Banks That Pay You to Open a Checking or Savings Account
Several large banks and online banks offer cash bonuses when you open a new account and meet their requirements. The bonus typically ranges from $50 to $500, depending on the bank and the type of account. You do not receive the money just for opening the account—you have to complete specific steps, usually depositing a minimum amount or setting up direct deposit within a set timeframe.
The banks running these promotions change their offers frequently, sometimes monthly. Chase, Bank of America, Wells Fargo, Ally, Charles Schwab, and Marcus by Goldman Sachs have all offered bonuses in recent years, but the amounts and conditions shift. Before you open an account, check the bank's website directly or call their customer service line to confirm the current offer and what you must do to receive it.
Key Takeaways
- Bank bonuses typically require a minimum deposit (often $500 to $25,000) and sometimes direct deposit setup within 30 to 90 days to unlock the money.
- The bonus amount varies widely by bank and account type, and offers change frequently—always verify the current terms on the bank's official website before opening.
- You may owe taxes on the bonus as interest income, so keep records of the amount and the bank's name for your tax return.
- Some banks require you to maintain the account for a set period (often 6 months to a year) or they may claw back the bonus if you close it early.
Common Requirements to Receive the Bonus
Most banks require you to deposit a minimum amount within a certain window—typically 30 to 90 days after opening the account. This deposit can come from an external bank account, a paycheck via direct deposit, or sometimes a wire transfer. The minimum deposit ranges from $500 at some online banks to $25,000 or more at larger institutions.
Some banks also require you to set up direct deposit from your employer or another income source. This step can take longer than a simple deposit because your employer's payroll system must process it, which may not happen until your next pay cycle. If the bank's deadline is 60 days and your paycheck arrives on day 65, you may miss the bonus window.
A few banks impose an additional condition: you must keep the account open for a minimum period, often six months to a year. If you close the account before that time, the bank may deduct the bonus from your final balance or require you to return it. Read the terms carefully before you commit.
How Long It Takes to Receive the Money
Once you meet all the requirements, the bank typically deposits the bonus into your account within 30 to 90 days. Some banks are faster—a few credit the bonus within two weeks—but others take the full three months. The bank's website or the promotion terms should state the expected timeline.
The delay exists partly because the bank wants to confirm you have actually completed the requirements. If you set up direct deposit, the bank waits for the deposit to clear. If you transferred money from another bank, they verify the transfer went through. Only after that confirmation does the bonus post to your account.
Comparing Offers Across Banks
| Bank Type | Typical Bonus Range | Minimum Deposit | Direct Deposit Required? |
|---|---|---|---|
| Large national banks (Chase, Bank of America, Wells Fargo) | $100–$300 | $500–$15,000 | Often yes |
| Online banks (Ally, Marcus, Charles Schwab) | $50–$200 | $0–$1,000 | Sometimes |
| Credit unions | $25–$150 | $100–$500 | Varies |
Online banks often have lower minimum deposit requirements and sometimes no deposit requirement at all—they may only ask you to set up direct deposit. National banks typically demand larger deposits but offer bigger bonuses. Credit unions usually fall in the middle on both counts, though their offers are less frequent and less widely advertised.
The "best" offer depends on whether you can meet the deposit requirement and direct deposit timeline. A $300 bonus sounds better than $100, but only if you can deposit $15,000 without straining your finances. If you can only deposit $500, an online bank with a $50 bonus and a $0 minimum may be the better choice.
Tax Implications of Bank Bonuses
The IRS treats bank bonuses as interest income, which means you will owe federal income tax on the amount. The bank will send you a 1099-INT form in January showing the bonus as interest earned during the previous year. You must report this on your tax return.
The tax you owe depends on your overall income and tax bracket. A $200 bonus might add $30 to $60 to your tax bill, depending on your situation. Keep the bank's name and the bonus amount in your records so you can match it to the 1099-INT when it arrives.
Red Flags and Things to Avoid
Do not open an account at a bank solely for the bonus if you will not actually use the account afterward. Some banks charge monthly maintenance fees if you do not maintain a minimum balance or set up direct deposit. A $200 bonus can disappear quickly if the bank charges $15 per month in fees.
Avoid banks that require you to open multiple accounts to receive multiple bonuses, unless you genuinely need those accounts. Each new account can affect your credit score slightly, and managing several accounts adds complexity. Also, be cautious of offers that seem unusually high—verify them on the bank's official website, not on third-party sites that may be outdated or inaccurate.
Some banks have rules about how often you can receive a bonus. Chase, for example, typically does not pay a bonus to customers who have received one in the past 24 months. If you opened a Chase account two years ago and received a bonus, you may be ineligible for the current offer. Check the fine print before you apply.
How to Track Your Bonus After You Open the Account
Log into your online banking portal and review your account activity regularly. The bonus will appear as a deposit with a description like "New Account Bonus" or "Promotional Credit." If the deadline has passed and you do not see the bonus, contact the bank's customer service line with your account number and the promotion details.
Keep a record of the date you opened the account, the date you made the deposit, and the date you set up direct deposit (if required). If there is a dispute, you will need these dates to prove you met the requirements. Some banks have online chat support that can look up your account and confirm whether the bonus is pending or if there was an issue.
Frequently Asked Questions
Can I get a bonus from the same bank twice?
Most banks have a waiting period—often 12 to 24 months—before you can receive another bonus from them. Some banks exclude you permanently if you have ever received a bonus from them. Check the bank's current terms before opening a second account.
What if I do not meet the direct deposit requirement in time?
You will not receive the bonus. Direct deposit deadlines are firm at most banks. If your paycheck is delayed or your employer's system is slow, contact the bank before the deadline to ask if they can extend the window—some will, but many will not.
Do I have to keep money in the account after I get the bonus?
You do not have to keep the bonus itself in the account, but you may need to maintain a minimum balance to avoid monthly fees. Read the account terms to see if there is a required minimum balance and what happens if you fall below it.
Will opening multiple accounts for bonuses hurt my credit?
Opening multiple checking or savings accounts causes a small, temporary dip in your credit score because banks perform a hard inquiry. The impact is usually minor and fades within a few months. However, opening many accounts in a short time can signal risk to lenders, so space out new accounts if you plan to apply for a loan soon.
What happens if the bank closes my account?
If the bank closes your account for any reason, you will keep the bonus you already received. However, if the bonus has not posted yet and the account is closed, you will likely forfeit it. Banks can close accounts for suspicious activity, repeated overdrafts, or violations of their terms.