Key Takeaways
- The best bank bonuses are from Chase, Wells Fargo, U.S. Bank, PNC Bank, SoFi, Huntington Bank, TD Bank and First Tech Federal Credit Union.
- To get the highest bank bonuses, you’ll generally need to open new checking and savings accounts and set up direct deposit.
- Look for accounts that offerhigher interest rateson deposits and low or no monthly fees.
Top Checking Offers Today
*Annual Percentage Yield
Best Bank Bonuses
If you’re planning to open a new checking or savings account, look for options that offer sign-up bonuses for new customers. These bank bonuses can provide sizable cash deposits after you meet certain requirements.
For this article, we at the MarketWatch Guides team looked at more than 40 bank accounts that regularly offer welcome bonuses, including online checking accounts and savings accounts. We picked the five best offers based on their bonus amounts, their requirements and ratings from our reviews of the best checking accounts and the best savings accounts.
Our picks for the best bank bonuses range from$200 to $900, and they come from both online banks and traditional banks. Respondents from our latest MarketWatch Guides banking survey said the most important feature for both checking and savings accounts was no or low fees. While some of our recommended bank accounts have monthly service fees, most ongoing charges can be waived if you meet certain terms.
Chase Bank: Earn up to $900
4.0
Bonus Deposit Requirements:
Must receive at least $500 in eligible direct deposits within 90 days of opening your account
Our Review
Bonus AmountUp to $900Monthly Account FeesUp to $12Minimum Opening Deposit$0
Chase Bonus Details
Chase is offering checking and savings sign-up bonuses** for new customers until October 16, 2024:
Chase Checking Account Bonus
Earn a $300 bonus for opening a Chase Total Checking account and setting up a direct deposit for any amount within 90 days.
Chase Savings Account Bonus
Earn $200 for opening a Chase Savings account, funding it with at least $15,000 in new money within 30 days and maintaining that minimum balance for 90 days.
Chase Checking and Savings Account Bonus
Earn $400 if you qualify for both the checking and savings bonuses, bringing your total bonus to $900.
If you meet these requirements, Chase will deposit the bonus within 15 days after the initial 90-day period.
Chase Total Checking Bonus | Chase Savings Bonus | Details of Total Bonus | |
Bonus Amount | $300 | $200 | Up to $900 (including $400 for qualifying for both checking and savings bonuses) |
Bonus Deposit Requirements | Direct deposits of any amount within 90 days | Deposit $15,000 or more in new money within the first 30 days and maintain a $15,000 minimum balance for 90 days | Meet requirements for both accounts |
Monthly Account Fees | $12* | $5** | N/A |
Account Minimum Opening Deposit | $0 | $0 | N/A |
Offer Ends | October 16, 2024 | October 16, 2024 | October 16, 2024 |
*Waived if requirements for direct deposit or minimum account balances are met
**Waived if requirements for age, minimum account balance or checking account activity are met
Pros and Cons
Pros Large combined bonus: This Chase checking and savings bonus is the largest bank bonus on our list. Easy-to-earn checking bonus: There’s no minimum direct deposit amount to earn the bonus for Chase Total Checking. Cons High deposit for savings bonus: To earn the Chase Savings bonus, you’ll have to maintain a $15,000 minimum balance for 90 days. Low savings rate: The Chase Savings account has a low annual percentage yield (APY) compared to SoFi, which is also on our list of the best bank bonuses.
Chase Financial Products
We rate Chase Bank 4 out of 5 stars overall. Chase has eight checking accounts and three savings accounts, as well as certificates of deposit (CDs), home and auto loans, investment services and credit cards. It has more than 4,700 branches and 15,000 ATMs in 48 states, and it’s the largest bank in the country by assets. Read our complete review of Chase Bank for more information.
Wells Fargo: Earn up to $850
3.8
Bonus Deposit Requirements:
Must receive at least $1,000 in eligible direct deposits within 90 days of opening the account
Bonus AmountUp to $825Monthly Account FeesUp to $12Minimum Opening Deposit$25
Wells Fargo Bonus Details
Wells Fargo Checking Account Bonus
Wells Fargo is offering a $300 bonus for new consumer checking customers who:
- Open an Everyday Checking account with a minimum deposit of $25
- Receive a total of $1,000 or more in qualifying electronic deposits within 90 days
All consumer checking accounts are eligible for the bonus except for those from Wells Fargo Private Bank. Once you meet the bonus requirements, the money will be deposited in your account within 30 days. This bonus is available through September 25, 2024.
Wells Fargo Savings Account Bonus
If you have more money to deposit, you may be eligible for Wells Fargo’s $525 bonus for new savings customers. To qualify, you must:
- Open a new consumer savings account with a minimum deposit of $25
- Deposit $25,000 or more in new money within 30 days
- Maintain a $25,000 minimum balance for at least 90 days
All consumer savings accounts are eligible for this bonus except for CDs and savings accounts from Wells Fargo Private Bank. You must open your savings account at a Wells Fargo branch to get this bonus, and the offer expires on August 20, 2024. The bonus will be added to your account within 30 days after you qualify.
