Which banks offer money for opening an account

Several banks and credit unions offer cash bonuses when you open a new checking or savings account, but the offers change frequently and vary by location. Common names include Chase, Bank of America, Wells Fargo, Ally Bank, and various regional credit unions. The bonus amount typically ranges from $50 to $300 for a checking account, depending on the bank and what you do after opening it.

The catch is that most bonuses come with conditions. You usually have to deposit a minimum amount of money, set up direct deposit, or make a certain number of debit card transactions within a set timeframe—often 30 to 90 days. If you don't meet these conditions, you won't receive the bonus, and some banks may close your account or charge fees.

Savings account bonuses are less common than checking account bonuses, but they do exist. Credit unions sometimes offer them, and online banks like Marcus or Ally occasionally run promotions. Savings bonuses are usually smaller—$25 to $100—and may require you to maintain a minimum balance or keep the account open for a certain period.

Key Takeaways

  • Banks offer bonuses ranging from $50 to $300 for opening a checking account, but each bonus has specific conditions you must meet to receive it.
  • Most checking account bonuses require direct deposit, a minimum deposit, or a set number of debit card transactions within 30 to 90 days.
  • You can find current offers by visiting bank websites directly or checking comparison sites, but offers change monthly and vary by state.
  • If you don't meet the bonus conditions, the bank may keep the money, close your account, or charge monthly fees that eat into any benefit.

How to find current bonus offers

Bank bonus offers are not advertised equally everywhere. The best way to find them is to visit the bank's website directly and look for a "New Customer Offer" or "Promotions" section. Many banks display the offer prominently on their homepage, but some bury it in the fine print.

Comparison sites like Bankrate, NerdWallet, and DepositAccounts track current offers across multiple banks. These sites update regularly, though not always in real time. The information is free to view, and you don't have to apply through the site—you can go directly to the bank's website to open the account.

Credit unions sometimes offer bonuses too, but they are harder to find because each credit union sets its own rules. If you belong to a credit union or are may be able to access to join one, call or visit their website to ask about new account bonuses.

What conditions you must meet to get the bonus

Every bonus comes with strings attached. Read the full terms before you open the account, because missing even one requirement means you lose the money. The most common conditions are:

  • Direct deposit: The bank transfers your paycheck or other regular income directly into the account. This usually must happen within 30 to 90 days of opening the account.
  • Minimum deposit: You deposit a set amount—often $500 to $2,500—within a certain timeframe. Some banks require this to stay in the account for a set period.
  • Debit card transactions: You use the debit card a certain number of times, usually 10 to 25 transactions, within 30 to 90 days. Online purchases and ATM withdrawals may or may not count.
  • Account balance: You maintain a minimum balance, such as $1,500, for a set number of days or months.
  • Account age: You keep the account open for at least 90 days or six months after receiving the bonus.

Banks track these conditions automatically. If you meet them, the bonus deposits into your account on the date specified in the terms. If you don't, nothing happens—the bank simply doesn't pay it.

Bonuses for checking versus savings accounts

Checking account bonuses are far more common and usually larger because banks want to attract customers who will use the account regularly. A typical checking bonus might be $200 if you set up direct deposit and make 15 debit card transactions within 60 days.

Savings account bonuses are rarer and smaller, usually $25 to $100. When they do exist, they often require you to deposit a minimum amount—$500 to $5,000—and leave it there for 90 days or longer. Some online banks offer higher interest rates instead of a one-time bonus, which may be more valuable over time if you plan to keep money in savings.

A few banks offer bonuses for opening both a checking and a savings account at the same time. These combined offers can reach $300 to $500, but you have to meet the conditions for both accounts separately.

What happens if you don't meet the bonus conditions

If you open an account but don't meet the bonus conditions, the bank keeps the money. There is no refund, no second chance, and no partial credit. You simply don't receive the bonus.

Beyond losing the bonus, you may face other consequences. Some banks charge monthly maintenance fees if your account balance falls below a minimum or if you don't set up direct deposit. These fees—typically $10 to $15 per month—can quickly erase any benefit from opening the account. Other banks may close your account if they believe you opened it only to collect the bonus and have no intention of using it.

Before opening an account for the bonus, make sure you can realistically meet the conditions. If you don't receive direct deposit income, for example, don't open an account that requires it. If you rarely use debit cards, don't count on meeting a transaction requirement.

Whether a bonus is worth your time

A $100 or $200 bonus sounds good, but it only makes sense if you were planning to open a bank account anyway. If you open an account solely to collect the bonus and then close it, you may face account closure fees or damage to your banking history.

The real value comes when you open an account you actually need and happen to receive a bonus for doing so. If you're switching banks or opening your first account, checking for current offers costs nothing and takes a few minutes.

Compare the bonus amount against the bank's ongoing fees and interest rates. A $200 bonus means little if the bank charges $15 monthly maintenance fees or pays nearly zero interest on savings. Look at the total picture: bonus plus fees plus interest rates plus ease of use.

How bonuses affect your taxes and credit

Bank bonuses are considered taxable income by the IRS. If you receive a bonus of $10 or more, the bank will send you a Form 1099-INT at the end of the year. You must report this on your tax return, and it may increase the taxes you owe. A $200 bonus, for example, could add $50 to $70 to your tax bill depending on your tax bracket.

Opening a new bank account does not hurt your credit score. Banks perform a soft inquiry, not a hard inquiry, when you open a checking or savings account. This does not appear on your credit report and does not lower your score. However, if the bank reports the account to ChexSystems (a banking history database), closing the account quickly or overdrawing it could affect your ability to open accounts at other banks in the future.

Frequently Asked Questions

Can I open multiple accounts at different banks to collect multiple bonuses?

Yes, but read the terms carefully. Some banks limit bonuses to one per person per year or per household. If you open two accounts at the same bank within a short time, you may not receive a bonus on the second one. Banks can also close accounts they believe were opened solely to collect bonuses.

Do I have to keep the money in the account after I get the bonus?

Not necessarily, but check the terms. Some bonuses require you to maintain a minimum balance for 30 to 90 days after the bonus posts. Once that period ends, you can withdraw the money. Other bonuses have no such requirement—you can withdraw everything immediately after the bonus deposits.

What if I already have an account at the bank—can I still get the bonus?

Usually not. Most bonuses are for new customers only, defined as people who have not held an account at that bank within the past 12 to 24 months. If you closed an account recently, you may not be may be able to access. Check the terms or call the bank to ask.

How long does it take to receive the bonus after I open the account?

This varies widely. Some banks deposit the bonus within 30 days of meeting the conditions. Others take 60 to 90 days. The terms will specify a timeline. If the bonus does not appear by the date promised, contact the bank to verify you met all the conditions.

Can I get a bonus if I open an account online instead of in a branch?

Yes. Most banks offer the same bonuses whether you open online or in person. Online banks often have larger bonuses because they have lower overhead costs. Opening online is usually faster and easier than visiting a branch.