Many larger US banks offer generous bonuses to attract your business, especially if their annual percentage yields (APYs) can’t compete with a higher-yield alternative.
Most banks have relatively simple requirements to qualify for these bonuses, such as making a minimum direct deposit or maintaining a minimum balance. Abiding by these rules can increase your bottom line by a few hundred dollars or more.
If you’re already planning to open a new bank account, a lucrative cash bonus is a cherry on top. Narrow down your choices and select the bank whose services and products fit your long-term needs and then weigh the added benefits of a bank bonus.
Best bank account bonuses
Here’s our list of banks with attractive account bonuses and reasonable requirements, ranked in order by the highest bonus offered.
| Bank | Bonus offer | Required deposits |
| Huntington Bank | $400 to $600 | Up to $25,000 |
| Laurel Road | $100 to $340 | $2,500 |
| BMO | $250 to $400 | $4,000 to $7,500 |
| TD Bank | $200 to $500 | $500 to $10,000 |
| PNC Bank | $100 to $400 | $500 to $5,000 |
| Bank of America | $200 | $2,000 |
| Axos Bank | $300 | $5,000 for first 7 months |
| SoFi | $50 to $300 | $1,000 to $5,000 |
| Chase | $200 | $500 |
| M&T Bank | Up to $200 | $500 |
| Alliant Credit Union | $100 | $100 for 12 consecutive months |
Huntington Bank
Cash bonus: $400 or $600 for new checking accounts
Huntington Bank operates more than 1,000 branches in the Midwest and Southern regions of the US but also offers a digital banking arm nationwide. Its welcome bonuses don’t require many hoops to jump through, but you will need some patience. Your account must be opened for 90 days before the bonus is deposited into your account.
Open a new Perks Checking account and establish direct deposits from your employer, a pension or a government benefit (including Social Security) within the first 90 days to receive a $400 bonus. If you deposit $25,000 or more in a Platinum Perks Checking account within 90 days of opening a new account, you’ll earn a $600 bonus.
This offer expires on Feb. 7, 2024.
Laurel Road
Cash bonus: Up to $340 for new checking accounts in the first year
Laurel Road, the digital arm of KeyBank, offers a $100 new account bonus combined with an ongoing monthly reward that can add up to $340 total in the first year. Open a Loyalty Checking account and make one or more qualifying direct deposits (payroll, pension or government benefits) totaling $2,500 or more in the first 60 days to score the new account bonus.
You can also earn $20 per month with a direct deposit of $2,500 or more for the first 12 consecutive months. After that, you’ll continue to earn $10 per month with each direct deposit of $2,500 or more each month the account remains open.
This offer expires on April 4, 2024.
BMO
Cash bonus: $250 to $400 for new checking accounts with balance requirements
BMO provides three ways to earn new account bonuses when you open one of its checking accounts. However, you’ll need to exercise patience because the bonus can take up to 100 days after the account is opened to hit your account.
When you open a Smart Advantage or Smart Money checking account and receive $4,000 in direct deposits within the first 90 days, you’ll earn $250. Both checking accounts charge monthly fees, though in some cases, the fees can be waived. Score a $400 bonus with direct deposits of at least $7,500 into a BMO Relationship Checking account within the first 90 days.
This offer expires on May 3, 2024.
TD Bank
Cash bonus: $200 to $500 for new checking and savings accounts
TD Bank is the only bank on this list that offers separate bonuses for both its checking and savings accounts. In total, you could score a $500 bonus if you’re in need of two new accounts.
You can earn a $300 bonus if you open a TD Beyond Checking account and make $2,500 in qualifying direct deposits within the first 60 days. The TD Convenience Checking account comes with an easier-to-earn $200 bonus when you receive $500 in qualifying direct deposits within the first 60 days. Both of these accounts charge a monthly fee, but there are steps available to waive the fees.
Opening either a TD Signature or TD Simple Savings account could add another $200 to your bonus haul. You’ll need to deposit $10,000 or more to qualify for the bonus within 20 days of account opening. You’ll also need to maintain that balance for at least 90 days. Before chasing this account bonus, review TD’s savings account fees. Both of these savings accounts charge monthly fees, and if you can’t waive them, these costs could eat into the benefit of a welcome bonus.
This offer expires on Feb. 29, 2024.
PNC Bank
Cash bonus: $100 to $400 for a new virtual wallet
PNC Bank will deposit either $100, $200 or $400 into your account when you establish a one-time direct deposit into your virtual wallet of $500, $2,000 or $4,000, respectively. There’s no minimum required to open a checking account. The direct deposit must be received within the first 60 days of opening the account. But, you can’t rush this bonus. PNC will make you wait between 60 and 90 days before sending the cash.
Unfortunately, this bonus may not be available nationwide. Check PNC’s website to determine if the bonus is available in your area.
This offer expires on Feb. 29, 2024.