Everyday Checking Bonus | Savings Bonus | |
Bonus Amount | $300 | $525 |
Bonus Deposit Requirements | Must receive $1,000 or more in eligible electronic deposits within 90 days of opening the account | Must deposit $25,000 or more in new money within 30 days and maintain a $25,000 minimum balance for 90 days |
Monthly Account Fees | $10* | $5 to $12** |
Account Minimum Opening Deposit | $25 | $25 |
Offer Ends | September 25, 2024 | August 20, 2024 |
*Waived if requirements for age, deposits, minimum account balance or linked accounts are met
**Waived if requirements for age, transfers, minimum account balance or linked accounts are met
Pros and Cons
Pros Large combined bonus: If you qualify for both checking and savings bonuses, you could earn $825. Waivable checking fees: It’s easy to get some Wells Fargo monthly account fees waived if you’re 24 years old or under or if you meet minimum balance or deposit requirements. Cons High deposit requirement: To earn the Wells Fargo savings bonus, you’ll have to deposit $25,000 or more and maintain a balance of at least $25,000. Low APYs: For balances below $100,000, Wells Fargo’s savings accounts offer below-average rates.
Wells Fargo Financial Products
We rate Wells Fargo 3.8 of 5 stars overall, adding points for it having more than 4,500 branches and 11,000 ATMs in 36 states, high customer ratings for its mobile bank app and features such as Zelle. We’ve subtracted points for the bank’s fees and lack of cash-back rewards.
In addition to checking and savings accounts, Wells Fargo offers CDs, credit cards, investing accounts and home, auto and personal loans. Read our complete Wells Fargo review for more checking and savings account features.
U.S. Bank: Earn up to $450
4.0
Bonus Deposit Requirements:
Must deposit at least $5,000 in monthly qualifying direct deposits and maintain a $7,000 minimum average daily balance for seven months to earn the full bonus
Our Review
Bonus AmountUp to $450Monthly Account FeesUp to $6.95Minimum Opening Deposit$25
U.S. Bank Bonus Details
U.S. Bank is offering a checking account bonus of up to $450.
This bank bonus is available through September 26, 2024. You must enter the code “2024JUL” on your applications if you open these accounts through a page other than the linked offer page.
U.S. Bank Checking Account Bonus
When you open a new U.S. Bank Smartly Checking account with a minimum deposit of $25, you can earn one of the following bonuses when you make two or more direct deposits and enroll in the U.S. Bank mobile app or online banking within 90 days:
- Earn $250 with direct deposits totaling $2,000 to $4,999.99.
- Earn $350 with direct deposits totaling $5,000 to $7,999.99.
- Earn $450 with direct deposits totaling $8,000 or more.
U.S. Bank Smartly Checking Bonus | |
Bonus Amount | $250 bonus with total direct deposits of $2,000 to $4,999.99 $350 bonus with total direct deposits of $5,000 to $7,999.99 $450 bonus with total direct deposits of $8,000 or more |
Bonus Deposit Requirements | Must make two or more direct deposits and enroll in the U.S. Bank app or online banking within 90 days |
Monthly Account Fees | $6.95* |
Account Minimum Opening Deposit | $25 |
Offer Ends | September 26, 2024 |
*Waived if requirements for direct deposit, account balance or credit card are met
Pros and Cons
Pros Large checking bonus: The U.S. Bank Smartly Checking offers the largest checking account bonus on our list at up to $450. Easy to apply: You can open either account online, by phone or in a U.S. Bank branch. Cons High deposit amount: To qualify for the highest checking bonus, you must fund your account with $8,000 or more in total direct deposits.
U.S. Bank Financial Products
We rate U.S. Bank 4 out of 5 stars. It earns points for its wide selection of financial products and customer service but loses points for its limited number of ATMs (about 4,500) and the fact that it only has branches in 26 states. U.S. Bank is the fifth–largest bank in the country by assets and has over 2,200 branches.
In addition to deposit accounts, the bank provides credit cards, investing accounts and personal, home and vehicle loans. Its mobile app is highly rated, getting 4.8 out of 5 stars in the App Store and 4.7 out of 5 stars in Google Play. Read our complete U.S. Bank review for more details on its checking and savings accounts.
PNC Bank: Earn up to $400
4.1
Bonus Deposit Requirements:
Must receive total qualifying direct deposits of at least $500 in a linked Spend account within 60 days of opening your account online
Bonus AmountUp to $400Monthly Account FeesUp to $25Minimum Opening Deposit$0
PNC Bank Bonus Details
PNC Checking Account Bonus
PNC Bank is offering two checking account bonuses up to $400**. for new account holders. However, customers can only take advantage of one of these offers:
- Earn $200 when you open a new Virtual Wallet with Performance Spend account and direct deposit $2,000 or more within the first 60 days.
- Earn $400 when you open a new Virtual Wallet with Performance Select account and direct deposit $5,000 or more within the first 60 days.
