Which banks are offering money to open an account

Banks and credit unions offer cash bonuses to new customers, but the offers change monthly and vary by location. The amount ranges from $50 to $500 depending on the bank and the type of account. Some banks require you to deposit a minimum amount or set up direct deposit within a certain timeframe to earn the bonus; others have no strings attached.

The banks most commonly running these promotions include Chase, Bank of America, Wells Fargo, Citibank, Capital One, and various regional banks and credit unions. Credit unions often have smaller bonuses but lower monthly fees. Online banks like Ally, Charles Schwab, and Discover typically do not offer cash bonuses but may have higher interest rates on savings accounts instead.

Bonuses are not may provide to be available when you want them. A bank might run a promotion for three months, pause it for six, then restart it at a different amount. Checking the bank's website directly or calling their customer service line is the only way to know what is currently offered in your state.

Key Takeaways

  • Cash bonuses for opening a new account typically range from $50 to $500 and change every few months depending on the bank.
  • Most banks require you to meet conditions like depositing a minimum amount or setting up direct deposit within 30 to 90 days to receive the bonus.
  • Online banks rarely offer cash bonuses but often pay higher interest rates on savings, which may be worth more over time.
  • You must check each bank's website or call directly to see current offers, because promotions vary by state and change frequently.
  • Some banks charge monthly maintenance fees that can erase a small bonus, so compare the full account cost before opening.

How to find current offers and compare them

Start by visiting the website of the bank you are considering and looking for a banner or link labeled "New Customer Offer" or "Promotions." The offer details will list the bonus amount, the account type it applies to, and the conditions you must meet. Write down the deadline for meeting those conditions—usually 30, 60, or 90 days from account opening.

If you do not see an offer on the homepage, call the bank's customer service number and ask whether they are currently running a promotion. Some banks advertise offers only to certain customers or in certain states. A phone call takes five minutes and can reveal an offer the website does not show.

Compare not just the bonus amount but also the monthly fee. A $200 bonus on an account with a $12 monthly fee nets you only $56 after one year if you do not meet the fee waiver conditions. Free-checking accounts with smaller bonuses often cost you less in the long run.

Conditions you must meet to receive the bonus

Banks attach conditions to bonuses to ensure you actually use the account. The most common requirement is a minimum deposit within a set number of days—often $500 to $2,500, depending on the account type. Some banks require the deposit to come from outside the bank (not a transfer from another account at the same bank).

A second common condition is direct deposit. The bank may require you to receive at least one paycheck, government benefit, or other recurring deposit into the account within 60 or 90 days. If you are self-employed or do not receive regular deposits, this condition may be hard to meet.

A third condition is a minimum balance that you must maintain for a certain period. For example, "Keep $1,500 in the account for 30 days after opening." If your balance drops below that threshold, you may forfeit the bonus.

Read the fine print carefully. Some banks will pay the bonus automatically once you meet the conditions. Others require you to contact customer service or submit a form to claim it. If the bank does not specify when the bonus will appear, ask before you open the account.

Checking accounts versus savings accounts—which bonus is larger

Checking account bonuses are typically larger than savings account bonuses because banks want to attract customers who will use the account for everyday spending and bill payments. A checking bonus might be $200 to $500, while a savings bonus might be $50 to $150.

However, some banks offer bonuses for opening both accounts at the same time. You might receive $200 for a checking account and $100 for a savings account if you open them together and meet the conditions for each. Read the promotion terms to see whether you can stack bonuses or whether opening multiple accounts disqualifies you from one of them.

Savings accounts rarely have monthly fees, but checking accounts often do. If you plan to keep the account open long-term, a smaller bonus on a free savings account may be better than a larger bonus on a checking account with a $10 monthly fee.

What happens if you do not meet the conditions

If you do not meet the conditions by the deadline, the bank will not pay the bonus. There is no partial credit or extension. For example, if the promotion requires direct deposit within 90 days and you receive your first paycheck on day 91, you lose the bonus.

The account itself remains open and usable. You will not be charged a penalty for missing the bonus conditions—you simply do not receive the money. However, you may still be charged monthly maintenance fees if the account does not meet the bank's fee-waiver requirements (such as maintaining a minimum balance or setting up direct deposit).

If you realize you will not meet the conditions, you can close the account without penalty. Most banks allow you to close an account at any time. However, closing the account before the bonus deadline may disqualify you from the bonus even if you met the conditions, so check the terms first.

Online banks versus brick-and-mortar banks

Online banks (Ally, Charles Schwab, Discover, Marcus) rarely offer cash bonuses because they have lower operating costs and can attract customers through higher interest rates instead. A savings account at an online bank might pay 4% to 5% annual interest, which over time is worth more than a one-time $100 bonus.

Brick-and-mortar banks (Chase, Bank of America, Wells Fargo) offer cash bonuses more frequently because they have higher costs and need to compete for new customers. However, their interest rates on savings accounts are typically much lower—often under 0.5% annually.

If you plan to keep money in savings for years, the higher interest rate at an online bank may be worth more than the upfront bonus at a traditional bank. If you need the money soon or plan to spend it, the cash bonus from a brick-and-mortar bank is the better choice.

Credit unions and local banks

Credit unions and smaller regional banks often offer bonuses of $50 to $200 for opening a new account. These bonuses are less publicized than those from large national banks, so you may need to call or visit in person to learn about them.

Credit union bonuses sometimes come with lower requirements—for example, a $100 bonus just for opening an account with no minimum deposit or direct deposit needed. However, credit unions have membership requirements. You may need to live in a certain area, work for a specific employer, or be related to an existing member to join.

Local and regional banks may offer bonuses only to customers in their service area. If you live in the Midwest, a bonus from a West Coast bank will not be available to you. Search for banks headquartered in or operating in your state to find local offers.

Frequently Asked Questions

Can I open multiple accounts at the same bank to get multiple bonuses?

Most banks allow you to open one checking and one savings account and receive bonuses for both, but the promotion terms will specify this. Some banks limit you to one bonus per customer per year, regardless of how many accounts you open. Read the fine print or call customer service to confirm whether you can stack bonuses.

Do I have to keep the account open after I get the bonus?

No. Once the bonus is deposited into your account, it is yours to keep. You can close the account immediately after. However, if you close the account before the bonus deadline, you may forfeit the bonus, so check the terms first.

What if the bank changes the offer after I open my account?

The offer in effect when you open the account is the one that applies to you. If the bank raises or lowers the bonus amount after you open, you will receive the bonus you were promised, not the new amount. This is why it is important to confirm the exact offer before opening.

Are bank bonuses taxable income?

Yes. The IRS treats bank bonuses as taxable income. If you receive a bonus of $600 or more, the bank will send you a 1099-INT form at tax time. Bonuses under $600 are still taxable but may not require a form. Keep records of all bonuses you receive.

Can I transfer money from another bank to meet the minimum deposit requirement?

Some banks accept transfers from other banks to meet the minimum deposit requirement, but many do not. They specifically require the deposit to come from outside the banking system—a paycheck, government benefit, or wire transfer from a non-bank source. Check the promotion terms or ask the bank before you open the account.