Where to find current bank bonuses
Bank bonuses change constantly—what's offered this month may be gone next month, and the amount varies by bank and by region. The fastest way to see what's available right now is to visit the website of the bank you're considering and look for a "New Customer Offer" or "Promotions" banner on the homepage. Most major banks display their current bonus prominently.
You can also call the bank's customer service line and ask directly what bonus they're offering for new checking or savings accounts. This matters because online bonuses sometimes differ from in-branch offers, and phone representatives can tell you the exact terms before you commit.
Comparison sites like Bankrate, DepositAccounts, and NerdWallet list current bonuses across multiple banks, though these lists update weekly and may lag behind what banks are actually offering. Use these sites to get a sense of the range, then verify the offer on the bank's own site before opening.
Key Takeaways
- Bank bonuses typically range from $50 to $500 and require you to meet a deposit or spending requirement within a set timeframe, usually 30 to 90 days.
- The bonus is not automatic—you must meet the bank's specific conditions (such as setting up direct deposit or making a certain number of debit card transactions) to receive it.
- Bonuses are taxable income and will be reported to the IRS on a 1099-INT form if the amount exceeds $10.
- Checking account bonuses are more common than savings account bonuses, and the largest bonuses usually require the highest deposit or spending thresholds.
- You can only receive a bonus once per account type at most banks, and many have a waiting period (often 12 months) before you're may be able to access for another bonus.
How bank bonuses actually work
A bank bonus is money the bank deposits into your new account after you meet their conditions. It is not a discount on fees or a reduced interest rate—it is actual cash added to your balance. However, you do not receive it simply for opening the account. You must complete specific actions within a specific timeframe.
Common requirements include: setting up direct deposit (paycheck, Social Security, or other recurring income), making a minimum number of debit card purchases, maintaining a minimum balance, or depositing a certain amount of money within 30, 60, or 90 days. Different banks have different rules. Chase might require $500 in direct deposits within 90 days, while another bank might require 10 debit card transactions within 60 days.
If you do not meet the requirement, you do not receive the bonus. The bank will not remind you or give you a second chance. Read the full terms before you open the account so you know exactly what you need to do and by when.
Which banks commonly offer bonuses
Large national banks like Chase, Bank of America, Wells Fargo, and Citibank frequently offer bonuses, though the amount and terms shift regularly. Regional banks and online-only banks (like Ally, Charles Schwab, and Discover) often offer larger bonuses because they have lower overhead costs and compete harder for new customers.
Credit unions sometimes offer bonuses too, though they call them "membership incentives" or "new member offers." Your local credit union's website or a call to their membership department will tell you what they're currently offering.
Online banks tend to have the most competitive bonuses because they don't maintain physical branches. However, an online bank bonus is only useful if you're comfortable managing your account entirely through an app or website.
What the bonus amount actually means
A $200 bonus sounds good, but it only makes sense if you were planning to open an account at that bank anyway. If you open an account solely to collect the bonus and then close it after 90 days, you may pay monthly maintenance fees that eat into the bonus, or you may trigger a fee for closing the account too quickly.
Some banks charge a monthly fee ($10 to $15) unless you maintain a minimum balance or set up direct deposit. If the bonus is $150 but the monthly fee is $12 and you keep the account open for a year, you've lost money. Read the fee schedule before you open the account.
Also consider the interest rate the bank pays on savings. A $300 bonus on a savings account is less valuable if the bank pays 0.01% interest compared to a competitor paying 4.5%. The bonus is one-time; the interest rate affects your money every month you keep the account open.
Tax implications of bank bonuses
Bank bonuses are considered taxable income by the IRS. If you receive a bonus of $10 or more, the bank will send you a 1099-INT form in January showing the bonus amount. You must report this on your tax return for the year you received it.
The amount is usually small enough that it does not significantly change your tax bill, but it does increase your reported income. If you're close to a tax bracket threshold or if you receive multiple bonuses in one year, this can matter. Keep records of all bonuses you receive.
Timing and may be able to access restrictions
Most banks will not pay a bonus if you've held an account with them in the past 12 months. Some have longer waiting periods—24 months is not uncommon. This means if you received a bonus from Chase two years ago, you may not be may be able to access for another Chase bonus yet.
The clock usually starts when you close the account, not when you open it. If you opened a Chase account in January 2023 and closed it in March 2023, you typically cannot receive another Chase bonus until March 2024 or later, depending on their policy.
A few banks allow you to receive a bonus on both a checking account and a savings account in the same year, but most do not. Read the terms to see whether the bonus applies to one account type or multiple types.
Red flags and things to avoid
Do not open an account at a bank with a history of poor customer service or frequent overdraft fees just to collect a bonus. Read recent reviews on the bank's website and on independent review sites. A $200 bonus is not worth dealing with a bank that charges $35 per overdraft and makes it easy to overdraft.
Avoid banks that make the bonus requirement unclear or bury it in fine print. If you cannot find the exact requirement on the bank's website, call and ask for it in writing before you open the account. Do not rely on what a teller or phone representative tells you verbally.
Be cautious of third-party websites that claim to help you "unlock" bonuses or that charge a fee to show you available offers. Bank bonuses are free to claim directly from the bank. You do not need a middleman.
Frequently Asked Questions
Do I have to keep the account open after I receive the bonus?
No, but check the bank's terms first. Some banks claw back the bonus if you close the account within a certain period (often 90 days to 6 months). If there's no clawback clause, you can close the account after the bonus posts, though you may pay a closing fee if the account is very new.
Can I get a bonus if I already have an account at that bank?
Usually not. Most banks require you to be a new customer, which typically means you haven't held an account with them in the past 12 to 24 months. Some banks define "new customer" as someone who has never had an account with them. Check the specific bank's policy.
What if I don't meet the requirement by the deadline?
You will not receive the bonus. The bank will not extend the deadline or offer a partial bonus. If you're close to the deadline and haven't met the requirement, contact the bank to confirm your progress, but do not expect them to bend the rules.
Will the bonus affect my credit score?
No. Opening a bank account does not trigger a hard credit inquiry and does not affect your credit score. The bonus itself is just income and does not appear on your credit report.
Can I receive multiple bonuses in the same year?
Yes, if you open accounts at different banks. You can open a Chase account in January, meet the requirement, receive the bonus, then open a Bank of America account in March and receive a different bonus. However, you cannot receive two bonuses from the same bank in the same year unless they explicitly allow it.