Both offers are available through September 3, 2024, and only available in select ZIP codes. If your account remains open and in good standing, PNC will deposit the bonus within 60 to 90 days after requirements are met.
Virtual Wallet With Performance Spend Bonus | Virtual Wallet With Performance Select Bonus | |
Bonus Amount | $200 | $400 |
Bonus Deposit Requirements | Total qualifying direct deposits of at least $2,000 in a linked Spend account within 60 days of opening your account | Total qualifying direct deposits of at least $5,000 in a linked Spend account within 60 days of opening your account |
Monthly Account Fees | $15* | $25* |
Account Minimum Opening Deposit | $0 | $0 |
Offer Ends | September 3, 2024 | September 3, 2024 |
*Waived if requirements for employment, direct deposit or account balances are met
Pros and Cons
Pros Low minimum deposit: PNC’s $200 bonus only requires $2,000 in direct deposits, while U.S. Bank’s bonuses require at least $3,000. Two bonus options: You have two checking account bonuses to choose from depending on how much you’re able to deposit. Cons High monthly fees: The PNC Bank checking accounts have the highest monthly fees out of the banks on our list, and getting the fees waived requires large direct deposits or account balances. Possible wait for payment: Once you meet the bank bonus requirements, it can take up to 90 days to receive the money.
PNC Bank Financial Products
PNC earns 4.1 out of 5 stars in our banking review. It gains points for its many product offerings but loses points for having limited customer service options.
PNC is a traditional bank with deposit accounts, loans, investment services and several credit cards. There are more than 2,300 PNC branches in 28 states and Washington, D.C., and around 60,000 PNC and partner ATMs. Read our complete review of PNC Bank to get more information on checking and savings account features.
SoFi: Earn up to $300
Great for High-Yield Checking and Savings Account
4.5
Bonus Deposit Requirements:
- $50 cash bonus for total direct deposits of $1,000 to $4,999.99 during the bonus period
- $300 cash bonus for total direct deposits of $5,000 or more during the bonus period
Our Review
Bonus AmountUp to $300Monthly Account Fees$0Minimum Opening Deposit$0
SoFi Bonus Details
SoFi Checking and Savings Bonus
SoFi is offering a sign-up bonus of up to $300** for new SoFi Checking and Savings account holders, as well as existing members who’ve never enrolled in direct deposit. You could receive one of these bonuses:
- Earn $50 with direct deposits totaling $1,000 to $4,999.99.
- Earn $300 for direct deposits totaling $5,000 or more.
Direct deposits must be made within a 25-day period that begins when you receive the first deposit in your SoFi combined checking and savings account.
To earn either account bonus, you must receive qualifying direct deposits by December 31, 2024. You’ll receive your bonus within seven business days after the 25-day period.
SoFi Checking and Savings Bonus | |
Bonus Amount | $50 or $300 |
Bonus Deposit Requirements | $50 cash bonus for direct deposits totaling $1,000 to $4,999.99 during the 25-day bonus period $300 cash bonus for direct deposits totaling $5,000 or more during the 25-day bonus period |
Monthly Account Fees | $0 |
Account Minimum Opening Deposit | $0 |
Offer Ends | December 31, 2024 |
Pros and Cons
Pros No fees: SoFi’s checking and savings account doesn’t have any monthly fees. Earn interest: Both parts of the account have high APYs that are above national averages. Cons May be hard to earn the full bonus: You’ll need to receive direct deposits of $5,000 or more within the 25-day bonus period to earn the $300 cash bonus. Online only: SoFi is an online-only bank, so you won’t be able to open or manage your account in person.
SoFi Financial Products
We give SoFi 4.5 out of 5 stars overall in our banking review. It earns points for its A+ rating from the Better Business Bureau (BBB) and for giving customers access to more than 55,000 free ATMs. However, it loses points because it’s an online-only bank with limited product offerings (it doesn’t have CDs or money market accounts). It does offer a wide range of other financial products, including student loan refinancing and mortgages.
With the SoFi Plus program, checking and savings account holders who have qualifying direct deposit activity can get perks such as discounts on personal loan rates.
Huntington Bank: Earn up to $600
3.9
Bonus AmountUp to $600Monthly Account FeesUp to $25Minimum Opening Deposit$0
Huntington Bank Bonus Details
Huntington Bank is offering bonuses on two of its checking accounts: Huntington Perks Checking and Huntington Platinum Perks Checking.
- Huntington Perks Checking account bonus: You can earn $400 if you set up and receive a qualifying direct deposit within 90 days of opening a new account.
- Huntington Platinum Perks Checking account bonus: You can earn $600 if you make deposits totaling at least $25,000 within 90 days of opening a new account. Deposits must be new to Huntington.
For both options, you must use the bonus code from the offer page to apply for your account. You must also keep the account open for 90 days. Huntington Bank will deposit the bonus in your account within 14 days once you meet the requirements. These offers end October 7, 2024.
Both of these checking accounts earn interest on all balance tiers.
