Which banks are offering account opening bonuses right now
Several large banks and online banks run promotions that pay cash when you open a checking or savings account and meet their conditions. The banks change which accounts they're promoting and how much they pay roughly every few months, so what's available today won't be the same in three months.
Common names offering bonuses include Chase, Bank of America, Wells Fargo, Ally Bank, Charles Schwab, and Discover. Regional banks and credit unions also run these promotions, though they're usually smaller and only available to people in their service area. The payment amounts range from $50 to $500 depending on the bank, the account type, and how much money you have to deposit.
The catch is that every bank sets conditions you have to meet before they send the money. You might need to deposit a minimum amount, set up direct deposit, make a certain number of debit card purchases, or keep the account open for a set period. If you close the account early or don't meet the terms, the bank keeps the bonus and may charge you a fee.
Key Takeaways
- Banks pay bonuses ranging from $50 to $500 to open new accounts, but the offers change every few months and vary by bank and account type.
- Every bonus comes with conditions—usually a minimum deposit, direct deposit setup, or a number of debit card transactions—that you must complete to receive the money.
- If you close the account before the bank's required holding period ends, you forfeit the bonus and may owe a closure fee.
- Online banks often offer higher bonuses than brick-and-mortar banks because they have lower overhead costs.
- The bonus is taxable income, so the bank will send you a 1099 form if the amount exceeds $10.
How to find current bonus offers
The fastest way to see what's available is to visit each bank's website directly and look for a "promotions" or "special offers" section. Most banks display current account opening bonuses prominently on their homepage or in a banner near the account signup button. Do not rely on third-party comparison sites alone, because they may not update daily and sometimes show expired offers.
You can also call the bank's customer service line and ask what bonuses are running right now. This is especially useful if you're considering a regional bank or credit union, because their offers may not be advertised online. When you call, ask specifically what conditions apply—how much you need to deposit, whether direct deposit is required, and how long you have to keep the account open.
What conditions you'll typically need to meet
Most checking account bonuses require a minimum opening deposit, usually between $100 and $500. Some banks waive this if you set up direct deposit in the same application. Direct deposit means your paycheck or government benefits go straight into the account—the bank uses this as proof you'll actually use the account and keep money in it.
Other common conditions include making a set number of debit card purchases (often 10 to 15 transactions) within 30 to 90 days, or maintaining a minimum balance for a certain period. A few banks require you to keep the account open for six months or a year. Read the full terms before you open the account, because missing even one condition can cost you the bonus.
Savings account bonuses usually have different terms than checking bonuses. They often require a larger opening deposit—sometimes $500 to $2,500—and may require you to maintain that balance for several months. The bonus is typically smaller than a checking bonus, often $25 to $100.
Online banks versus traditional banks
Online banks (Ally, Charles Schwab, Discover, Marcus) tend to offer higher bonuses than traditional banks with physical branches. A typical online checking bonus might be $200 to $300, while a Chase or Bank of America bonus might be $50 to $150. The difference exists because online banks have no branch overhead, so they can afford to pay more to attract customers.
The tradeoff is that online banks have no tellers or physical locations. You deposit checks by taking a photo with your phone, withdraw cash at ATMs (often free at partner networks), and handle everything else through an app or website. If you need to talk to someone, you call or use chat. This works fine for most people, but if you prefer in-person banking, a traditional bank may be worth the smaller bonus.
What happens after you meet the conditions
Once you've completed all the requirements—the deposit, the direct deposit setup, the debit card purchases, or whatever the bank specified—the bonus usually appears in your account within 5 to 10 business days. Some banks are slower and take up to 30 days. The bank will send you a confirmation email when the bonus posts.
The bonus counts as taxable income. If the amount is $10 or more, the bank will send you a 1099-INT form (or sometimes a 1099-MISC) in January of the following year. You'll report this on your tax return as interest or miscellaneous income. If you received multiple bonuses across different banks, each one gets reported separately.
Risks and fees to watch for
If you close the account before the bank's required holding period ends, you lose the bonus. Some banks also charge a closure fee ($25 to $50) if you close within a certain timeframe. Read the account terms carefully to see if there's a minimum holding period and what the closure fee is.
Monthly maintenance fees can also eat into your bonus. Many banks waive the fee if you maintain a minimum balance or set up direct deposit, but some charge $10 to $15 per month regardless. A $200 bonus disappears quickly if you're paying $12 a month in fees and close the account after six months.
Avoid opening accounts just to chase bonuses if you won't actually use them. Banks track account activity, and if you open an account, meet the bonus conditions, and immediately close it, the bank may flag you as a bonus hunter. Some banks refuse to pay bonuses to customers who've done this before, or they may not let you open another account with them for a set period.
Comparing bonuses across multiple banks
| Bank Type | Typical Checking Bonus | Typical Savings Bonus | Common Conditions |
|---|---|---|---|
| Online banks | $200–$500 | $50–$200 | $500+ deposit, direct deposit often required |
| Large traditional banks | $50–$300 | $25–$100 | $100–$500 deposit, debit card purchases |
| Regional banks | $100–$400 | $50–$150 | Varies; often direct deposit required |
| Credit unions | $50–$200 | $25–$75 | Membership requirement, minimum deposit |
When comparing bonuses, calculate the real value by subtracting any fees you'll pay. A $300 bonus with a $12 monthly fee is worth $156 if you keep the account for a year. A $100 bonus with no fees is worth more if you're only keeping the account for a few months.
Also consider whether you actually need a new account. If you're opening an account just for the bonus and you already have a good checking account elsewhere, the bonus might not be worth the hassle of managing two accounts and remembering to close one later.
Frequently Asked Questions
Do I have to use direct deposit to get the bonus?
Not always, but most banks require it or offer a higher bonus if you set it up. Some banks let you skip direct deposit if you make a larger opening deposit or complete more debit card transactions instead. Check the specific terms for the account you're interested in.
What if I don't meet all the conditions before the deadline?
You won't receive the bonus. The bank won't penalize you otherwise—you'll just keep the account without the extra money. You can still use the account normally and try to meet the conditions later if the bank allows, but most bonuses have a set window (usually 30 to 90 days) and expire after that.
Can I open multiple accounts at the same bank to get multiple bonuses?
Most banks limit you to one bonus per customer per year, and some have longer restrictions. If you try to open a second account to get another bonus, the bank may deny the second bonus or close one of the accounts. Check the terms or call the bank to ask about their policy.
Is the bonus considered income for government benefits?
It depends on the benefit program. For most programs like SNAP or Medicaid, a one-time bonus deposit doesn't count as income. However, if the bonus pushes your account balance above the asset limit for your program, it could affect your status. Contact your benefits administrator if you're concerned.
What if the bank changes the bonus terms after I open the account?
The terms that applied when you opened the account are locked in for you. If the bank changes its bonus offer the next day, you still get the original terms you agreed to. This is why it's important to read and save the full terms before you click "open account."