What banks pay you to open an account

Banks offer cash bonuses to new customers who open checking or savings accounts, typically ranging from $50 to $500 depending on the bank and account type. The bonus is not automatic—you usually have to meet specific conditions within a set timeframe, such as depositing a minimum amount or setting up direct deposit. If you do not meet the conditions, you do not get the money, and the bank will not remind you that you missed it.

The bonus comes from the bank's marketing budget, not from your deposit. Banks use these offers to attract customers they hope will stay long-term and use other services like credit cards or loans. The catch is that the account itself may have monthly fees, minimum balance requirements, or other costs that can eat into or exceed the bonus if you are not careful.

Key Takeaways

  • Bank bonuses typically require you to deposit a minimum amount (often $500 to $2,500) or set up direct deposit within 30 to 90 days of opening the account.
  • The bonus is paid as a one-time deposit to your new account, usually 30 to 60 days after you meet all the conditions.
  • Monthly maintenance fees can range from $0 to $15 or more, so a $100 bonus disappears quickly if you pay $12 per month in fees.
  • You must read the fine print to confirm what counts as a may have access to deposit or direct deposit, because transfers between your own accounts often do not count.
  • Bonus offers change frequently and vary by location, so the amount available today may not be available next month.

How the bonus conditions actually work

Most bank bonuses require one or both of these: a minimum deposit within a set window (usually 30 to 90 days) and direct deposit of a paycheck or government benefit. The deposit minimum is often $500 to $2,500, though some banks ask for $10,000 or more. Direct deposit means your employer or benefit provider sends money straight into the account—transferring money from another bank account you own does not count.

The bank will specify exactly what qualifies. For example, Chase's offer might say "deposit $500 or more within 30 days" and separately "set up direct deposit of $500 or more." You may need to do both, or the bonus may be split (like $100 for the deposit, $200 for direct deposit). If the terms say you need $1,500 and you deposit $1,400, you do not get the bonus. Read the full terms before you open the account.

The bonus lands in your account 30 to 60 days after you meet the last condition. If you set up direct deposit on day 45 and the terms require it within 60 days, the clock starts over—you will not see the bonus until day 105 or later. Some banks will email you when the bonus posts; others will not.

Monthly fees and when they wipe out the bonus

A $150 bonus sounds good until you realize the account charges $12 per month in maintenance fees. After one year, you have paid $144 in fees and kept $6 of the bonus. Many banks waive the monthly fee if you maintain a minimum balance (often $1,500 to $2,500), receive direct deposit, or set up automatic bill pay. If you cannot or do not want to meet those conditions, the account will cost you money.

Before opening an account for the bonus, check whether the monthly fee applies to you. Some banks offer no-fee checking accounts with no bonus; others offer a bonus but charge $15 per month unless you jump through hoops. A $200 bonus on a $15-per-month account breaks even in about 13 months—and only if you never dip below the minimum balance or miss a direct deposit requirement.

Where to find current bonus offers

Bank websites advertise their own bonuses prominently on the homepage or in a "special offers" section. Comparison sites like Bankrate, NerdWallet, and DepositAccounts list bonuses across multiple banks and update them regularly. These sites do not control the offers; they pull them from the banks themselves. The bonus you see on a comparison site should match what the bank's website says, but always confirm on the bank's own site before you open the account.

Bonus offers change monthly or even weekly. A bank might offer $200 in January and $50 in February, or pull the offer entirely. If you see an offer you like, do not wait—the terms you see today may not be available next week. That said, if you miss one offer, another will come along; banks run promotions constantly.

Bonuses for different account types

Checking accounts usually have higher bonuses ($100 to $500) because banks make money from debit card transactions and overdraft fees. Savings accounts typically offer smaller bonuses ($25 to $150) because the bank earns less from them. Money market accounts and certificates of deposit (CDs) may offer bonuses tied to deposit size—a $50,000 CD might come with a $500 bonus, but you have to lock the money away for a set term.

Some banks offer bonuses for opening multiple accounts at once. For example, you might get $100 for a checking account and $75 for a savings account if you open both in the same visit. The conditions are usually separate—you might need direct deposit for the checking bonus but only a $500 deposit for savings. Read each offer individually.

What happens if you close the account early

Most banks do not claw back the bonus if you close the account after you receive it. However, some banks have a clawback clause that says if you close the account within a certain period (often 6 to 12 months), they will reverse the bonus. This is rare, but it exists—check the terms before you open the account. If the terms do not mention clawback, you can close the account after the bonus posts and keep the money.

If you close the account before the bonus posts, you will not get the bonus at all. For example, if you open an account, deposit the minimum, then close it 20 days later before the 60-day bonus window closes, the bank will not pay you. The bonus is only yours once it actually lands in your account.

How to avoid common mistakes

Read the full terms before you open the account, not after. Screenshot or print the offer so you have proof of what was promised. Many people open an account, miss a condition by a few days, and then have no record of what the original terms were. The bank's website will show the current offer, not the one you saw last month.

Do not open an account just for the bonus if you will not use it. A $100 bonus is not worth it if you end up paying $15 per month in fees for a year because you forgot about the account. If you already have a good checking account, opening a second one for a bonus only makes sense if you can meet the conditions without disrupting your finances.

Confirm that direct deposit actually counts before you set it up. Some banks require a paycheck from an employer; others accept government benefits or transfers from a payroll service. If you are self-employed or receive irregular income, call the bank and ask what qualifies before you try to set it up.

Frequently Asked Questions

Can I get a bonus if I already have an account at that bank?

Most banks limit bonuses to new customers only, defined as someone who has not held an account at that bank in the past 12 months (the timeframe varies). If you closed an account six months ago, you may not be may be able to access yet. Some banks offer bonuses for opening a second account type—like a bonus for adding a savings account if you already have checking—but read the terms to confirm.

Do I have to keep the money in the account after the bonus posts?

No. Once the bonus is deposited, it is yours. You can withdraw it immediately or transfer it to another bank. The only exception is if the bank's terms include a clawback clause, which is rare. Check the terms to see if closing the account within a certain period will reverse the bonus.

What if I do not meet the direct deposit requirement?

You will not receive the bonus tied to direct deposit. Some offers let you meet the bonus conditions in different ways—for example, a $200 bonus might be split into $100 for a deposit and $100 for direct deposit. If you can only do the deposit, you get half. If the entire bonus requires direct deposit and you cannot set it up, you get nothing.

Is the bonus considered taxable income?

Yes, bank bonuses are taxable income. The bank will send you a 1099-INT or 1099-MISC form if the bonus is $10 or more. You will need to report it on your tax return. The amount is usually small enough that it does not change your tax bracket, but it does count as income.

Can I open accounts at multiple banks to collect multiple bonuses?

Yes. There is no rule against opening accounts at five different banks and collecting five bonuses, as long as you meet each bank's conditions. Just make sure you can actually deposit the required amounts and set up direct deposit if needed. Some people open multiple accounts strategically to collect bonuses, then close the accounts after the bonus posts and the clawback period ends.