Huntington Perks Checking Bonus | Huntington Platinum Perks Checking Bonus | |
Bonus Amount | $400 | $600 |
Bonus Deposit Requirements | Qualifying direct deposit of any amount within 90 days | $25,000 that’s new to Huntington Bank within 90 days |
Monthly Account Fees | $10* | $25* |
Account Minimum Opening Deposit | $0 | $0 |
Offer Ends | October 7, 2024 | October 7, 2024 |
*Waived if deposit or balance requirements are met
Pros and Cons
Pros No minimum deposit for Perks Checking: Huntington Bank doesn’t have a minimum direct deposit amount for getting the $400 Perks Checking bonus. Earn interest: Both Perks Checking and Platinum Perks Checking earn interest, though their rates are below the national average for this type of account. 24-hour overdraft grace period: If you overdraft by more than $50, you’ll have 24 hours to deposit funds into your account before you’re charged an overdraft fee. Cons Limited availability: Huntington is a regional bank with branches in only 11 states, mostly in the South and Midwest. High account fees: The bank charges monthly fees of up to $25 for its checking accounts, but it waives the charges for account holders who meet deposit or balance requirements.
Huntington Bank Financial Products
We give Huntington Bank 4 out of 5 stars in our banking review. It gets points for its interest-earning checking accounts and A+ rating from the BBB, but it loses points for its high monthly fees and low rates on savings accounts.
In addition to three types of checking accounts, Huntington Bank offers savings accounts, credit cards, investment accounts, insurance and loans. It has branches in 11 states: Colorado, Florida, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, West Virginia and Wisconsin.
TD Bank: Earn up to $300
4.1
Bonus AmountUp to $300Monthly Account FeesUp to $25Minimum Opening Deposit$0
TD Bank Bonus Details
TD Bank is offering rewards for new customers who open its TD Beyond Checking and TD Complete Checking accounts.
- TD Complete Checking bonus: You can get $200 for opening an account and receiving $500 in qualifying direct deposits within 60 days.
- TD Beyond Checking bonus: You can get $300 for opening an account if you receive $2,500 in qualifying direct deposits within 60 days.
TD Bank will deposit your bonus in your account in 180 days or less after you open your account. You must be a new customer to qualify, and the offer expires August 31, 2024.
TD Complete Checking Bonus | TD Beyond Checking Bonus | |
Bonus Amount | $200 | $300 |
Bonus Deposit Requirements | $500 in qualifying direct deposits within 60 days | $2,500 in qualifying direct deposits within 60 days |
Monthly Account Fees | $15 maintenance fee* $3 paper statement fee** | $25 maintenance fee*** $3 paper statement fee |
Account Minimum Opening Deposit | $0 | $0 |
Offer Ends | August 31, 2024 | August 31, 2024 |
*Waived if age, deposit or balance requirements are met
**Waived with enrollment in paperless statements
***Waived if deposit or balance requirements are met
Pros and Cons
Pros Lower minimum deposit than some: The TD Complete Checking bonus only requires $500 in deposits, while some on our list start at $1,000 or more. Generous overdraft policy: TD Bank gives you until 11 p.m. EST the next business day to cover an overdraft, and it reverses your first two overdrafts fees of the year. Cons Limited availability: TD Bank only has branches in 15 states along the East Coast. Possible wait for paLarge account maintenance fees: While the fees can be waived, the bank charges monthly maintenance fees of up to $25 for its checking accounts.yment: Once you meet the bank bonus requirements, it can take up to 90 days to receive the money.
TD Bank Financial Products
TD Bank gets 4.1 out of 5 stars in our banking review. It earns points for its wide range of checking accounts and CDs and its A+ rating from the BBB, but it loses points for its limited availability. TD Bank also doesn’t offer live chat for customer support, which many customers may expect from their bank.
In addition to deposit accounts, TD Bank offers home equity loans and lines of credit, IRAs, personal loans and credit cards. TD Bank branches are located in 15 states along the East Coast and in Washington, D.C.
First Tech Federal Credit Union: Earn up to $300
High APY on CDs
4.4
Bonus Amount$300Monthly Account Fees$0Minimum Opening Deposit$10
First Tech Federal Credit Union Bonus Details
First Tech Federal Credit Union is offering a $300 bonus for setting up a new direct deposit in a new or existing First Tech Rewards Checking account. Unlike some of the banks on our list, First Tech doesn’t require you to be a new customer to take advantage of this deal.
To qualify for the bonus, you’ll need to set up a new direct deposit of $1,000 or more per month for at least three months. This offer expires August 31, 2024.
On top of this, you could earn 5.00% APY on Rewards Checking balances up to $15,000 and 0.10% APY on balances above that. To get these rates, you’ll need to meet these requirements:
- $1,000 or more in monthly direct deposits or automated clearing house (ACH) deposits
- 20 transactions across your debit and credit cards, with $500 or more spent monthly
- Enrolling in e-statements
If you don’t meet these requirements, you’ll earn 0.01% APY on your checking balance.
