Which banks offer sign-up bonuses right now

Several large banks and online banks offer cash bonuses when you open a checking or savings account and meet their requirements. The bonus amounts range from $50 to $500 depending on the bank and the type of account. Common names include Chase, Bank of America, Wells Fargo, Ally Bank, and Charles Schwab, though the specific offers change throughout the year.

The bonus is not automatic. You typically have to complete a condition—usually depositing a minimum amount of money within a set timeframe, or setting up direct deposit. Some banks require you to maintain a minimum balance for a certain period. If you do not meet the condition, you do not receive the bonus.

Bonus offers are most common for checking accounts, less common for savings accounts. Online banks tend to offer bonuses more frequently than brick-and-mortar banks, because they have lower overhead costs and can afford to give money away as an incentive to bring in new customers.

Key Takeaways

  • Bank bonuses typically range from $50 to $500 and require you to deposit a minimum amount or set up direct deposit within 30 to 90 days.
  • The bonus is only paid if you meet the bank's stated condition; simply opening the account does not trigger the payment.
  • Online banks offer bonuses more often than traditional banks, and checking accounts are more likely to have bonuses than savings accounts.
  • You can only receive a bonus once per bank per account type, and some banks exclude customers who have held an account with them recently.

How to find current bonus offers

Bank bonus offers change monthly, so there is no single permanent list. The fastest way to find what is available now is to visit the bank's website directly and look for a banner or link labeled "New Customer Offer" or "Checking Bonus." Most banks display the offer prominently on their homepage.

Comparison sites like Bankrate, NerdWallet, and DepositAccounts track current offers across multiple banks and update them regularly. These sites let you filter by bonus amount, account type, and the condition required. The information on these sites is usually accurate, but always confirm the details on the bank's own website before you open the account, because offers can change without notice.

Some banks advertise bonuses only to new customers who do not currently have an account with them. A few banks exclude customers who closed an account within the past 12 months or who received a bonus from that bank in the past 24 months. Check the fine print before you start the application.

What you have to do to get the bonus

The most common requirement is a minimum deposit within a set window—usually 30, 60, or 90 days from when you open the account. The deposit amount varies widely: some banks require $500, others $5,000 or more. The money does not have to stay in the account forever, but it usually has to be there on the day the bank processes the bonus.

Direct deposit is another frequent requirement. The bank will ask you to set up automatic deposits from your employer or another source. Some banks require a single direct deposit of any amount; others require a minimum amount per deposit or a certain number of deposits within the window. This condition takes longer to meet if you are not already receiving direct deposit, because you have to contact your employer's payroll department and wait for the next pay cycle.

A few banks require you to maintain a minimum balance for a set period—often $1,500 or $2,500 for 30 days. If your balance drops below that threshold before the deadline, you forfeit the bonus. Read the terms carefully to understand exactly what triggers the payment.

Timeline from opening to receiving the bonus

The account opens immediately when you complete the online application. Meeting the condition (deposit, direct deposit, or balance requirement) usually takes 30 to 90 days. The bank then processes the bonus, which can take an additional 5 to 30 days depending on the bank.

In total, expect 60 to 120 days from the day you open the account to the day the bonus appears in your account. Some banks are faster; others are slower. The bank's terms will specify when the bonus will be paid—for example, "within 10 business days of meeting the requirement" or "by the end of the month following the month in which you met the requirement."

Do not close the account immediately after receiving the bonus. Many banks require you to keep the account open for a minimum period (often 90 days or six months) or they will claw back the bonus. Check the terms before you open the account.

Fees and account costs that offset the bonus

A $200 bonus is only valuable if the account does not charge you $200 in fees before you receive it. Many checking accounts have no monthly maintenance fee, but some charge $10 to $15 per month if you do not meet certain conditions—like maintaining a minimum balance or receiving direct deposit.

Overdraft fees are another cost to watch. If the account charges $35 per overdraft and you overdraw it once before the bonus is paid, the bonus is partially or completely gone. Some banks offer overdraft protection (a link to a savings account or credit line) that prevents overdrafts, while others charge the full fee.

Read the fee schedule on the bank's website before you open the account. Look specifically for monthly maintenance fees, overdraft fees, ATM fees, and foreign transaction fees if you travel. A bonus is only a win if the account's actual cost is lower than the bonus amount.

Bonus offers for savings accounts versus money market accounts

Savings account bonuses are less common than checking account bonuses, and they are usually smaller—often $25 to $100. The requirement is typically a minimum deposit that you keep in the account for 30 to 90 days. Some banks require the account to remain open for six months or longer.

Money market accounts sometimes offer bonuses, but they usually come with higher minimum deposit requirements—$2,500 to $10,000 or more. The bonus amount is larger to match the higher deposit, but the percentage return is often lower than what you would earn from the account's interest rate over time.

If you are looking for a bonus on a savings account, compare the bonus amount against the interest rate the bank is currently paying. A $50 bonus on a savings account earning 0.01% interest is not as valuable as a $25 bonus on an account earning 4.5% interest, because the interest will earn you more money over time.

Rules about receiving multiple bonuses from the same bank

Most banks allow you to receive a bonus only once per account type per customer. If you received a checking account bonus from Chase two years ago, you cannot receive another Chase checking bonus now—but you might be able to receive a Chase savings account bonus if one is available.

Some banks have a "bonus cooldown" period: you must wait 12 to 24 months after receiving a bonus before you are may be able to access for another one from that bank. A few banks exclude customers who have received any bonus from them in the past 24 months, regardless of account type.

Banks track this using your Social Security number and address. If you try to open multiple accounts to receive multiple bonuses, the bank will likely detect it and deny the bonus or close the accounts. The terms of service usually prohibit this practice.

Frequently Asked Questions

Do I have to keep the money in the account after I meet the requirement?

No. Once you meet the requirement (usually a deposit or direct deposit), you can withdraw the money. The bank only cares that the money was there when they verified the condition. However, check the terms for any requirement to keep the account open for a set period—closing it too soon can result in the bonus being clawed back.

What if I do not meet the requirement by the deadline?

You do not receive the bonus. There is no partial credit or extension. If the requirement is a $5,000 deposit within 60 days and you only deposit $4,500, you forfeit the bonus. Read the terms carefully and set a calendar reminder so you do not miss the deadline.

Can I combine a bank bonus with other offers or rewards?

Usually yes. A bank bonus is separate from the account's interest rate, cashback on debit card purchases, or referral bonuses. You can receive the sign-up bonus and still earn interest on your balance. However, some banks exclude customers who have received any bonus in the past 24 months, so check the terms before you open the account.

Is the bonus taxable income?

Yes. Bank bonuses are considered taxable income by the IRS. The bank will send you a 1099-INT or 1099-MISC form at the end of the year if the bonus is $10 or more. You must report it on your tax return. The bonus is usually small enough that it does not significantly affect your tax bill, but it does count as income.

Can I get a bonus if I already have a checking account at another bank?

Yes. Having an account at one bank does not disqualify you from receiving a bonus at another bank. You can have checking accounts at multiple banks simultaneously and receive bonuses from each one, as long as you meet each bank's individual requirements and cooldown periods.