Which banks offer money to open an account
Several large banks and credit unions periodically offer cash bonuses for opening a checking or savings account, but the offer changes month to month and varies by location. Chase, Bank of America, Wells Fargo, Citibank, and regional banks like PNC and TD Bank have all run promotions in the past year. Credit unions often offer bonuses too, though they may be smaller — typically $50 to $200 compared to $200 to $500 at national banks.
The catch is that these offers are not permanent. A bank might advertise a $300 bonus one month and nothing the next. Some bonuses apply 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. If you do not meet the conditions, the bank keeps the money and you keep the account.
The best way to find current offers is to visit the bank's website directly or call their customer service line. Comparison sites like Bankrate, DepositAccounts, and NerdWallet track active promotions, but they update slowly — always confirm the offer on the bank's own site before you open the account.
Key Takeaways
- Banks that currently offer account opening bonuses include Chase, Bank of America, Wells Fargo, Citibank, PNC, and TD Bank, though offers change frequently and vary by region.
- Most bonuses require you to meet conditions such as setting up direct deposit, maintaining a minimum balance, or keeping the account open for a specific number of months.
- Bonuses range from $50 to $500 depending on the bank and account type, but you forfeit the money if you close the account or fail to meet the terms before the deadline.
- Check the bank's official website or call their phone number to confirm the current offer, because promotions change monthly and comparison sites lag behind.
What conditions come with the bonus
Banks do not hand over the money just for opening an account. Read the fine print before you commit. Common requirements include setting up direct deposit (your paycheck or government benefit must land in the account), maintaining a minimum balance for 30 to 90 days, or keeping the account open for six months or longer.
Some banks require a certain number of debit card transactions — for example, five purchases in the first 30 days. Others ask you to open both a checking and savings account together to earn the bonus. A few require you to transfer money in from another bank. If you miss even one condition, the bank will not deposit the bonus.
The deadline matters too. Most bonuses post 30 to 90 days after you open the account, but only if you have met all the terms by then. If you close the account before the bonus arrives, you lose it. Read the full terms on the bank's website — they are usually in a PDF or linked from the promotion page.
How to compare offers across banks
Start by listing the banks in your area or the ones you already use. Visit each bank's website and search for "new account bonus" or "checking account promotion." Write down the bonus amount, the account type it applies to, and every condition listed. Then compare not just the bonus size but whether you can actually meet the conditions.
If you do not have direct deposit yet, a bonus that requires it is worthless to you. If you cannot maintain a $1,500 minimum balance, skip that offer. If you plan to move money between banks frequently, check whether the bank limits transfers or charges fees. A $300 bonus loses its value if you pay $10 a month in fees for six months.
Also consider the account itself, not just the bonus. Does the bank charge a monthly fee? What is the interest rate on savings? Are there ATMs near you? A bonus is temporary; the account is not. Pick a bank where you would want to keep money even without the promotion.
Banks and credit unions currently running promotions
| Bank or Credit Union | Typical Bonus Range | Common Requirements |
|---|---|---|
| Chase | $200–$500 | Direct deposit, minimum balance, account open for 6 months |
| Bank of America | $100–$300 | Direct deposit, minimum balance, debit card use |
| Wells Fargo | $200–$400 | Direct deposit, minimum balance, account open for 6 months |
| Citibank | $300–$500 | Direct deposit, minimum balance, account open for 6 months |
| PNC Bank | $100–$300 | Direct deposit, minimum balance, debit card transactions |
| TD Bank | $100–$300 | Direct deposit, minimum balance, account open for 6 months |
| Local credit unions | $50–$200 | Membership, direct deposit, minimum balance |
This table shows banks that have offered bonuses in recent months, but offers change constantly. The bonus amounts and requirements listed here are typical ranges — your bank may offer more, less, or nothing at the moment you check. Always verify on the bank's website before opening an account.
Regional banks and credit unions in your area may also run promotions that are not listed here. Call your local credit union or check smaller regional banks' websites to see what they are currently offering. Sometimes the best deal is at an institution you have not considered yet.
What happens if you do not meet the conditions
If you open the account but fail to meet the bonus conditions, the bank simply does not pay you. You keep the account and can use it normally, but the bonus money never arrives. For example, if the offer requires direct deposit and you never set it up, you forfeit the bonus after the deadline passes.
If you close the account before the bonus posts, you lose it. Some banks will not pay the bonus if you close within 90 days or six months, even if you met all the other terms. Check the terms to see how long you must keep the account open.
There is no penalty beyond losing the bonus itself. Your credit score does not drop, and the bank will not charge you a fee. But you have wasted the opportunity to get assistance programs, so read the requirements carefully before you commit.
How to claim the bonus once you may have access to
In most cases, you do not have to do anything. Once you meet all the conditions and the deadline passes, the bank automatically deposits the bonus into your account. It usually shows up 30 to 90 days after you open the account, depending on the bank's timeline.
Check your account statement to confirm the bonus arrived. If it did not appear by the date the bank promised, contact customer service with proof that you met all the conditions — your direct deposit records, your minimum balance history, or your debit card transaction list. Keep screenshots or statements as evidence.
Some banks require you to claim the bonus through their app or website, though this is less common. The promotion details will tell you if you need to take an extra step. If you are unsure, call the bank's customer service number listed on your account statement.
Frequently Asked Questions
Do I have to be a new customer to get the bonus?
Most banks limit bonuses to customers who have never held an account with them or have not held one in the past 12 months. A few offer bonuses to existing customers who open a second account type — for example, a savings account if you already have checking. Check the terms to see whether you are may be able to access based on your history with that bank.
What if I already have direct deposit set up at another bank?
You can change your direct deposit to the new bank. Contact your employer's payroll department or your benefits administrator and provide the new bank's routing number and your account number. The change usually takes one or two pay periods to take effect. Make sure the deposit goes through before the bonus deadline.
Can I open multiple accounts at different banks to collect multiple bonuses?
Yes, you can open accounts at different banks and collect bonuses from each one, as long as you meet each bank's conditions. However, some banks exclude customers who have opened an account with them in the past 12 months, so you may not be able to open a second account at the same bank right away. Read each bank's terms to confirm you are may be able to access.
What if the bonus does not show up after the deadline?
Contact the bank's customer service and provide proof that you met all the conditions — your direct deposit records, account statements showing the minimum balance, or transaction history. Keep screenshots or printed statements as evidence. The bank should investigate and deposit the bonus if you may have access to.
Do I have to pay taxes on the bonus money?
Bank account bonuses under $600 are generally not reported to the IRS, but bonuses of $600 or more may be reported on a 1099-INT form. Check with a tax professional or the bank about whether the bonus counts as taxable income in your situation, as rules vary by state and the bank's reporting practices.