Where to find current bank bonuses and what they actually pay

Bank bonuses for new accounts are real, but they change constantly and come with conditions that matter. Most major banks—Chase, Bank of America, Wells Fargo, Citibank, and regional banks—offer bonuses ranging from $100 to $500 or more, but the amount, the account type, and what you have to do to get the money all vary by bank and by month.

The bonuses are not automatic. You typically have to open a specific account type (checking, savings, or both), deposit a minimum amount of money within a set timeframe, and keep the account open for a certain period. Some banks require direct deposit. Some require a minimum balance. Some require you to make a certain number of debit card transactions. If you do not meet the terms, you do not get the bonus.

The best place to check current offers is the bank's own website—not a third-party comparison site, which may show outdated information. Call the bank directly if the website is unclear about what you have to do to earn the bonus. Write down the exact requirements before you open the account.

Key Takeaways

  • Bank bonuses range from $100 to $500 or more, but each bank sets its own amount and changes it regularly.
  • You must meet specific conditions—minimum deposit, direct deposit, debit card transactions, or account balance—to receive the bonus money.
  • Check the bank's official website for current offers, because third-party sites often show outdated bonuses.
  • The bonus is usually deposited within 30 to 90 days after you meet all the requirements, not when you open the account.
  • Some banks limit bonuses to customers who have not held an account with them in the past 12 to 24 months.

How much banks are paying and which accounts may have access to

Chase currently offers bonuses on checking and savings accounts, but the amount depends on which account you open and which region you live in. Some Chase branches offer $200 for a checking account, others offer $300 or $500. The requirements vary—some require a $500 minimum deposit, others require $1,500 or more. Some require direct deposit within 90 days; others do not.

Bank of America offers bonuses on checking and savings accounts that range from $100 to $300, depending on the account type and your location. Wells Fargo, Citibank, and regional banks like PNC, TD Bank, and Ally also run bonus programs, but the amounts and requirements differ. A $200 bonus at one bank might require a $1,000 deposit and direct deposit; at another bank, it might require only a $500 deposit and no direct deposit at all.

The bonus is usually paid as a deposit into your new account, not as a check or a separate transfer. It typically appears 30 to 90 days after you meet the final requirement. Some banks pay it immediately after the direct deposit hits; others wait until the end of a calendar month or quarter.

What you have to do to earn the bonus

Every bank sets its own rules. Common requirements include:

  • A minimum opening deposit (often $500 to $2,500)
  • Direct deposit of your paycheck or government benefits within a set number of days (usually 60 to 90 days)
  • A minimum account balance for a set period (often $1,500 to $5,000 for 30 to 90 days)
  • A certain number of debit card transactions (often 10 to 25 within 60 to 90 days)
  • Keeping the account open for a minimum period (often 90 days to 6 months)

If you close the account before the time is up, or if you do not meet a requirement, the bank will not pay the bonus. Some banks will even charge you a fee to close the account early. Read the full terms before you open the account, and ask the bank representative to confirm what you need to do in writing or via email.

Direct deposit is the requirement that trips up most people. If your employer does not offer direct deposit, or if you are self-employed or retired, you may not be able to meet this requirement. Some banks will accept ACH transfers from another bank account instead; others will not. Ask before you open the account.

Banks with no direct deposit requirement

If you cannot set up direct deposit, some banks offer bonuses without it. Ally Bank, for example, has offered bonuses based on minimum balance and account opening alone, though the bonus amount is usually lower than banks that require direct deposit. Charles Schwab and some credit unions also run bonus programs without direct deposit requirements.

However, these offers change frequently and vary by region. The only way to know what is currently available is to check the bank's website or call. Do not assume that because one bank waived the direct deposit requirement last month, another bank will do the same this month.

If you are looking for a bonus and cannot meet direct deposit, start by calling your current bank and asking whether they offer a bonus for opening a new account type. They may waive requirements for existing customers. If not, search for "bank bonus no direct deposit" and check the official websites of banks that appear in the results.

Timing: when the bonus hits your account

The bonus does not arrive when you open the account. It arrives after you meet all the requirements. If a bank requires direct deposit within 90 days and a $1,500 minimum balance for 30 days, the bonus clock does not start until both conditions are met. You might open the account in January, meet the requirements in March, and receive the bonus in April.

