Cashing In: Score a Bank Account Sign-Up Bonus
Many banks offer sign-up bonuses to new account holders as a way to attract customers and build long-term relationships. These bonuses can range upwards of $100 or more and typically involve meeting specific conditions, like making a minimum deposit or enrolling in direct deposit. These lucrative perks can be a great way to get a little extra cash and open up a better banking experience, but it is important to research and understand the terms and conditions to ensure the offer aligns with your financial needs.
Key Takeaways:
- Free Money: Banks are offering sign-up bonuses upwards of $100 for checking accounts.
- Easy Qualification: Many bonuses are easily attainable with requirements like a minimum deposit or setting up direct deposit.
- Hidden Fees: Be cautious of monthly maintenance fees or other charges that could offset the value of the bonus.
- Comparison Shopping: Explore multiple banks to compare bonus amounts, requirements, and overall account features to find the best fit for your needs.
Top Checking Account Bonuses
Here’s a rundown of some of the best sign-up bonus offers currently available from major banks and credit unions, along with important considerations:
Bank of America
- Bonus: Up to $100
- Account: Bank of America Advantage SafeBalance Banking®
- How to Earn: Open a new Advantage SafeBalance Banking® account and complete 10 qualifying transactions within 60 days of enrollment.
- Pros: No overdraft fees, top-rated mobile app, and a savings program that rounds up debit card purchases.
- Cons: $25 minimum deposit to open, no APY, and no reimbursement for out-of-network ATM fees.
Chase Bank
Chase College Checking℠
- Bonus: $100
- How to Earn: Open a new Chase College Checking℠ account and complete 10 qualifying transactions within 60 days of enrollment. Qualifying transactions include:
- Debit card purchases
- Online bill payments
- Chase QuickDeposit℠
- Zelle®
- ACH credits
- Pros: No minimum deposit, Overdraft Assistance, top-rated mobile app, and the ability to send and receive money with Zelle®.
- Cons: No APY, monthly fees (but can be waived), and no reimbursement for out-of-network ATM fees.
Chase Total Checking®
- Bonus: $300
- How to Earn: Open a new Chase Total Checking® account and make total direct deposits of $500 or more within 90 days of enrollment.
- Pros: The same benefits as Chase College Checking, with the ability to waive monthly fees with certain requirements.
- Cons: No APY, no reimbursement for out-of-network ATM fees.
Chase Private Client Checking℠
- Bonus: $1,000 to $3,000
- How to Earn: Open a new Chase Private Client Checking account and deposit a minimum amount of cash:
- $1,000 bonus with $150,000 to $249,999 deposit
- $2,000 bonus with $250,000 to $499,999 deposit
- $3,000 bonus with $500,000+ deposit.
- Pros: Waive monthly fees, reimbursement for out-of-network ATM fees, Overdraft Assistance, and top-rated mobile app.
- Cons: Low APY, requires a substantial amount of cash, and has monthly fees.
Chase Business Complete Banking®
- Bonus: $300
- How to Earn: Open a new Chase Business Complete Checking account, make a minimum deposit within 30 days, maintain that balance for 60 days, and complete 5 qualifying transactions within 90 days.
- Pros: Same day access to cash, easy virtual payment acceptance with QuickAccept℠, unlimited electronic deposits, and up to $5,000 fee-free cash deposits.
- Cons: Only 20 free in-person paper check deposits/withdrawals after that there is a $.40 fee.
Citibank
- Bonus: $300
- Account: Citi® Checking Accounts
- How to Earn: Open a new Citi® Checking account with enhanced direct deposits and enroll in the offer. Deposit at least two enhanced direct deposits totaling $1,500 or more within 90 days of account opening.
- Pros: No overdraft fees, top-rated mobile app, no minimum deposit required, and the ability to send and receive money with Zelle®.
- Cons: No APY, no reimbursement for out-of-network ATM fees.
