Which banks offer money for opening an account

Several large banks and credit unions offer cash bonuses when you open a checking or savings account, though the amount and terms vary widely. Banks like Chase, Bank of America, Wells Fargo, and Ally have run these promotions in recent years, typically offering $100 to $500 depending on the account type and how much you deposit. Credit unions often offer smaller bonuses—$25 to $100—but may have lower minimum balance requirements.

The catch is that these offers change frequently and are not permanent. A bank might advertise a $200 bonus one month and stop the promotion the next. Some bonuses are available only to new customers who have never held an account at that bank; others require you to set up direct deposit or maintain a minimum balance for a set period. The bonus is not automatic—you usually have to meet specific conditions within 30 to 90 days to receive it.

The best way to find current offers is to visit the bank's website directly or call their customer service line. Comparison sites sometimes list promotions, but they may be outdated. Banks do not always advertise these offers prominently because they want to attract customers who will stay long-term, not just chase bonuses.

Key Takeaways

  • Banks including Chase, Bank of America, Wells Fargo, and Ally periodically offer $100 to $500 bonuses for opening new accounts, but the offers change frequently and are not always visible on the main website.
  • Most bonuses require you to meet conditions such as setting up direct deposit, maintaining a minimum balance, or making a certain number of debit card transactions within 30 to 90 days.
  • Credit unions typically offer smaller bonuses ($25 to $100) but may have lower minimum balance requirements and fewer conditions attached.
  • The bonus is only paid if you meet all stated conditions by the deadline; missing even one requirement usually means forfeiting the money.
  • You must be a new customer to the bank (or sometimes to that specific account type) to receive the bonus.

How bank bonuses work and what you have to do to get them

When a bank offers a sign-up bonus, the money is not deposited into your account automatically. You have to complete specific actions within a specific timeframe. The most common requirement is direct deposit—you must have your paycheck or government benefits routed to the new account. Some banks require a minimum amount, such as $500 or $1,000, to be deposited this way. Others ask for a set number of debit card transactions, such as 10 purchases within 60 days.

The timeline matters. If the offer says you have 90 days to meet the conditions, the clock starts when you open the account, not when you receive the bonus offer. If you open the account on January 15 and the deadline is 90 days, you must complete all requirements by April 15. If you miss the deadline by even one day, most banks will not pay the bonus.

After you meet all conditions, the bonus is usually deposited within 5 to 10 business days, though some banks take longer. You will receive a confirmation email or notification in your online banking portal when the bonus posts. Keep records of your direct deposit setup or transaction receipts in case the bank does not credit the bonus and you need to dispute it.

Checking accounts versus savings accounts—which bonus is larger

Checking account bonuses tend to be larger than savings account bonuses because banks want to attract customers who will use the account actively. A checking bonus might be $200 to $500, while a savings account bonus is often $25 to $100. This reflects the bank's goal: checking accounts generate transaction fees and overdraft revenue, while savings accounts typically do not.

Savings account bonuses are sometimes tied to the interest rate instead of a lump sum. A bank might offer no cash bonus but promise a higher interest rate (such as 4.5% APY instead of 4.0%) for the first three months. Over time, this can add up to more than a flat bonus, but only if you keep a large balance in the account.

Some banks offer bonuses for opening both a checking and a savings account at the same time. You might receive $200 for the checking account and $50 for the savings account if you open both within the same application. Read the fine print carefully—sometimes the bonus for the second account requires a separate direct deposit or minimum balance.

Minimum balance requirements and when they matter

Many banks require you to maintain a minimum balance to keep the account open without monthly fees or to receive the bonus. Common minimums are $500, $1,000, or $1,500. If your balance drops below the minimum, the bank may charge a monthly maintenance fee (typically $5 to $15) or, in rare cases, close the account.

The minimum balance requirement is separate from the deposit requirement for the bonus. You might need to deposit $1,000 via direct deposit to earn the bonus, and also maintain a $500 balance to avoid fees. If you deposit $1,000 and then spend it down to $200, you have met the bonus condition but you are now subject to monthly fees.

Some banks waive the minimum balance requirement if you set up direct deposit or keep a linked savings account open. Before opening an account, ask the bank whether the minimum applies to you and what happens if you fall below it. This is especially important if you are opening the account primarily for the bonus and do not plan to keep a large balance long-term.

Direct deposit requirements and how to set it up

Direct deposit is the most common condition for earning a bank bonus. The bank wants proof that you are receiving regular income into the account. To set up direct deposit, you need your new account number and routing number (both found on a check or in your online banking portal) and your employer's payroll department or benefits administrator.