First Tech Rewards Checking Bonus
Bonus Amount | $300 |
Bonus Deposit Requirements | New direct deposit with $1,000 or more per month for at least three months |
Monthly Account Fees | $0 |
Account Minimum Opening Deposit | $10 |
Offer Ends | August 31, 2024 |
Pros and Cons
Pros No monthly fees: First Tech Federal Credit Union doesn’t charge monthly maintenance fees for its checking accounts. Wide availability: Along with its own branches in eight states, First Tech customers have access to more than 5,600 shared Co-op branches in other states. Cons Must join: Since it’s a credit union, you’ll have to become a member to hold an account. Requirements for best checking rates: One of the things you’ll need to do to earn 5.00% APY on part of your First Tech Rewards Checking balance is to complete at least 20 debit or credit transactions each month.
First Tech Federal Credit Union Financial Products
First Tech Federal Credit Union gets 4.4 out of 5 stars in our banking review. It earns points for its A+ rating from the BBB and not charging monthly fees. However, First Tech loses points for its limited CD options.
As a credit union, it also requires you to be a member to hold an account. Its website states that if you don’t meet the listed criteria — which include working at one of over 900 partner companies — you can make a virtual or in-person appointment to see if you qualify.
First Tech Federal Credit Union’s other products include an HSA checking account that pays up to 1.00% APY, share certificates, insurance and loans.
Summary: The Best Bank Account Bonuses of 2024
Total BonusUp to $300 Checking BonusN/A Savings BonusN/A Minimum Opening Deposit$0 Offer EndsDecember 31, 2024 |
Total BonusUp to $900 Checking Bonus$300 Savings Bonus$200 Minimum Opening Deposit$0 Offer EndsOctober 16, 2024 |
Total BonusUp to $825 Checking Bonus$300 Savings Bonus$525 Minimum Opening Deposit$25 Offer EndsSeptember 25, 2024 (checking) | August 20, 2024 (savings) |
Total BonusUp to $450 Checking BonusUp to $450 Savings BonusN/A Minimum Opening Deposit$25 Offer EndsSeptember 26, 2024 |
Total BonusUp to $400 Checking BonusUp to $400 Savings BonusN/A Minimum Opening Deposit$0 Offer EndsSeptember 3, 2024 |
Total BonusUp to $600 Checking BonusUp to $600 Savings BonusN/A Minimum Opening Deposit$0 Offer EndsOctober 7, 2024 |
Total BonusUp to $300 Checking BonusUp to $300 Savings BonusN/A Minimum Opening Deposit$0 Offer EndsAugust 31, 2024 |
Total Bonus$300 Checking Bonus$300 Savings BonusN/A Minimum Opening Deposit$10 Offer EndsAugust 31, 2024 |
Bank | Total Bonus | Checking Bonus | Savings Bonus | Minimum Opening Deposit | Offer Ends | See More |
---|---|---|---|---|---|---|
Up to $300 | N/A | N/A | $0 | December 31, 2024 | See Offer | |
Up to $900 | $300 | $200 | $0 | October 16, 2024 | See Offer | |
Up to $825 | $300 | $525 | $25 | September 25, 2024 (checking) | August 20, 2024 (savings) | See Offer | |
Up to $450 | Up to $450 | N/A | $25 | September 26, 2024 | See Offer | |
Up to $400 | Up to $400 | N/A | $0 | September 3, 2024 | See Offer | |
Up to $600 | Up to $600 | N/A | $0 | October 7, 2024 | See Offer | |
Up to $300 | Up to $300 | N/A | $0 | August 31, 2024 | See Offer | |
$300 | $300 | N/A | $10 | August 31, 2024 | See Offer |
Bank | Total Bonus | Checking Bonus | Savings Bonus | Minimum Opening Deposit | Offer Ends | See More |
---|---|---|---|---|---|---|
Up to $300 | N/A | N/A | $0 | December 31, 2024 | See Offer | |
Up to $900 | $300 | $200 | $0 | October 16, 2024 | See Offer | |
Up to $825 | $300 | $525 | $25 | September 25, 2024 (checking) | August 20, 2024 (savings) | See Offer | |
Up to $450 | Up to $450 | N/A | $25 | September 26, 2024 | See Offer | |
Up to $400 | Up to $400 | N/A | $0 | September 3, 2024 | See Offer | |
Up to $600 | Up to $600 | N/A | $0 | October 7, 2024 | See Offer | |
Up to $300 | Up to $300 | N/A | $0 | August 31, 2024 | See Offer | |
$300 | $300 | N/A | $10 | August 31, 2024 | See Offer |
No results were found.
*Bonus details and rates accurate as of August 15, 2024.
Which Bank Bonus Is Best for Your Financial Situation?
Depending on how much money you have to deposit, you may want to consider going after one bonus rather than another. Because the bank bonuses on our list require you to deposit money within 25 to 90 days, the table below lists them based on the deposit amount you’d need and how long you would have to meet the bonus requirements.
