Which banks are currently offering account opening bonuses

Several large banks and credit unions periodically offer cash bonuses when you open a checking or savings account, but the banks running these offers change every few months. Chase, Bank of America, Wells Fargo, Citibank, and Capital One have all run promotions in the past, as have regional banks and online banks like Ally, Charles Schwab, and Discover. The amount ranges from $50 to $500 depending on the bank and the type of account.

The catch is that these offers come with conditions. You typically must deposit a minimum amount within a set timeframe (often 30 to 90 days), keep the account open for a minimum period (usually 6 months to a year), and sometimes set up direct deposit or make a certain number of transactions. If you close the account early or fail to meet the conditions, the bank may claw back the bonus or refuse to pay it.

To find current offers, search the bank's website directly or check financial comparison sites like Bankrate, NerdWallet, or DepositAccounts. These sites update regularly as offers change. Call the bank's customer service line to confirm the offer is still active before you open the account—promotions end without notice.

Key Takeaways

  • Banks including Chase, Bank of America, Wells Fargo, and online banks like Ally and Charles Schwab have offered bonuses ranging from $50 to $500 to open accounts, though the specific offers change every few months.
  • Most bonuses require you to deposit a minimum amount within 30 to 90 days, keep the account open for 6 months to a year, and sometimes set up direct deposit or make a minimum number of transactions.
  • If you close the account early or fail to meet the conditions, the bank will not pay the bonus and may charge you a penalty.
  • Check the bank's website or comparison sites like Bankrate or NerdWallet for current offers, and call the bank to confirm the promotion is still running before you apply.

How the bonus conditions actually work

The most common condition is a minimum deposit requirement. A bank might offer $200 to open a checking account, but only if you deposit at least $500 within 30 days. That $500 stays in your account—you are not giving it to the bank. But if you do not deposit the full amount by the deadline, you forfeit the $200.

The second condition is how long you must keep the account open. Many banks require you to hold the account for at least 6 months. If you close it after 3 months, the bank will not pay the bonus. Some banks are stricter and require 12 months. Read the fine print carefully, because this is where people lose the money.

A third condition, less common but worth knowing, is direct deposit or transaction minimums. Some offers require you to set up direct deposit (your paycheck going straight into the account) or make at least 10 debit card transactions per month. If the offer does not mention this, you do not have to do it. But if it does, and you do not meet it, you lose the bonus.

Where to find the most current offers

Bank websites themselves are the most reliable source. Go to the bank's homepage and look for a banner or link that says "Promotions" or "Special Offers." The offer will list the exact bonus amount, the minimum deposit, the timeframe, and any other conditions. Write down the offer code if there is one—you may need it when you open the account.

Comparison sites like Bankrate, NerdWallet, and DepositAccounts aggregate current offers from hundreds of banks and update them weekly. These sites are useful for seeing what multiple banks are offering at once, but always verify the offer on the bank's own website before you open the account. Comparison sites sometimes lag behind when offers end.

Credit unions also run account opening bonuses, though they are less publicized. If you are a member of a credit union or thinking about joining one, ask a representative whether they have a current promotion. The Credit Union Locator (run by the CO-OP network) can help you find credit unions in your area.

What happens if you do not meet the conditions

If you do not deposit the required minimum by the deadline, the bank simply will not pay the bonus. You keep the account and can use it normally, but the promotional money does not appear. There is no penalty to your account—you just lose the bonus you were promised.

If you close the account before the holding period ends, the outcome depends on the bank's terms. Some banks will claw back the bonus—they will remove it from your account or refuse to pay it. Others will let you keep it. Always read the fine print to see what the bank says about early closure. If the terms say the bonus is forfeited if you close early, assume the bank will enforce it.

If you fail to meet a transaction or direct deposit requirement, the bank will not pay the bonus. Again, there is no penalty beyond losing the promotional money. Your account remains open and active.

Comparing bonuses across account types

Different account types come with different bonus amounts. A checking account bonus might be $200, while a savings account bonus might be $50. Some banks offer larger bonuses if you open both a checking and savings account at the same time. A few banks offer bonuses for opening a money market account or a certificate of deposit (CD), though these are less common.

Online banks often offer higher bonuses than brick-and-mortar banks because they have lower operating costs. Ally Bank, Charles Schwab, and Discover have historically offered bonuses in the $200 to $500 range. Traditional banks like Chase and Bank of America typically offer $100 to $300. Credit unions vary widely depending on the institution.

The bonus amount is not the only thing that matters. Look at the account's ongoing features: monthly fees, minimum balance requirements, interest rates on savings, and ATM access. A $300 bonus on an account with a $15 monthly fee might cost you more than a $100 bonus on a fee-free account, especially if you plan to keep the account open for years.

How to avoid common mistakes when claiming a offer

The most common mistake is opening an account without reading the full terms. The bonus amount is advertised prominently, but the conditions are often in smaller text or a separate document. Before you open the account, download or print the full promotion details and read every line. Look specifically for the deposit deadline, the holding period, and any transaction or direct deposit requirements.

A second mistake is opening the account at a branch or by phone without mentioning the promotion. If the person opening your account does not enter the offer code or flag your account as part of the promotion, the bonus may not be attached to your account. When you open the account, explicitly say "I am opening this account to receive the $[amount] promotion" and ask the representative to confirm the promotion is applied.

A third mistake is depositing the minimum and then withdrawing it before the deadline passes. Some banks calculate the bonus based on your account balance on a specific date. If you deposit $500 to meet the requirement and then withdraw it the next day, you may not meet the condition. Keep the minimum deposit in the account until the deadline has passed and the bonus has been paid.

Frequently Asked Questions

Do I have to use the bank's debit card or mobile app to get the bonus?

Not unless the promotion specifically requires it. Most bonuses only require a minimum deposit and a holding period. If the offer mentions debit card transactions or mobile app usage, those are conditions you must meet. Otherwise, you can open the account and let it sit without using it, and you will still receive the bonus as long as you meet the deposit and holding requirements.

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

Most banks restrict bonuses to new customers or customers who have not had an account with them in the past 12 months. Some offers are only for new accounts opened in a specific branch or online. Check the promotion terms to see whether you are may be able to access. If you are not, you may be able to close your old account, wait the required time, and then open a new one to claim the bonus, but confirm this with the bank first.

When does the bonus actually appear in my account?

This varies by bank. Some deposit the bonus within 30 days of you meeting all the conditions. Others wait until the holding period ends (for example, 6 months after you open the account) before they pay it. Check the promotion terms for the exact timeline. If the bonus does not appear by the date stated, contact the bank's customer service and ask them to verify the promotion is attached to your account.

Can I get the bonus if I open the account online instead of at a branch?

Yes, and online accounts often have the same or better bonuses than branch accounts. Some banks run different promotions for online and branch accounts, so compare both before you decide. Online accounts typically have no monthly fees and higher interest rates on savings, which can make them a better choice than the bonus alone.

Is the bonus considered taxable income?

Yes. Bank bonuses are considered interest or miscellaneous income by the IRS. If the bonus is $25 or more, the bank will send you a 1099-INT or 1099-MISC form at tax time, and you will need to report it on your tax return. If it is less than $25, you still owe tax on it, but the bank may not send a form. Keep records of all bonuses you receive.