Most banks deposit the bonus within 30 to 90 days after the final requirement is satisfied. Some are faster—7 to 14 days. Some are slower—up to 120 days. The bank's terms should specify this. If the bonus does not appear within the timeframe stated, contact the bank and ask for a status update. Keep records of when you opened the account, when you made the deposit, and when direct deposit hit, so you can prove you met the requirements if there is a dispute.

Restrictions: who can and cannot get the bonus

Most banks restrict bonuses to new customers. "New" usually means you have not held an account with that bank in the past 12 to 24 months. Some banks define it as never having held an account with them at all. If you closed a checking account at Chase two years ago, you may not be able to get the Chase bonus today. If you closed it six months ago, you definitely cannot.

Some banks limit bonuses to one per person per year, or one per household per year. If you and your spouse both open accounts at the same bank on the same day, you might each get a bonus, or you might not—it depends on the bank's policy. Ask before you open the account.

A few banks do not offer bonuses to customers in certain states. This is rare, but it happens. If you live in a state where the bank has few branches, they may not run a bonus program there. Check the bank's website for your state specifically.

How to compare bonuses across banks

Do not just look at the dollar amount. A $500 bonus that requires a $5,000 deposit, direct deposit, and six months of account maintenance is not the same as a $200 bonus that requires a $500 deposit and no direct deposit. Calculate the real value by considering:

  • How much you have to deposit upfront and whether you can move that money out after the bonus is paid
  • Whether you can meet the direct deposit requirement (or whether the bank will accept an alternative)
  • How long you have to keep the account open
  • Whether the account has a monthly fee, and if so, whether the bonus covers it
  • The interest rate on the savings account, if you are opening one (some bonus accounts have very low rates)

A bonus is only worth pursuing if you can actually meet the requirements without hardship. If direct deposit is required and you do not have it, do not open the account just for the bonus. If the minimum balance is $5,000 and you do not have that money available, skip it. The bonus is a bonus, not a reason to tie up money you need or to open an account you will not use.

Where to look for current offers

Start with the bank's official website. Go to the homepage, look for a link that says "New Customers" or "Promotions," and click through to see what they are offering. If you do not see a bonus offer, call the bank's customer service line and ask directly. Some banks advertise bonuses only in-branch or only online.

Comparison websites like Bankrate, NerdWallet, and DepositAccounts track bank bonuses, but they update slowly and sometimes show expired offers. Use them to get a sense of which banks are running promotions, then go to each bank's website to confirm the current offer and requirements.

If you have a relationship with a bank already—a checking account, a credit card, or a mortgage—call your branch or your account representative and ask what bonuses are available for new account types. Banks often offer better terms or waived requirements to existing customers.

Frequently Asked Questions

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

No. Once the bonus is deposited and the bank's holding period is over, you can withdraw the money. However, check the terms first—some banks require you to keep a minimum balance for a set period after the bonus is paid. If you withdraw below that balance, the bank may claw back the bonus or charge a fee.

What if I do not meet the direct deposit requirement?

You will not receive the bonus. Some banks will accept an ACH transfer from another bank account as a substitute, but you have to ask before you open the account. If direct deposit is impossible for you, look for banks that offer bonuses based on minimum balance or account opening alone, though these bonuses are usually smaller.

Can I open multiple accounts at the same bank to get multiple bonuses?

Probably not. Most banks limit bonuses to one per customer per year or one per household per year. If you open a checking account and a savings account on the same day, you might get one bonus or two, depending on the bank's policy. Read the terms or call and ask before you open the second account.

What happens if I close the account before the bonus is paid?

You will lose the bonus. Some banks will also charge you a fee to close the account early. If you need to close the account, wait until the bonus has been deposited and any holding period has passed. This can take 90 to 120 days from the date you open the account.

Are bank bonuses taxable income?

Yes. The IRS treats bank bonuses as interest income. Banks will send you a 1099-INT form at the end of the year if the bonus is $10 or more. You have to report it on your tax return. The amount is usually small enough that it does not significantly affect your taxes, but it is not assistance programs—it is taxable income.