Your Deposit Amount | Earn This Bank Account Bonus |
---|---|
Any direct deposit amount | $300 bonus for Chase Total Checking $400 bonus for Huntington Perks Checking |
$500 or more in qualifying direct deposits (within 60 days) | $200 bonus for TD Complete Checking |
$1,000 or more in qualifying electronic deposits (within 90 days) | $325 bonus for Wells Fargo Everyday Checking |
$1,000 or more in direct deposits (within 25 days) | $50 bonus for SoFi Checking and Savings |
$1,000 or more in direct deposits (per month for three months) | $300 bonus for First Tech Rewards Checking |
$2,000 or more in direct deposits (within 60 days) | $200 bonus for PNC Virtual Wallet with Performance Spend |
$2,500 or more in qualifying direct deposits (within 60 days) | $300 bonus for TD Beyond Checking |
$3,000 or more in direct deposits (within 90 days) | $100 bonus for U.S. Bank Smartly Checking |
$5,000 or more in direct deposits (within 25 to 90 days) | $300 bonus for SoFi Checking and Savings $300 bonus for U.S. Bank Smartly Checking $400 bonus for PNC Virtual Wallet with Performance Select |
$10,000 or more in direct deposits | $500 bonus for U.S. Bank Smartly Checking |
$15,000 or more in new money | $200 bonus for Chase Savings $200 bonus for U.S. Bank Standard Savings |
$25,000 or more in new money | $525 bonus for Wells Fargo savings $600 bonus for Huntington Platinum Perks Checking |
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>> Related: Learn more about the best checking accounts
Other Bank Bonuses We Reviewed
While these offers didn’t make our list of the best bank bonuses, they could be good options for you.
Citibank is offering a $300 bonus for opening an eligible checking account and making two or more qualifying direct deposits totaling at least $1,500 within 90 days. This offer expires October 8, 2024.
BMO has bonus offers of up to $500 on its checking accounts. Smart Advantage Checking and Smart Money Checking both come with $350 bonuses with at least $4,000 in qualifying direct deposits in the first 90 days.
The BMO Relationship Checking account comes with a $500 bonus for receiving at least $7,500 in qualifying direct deposits within 90 days. This offer expires September 9, 2024.
Earn $200 by opening a new Bank of America personal checking account online and receiving at least $2,000 in direct deposits within 90 days. You must be a new customer and use the code TWA200CIS to apply. This offer expires September 30, 2024.
Get a $500 bonus when you open an Axos Bank Rewards Checking account and receive qualifying direct deposits totaling at least $1,500 a month for six statement cycles, or the average balance in your Rewards Checking account is at least $3,000 for six statement cycles. This offer expires August 31, 2024.
PSECU is offering a $200 bonus for joining the credit union, opening a checking account and receiving at least $500 in qualifying direct deposits in the first 60 days. You can also get a $100 bonus for continuing those direct deposits for three months and completing at least 10 eligible debit card purchases totaling $100 or more. This offer expires Dec. 31, 2024.
Types of Bank Bonuses, Promotions and Incentives
Checking and savings account bonuses and promotions vary depending on the bank or credit union, and they usually apply only to certain accounts. Here are several types of bonuses and incentives you can earn:
Sign-Up Bonuses
If you qualify for a sign-up bonus, you can typically earn up to several hundred dollars for opening a new personal or business checking or savings account. You’ll usually apply for an account using a promo code at a branch or online. Once your account is open, you’ll generally have a limited number of days to complete qualifying activities, which may include one or more of the following:
- Receiving a minimum amount in qualifying direct deposits (typically from employers, Social Security or other income sources)
- Maintaining a minimum average daily balance
- Making a minimum deposit manually
- Enrolling in online banking
- Completing a minimum number of qualifying transactions within a certain time frame (such as making a debit card purchase, Zelle transaction or online bill payment)
Set direct deposit up promptly if it’s required, and note that the initial transfer could be delayed. You should also be sure you’re making qualifying transactions that meet any terms or deadlines.
Receiving a bank bonus requires keeping the account in good status. Banks usually deposit the bonus money within a week to a few months after you meet the offer requirements. If you’re an existing customer, you could be disqualified, especially if you recently received another bonus.
>> Related: Learn more about the best high-yield savings accounts
Referral Bonuses
Some banks offer incentives if you refer new customers who then open accounts with the bank. Bonuses can come in the form of cash rewards, points or other perks. You’ll usually receive the bonus once the person you referred has met specific criteria, such as making a minimum deposit or completing a certain number of transactions. Often, both you and the person you referred will receive bonuses.
>> Related: Learn more about Chase Bank’s new account bonus
How To Find the Best Bank Account Bonuses
To find sign-up bonuses and other banking promotions, use our list, do a web search or visit bank and credit union websites. Other options include checking advertisem*nts and contacting financial institutions. Here are some sites you should also check:
- Reddit’s Bank Bonus Weekly Thread
- Doctor of Credit
- Bankrewards.io
Make sure any financial institution you choose is insured by the Federal Deposit Insurance Corp. (FDIC) or the National Credit Union Administration (NCUA), which protect against losses of up to $250,000 per depositor, ownership category and financial institution in the event of bank or credit union failure, respectively. Look for “member FDIC,” “FDIC insured” or “NCUA insurance.”
