it open.
What to do if a bonus does not appear
If you have met all the requirements and the deadline has passed but the bonus has not shown up, contact the bank's customer service. Have your account number and the promotion details ready. Ask them to confirm that your account meets all the conditions—sometimes a deposit did not process correctly, or a direct deposit was not recognized as coming from an employer.
If the bank confirms you have met the requirements but the bonus is still missing, ask them to manually credit it. Most banks will do this if you can show you completed your part of the deal. If the bank refuses and you believe you have a valid claim, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) at consumerfinance.gov.
Frequently Asked Questions
Can I open multiple checking accounts at different banks to get multiple bonuses?
Yes. You can open accounts at Chase, Bank of America, and Ally Bank in the same month and receive a bonus from each one, as long as you meet each bank's individual requirements and restrictions. Just make sure you have not opened an account with that specific bank within their lookback period (usually 12 to 24 months).
Do I have to keep the account open after I get the bonus?
No. Once the bonus is credited to your account, it is yours. You can close the account immediately if you want. However, some banks may claw back the bonus if you close the account within 90 days, so read the terms. If there is a clawback clause and you plan to close the account, wait until after the clawback period ends.
What if I do not have direct deposit—can I still get the bonus?
It depends on the bank and the specific promotion. Some bonuses require direct deposit, others do not. If direct deposit is required and you do not have one, look for a different bank's promotion that only requires a deposit or debit card purchases instead. You can also ask your employer or benefits provider to set up direct deposit to meet the requirement.
Will the bonus affect my credit score?
No. Opening a checking account does not trigger a hard credit inquiry, and receiving a bonus does not affect your credit score. Banks may do a soft inquiry to check for fraud, but this does not show up on your credit report.
Can I get a bonus if I already have a checking account at that bank?
Usually not. Most banks exclude you from bonus offers if you currently have any account with them. A few allow bonuses on new account types (for example, a bonus on a new savings account if you already have a checking account), but this is rare. Check the promotion terms to be sure.