Which banks offer money to open a checking account right now
Several major banks and online banks offer cash bonuses when you open a new checking account, but the offers change frequently and come with specific conditions. Chase, Bank of America, Wells Fargo, Citibank, and online banks like Ally and Charles Schwab have all run these promotions in recent years. The amount varies widely — from $50 to $500 or more — and depends on which bank, which account type you choose, and when you open it.
The catch is that these bonuses almost always require you to deposit a minimum amount of money within a set timeframe, and sometimes require direct deposit or a certain number of transactions. A $200 bonus might require you to deposit $500 within 30 days, or set up direct deposit within 60 days. If you don't meet the condition, you don't get the money. The bank will not remind you or extend the deadline.
Because offers change monthly or even weekly, the best way to find current promotions is to visit the bank's website directly or check sites that track checking account bonuses like DepositAccounts.com or BankRate.com. These sites list active offers, the dollar amount, and the exact requirements.
Key Takeaways
- Banks pay $50 to $500 or more to open a checking account, but the amount and requirements change constantly.
- Most bonuses require you to deposit a minimum amount or set up direct deposit within a specific number of days — usually 30 to 90 days.
- You will not receive the bonus if you miss the deadline or fail to meet the deposit or transaction requirement, even by one day.
- Check the bank's website or bonus-tracking sites like DepositAccounts.com to see which offers are active right now, since promotions rotate frequently.
- Online banks often offer higher bonuses than brick-and-mortar banks, but may have fewer ATMs or branches near you.
How the bonus requirements actually work
The most common requirement is a minimum deposit. The bank will specify an amount — often $500, $1,000, or $2,500 — that you must deposit into the new account within a set window, usually 30 days from opening. This deposit can come from another bank account you own, a paycheck, or a check you deposit. It does not have to be new money; moving money from your savings account to your checking account counts.
Some banks require direct deposit instead of or in addition to a minimum deposit. Direct deposit means your paycheck or government payment (like Social Security or a tax refund) must be routed electronically into the account. The bank will specify how many direct deposits are needed — often just one — and the timeframe, usually 60 to 90 days. If you are self-employed or do not receive regular direct deposits, this requirement may be difficult to meet.
A third type of requirement is a minimum balance you must keep in the account for a certain period. For example, a bank might require you to maintain $1,500 in the account for 30 days after opening. If your balance drops below that amount, even for one day, you may forfeit the bonus. Read the fine print carefully — some banks specify the balance must never drop below the minimum, while others allow it to dip as long as it recovers by the end of the period.
The bonus itself is usually deposited into your account automatically once you meet all the requirements, but the timing varies. Some banks deposit it within days; others wait 30 to 90 days after the requirement deadline to confirm you have not closed the account or reversed transactions.
Online banks versus traditional banks
Online banks like Ally, Charles Schwab, Discover, and Marcus typically offer higher bonuses — sometimes $200 to $500 — because they have no physical branches and lower overhead costs. The tradeoff is that you cannot walk into a branch to deposit cash or speak to someone in person. Most online banks reimburse ATM fees nationwide, which helps offset the lack of branches, but you will need to use ATMs or mobile deposit (photographing a check with your phone) to add cash to your account.
Traditional banks like Chase, Bank of America, and Wells Fargo usually offer smaller bonuses — $50 to $200 — but give you access to thousands of branches and ATMs. If you frequently deposit cash or prefer face-to-face banking, a traditional bank may be worth the smaller bonus. If you rarely use branches and are comfortable with online banking, an online bank's higher bonus and lower fees often make more financial sense.
Credit unions also sometimes offer bonuses to new members, though the amounts tend to be smaller. The advantage is that credit unions often have lower fees and better customer service than large banks, but you must live or work in their service area to join.
What happens if you miss the deadline or requirement
If you do not meet the requirement by the deadline, the bank will not pay the bonus. There is no grace period, no second chance, and no way to dispute it after the fact. For example, if the requirement is to deposit $500 within 30 days and you deposit $500 on day 31, you have missed the deadline and will not receive the bonus.
Some banks will send you an email reminder before the deadline, but many do not. It is your responsibility to track the deadline and make sure you complete the requirement in time. Write down the deadline on a calendar or set a phone reminder when you open the account.
If you close the account before the bonus is deposited, you will lose the bonus even if you met all the requirements. Some banks require you to keep the account open for 90 days or more after meeting the requirement before they deposit the bonus, specifically to prevent people from opening accounts, meeting the requirement, and immediately closing them.
Comparing bonuses across banks
The size of a bonus and what it requires depends heavily on the type of bank. Online banks compete on bonus size because they cannot offer branch access, so they use cash incentives to attract customers. Traditional banks with extensive branch networks can offer smaller bonuses and still attract customers who value in-person service. Regional banks and credit unions fall somewhere in between, often offering moderate bonuses tied to membership or service area requirements.
| Bank Type | Typical Bonus Range | Common Requirements | Best For |
|---|---|---|---|
| Online Banks | $200–$500+ | Direct deposit or $500–$1,000 deposit within 30–60 days | People comfortable with digital banking and no branches |
| Large Traditional Banks | $50–$200 | $500–$2,500 deposit or direct deposit within 30–90 days | People who use branches or ATMs frequently |
| Regional Banks | $100–$300 | Varies; often direct deposit or minimum balance | People in the bank's service area who want local service |
| Credit Unions | $25–$150 | Membership requirement; varies by credit union | People who may have access to for membership and value customer service |
When comparing offers, look beyond the bonus amount. A $500 bonus from an online bank might be worth less to you than a $100 bonus from a traditional bank if you need branch access or frequently deposit cash. Factor in monthly fees, ATM access, and whether the bank's other services match what you need.
How to track and claim your bonus
When you open the account, the bank will provide you with the full terms of the bonus offer in writing — either on paper or in an email. Save this document. It will list the exact requirement, the deadline, and the bonus amount. Take a screenshot or print it out so you have proof of what was promised.
Keep records of your deposits and transactions. If you are required to make a direct deposit, save the email or bank statement showing that the deposit went through. If you are required to maintain a minimum balance, check your account balance a few days before the deadline to make sure it meets the requirement. Banks sometimes make errors, and having documentation protects you if there is a dispute.
After the deadline passes and you have met the requirement, log into your account and check the transaction history. The bonus should appear as a credit to your account within the timeframe the bank specified. If it does not appear after that timeframe, contact the bank's customer service and ask about the status. Provide them with the date you opened the account and the original offer terms.
Frequently Asked Questions
Can I open multiple accounts at the same bank to get multiple bonuses?
Most banks limit bonuses to one per customer per year or per account type. Some banks track this across all accounts you have held with them, not just current accounts. Read the fine print before opening a second account, or contact customer service to ask whether you are may be able to access for another bonus.
Do I have to keep the account open after I get the bonus?
No, but some banks require you to keep it open for 30 to 90 days after the bonus is deposited before you close it. If you close it too soon, the bank may claw back the bonus. Check the terms to see if there is a holding period.
What if the bank changes the bonus offer after I open my account?
The terms that applied when you opened the account are the ones that apply to you. The bank cannot change your requirements retroactively. However, if you have not yet met the requirement, you cannot switch to a better offer that comes out later.
Does the bonus count as income for taxes?
Yes, bank bonuses are considered taxable income by the IRS. Banks that pay bonuses of $10 or more will send you a 1099-INT form at the end of the year showing the amount. You must report this on your tax return.
What if I do not have direct deposit available?
Many banks offer a deposit requirement as an alternative to direct deposit. You can transfer money from another account, deposit a check, or deposit cash at an ATM or branch. Check the offer terms to see which options the bank accepts.