Which banks offer money for opening a checking account
Several large banks and online banks offer cash bonuses when you open a new checking account, but the offers change frequently and come with specific conditions. Chase, Bank of America, Wells Fargo, Citibank, and online banks like Ally and Charles Schwab have run these promotions in recent years, though not all offer them at the same time. The bonus amounts typically range from $100 to $500, depending on the bank and the account type you choose.
These offers are real, but they are not permanent. A bank might advertise a $200 bonus one month and stop the promotion the next. The bonus is not automatic—you have to meet specific requirements to receive it, such as setting up direct deposit, making a certain number of debit card transactions, or maintaining a minimum balance for a set period.
The best way to find current offers is to visit the bank's website directly or call their customer service line. Comparison sites sometimes list these promotions, but they may not be up to date. If you see an offer advertised elsewhere, verify it on the bank's own site before you open the account.
Key Takeaways
- Banks like Chase, Bank of America, Wells Fargo, and online banks periodically offer $100 to $500 bonuses for opening a checking account, but offers change frequently.
- You must meet specific conditions to receive the bonus, such as setting up direct deposit, making debit card purchases, or keeping a minimum balance for 30 to 90 days.
- The bonus is paid only after you complete all requirements, not when you open the account.
- Check the bank's official website to confirm the current offer before opening an account, since promotions end without notice.
What you have to do to get the bonus
Each bank sets its own rules for earning the bonus. Common requirements include setting up direct deposit (your paycheck or benefits deposited electronically), making a minimum number of debit card transactions in a set timeframe, or maintaining a minimum account balance. Some banks require all three; others require only one or two.
For example, Chase has offered bonuses that require you to set up direct deposit and make 10 debit card transactions within 30 days of opening the account. Bank of America has offered bonuses that require direct deposit and a $500 minimum balance held for 30 days. Wells Fargo has required direct deposit plus a certain number of online bill payments.
The timeframe matters. Most banks give you 30 to 90 days to complete the requirements. If you miss the deadline, you lose the bonus. Read the full terms before you open the account so you know exactly what you need to do and when.
When the bonus actually arrives in your account
The bonus does not appear immediately. Banks typically deposit the bonus 30 to 60 days after you meet all the requirements, not when you open the account. Some banks are faster—a few deposit within two weeks—but you should assume it will take at least a month.
Before the bonus is deposited, the bank will verify that you completed each requirement. If you set up direct deposit but did not make the required debit card transactions, the bonus will not post. Check your account periodically after you meet the requirements to see when the bonus appears. If it does not show up within the stated timeframe, contact the bank's customer service to ask about the status.
Fees and account maintenance you need to know
A bonus is only valuable if the account itself does not cost you money. Many banks that offer bonuses charge a monthly maintenance fee, though they often waive it if you meet certain conditions—such as maintaining a minimum balance, setting up direct deposit, or making a certain number of debit card transactions each month.
Before you open the account, find out what the monthly fee is and what you have to do to avoid it. Some banks waive the fee automatically for accounts with direct deposit. Others waive it only if your balance stays above a certain amount, which may be difficult if you live paycheck to paycheck. If you cannot meet the waiver requirements, the monthly fee could eat into or exceed the bonus you received.
Read the account agreement or call customer service to ask about fees directly. Do not assume the bonus offer page tells you everything about the account's cost.
Online banks versus traditional banks
Online banks like Ally, Charles Schwab, and Marcus often offer checking account bonuses without monthly maintenance fees. Because they have lower overhead costs than brick-and-mortar banks, they can afford to offer bonuses and still keep fees low or zero. The trade-off is that you cannot walk into a physical branch to deposit cash or speak to someone in person.
Traditional banks like Chase and Bank of America have physical locations, which some people prefer, but they are more likely to charge monthly fees and may require higher minimum balances. The bonus amounts are sometimes similar between online and traditional banks, so the choice depends on whether you value in-person service or lower fees more.
If you receive cash regularly and need to deposit it, an online bank may not work for you unless it partners with ATM networks or allows mobile check deposit. Check what deposit methods each bank offers before you decide.
How to compare offers across banks
Start by listing the banks where you already have accounts or where you have friends or family who bank. Check their websites for current checking account promotions. Write down the bonus amount, the requirements to earn it, and the monthly fee (if any).
Next, calculate the real value. If Bank A offers a $200 bonus but charges $15 per month and you cannot waive the fee, and Bank B offers a $150 bonus with no monthly fee, Bank B is worth more over time. A $200 bonus is only worth it if you can keep the account open and fee-free for at least a year.
Also consider whether you can actually meet the requirements. If a bank requires direct deposit and you are self-employed or paid in cash, you cannot earn that bonus. Choose a bank whose requirements match your actual banking habits.
What happens if you do not meet the requirements
If you open the account but do not complete the requirements within the timeframe, you simply do not receive the bonus. The bank will not charge you a penalty or close your account. You can keep the account open and use it normally, but the promotional money will not be deposited.
Some people open an account for the bonus, realize they cannot meet the requirements, and then close the account. Closing an account shortly after opening it may affect your banking history, though most banks do not penalize you for it. If you think you might not meet the requirements, it is better to not open the account in the first place.
Frequently Asked Questions
Do I have to keep the account open after I get the bonus?
No. Once the bonus is deposited, you can close the account if you want. However, closing an account within a few months of opening it may be noted in your banking history. Some banks also have rules about how often you can open accounts and receive bonuses—if you open and close accounts frequently, they may deny you future bonuses or close your account.
Can I get the bonus if I already have a checking account at that bank?
Usually not. Most banks limit the bonus to new customers or customers who have not had an account with them in the past 12 months. Check the terms to see if you are may be able to access. If you already have an account, opening a second one might not may have access to you for the bonus.
Is the bonus considered taxable income?
Bank bonuses under $25 are generally not reported to the IRS. Bonuses of $25 or more may be reported on a 1099-INT form, which means you may owe taxes on it. Ask the bank whether the bonus will be reported, and consult a tax professional if you are unsure how to report it on your tax return.
What if the bank changes the offer after I open my account?
The terms you agreed to when you opened the account are the ones that apply to you. If the bank changes the offer for new customers, it does not affect your bonus. You will receive the bonus based on the original terms you signed up for.
Can I open accounts at multiple banks to get multiple bonuses?
Yes, you can open accounts at different banks and receive bonuses from each one, as long as you meet each bank's requirements. However, some banks have rules that prevent you from opening multiple accounts within a short time or from receiving multiple bonuses in a certain period. Read the terms carefully, and space out your account openings if you plan to open more than one.