What banks pay you to open an account

Some banks offer cash bonuses when you open a checking or savings account and meet certain conditions. These are real offers, not promotional tricks—but they come with strings attached. The bonus is usually between $50 and $500, depending on the bank and the account type. You typically have to deposit a minimum amount of money, keep the account open for a set period, and sometimes set up direct deposit or make a certain number of transactions.

The catch is that these offers change constantly. A bank might advertise a $200 bonus one month and pull the offer the next. Some bonuses are available only to new customers who have never held an account at that bank before. Others require you to open the account in person at a branch, not online. Read the full terms before you commit—the bonus is only worth it if you were planning to open an account at that bank anyway.

Key Takeaways

  • Bank bonuses for new accounts range from $50 to $500 but require you to meet deposit, direct deposit, or transaction requirements within a set timeframe.
  • You must usually be a new customer to the bank and sometimes to that specific bank's parent company to may have access to for the bonus.
  • The bonus is paid only after you complete all the conditions—typically 30 to 90 days after opening the account.
  • Bonus offers expire and change frequently, so check the bank's website or call to confirm the current offer before opening an account.
  • The bonus is taxable income and will be reported to the IRS on a 1099-INT or 1099-MISC form if it exceeds $10.

How the bonus conditions actually work

Banks attach conditions to bonuses because they want to know you will use the account. The most common requirement is a minimum deposit—usually $500 to $2,500, depending on the account and the bonus size. You have to deposit this money within a certain window, often 30 days of opening the account. Some banks let you transfer money from another bank; others require a direct deposit from your employer or a government benefit.

A second common condition is direct deposit. The bank wants to see money flowing in automatically from your paycheck or benefit payment. This requirement typically means at least one direct deposit of at least $500 within 60 to 90 days. If you are self-employed or receive irregular income, this can be a blocker. A few banks will accept ACH transfers from another account as a substitute, but most do not.

The third type of condition is a transaction requirement—you might need to make 10 debit card purchases or 5 bill payments within 90 days. This is easier to meet than direct deposit if you already use your debit card regularly. Some banks combine all three: a minimum deposit, one direct deposit, and a transaction requirement. Read the terms carefully to see which conditions apply to the specific bonus you are considering.

When the bonus actually hits your account

The bank does not deposit the bonus on day one. Most bonuses are paid 30 to 90 days after you open the account, once the bank has verified that you met all the conditions. If you open an account on January 15 and the bonus requires a direct deposit within 60 days, the bank will not pay the bonus until late March or early April—after confirming your direct deposit arrived.

Some banks are faster. A few will credit the bonus within 7 to 14 days if you meet the conditions immediately. Others take the full 90 days as a matter of policy. The bank's website or the terms and conditions document should state the exact timeline. If the bonus does not appear by the stated date, contact the bank's customer service and ask for confirmation that your account met all the requirements.

Banks currently offering account opening bonuses

Bonus offers change monthly, so this list is a starting point, not a complete directory. As of early 2024, Chase, Bank of America, Wells Fargo, Ally, Charles Schwab, and several regional banks have offered checking or savings bonuses. The amounts and conditions vary widely. Chase has offered $200 to $300 bonuses on checking accounts that require direct deposit. Ally has offered $100 bonuses on savings accounts with no direct deposit requirement. Regional banks like Discover and Capital One often run competitive offers.

To find current offers, visit each bank's website directly and look for a "promotions" or "new customer offers" section. Avoid third-party websites that claim to list all bank bonuses—they are often outdated or incomplete. Call the bank's customer service line if you cannot find the offer online; some bonuses are available only by phone or in-branch. Ask specifically whether you may have access to as a new customer and whether the bonus is still active.

Tax implications of the bonus

The IRS treats bank account bonuses as taxable income. If the bonus is $10 or more, the bank will send you a 1099-INT form (if it is classified as interest) or a 1099-MISC form (if it is classified as a miscellaneous payment) by January 31 of the following year. You must report this income on your tax return, even if the bank does not send a form.

The tax impact is usually small. A $200 bonus adds $200 to your taxable income for the year. If you are in the 22% tax bracket, that means roughly $44 in additional federal tax. Some states also tax this income. Keep the 1099 form when it arrives and include it with your tax documents. If you do not receive a form by February 1, contact the bank and request one.

Alternatives if you do not meet the bonus conditions

If you cannot meet the direct deposit requirement or do not want to wait 90 days for the bonus, you have other options. Some banks offer no-bonus accounts with no minimum deposit and no monthly fees—these are worth opening if you need a basic checking account. Credit unions often have lower fees and simpler terms than large banks, though they may not offer bonuses.

Another route is to open the account for the bonus but not worry about meeting the conditions if they are too burdensome. You will simply not receive the bonus, but you will still have a functioning account. This makes sense if the account itself is useful to you—for example, if you want to switch banks anyway and the bonus is a nice extra, not the reason you are switching.

What to watch out for

Do not open multiple accounts at the same bank to collect multiple bonuses. Banks track this and will deny the bonus or close the accounts. The "new customer" rule usually means you cannot have held an account at that bank or its parent company within the last 12 months. If you closed a Chase account six months ago, you are not may be able to access for a new Chase bonus yet.

Avoid banks that require you to maintain a high balance after the bonus period ends. Some banks offer a bonus but then charge monthly fees if your balance drops below $1,500. Read the fee schedule carefully. A $200 bonus is not worth it if the account costs you $15 a month in fees.

Be skeptical of offers that sound too good to be true. A $500 bonus with no conditions is rare. If a website promises you money for opening an account with no strings attached, it is probably a scam or a bait-and-switch. Stick to offers from banks you recognize, and verify the terms on the bank's official website.

Frequently Asked Questions

Do I have to use direct deposit from my job, or can I transfer money from another bank?

Most banks require direct deposit from an employer or government benefit to count toward the bonus. ACH transfers from another bank usually do not count. Some banks make exceptions—call customer service and ask whether your specific situation qualifies before opening the account.

What happens if I close the account before the bonus is paid?

You will lose the bonus. Banks typically require you to keep the account open for 90 days or longer after meeting the conditions. If you close it early, the bonus is forfeited. Check the terms to see the exact timeline before you open the account.

Can I get the bonus if I already have a savings account at the bank?

Usually not. Most bonuses are for new customers only, and having any existing account at the bank disqualifies you. A few banks offer separate bonuses for checking and savings, but you cannot collect both. Ask the bank directly if you are unsure.

Will the bonus affect my credit score?

No. Opening a bank account does not trigger a hard credit inquiry and does not affect your credit score. Banks may do a soft pull to check your banking history, but this does not show up on your credit report.

How do I report the bonus on my taxes?

Include the 1099 form the bank sends you with your tax return. Report the bonus amount as income on the appropriate line of your tax form—usually Schedule 1 (Other Income) if you file Form 1040. If you did not receive a 1099 and the bonus was $10 or more, contact the bank and request one.