Contact your employer's HR or payroll office and provide them with your new account details. They will update their records, and your next paycheck will be routed to the new account instead of your old one. This usually takes one to two pay cycles to process. Some employers allow you to set up direct deposit online through their payroll portal; others require a form.

If you receive government benefits such as Social Security or unemployment, you can also set up direct deposit through the government agency. Visit the agency's website or call their customer service line to update your banking information. Government direct deposits typically process within one to two weeks.

Keep documentation showing that direct deposit has been set up—a confirmation email from your employer or a screenshot of your payroll settings. If the bank claims you did not meet the direct deposit requirement, you can show proof that you did.

Banks that currently offer bonuses and what they require

Chase has periodically offered $200 to $300 bonuses for new checking accounts, usually requiring direct deposit and a minimum balance. Bank of America has offered $100 to $300 bonuses depending on the account type, with similar requirements. Wells Fargo has offered $200 to $400 bonuses, though these offers are less frequent than competitors'. Ally Bank, an online-only bank, has offered $100 to $200 bonuses for savings accounts with lower minimum balance requirements.

Credit unions such as Navy Federal Credit Union and Pentagon Federal Credit Union have offered $50 to $200 bonuses for members who open new accounts, though these are often limited to military members or federal employees. Local credit unions may offer smaller bonuses ($25 to $75) as a way to attract new members.

Because these offers change monthly or quarterly, the best approach is to check the bank's website or call their customer service line directly. Search for "[Bank Name] new account bonus" to see current promotions. Be wary of third-party sites that claim to list all current bonuses—they are often outdated or incomplete.

What happens if you do not meet the bonus conditions

If you do not meet all the conditions by the deadline, you do not receive the bonus. There is no partial credit or extension. If the offer requires direct deposit and you only make debit card transactions, you forfeit the money. If the deadline is 90 days and you set up direct deposit on day 91, you forfeit the money.

Some banks will send you a reminder email as the deadline approaches, but not all do. It is your responsibility to track the deadline and ensure you meet every condition. Write down the deadline and the specific requirements when you open the account, and check them off as you complete them.

If you believe you met all conditions and the bank did not pay the bonus, contact customer service with documentation. Bring your direct deposit confirmation, transaction history, or any other proof that you completed the requirements. If the bank made an error, they will usually credit the bonus within a few business days. If they deny your claim, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) or your state's banking regulator.

Whether chasing bonuses is worth your time

A $200 bonus takes time to earn: you have to research offers, open an account, set up direct deposit, and meet transaction requirements. If you are already planning to switch banks or open a new account, the bonus is a straightforward benefit. If you are opening an account solely to earn the bonus, consider whether the effort is worth it.

The bonus is taxable income. If you earn a $300 bonus, the bank will send you a 1099-INT form at tax time, and you will owe federal income tax on that $300. Depending on your tax bracket, this could reduce the effective value of the bonus by 20% to 40%.

Banks also use bonuses to attract customers they hope will stay long-term and use other services—credit cards, loans, investment accounts. If you open an account for the bonus and close it after 90 days, the bank loses money on the promotion. Some banks have started closing accounts that show signs of bonus-chasing behavior, such as opening multiple accounts in a short period or closing accounts immediately after the bonus posts. This is rare, but it is a risk if you plan to chase bonuses across many banks.

Frequently Asked Questions

Do I have to keep the account open after I receive the bonus?

No, but some banks reserve the right to claw back the bonus if you close the account within a certain period—often 90 to 180 days after opening. Check the terms before you open the account. If there is no clawback clause, you can close the account after the bonus posts without penalty.

Can I get a bonus if I already have an account at that bank?

Most 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. Some banks offer separate bonuses for opening a different account type—for example, a bonus for opening a savings account if you already have a checking account. Check the terms to see if you are may be able to access.

What if my employer does not offer direct deposit?

If direct deposit is required and your employer does not offer it, you cannot meet that condition and will not receive the bonus. Some banks accept alternative forms of deposit, such as ACH transfers from another account or regular deposits via mobile check deposit, but this is uncommon. Call the bank before opening the account to ask whether alternatives are accepted.

Is the bonus considered income for tax purposes?

Yes. The bank will report the bonus on a 1099-INT form, and you will owe federal income tax on it. State income tax may also apply depending on where you live. The effective value of a $300 bonus might be $180 to $240 after taxes, depending on your tax bracket.

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

Most banks allow you to open one checking and one savings account and receive a bonus for each, but they do not allow you to open two checking accounts and receive two bonuses. Some banks have started flagging customers who open multiple accounts in a short period and may close accounts or deny bonuses if they suspect bonus-chasing. Read the terms carefully and contact the bank if you are unsure.