Where to Find Checking Account Bonuses Right Now
Banks and credit unions offer cash bonuses for opening a checking account, but the offers change monthly and vary by location. The bonus amount ranges from $50 to $500 depending on the bank, the account type, and what you do with the account after opening it. Most bonuses require you to deposit a minimum amount of money within a set timeframe—often $500 to $2,500 in the first 30 to 90 days—and some require direct deposit or a certain number of debit card transactions.
The banks most commonly advertising checking bonuses include Chase, Bank of America, Wells Fargo, Ally Bank, Charles Schwab, and various regional banks and credit unions. However, which banks are offering bonuses at any given moment depends on their current marketing cycle. A bank offering a $200 bonus this month may not offer one next month, or may switch to a different account type.
To find current offers, check the promotions page on each bank's website directly—not a comparison site, which may show outdated information. You can also call the bank's customer service line and ask what checking bonuses are available in your state. Some banks restrict bonuses by geography.
Key Takeaways
- Checking account bonuses range from $50 to $500 and are offered by most major banks, but the specific offer changes frequently and varies by location.
- Nearly all bonuses require a minimum deposit within 30 to 90 days, and many also require direct deposit or a set number of debit card uses to unlock the full amount.
- The bank's own website is the most reliable source for current bonus offers, since comparison sites often lag behind actual promotions.
- Some banks limit bonuses to new customers only, while others allow existing customers to open a second account and receive the bonus.
What You Have to Do to Get the Bonus
The bonus is not automatic. Banks attach conditions to protect themselves from people who open an account, take the bonus, and close it immediately. Read the terms carefully before you open the account, because missing a requirement means you forfeit the bonus.
The most common requirement is a minimum deposit within a specific window—usually 30, 60, or 90 days from account opening. This might be $500, $1,000, $1,500, or $2,500 depending on the bank and account tier. The deposit counts as money going into the account; it does not have to stay there, but it has to arrive within the deadline.
Many banks also require direct deposit—a paycheck, government payment, or other recurring deposit from an employer or government agency. Some banks require one direct deposit of any amount; others require a minimum of $500 or $1,000 per deposit. A few banks require multiple direct deposits. This requirement typically must be met within 90 days.
Some banks require a minimum number of debit card transactions—often 10 to 15 purchases within 60 or 90 days. A transaction is any purchase you make with the debit card, including small amounts like a coffee or gas. This is usually the easiest requirement to meet if you plan to use the account anyway.
A few banks require you to keep a minimum balance in the account, though this is less common with bonus offers. Check the terms to see if the account has a monthly maintenance fee that could eat into your bonus if you do not maintain the balance.
Banks Currently Offering Checking Bonuses
These banks have offered checking bonuses in recent months, though the specific amount and terms change regularly. This list is not exhaustive and does not represent all banks offering bonuses at this moment.
| Bank | Typical Bonus Range | Common Requirements |
|---|---|---|
| Chase | $200–$300 | $500–$1,500 deposit within 30 days; direct deposit or debit card use |
| Bank of America | $100–$300 | $500–$2,000 deposit within 30 days; direct deposit or transactions |
| Wells Fargo | $200–$400 | $500–$1,500 deposit within 30 days; direct deposit or card use |
| Ally Bank | $100–$200 | $500–$1,000 deposit within 60 days; no direct deposit required |
| Charles Schwab | $100 | $25,000 deposit within 30 days (for higher-tier bonus) |
| Local credit unions | $50–$250 | Varies; often require membership and direct deposit |
Regional banks and credit unions often offer bonuses that are competitive with national banks but may be limited to members in certain states or counties. If you have a local credit union, ask whether they offer a checking bonus and what the terms are.
How Long It Takes to Receive the Bonus
The bonus does not appear in your account the day you open it. After you meet all the requirements, the bank typically deposits the bonus within 30 to 60 days. Some banks are faster—as little as 10 to 14 days—while others take up to 90 days.
The bank will not notify you when the bonus posts. Check your account statement or log into online banking to see when it arrives. If the bonus does not appear within the timeframe stated in the terms, contact the bank's customer service and ask them to verify that you met all requirements.
Keep records of your deposits and transactions for at least 90 days after opening the account. If there is a dispute about whether you met the requirements, you will need proof.
Bonuses for Existing Customers
Most banks restrict bonuses to new customers only—usually defined as someone who has not held an account with that bank in the past 90 days or 12 months. However, some banks allow existing customers to open a second checking account and receive the bonus on that account.
If you already bank somewhere, call and ask whether you can open an additional account and still get the bonus. Some banks say yes; others say no. A few banks offer bonuses only to customers who switch from another bank and set up direct deposit.
Do not open multiple accounts at the same bank on the same day hoping to get multiple bonuses. Banks have systems to detect this, and they may deny the bonus or close the accounts.
Tax Implications of Checking Account Bonuses
The IRS treats checking account bonuses as taxable income. If you receive a bonus of $600 or more from a single bank in a calendar year, the bank will send you a Form 1099-INT or Form 1099-MISC in January of the following year. You must report this on your tax return.
Bonuses under $600 are still technically taxable income, but banks are not required to report them. However, you should still report them on your return to be accurate. The amount is usually small enough that it does not significantly affect your tax bill, but it depends on your overall income and tax bracket.
Keep the bank's promotional terms and your account statements as documentation of the bonus for tax purposes.
Things to Watch Out For
Not all checking accounts are the same. Before you open an account for the bonus, check whether the account has a monthly maintenance fee. Some banks waive the fee if you maintain a minimum balance or set up direct deposit, but others charge it regardless. A $12 monthly fee will quickly erase a $100 bonus if you do not meet the waiver requirements.
Read the fine print about what counts as a deposit. Some banks count only external transfers—money coming from another bank—and do not count deposits you make at an ATM or branch. Others count all deposits. If the bonus requires a $1,000 deposit and you can only deposit $500 from your paycheck, you may not meet the requirement.
Verify the bonus terms on the bank's official website, not on a third-party comparison site. Comparison sites sometimes show old promotions or incorrect amounts. The bank's website is the source of truth.
Do not close the account immediately after receiving the bonus. Some banks have clawback clauses that require you to keep the account open for a certain period—often 90 days to 6 months—or they will reverse the bonus. Check the terms before you open the account.
Frequently Asked Questions
Can I get a bonus if I already have a checking account at another bank?
Yes. Most bonuses are for new customers to that specific bank, not new banking customers overall. You can have accounts at multiple banks and receive bonuses from each one, as long as you meet the requirements for each bonus separately.
Do I have to keep money in the account after I get the bonus?
Not necessarily. Once you meet the deposit requirement and the bonus posts to your account, you can withdraw the money. However, check the terms for any clawback clause that requires you to keep the account open for a set period. If there is one, closing the account early may reverse the bonus.
What if I do not meet the direct deposit requirement?
Many banks allow you to meet the bonus requirement with either direct deposit or debit card transactions instead. Check the specific terms for the offer you are considering. If direct deposit is the only option and you do not have one, you may not be able to unlock the full bonus.
Will the bonus affect my credit score?
No. Opening a checking account does not trigger a hard credit inquiry and does not affect your credit score. Banks may do a soft pull to check your banking history, but this does not show up on your credit report.
Can I open multiple accounts at the same bank to get multiple bonuses?
Banks have fraud detection systems that flag multiple accounts opened on the same day or within a short timeframe. They may deny the bonus on one or both accounts, or close the accounts entirely. Stick to one account per bank per promotion cycle.