Which banks offer money for opening an account right now
Banks and credit unions offer cash bonuses for opening checking or savings accounts, but the offers change constantly and vary by region. At any given time, you might find offers ranging from $50 to $500, though most cluster between $100 and $300. The catch is that each bank sets its own rules: some require direct deposit, some require a minimum balance, and some require you to keep the account open for a set period or they claw back the bonus.
The banks running promotions shift month to month. Chase, Bank of America, Wells Fargo, Ally, and Marcus have run offers in the past, but whether they are running one today depends on their current marketing push. Credit unions in your area may also run bonuses. The fastest way to find current offers is to visit each bank's website directly and look for a "promotions" or "offers" section, or call their customer service line and ask what sign-up bonuses they have available right now.
Do not rely on third-party comparison sites to tell you which offers are active—they often show old information. Go to the source. If a bank's website does not mention a bonus, they are not running one at that moment.
Key Takeaways
- Bank bonuses for new accounts typically range from $50 to $500, but the exact amount and which banks offer them changes every few weeks.
- Most bonuses come with conditions: direct deposit requirements, minimum balance holds, or a commitment to keep the account open for 90 days or longer.
- You must check each bank's website directly to see current offers, because promotions rotate and third-party sites often show outdated information.
- The bonus is taxable income and will be reported to the IRS on a 1099 form, so factor that into your decision if the amount is large.
Common conditions attached to account bonuses
A bank bonus is rarely assistance programs with no strings. Read the fine print before you open the account, because missing one requirement means you lose the bonus. The most common conditions are:
Direct deposit requirement: Many banks require you to set up direct deposit of your paycheck, government benefits, or other regular income within 30 to 60 days of opening the account. Some specify a minimum deposit amount per month—often $500 or $1,000. If you do not have direct deposit income, this condition disqualifies you from that offer.
Minimum balance: Some banks require you to maintain a certain balance in the account for a set period, usually 30 to 90 days. If your balance drops below that threshold, you forfeit the bonus. A few banks waive this if you meet the direct deposit requirement instead.
Account age requirement: The bank may not pay the bonus until you have held the account open for 60 to 90 days. If you close the account before that date, you do not receive the money. Some banks will claw back the bonus if you close within six months.
No recent account closure: Many banks will not give you a bonus if you opened and closed an account with them in the past 12 months. This rule prevents people from cycling through bonuses repeatedly.
How the bonus is paid and when you receive it
Once you meet all the conditions, the bank deposits the bonus directly into your new account. The timing varies: some banks pay within 10 business days of meeting the last requirement, while others wait until 30 to 90 days after account opening. Check the terms before you sign up so you know when to expect the money.
The bonus appears as a deposit in your account, just like any other credit. You will see it in your transaction history and on your statement. The bank will also send you a 1099-INT or 1099-MISC form at the end of the year if the bonus was $10 or more, because the IRS treats it as taxable income. You must report it on your tax return.
If you do not meet the conditions by the deadline, the bank simply does not pay the bonus. There is no penalty or fee—you just do not receive the money. Some banks will send you a notice reminding you of the deadline before it passes.
Comparing bonuses across account types
| Account Type | Typical Bonus Range | Common Requirements | Timeline to Receive |
|---|---|---|---|
| Checking account | $100–$500 | Direct deposit, minimum balance, or account age | 30–90 days after opening |
| Savings account | $50–$200 | Minimum balance, account age | 30–90 days after opening |
| Money market account | $100–$300 | Minimum balance, account age | 30–90 days after opening |
| Credit union account | $25–$300 | Membership, direct deposit, or account age | 30–60 days after opening |
Checking accounts typically offer the largest bonuses because banks want to capture your paycheck deposits. Savings accounts offer smaller bonuses because they require you to hold money without spending it. Credit union bonuses vary widely depending on the union's size and location—a small local credit union may offer $25, while a large one might offer $300.
If you are choosing between banks, do not pick based on bonus size alone. A $200 bonus is not worth it if the bank charges monthly fees, has poor customer service, or does not have branches near you. Factor in the account's ongoing costs and features.
What happens if you do not meet the bonus conditions
If you open an account but do not meet the stated requirements, you simply do not receive the bonus. The bank will not charge you a fee or close your account. You can keep the account open and use it normally—you just forfeit the promotional money.
For example, if a bank requires direct deposit within 60 days and you do not set it up, you do not get the bonus. If a bank requires you to maintain a $1,500 balance and your balance drops to $1,200, you do not get the bonus. There is no appeal process or way to recover the bonus once the deadline passes.
Some banks send reminder emails or notices before the deadline. Check your email and account statements in the weeks leading up to the requirement date so you do not miss it by accident.
Tax implications of bank bonuses
Bank bonuses are taxable income. If your bonus is $10 or more, the bank will report it to the IRS on a 1099-INT form (for interest) or 1099-MISC form (for other income). You will receive a copy in January or February of the following year. You must include this amount on your tax return as income.
A $200 bonus, for example, is treated as $200 of taxable income. If you are in the 22% tax bracket, you owe roughly $44 in federal tax on that bonus. This does not mean the bank withholds the tax—you pay it when you file your return. Some people factor this into their decision: a $150 bonus nets you roughly $117 after taxes, depending on your bracket.
If you receive bonuses from multiple banks in the same year, each one is reported separately and adds to your total taxable income for that year.
Frequently Asked Questions
Can I get a bonus from the same bank twice?
Most banks have a rule that you cannot receive a bonus if you have opened and closed an account with them in the past 12 months. Some extend this to 24 months. You can open a second account with the same bank and receive a bonus if you meet the time requirement, but check the bank's specific policy first.
What if I need the money before the bonus is paid?
The bonus is not available until you meet all the conditions and the bank processes it, which can take 30 to 90 days. If you need cash immediately, do not count on the bonus. Open the account for its features and services, and treat the bonus as a bonus, not as money you are counting on.
Do I have to keep a large balance in the account to get the bonus?
It depends on the bank's terms. Some require a minimum balance; others require direct deposit instead. Read the fine print for the specific offer. If you cannot maintain the balance, look for banks that waive the balance requirement in exchange for direct deposit.
Will opening multiple accounts hurt my credit?
Opening a bank account does not affect your credit score. Banks do a soft inquiry, which does not show up on your credit report. You can open multiple accounts in a short period without damaging your credit. However, if you apply for a credit card or loan at the same time, those hard inquiries will show up.
What if the bank closes my account before I receive the bonus?
If the bank closes your account for any reason before the bonus is paid, you will not receive the money. Banks can close accounts for suspected fraud, repeated overdrafts, or violation of their terms. To protect yourself, keep your account in good standing and do not trigger any red flags.