When comparing offers, note the bonus amounts, promotional deadlines and eligibility restrictions. Make sure you meet any terms for direct deposit or automated clearing house (ACH) transfers and that you can maintain any minimum balance during the offer period. Read the fine print about any qualifying transactions, as well as account activity that could make you ineligible for a bonus.
Finding the right bonus offer also involves looking at an account’s features. It’s ideal to pick an account with low fees, along with incentives such as high interest rates and rewards.
The main advantage of bank account bonuses and promotions is that they give you extra cash. Along with earning a sign-up bonus for opening a new account, you could get debit card rewards or earn interest. Your bank might offer additional money-saving perks, such as fee waivers or discounted loan rates.
Plus, you could find that meeting the bonus requirements helps you build financial discipline. That’s because you may need to set up direct deposits, move a large lump sum to the account or maintain a minimum balance. By continuing good habits, you might manage your money better even after the bonus period.
“Bank bonuses can be a nice perk if you’re searching for somewhere to open a new account. However, don’t let them distract you from longer-term considerations such as ongoing costs or features.”
However, there are drawbacks to sign-up bonuses for bank accounts. For example, they count as taxable income. Banks may report this income to the IRS, usually via forms 1099-INT or 1099-MISC.
If you’re only pursuing a new account for a sign-up bonus and not factoring in potential interest, reward earnings or other perks, then opening a new account might not be worth it, especially if it comes with strict requirements.
Pros
Extra cash: Bank bonuses can help you reach your financial goals.
Other potential perks: Accounts that come with bonuses may have other benefits, such as paying interest on your checking balance.
Cons
May have strict requirements: Depending on the offer, you may need to keep a large balance in your new account or receive thousands of dollars in direct deposits.
Taxation: You’ll owe ordinary federal and state income tax on your bank bonus, calculated at your effective tax rate.
Account fees: An account you open to get a bonus could come with a monthly fee that the bank may or may not waive.
Maximizing Your Bank Bonuses
Other sites and products can provide additional bonuses and incentives for opening new accounts with the banks on our list:
Most of the banks on our list have credit cards that also offer sign-up bonuses. For example, the Chase Freedom Unlimited credit card offers a $200 bonus after you spend $500 within three months of opening your account, and the U.S. Bank Altitude Go Visa Signature Card offers 20,000 bonus points (redeemable for $200) when you spend $1,000 within 90 days of opening your account.
If you open a credit card to get a bonus, remember to pay your balance off in full every month.
Some banks have exclusive offers in conjunction with other companies or bonuses that aren’t prominently advertised on their websites. Conduct an internet search with the bank’s name and “bonuses” to see if there are any other offers you could qualify for.
Rakuten is offering a $125 cash back for new SoFi Checking and Savings customers — a separate promotion from SoFi’s bonus of up to $300. To earn the bonus, you must click on the “Shop Now” button on the Rakuten promotional page to open a new SoFi Checking and Savings account and then receive a direct deposit of $500 or more within 45 days of clicking the Rakuten link. This offer ends on Dec. 31, 2024.
Rakuten also offers bonuses for other banks not on our list, such as Chime and Axos Bank.
>> Related: Learn more about how to save money
The Bottom Line: Best Bank Promotions
By comparing bank promotions and considering how easily you can meet their requirements, you could earn extra cash. Just don’t forget important account factors such as accessibility, fees and additional incentives.
Always read the fine print, and note the qualifying activities and deadlines for earning the bonus. Contact the bank’s customer service department for help if you don’t understand the requirements. When you apply for your new account, use the promo code or special link the bank provides.
Recap of Our Best Bank Bonuses
- Chase Bank Review: Earn up to $900
- Wells Fargo Bank Review: Earn up to $850
- U.S. Bank Review: Earn up to $700
- PNC Bank Review: Earn up to $400
- SoFi Bank Review: Earn up to $300
- Huntington Bank Review: Earn up to $600
- TD Bank Review: Earn up to $300
FAQ: Bank Bonus Offers
Chase, Wells Fargo, U.S. Bank, PNC Bank and SoFi are some of the banks that offer bonuses for opening checking or savings accounts and meeting certain requirements.
If you don’t meet the requirements of a bank account promotion, you won’t earn the bonus. However, you can typically continue using the account and any other perks you’re eligible for.
Account churning is the practice of frequently opening and closing bank accounts to take advantage of promotional bonuses offered by banks. While account churning is legal, it’s discouraged by banks. Many banks have a “cooling-off” period that prevents customers from receiving an account bonus if they’ve opened or closed the same type of account within a certain time frame, typically one to two years.
Before opening and closing multiple accounts, read the terms and conditions of each one.
To find the best bank promotion for your needs, compare bonus offers from multiple financial institutions online and determine if their requirements fit your financial situation. The best promotion will offer a large bonus and have requirements you can meet by the deadline.
How many bank accounts you should have is a personal choice, but the more you have, the more complicated your personal finances could be. If you prefer to do all of your banking under one roof, then having one checking account and one savings account from one financial institution might be a good idea. If you want to take advantage of different banks’ perks, consider having multiple checking and savings accounts.