Bank of America
Cash bonus: $200 for a new checking account
Bank of America Advantage Banking offers three kinds of checking accounts with $200 opening bonuses. To qualify, you’ll need to complete two steps. First, use the offer code TWA200CIS when applying for the new account online. Next, receive qualifying direct deposits from an employer, pension or Social Security of $2,000 or more within the first 90 days of opening the account. You can expect the bonus within 60 days.
Each Bank of America Advantage Banking checking account requires a minimum deposit of $25 to $100 to open. The bank can impose $5 and $25 in monthly maintenance fees. There are, however, reasonable steps available to waive the monthly fees. Be sure to note the requirements so fees don’t eat into your welcome bonus benefit.
This offer expires on May 31, 2024.
Axos Bank
Cash bonus: $300 for a new checking account
When you open an Axos Rewards Checking account, you can earn $300 when you fund your account within 30 days and make $5,000 in direct deposits each month for the first seven months your account is open. You must also maintain an average daily balance of $7,000 in your Rewards Checking account during the first seven statement cycles. Use the code AXOS300 when applying for a new account to receive the welcome bonus.
Don’t open this account if you’re only planning on using it to earn the intro bonus and then cancel your account -- Axos Bank charges $100 for accounts closed within 180 days.
This offer expires on June 30, 2024.
SoFi
Cash bonus: $50 to $300 for a new checking and savings account
SoFi (short for Social Finance) is an online bank that offers a range of bonuses. To qualify, you must open a checking and savings account (they’re opened together as a packaged deal) and receive a qualifying direct deposit from your employer, payroll or benefits provider. Your bonus amount depends on the amount deposited within the first 25 days:
- $1,000 to $4,999 in direct deposit: $50 cash bonus
- $5,000 or more in direct deposit: $300 cash bonus
This offer expires on June 30, 2024.
M&T Bank
Cash bonus: Up to $200 for any new checking account
Earn a $100 to $200 bonus when you open a EZChoice, MyChoice Plus or MyChoice Premium checking and make at least $500 in direct deposits within 90 days of opening the account. Qualifying direct deposits include payroll, pension or Social Security.
The MyChoice Plus and MyChoice Premium checking accounts incur up to $24.95 in monthly fees, which can be waived by meeting certain requirements. Make sure you can indefinitely meet these requirements before opening one of these accounts as fees can quickly eat away at the benefits of earning the cash bonus.
This bonus offer expires on March 31, 2024.
Chase
Cash bonus: $200 for a new checking account
Chase is a national bank with branches in just about every state in the country. Though its certificates of deposit and savings accounts yields are below national average rates, Chase is offering a good bonus deal for opening a new checking account. You can get $200 when you open an account and receive at least $500 in direct deposits within 90 days from your employer, a pension or a government benefit (including Social Security). The only catch is that you must keep the account open for more than six months.
Chase will charge a $12 monthly fee unless you set up monthly direct deposits of $500 or more, maintain a daily balance of $1,500 or maintain an average daily balance of $5,000.
This offer expires on Apr. 17, 2024.
Alliant Credit Union
Cash bonus: $100 for a new savings account
Alliant will add to your savings account through its Ultimate Opportunity Savings Account promotion. When you open an Ultimate Savings Account and make deposits of at least $100 for 12 consecutive months, Alliant will automatically deposit $100 in your account.
Set up a recurring deposit or transfer because if you miss a month, you’ll have to start again to qualify for the bonus. You must maintain a balance of $1,200 to receive the one-time bonus. This offer is available only to new Alliant members.
This offer expires on Dec. 31, 2023.*
*The expiration date has not been updated on Alliant’s website. However, this promotion is still being advertised.
What is a bank account bonus?
Banks usually offer an account bonus to attract new customers. A bank will generally pay a cash bonus -- typically as high as $500 or more -- when you open a new account.
You may have to jump through several hoops to receive the bonus. Conditions can include funding your account immediately, keeping your account open for a set time period, meeting a minimum daily account balance or receiving a set amount and number of monthly direct deposits within a specific period.
Bank account bonuses can be lucrative, so take note of the requirements to ensure you don’t skip a step and miss out on the bonus.
Are bank account bonuses worth it?
If you’re already shopping for a new checking or savings account, it’s worth taking the time to review bonus offers that can help you earn extra cash. But be mindful of the monthly fees associated with any account you’re considering as they can wipe out your gains. If, for example, you get a $200 bonus for an account that charges a $25 monthly fee, and you’re unable to waive the fee, you’ll wipe out your bonus gains in eight months.
Moreover, a bonus offer shouldn’t override accounts with better perks. It might be better in the long run to go with a savings account with a high annual percentage yield, or APY, and a lower bonus than one with a low APY and higher bonus.
If you’re willing to meet the requirements for only a temporary period and close the account after receiving the bonus (known as bank account churning), you may be charged an early termination fee. And bank bonuses are considered taxable income, so you might find yourself with a tax bill at the end of the year.
