Which banks offer money for opening a checking account right now
Several large banks and online banks offer cash bonuses when you open a new checking account, but the offers change frequently and vary by location. Chase, Bank of America, Wells Fargo, Citibank, Capital One, and Ally Bank have all run checking account bonuses in recent years, typically ranging from $50 to $300. The amount depends on the bank, the account type you choose, and sometimes your region.
Online banks like Charles Schwab, Discover Bank, and LendingClub also offer bonuses, often with lower minimum balance requirements than traditional banks. However, not every bank offers a bonus at every moment—some pause promotions for months, then restart them. The best way to know what is available right now is to visit each bank's website directly or call their customer service line, because bonus offers do not appear in the same place twice.
Before you chase a bonus, understand that most come with conditions. You typically need to deposit a minimum amount within a set timeframe, set up direct deposit, or maintain a certain balance for a specific period. If you do not meet the terms, you will not receive the money, and some banks may charge you a monthly fee that eats into any bonus you were promised.
Key Takeaways
- Banks including Chase, Bank of America, Wells Fargo, and online banks like Ally and Discover regularly offer bonuses of $50 to $300 for opening a checking account, but offers change monthly.
- Most bonuses require you to deposit a minimum amount, set up direct deposit, or keep a certain balance for 30 to 90 days or the money is forfeited.
- Online banks often have lower minimum balance requirements than brick-and-mortar banks but may not have physical branches if you need in-person service.
- Monthly maintenance fees can wipe out a bonus if you do not meet the bank's balance or activity requirements, so read the full account terms before opening.
- Bonus offers are not permanent and vary by state and region, so you must check each bank's current promotion directly rather than relying on outdated information.
How much the bonus typically is and what it depends on
Checking account bonuses range from $50 at smaller regional banks to $300 or occasionally higher at major national banks. The amount usually depends on three things: the bank's size and marketing budget, the account tier you open, and whether you live in a state where the bank is actively recruiting customers.
A basic checking account at a large bank might come with a $100 bonus, while a premium account with higher balance requirements might offer $200 or $300. Online banks sometimes offer lower bonuses ($50 to $150) because they have fewer overhead costs and do not need to spend as much on customer acquisition. Regional banks that only operate in certain states may offer larger bonuses to compete with national chains, or no bonus at all if they are not actively promoting.
The bonus is usually paid as a direct deposit into your new account within 30 to 90 days of meeting all the conditions. Some banks pay it immediately after you open the account; others wait until you have completed the required direct deposit or held the minimum balance for the full period. Read the promotion terms carefully—they will specify exactly when the money appears.
What you have to do to get the bonus
Nearly every bank bonus comes with conditions, and you must meet all of them or you forfeit the money. The most common requirements are:
- Open a new checking account (some banks exclude people who have held an account with them in the past 12 or 24 months).
- Deposit a minimum amount, usually $500 to $2,500, within 30 days of opening.
- Set up direct deposit and receive at least one paycheck or government payment into the account.
- Maintain a minimum daily balance, often $1,500 to $2,500, for 30 to 90 days.
- Keep the account open for a set period, typically 90 days to six months.
If you open an account but do not meet even one condition, the bank will not pay the bonus. For example, if the offer requires direct deposit and you only transfer money from another account, you will not receive the money. If you close the account before the required holding period ends, the bonus is usually forfeited and sometimes clawed back from your account.
Some banks also charge a monthly maintenance fee ($5 to $15) if you do not maintain the minimum balance or do not set up direct deposit. This fee can eliminate the bonus entirely. Before opening, calculate whether the bonus minus the potential fees actually puts you ahead, especially if you cannot meet the balance requirement.
Online banks versus traditional banks with physical branches
Online banks like Ally, Discover, and Charles Schwab often offer competitive bonuses with lower minimum balance requirements—sometimes as low as $100 to $500. They typically have no monthly maintenance fees if you do not maintain a balance, which makes them safer if you cannot meet the bank's requirements. However, you cannot walk into a branch to deposit cash or speak to someone in person.