One of the best Chase bonuses available now is worth up to $900 if you open both a Chase Total Checking account and a Chase Savings account and meet certain terms. If you open a new Chase Total Checking account and set up a direct deposit (of any amount) within 90 days, you’ll earn a $300 bonus. If you open a new Chase Savings account and deposit $15,000 in new money within 30 days and maintain a $15,000 balance for 90 days, you’ll earn a $200 bonus. When you qualify for both of these bonuses, you’ll earn an extra $400, for a total bonus of $900. This offer is available through July 24, 2024.
Some of the best bank bonuses are available until June or July of this year, though some of them expire sooner. This includes bonuses from Chase, Wells Fargo, U.S. Bank, PNC Bank and SoFi.
Methodology
Our team researched more than 100 of the country’s largest and most prominent financial institutions, collecting information on each provider’s account options, fees, rates, terms and customer experience. We then scored each firm based on the data points and metrics that matter most to potential customers. Read our full methodology.
- Savings and money market accounts (35% of total score): The best scores go to banks, loans and fintech companies with high interest rates and low or no fees or minimum opening deposits.
- Checking accounts (30% of total score): High marks are given to those with multiple accounts and minimal fees, plus benefits such as reward programs and mobile check deposit.
- Certificates of deposit (20% of total score): Top-rated financial institutions have low or no minimum opening deposits, as well as a variety of term options and specialty CDs for flexibility.
- Banking experience and access (15% of total score): Providers that excel in this category have large branch and ATM networks and multiple checking and savings accounts, and they earn more points for offering CDs and money market accounts.
All America Bank,Alliant Credit Union,Ally Bank, Amerant Bank, America First Credit Union, American Airlines Credit Union, American Express National Bank, Apple Bank, Arvest Bank, Associated Bank, Axos Bank, Banesco Bank,Bank of America, Bank of Hope, Bank Purely, Bank5 Connect,Barclays,Bask Bank, BECU (Boeing Employees Credit Union), Bethpage Federal Credit Union,BMO,BMO Alto Bank, Bread Savings (formerly Comenity Direct), BrioDirect,Capital One Bank, CFG Bank, Charles Schwab, Charlie Financial,Chase Bank, Chime, CIBC USA, CIT Bank,Citibank, Citizens,Citizens Bank, Colorado Federal Savings Bank, Comerica Bank,Connexus Credit Union, Consumers Credit Union, Credit One Bank, Cross River Bank, Current, Customers Bank, Delta Community Credit Union,Discover Bank, East West Bank, Emigrant Direct,EverBank (formerly TIAA Bank), Federal Savings Bank, Fifth Third Bank, First Citizens Bank, First Internet Bank (of Indiana), First National Bank of America, First Tech Federal Credit Union, FNBO Direct, Frost Bank, Golden 1 Credit Union, Heritage Bank NA, HSBC,Huntington Bank, KeyBank, Lafayette Federal Credit Union, Lake Michigan Credit Union,LendingClub, Limelight Bank, Live Oak Bank, Lonestar Bank, M.Y. Safra Bank, M&T Bank,Marcus by Goldman Sachs, Mercury Bank, Merrick Bank, Michigan State University Federal Credit Union,Milli, Morgan Stanley Private Bank, Mountain America Credit Union, My eBanc, MySavingsDirect, National Bank of Kansas City, Navy Federal Credit Union, NBKC Bank, North American Savings Bank (NASB), Northpointe Bank, Patelco Credit Union, PenFed Credit Union (Pentagon Federal),PNC Bank, Popular Direct, Presidential Bank, Provident Bank,Quontic Bank, Quorum Federal Credit Union, Randolph-Brooks Federal Credit Union, Regions Bank, Ridgewood Savings Bank, Rising Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union,SoFi Bank, South State Bank, Spectrum Credit Union, Spring Bank, Star One Credit Union, State Bank of Texas, State Department Federal Credit Union, State Employees’ Credit Union, Suncoast Credit Union, Sutton Bank,Synchrony Bank, Synovus Bank,TD Bank, Texas Capital Bank, Third Federal Savings & Loan, Transportation Alliance Bank (TAB Bank),Truist Bank, U.S. Bank, UFB Direct, Umpqua Bank, Upgrade,USAA Bank, USAlliance Financial, Valley National Bank,Varo Bank, Vio Bank, VyStar Credit Union, Webbank, Webster Bank,Wells Fargo, Western State Bank, Zions Bank,Zynlo Bank
*Data accurate at time of publication
**Rates and promotions accurate as of August 15, 2024. Promotions may vary by location. Rates and promotions are for New York (Chase), San Francisco (Wells Fargo), Minneapolis (U.S. Bank) or Pittsburgh (PNC Bank).
Editor’s Note: Before making significant financial decisions, consider reviewing your options with someoneyou trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.
If you have feedback or questions about this article, please email the MarketWatch Guides team at editors@marketwatchguides.com.