Factors to consider when choosing a new bank
As you begin your search, ask yourself the following questions:
- Will I be more comfortable with the option to speak with someone in person?
- Are there reasons for me to visit a branch in person or can I handle my transactions online?
- How important is having the latest technological innovations available in a bank?
- How much do I travel, and what type of banking tools do I need to access when I’m traveling?
- How can a financial institution best help me reach both my short- and long-term financial goals?
- Can I keep enough money in the account to maintain a minimum deposit or balance without hurting my finances?
Answering the above questions should help decide whether a traditional bank, a fintech app or something in between is the best financial fit for you. Once you have your shortlist, the next step is to compare the services each institution offers and make note of any fees you may be charged. Services to look for include:
- Free checking account
- Savings accounts, money market accounts and/or certificates of deposit
- Ability to interface with peer-to-peer transaction services such as Zelle
- Overdraft protection
- Loan products
- Wealth management and/or professional advisory services
How to open a new account and collect the bonus
Once you’ve identified the checking, savings or money market account that you’d like to open, make sure you understand the requirements to receive the bonus. While the steps to open and fund an account may vary, the process generally includes the following steps.
- Apply: Many banks allow you to apply online, but you may be able to apply in person if the bank has physical branches. You’ll likely need to provide your Social Security number, physical address and contact information with your application. If you don’t have an SSN, some banks may allow you to open an account with an Individual Taxpayer Identification Number, or ITIN.
- Make a minimum deposit: Depending on the bank and offer requirements, you may need to make a minimum deposit when opening the account. Most banks allow bank transfers, automated clearing house (ACH) transfers and mobile check deposits.
- Complete bonus offer requirements: Each offer has specific requirements. You may need to establish a direct deposit from a qualifying source or maintain a minimum balance for a specified number of days. It’s important to read the fine print so you can follow the steps necessary to earn your new bank account bonus.
FAQs
Yes. Our list here is by no means exhaustive, and we base our picks on the bonus amount and accessibility. Some banks didn’t make this list because the bonus amount was too low or too cumbersome to obtain.
Generally, it’s better to go with a bank offering a higher APY than a higher bonus. A bonus is a one-time event, while banks offering competitive APYs are more likely to continue offering above-average interest for your savings (even once rates dip).
Sometimes, you can find a welcome bonus offer at a bank that also has a competitive APY on a savings or checking account. SoFi, for example, is offering a bonus of up to $300 and a checking and savings account that earn 0.50% APY and up to 4.60% APY, respectively, once you set up a direct deposit.
You can, but it’s not a strategy we recommend. Criteria for obtaining a bonus can be cumbersome, requiring you to keep the account open for a certain length of time, make qualifying direct deposits (sometimes in the thousands) and maintain daily balance amounts. Many checking and savings accounts also charge monthly maintenance fees.
If you plan to close a new bank account soon after receiving the bank bonus -- a practice known as account churning -- you could incur early account closure fees. We don’t recommend this strategy either because the penalties charged will take away from the bonus earned.
Also, some banks will disqualify you from earning a bonus offer if you’ve had a negative balance in the past. Chase, for example, disqualifies customers from bonus offers if they’ve had a negative balance within the last three years.
If you do decide to try your luck scoring welcome bonuses by opening multiple accounts, it’s important to know that you’ll owe taxes on any money earned through these signup bonuses.
Recommended Articles
Methodology
CNET regularly reviews and tracks account bonus offerings at banks, credit unions and financial institutions with nationwide access. Each bank is insured up to $250,000 per person, per account category, per institution by the Federal Deposit Insurance Corporation or National Credit Union Administration.
The banks, credit unions and neobanks we reviewed include: Affirm Savings, Alliant Credit Union, Ally, America First Credit Union, American Express High Yield Savings Account, Axos High Yield Savings, Bank of America Advantage Savings, Bank of the West, Bank5 Connect, Barclays, Bask Bank, Bread Savings, BrioDirect High-Yield Savings, Capital One 360 Checking, Charles Schwab, Chase Premier Savings, Chime, Citibank, Citizens Online Savings Account, Colorado Federal Savings Bank, Consumers Credit Union, Discover, First Internet Bank of Indiana, LendingClub, Live Oak Bank, M&T Bank, Marcus, My Banking Direct, Nationwide My Savings, Navy Federal Credit Union, NBKC, OneUnited Bank, PenFed CU, PNC, Popular Direct Select Savings, PurePoint Financial, Quontic Bank, Rising Bank, Salem Five Direct, Sally Mae Smarty Pig, Santander Bank, Synchrony, TAB Bank, TD Bank, TIAA Bank, Truist Bank, U.S. Bank, UFB Direct, Union Bank, USAA Bank, Varo, Vio and Wells Fargo.
The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.