Traditional banks with physical locations (Chase, Bank of America, Wells Fargo) may offer higher bonuses but usually require higher minimum balances and charge monthly fees if you fall below them. The advantage is that you can visit a branch, deposit cash without fees, and speak to a banker face-to-face if something goes wrong. The disadvantage is that the fees and balance requirements can cost you more than the bonus is worth.
If you need to deposit cash regularly or prefer in-person banking, a traditional bank makes sense even if the bonus is smaller. If you are comfortable with online banking and rarely need cash deposits, an online bank often gives you a better deal because the bonus is easier to earn and there are fewer fees to worry about.
How to find current offers and compare them
Bank bonus offers change constantly, so you cannot rely on a list from last month. The most reliable way to find current offers is to visit each bank's website directly and look for a "promotions" or "special offers" section. Some banks display the offer on the homepage; others bury it in the account details page.
You can also call the bank's customer service number and ask what checking account bonuses are available in your state. This is useful because some banks run different promotions in different regions, and a phone representative can tell you immediately whether you are in an area where the bonus is offered.
Websites like DepositAccounts.com and BankRate.com track checking account bonuses across multiple banks, but their information may lag behind the bank's actual current offer by a few days or weeks. Use these sites to get an overview of which banks are running promotions, then verify the exact terms on the bank's own website before you open an account.
When you compare offers, do not just look at the bonus amount. Calculate the total value: bonus minus any monthly fees you would pay if you cannot meet the balance requirement. A $200 bonus with a $10 monthly fee is worth less than a $100 bonus with no fees if you cannot maintain the minimum balance.
What happens if you do not meet the conditions
If you open an account but do not meet all the bonus conditions, the bank simply will not pay the bonus. You will not be penalized or charged extra—you just will not receive the money. However, you may still owe monthly maintenance fees if your account does not meet the bank's balance or activity requirements.
For example, if a bonus requires $1,500 minimum balance and you only keep $500 in the account, you forfeit the bonus and may be charged a $10 monthly fee. Over three months, that fee costs you $30, which is more than some bonuses are worth. This is why it is critical to read the full account terms before opening and to make sure you can actually meet the requirements.
If you close the account before the required holding period (often 90 days), the bank may claw back the bonus if it has already been paid, or simply refuse to pay it if it has not. Some banks state this explicitly in the promotion terms; others do not. Call the bank and ask before you close an account if you have received a bonus.
Frequently Asked Questions
Can I get a bonus if I already have a checking account at that bank?
Most banks exclude people who have held an account with them in the past 12 to 24 months. If you closed an account more than two years ago, you may be may be able to access. Call the bank and provide your previous account number—they can tell you whether you may have access to for the current promotion.
Do I have to use direct deposit to get the bonus?
Most bonuses require at least one direct deposit (a paycheck, government payment, or transfer from an employer or benefits program) within a set timeframe. Transferring money from your own other bank account does not count. If the promotion does not mention direct deposit, it may not be required, but read the terms carefully.
What if I need the money before the bonus is paid?
Bonuses are usually paid 30 to 90 days after you open the account and meet all conditions. If you need the money sooner, you cannot rush the process. Plan ahead and open the account early enough that the bonus arrives when you need it, or choose a bank that pays the bonus faster.
Can I open multiple accounts at the same bank to get multiple bonuses?
No. Banks typically limit bonuses to one per person per year or per account type. If you open a second checking account, you will not receive a second bonus. Some banks allow you to get a bonus on a savings account in addition to a checking account, but read the terms to confirm.
What if the bank changes the terms after I open the account?
Banks can change account terms, but they cannot retroactively change the bonus you were promised when you opened the account. If you opened under a promotion that required a $1,500 balance and the bank later raises it to $2,500, your original $1,500 requirement still applies. However, new fees or balance requirements for the account itself may take effect.