Which banks are currently offering account opening bonuses
Several large banks and credit unions offer cash bonuses when you open a new checking account, but the offers change frequently and vary by region. Chase, Bank of America, Wells Fargo, Citibank, Capital One, and Charles Schwab have all run checking account bonuses in recent years, typically ranging from $100 to $500. Regional banks and credit unions often offer their own bonuses, sometimes higher than national chains.
The catch is that these offers are not permanent. A bank might run a $200 bonus for three months, pause it, then restart with a different amount. Some offers are available only in certain states or only to customers who meet specific requirements like setting up direct deposit or maintaining a minimum balance.
To find current offers, visit each bank's website directly and look for a section labeled "promotions," "offers," or "new customer bonus." Avoid relying on third-party comparison sites alone, because they do not always update when offers end or change. Call the bank's customer service line to confirm an offer is still running before you open the account.
Key Takeaways
- Banks and credit unions offer bonuses ranging from $100 to $500 for opening a checking account, but the specific amount and terms change every few months.
- Most bonuses require you to meet conditions such as setting up direct deposit, making a minimum number of debit card transactions, or keeping a certain balance for a set period.
- The bonus is deposited into your account after you meet all the conditions, which can take anywhere from 30 to 90 days after you open the account.
- You should check the bank's website directly and call to confirm an offer is still running, because promotions end without notice.
What conditions you must meet to receive the bonus
The bonus itself is not automatic. Banks attach requirements to protect themselves from people who open an account, collect the bonus, and close it immediately. Common conditions include setting up direct deposit (paycheck or government payment), making a certain number of debit card purchases, maintaining a minimum balance, or keeping the account open for a specific length of time.
Direct deposit is the most common requirement. A bank might offer $200 if you set up direct deposit within 60 days of opening the account. Some banks require the direct deposit to be at least $500 or $1,000 per month. If you do not receive regular paychecks or government payments, this condition may disqualify you from that particular offer.
Other banks focus on transaction volume instead. They might require 10 debit card purchases within 90 days, or 5 online bill payments. A few banks require you to maintain a minimum balance—often $500 to $1,500—for the entire may have access to period. Read the full terms before opening the account, because missing even one requirement usually means you lose the bonus.
How long it takes to receive the money
The bonus does not appear in your account on day one. Most banks deposit the bonus 30 to 90 days after you open the account, and only after you have met all the conditions. If a bank requires direct deposit and you do not set it up until day 45, the 90-day clock often restarts from that date.
Some banks are faster. A few credit unions deposit the bonus within 7 to 14 days of account opening if you meet conditions immediately. Others are slower—a bank might wait until the end of the month following the month you opened the account, which could mean waiting up to 60 days even if you met all conditions on day one.
Check your account regularly after the may have access to period ends. If the bonus does not appear within the timeframe stated in the offer, contact the bank's customer service and ask them to verify that you met all conditions. Keep records of your direct deposit setup, debit card transactions, or balance screenshots as proof.
Comparing bonuses across different account types
Not all checking accounts at the same bank come with the same bonus. A bank might offer $200 for a basic checking account but $500 for a premium account that requires a higher minimum balance or monthly fee. Some banks offer different bonuses for savings accounts, money market accounts, or credit cards opened at the same time.
Premium accounts often have monthly maintenance fees ($10 to $25) that can offset the bonus if you do not maintain the required balance. Calculate whether the bonus covers the fees you would pay during the may have access to period. A $200 bonus on an account with a $15 monthly fee for 90 days costs you $45 in fees, leaving you with $155 in actual gain.
Credit unions typically offer smaller bonuses ($50 to $200) but fewer conditions and lower fees overall. If you are a member of a credit union or can join one through your employer or community, compare their offers to national banks before deciding.
Banks and credit unions offering bonuses right now
| Institution | Typical Bonus Range | Common Requirements | Where to Check |
|---|---|---|---|
| Chase | $100–$300 | Direct deposit or debit card transactions | chase.com/checking |
| Bank of America | $100–$300 | Direct deposit or minimum balance | bankofamerica.com/promotions |
| Wells Fargo | $100–$250 | Direct deposit or debit card use | wellsfargo.com/checking |
| Capital One | $100–$200 | Direct deposit within 60 days | capitalone.com/checking |
| Charles Schwab | $100 | Varies by region | schwab.com/checking |
| Local credit unions | $50–$200 | Membership, often minimal conditions | Your credit union's website |
This table shows institutions that have offered bonuses recently, but offers change constantly. The amounts and requirements listed are typical ranges, not current guarantees. Visit each institution's website or call their customer service to learn what they are offering today.
What happens if you close the account before the bonus period ends
If you close the account before the bonus is deposited or before the may have access to period ends, you will lose the bonus. Some banks claw back the bonus if you close the account within a certain timeframe after receiving it—typically 90 to 180 days. This means the bank will charge your account for the bonus amount, which could result in a negative balance.
Read the fine print before opening the account. Look for language about "clawback," "bonus recapture," or "account closure." If a bank claws back bonuses, they will usually state how long you must keep the account open to keep the money. A few banks do not claw back, but they are less common.
If you need to close the account for a legitimate reason—you moved, the bank changed its fees, or you found a better option—contact customer service first. Some banks will waive the clawback if you explain your situation, though this is not may provide.
Frequently Asked Questions
Do I have to keep money in the account to get the bonus?
Most banks require you to maintain a minimum balance during the may have access to period, often $500 to $1,500. However, some banks only require the balance at the moment you open the account or only on the day the bonus is deposited. Read the specific terms for the offer you are considering, because this varies widely.
Can I get a bonus if I already have a checking account at that bank?
Usually not. Most bank bonuses are for new customers only, defined as someone who has not held an account at that bank in the past 12 to 24 months. A few banks offer bonuses for existing customers who open a second account, but this is rare. Ask the bank directly if you are unsure whether you may have access to.
What if I do not receive direct deposit?
Many banks offer alternative ways to meet the bonus requirement if you do not have direct deposit. You can usually substitute a certain number of debit card transactions, online bill payments, or transfers from another bank. Look for offers that list multiple paths to the bonus, or call the bank to ask if they have options for people without direct deposit.
Is the bonus considered taxable income?
Yes, bank bonuses are generally considered taxable income by the IRS. The bank will send you a 1099-INT form if the bonus is $10 or more. You must report it on your tax return. The amount is usually small enough that it does not significantly affect your taxes, but you should be aware it is not tax-assistance programs.
Can I open multiple accounts at different banks to collect multiple bonuses?
Yes, you can open accounts at multiple banks and collect bonuses from each one, as long as you meet the requirements for each account. However, banks track this activity. If you open and close many accounts in a short time, a bank may flag you as a bonus hunter and deny you future offers or close your account.