Which banks offer money for opening an account

Banks offer cash bonuses to new customers, but the banks that do, the amounts they pay, and the conditions attached change constantly. At any given time, you might find offers from national banks like Chase, Bank of America, Wells Fargo, or Citibank, as well as regional banks and online-only banks like Ally or Charles Schwab. The bonus is real money deposited into your account — not a discount or a credit toward fees.

The catch is that most bonuses come with strings: you have to deposit a minimum amount within a set timeframe, keep the account open for a certain period, or set up direct deposit. Some require you to make a specific number of debit card purchases or transfers. If you close the account early or fail to meet the conditions, the bank keeps the bonus or charges it back to your account.

Because offers shift weekly, the best way to find current bonuses is to search "bank account opening bonus" or visit comparison sites like Bankrate, NerdWallet, or DepositAccounts. These sites list what's available right now, what each bank requires, and when the offer expires. Call the bank directly before you open the account to confirm the bonus is still active — online offers sometimes end without notice.

Key Takeaways

  • Banks including Chase, Bank of America, Wells Fargo, and online banks like Ally regularly offer cash bonuses for new accounts, but the offers change frequently.
  • Most bonuses require you to deposit a minimum amount, set up direct deposit, or make a certain number of transactions within 30 to 90 days.
  • If you close the account early or don't meet the conditions, the bank will reverse the bonus or charge it back.
  • Comparison sites like Bankrate and NerdWallet show current offers, but you should call the bank to confirm the bonus is still available before opening the account.
  • Bonuses typically range from $50 to $500 depending on the account type and the bank, but amounts vary by month.

How much money banks typically offer

Bonus amounts vary widely. Checking accounts often come with smaller bonuses — $50 to $200 — while savings accounts or money market accounts may offer $100 to $500. Some banks offer different bonuses depending on whether you open a checking account, a savings account, or both at the same time. A few banks occasionally run promotions that go higher, but these are less common.

The bonus amount does not reflect the bank's quality or reliability. A smaller bonus from a well-known bank may be safer than a larger one from a bank you have never heard of. Before you chase a big bonus, check whether the bank is insured by the FDIC (Federal Deposit Insurance Corporation), which protects your deposits up to $250,000 per account type.

Conditions you have to meet to get the bonus

Every bonus comes with requirements. The most common are a minimum deposit within a set window (often 30 to 90 days), keeping the account open for a minimum period (usually 90 days to six months), and setting up direct deposit. Some banks require you to make a certain number of debit card transactions, ACH transfers, or bill payments. A few require you to maintain a minimum balance.

Read the fine print before you open the account. If the bonus requires direct deposit and you do not have a job or regular income, you will not meet that condition. If it requires you to keep the account open for six months and you plan to close it after three, the bank will take back the bonus. Some banks charge a monthly maintenance fee that can eat into or eliminate the bonus if you do not maintain a minimum balance.

The timeframe matters too. If a bonus requires a $500 deposit within 30 days and you deposit $500 on day 31, you will not receive it. Set a calendar reminder for the deadline so you do not miss it by accident.

How to find and compare current offers

Start with a search for "bank account opening bonus" or visit Bankrate, NerdWallet, DepositAccounts, or Money Under 30. These sites update their listings regularly and show you the bonus amount, the requirements, and the deadline. Filter by account type (checking or savings), by bank size (national or online), or by bonus amount if you have a preference.

Once you find an offer that interests you, visit the bank's website directly to confirm it is still active. Some online offers expire without warning, and the comparison site may not have updated yet. Look for a link that says "Open an account" or "New customer offer" — this usually takes you to a page where the bonus terms are spelled out in full.

If you cannot find the offer on the bank's website, call the customer service number on the back of a bank card or search for the bank's phone number. Ask whether the bonus is still available and what the exact requirements are. Write down the name of the person you spoke to and the date, in case there is a dispute later.

What happens if you do not meet the requirements

If you fail to meet the bonus conditions, the bank will not pay you. If you have already received the bonus and then close the account early or miss a deadline, the bank will reverse the bonus — meaning it will subtract that money from your account or charge it back. This can happen weeks or months after you opened the account, so do not assume the bonus is yours to keep until the holding period is over.

Some banks are stricter than others about what counts toward the requirements. For example, a bank might say "direct deposit" but only count payroll deposits, not transfers from another account. If you set up a transfer instead of a payroll deposit, you may not meet the requirement even though you deposited the money. Ask the bank which types of deposits count before you make the transfer.

Bonuses for different account types

Checking account bonuses are the most common and usually the smallest. Savings account bonuses tend to be larger because the bank wants you to keep money in the account longer. Money market accounts and certificates of deposit (CDs) sometimes offer bonuses too, but these usually require you to deposit more money and lock it away for a set period.

Some banks offer a bonus if you open both a checking and savings account at the same time. The combined bonus is often larger than either account alone, but you have to meet the requirements for both accounts. If you only need a checking account, opening a savings account just to get a bigger bonus may not be worth it if you have to maintain a minimum balance in the savings account to avoid fees.

Red flags and how to avoid scams

Be wary of offers that sound too good to be true. If a bank is offering $1,000 for opening an account and other banks are offering $100, something is off. Check whether the bank is FDIC-insured by searching the FDIC's bank finder tool on fdic.gov. If the bank is not insured, your deposits are not protected if the bank fails.

Do not give your Social Security number, bank account information, or credit card number to anyone who contacts you about a bonus offer. Legitimate banks will ask for this information only when you are opening the account on their official website or in person at a branch. If you receive an email or text claiming to be from a bank offering a bonus, go directly to the bank's website instead of clicking the link in the message — scammers often use fake emails to steal personal information.

Avoid banks that charge high monthly maintenance fees or require you to maintain a very high minimum balance. A $100 bonus is not worth it if the bank charges a $15 monthly fee and you cannot maintain a $5,000 minimum balance. Calculate whether you will actually come out ahead after fees.

Frequently Asked Questions

Do I have to use direct deposit to get the bonus?

Not always, but many banks require it. Some banks let you meet the requirement by depositing a minimum amount instead. Check the specific offer before you open the account — if direct deposit is required and you do not have a job, that offer will not work for you.

What if I close the account before the holding period is over?

The bank will take back the bonus. Most banks require you to keep the account open for 90 days to six months. If you close it earlier, the bonus will be reversed, and you may end up owing the bank money if your account balance goes negative.

Can I open multiple accounts at the same bank to get multiple bonuses?

Some banks allow it, but many have rules against it. Some will only pay one bonus per customer per year, or one bonus per household. Read the terms carefully, and call the bank to ask before you open a second account.

How long does it take to receive the bonus?

It varies. Some banks deposit the bonus within a few days of you meeting the requirements. Others wait until the holding period is over, which can be 90 days or longer. Check the offer details to see when the bank says it will pay.

Is the bonus considered income for tax purposes?

Yes. Banks report bonuses of $10 or more to the IRS on a Form 1099-INT. You may owe taxes on the bonus depending on your income level. Talk to a tax professional if you are unsure whether the bonus will affect your tax return.