PNC Bank
- Bonus: $100 to $400
- Account: Virtual Wallet® from PNC Bank
- How to Earn: Open and use a new PNC Virtual Wallet® and receive a bonus based on the direct deposit amount:
- $100 bonus for a minimum $500 direct deposit.
- $200 bonus for a minimum $2,000 direct deposit.
- $400 bonus for a minimum $5,000 direct deposit.
- Pros: New account holders can earn a welcome bonus of up to $400, includes individual checking and savings accounts, earn cash or points through the PNC Purchase Payback® program, and offers reimbursement for non-network ATM fees.
- Cons: Has monthly maintenance fees, and you have to call PNC Bank to find out the APY offered in your area.
Wells Fargo Bank
- Bonus: $300
- Account: Wells Fargo Everyday Checking
- How to Earn: Open a new Wells Fargo Everyday Checking account with a minimum opening deposit of $25, and receive a total of $1,000 or more in qualifying direct deposits within 90 days of account opening.
- Pros: Four ways to waive the monthly maintenance fee, the ability to send and receive money with Zelle®, and an easy-to-use mobile app.
- Cons: Minimum $25 deposit to open, $35 overdraft fee, no APY, and no reimbursement for out-of-network ATM fees.
TD Bank
TD Complete Checking Account
- Bonus: $200
- How to Earn: Open a new TD Complete Checking Account and meet the bonus requirements, vary by location.
- Pros: No minimum deposit to open, the option to waive monthly fees, and overdraft assistance.
- Cons: No APY, reimbursement for out-of-network ATM fees is only for primary account holders aged 17 to 23, and fewer in-network ATMs than some other brick-and-mortar banks.
TD Beyond Checking Account
- Bonus: $300
- How to Earn: Open a new TD Beyond Checking Account and meet the bonus requirements, vary by location.
- Pros: No minimum deposit to open, option to waive monthly fees, and overdraft assistance.
- Cons: $25 monthly maintenance fee, reimbursement for out-of-network ATM fees requires a $2,500 daily minimum balance, and fewer in-network ATMs than some other brick-and-mortar banks.
SoFi
- Bonus: Up to $300
- Account: SoFi Checking and Savings
- How to Earn: Open a new SoFi Checking and Savings account and set up direct deposit:
- $300 bonus with $5,000 or more in direct deposits within 25 days of the first deposit.
- $50 welcome bonus with $1,000 to $4,999.99 in direct deposits within 25 days of the first deposit.
- Pros: Strong 4.50% APY on savings, no minimum balance or deposit needed, no monthly fees, checking account bundled with ATM access, and no foreign transaction fees.
Cons: Non-direct deposit APYs are low compared to other high-yield savings accounts, no reimbursement for out-of-network ATM fees, and no physical branches.
M&T Bank
M&T MyChoice Premium Checking Account
- Bonus: Up to $200
- How to Earn: Open a new M&T MyChoice Premium Checking Account between Sept. 1, 2024, and Nov. 30, 2024, and receive $500 total in qualifying direct deposits within 90 days of account opening.
- Pros: Low minimum deposit, earns interest, options to waive monthly maintenance fees, and no out-of-network ATM fees.
- Cons: Monthly maintenance fee, $15 overdraft fee, and low ATM fee reimbursement.
M&T MyChoice Plus Checking Account
- Bonus: Up to $150
- How to Earn: Open a new MyChoice Plus Checking Account between Sept. 1, 2024, and Nov. 30, 2024, and receive $500 total in qualifying direct deposits within 90 days of account opening.
- Pros: Low minimum deposit, earns interest, options to waive monthly maintenance fees, and no out-of-network ATM fees.
- Cons: Monthly maintenance fee, $15 overdraft fee, and low ATM fee reimbursement.
M&T EZChoice Checking Account
- Bonus: Up to $100
- How to Earn: Open a new EZChoice Checking Account between Sept. 1, 2024, and Nov. 30, 2024, and receive $500 total in qualifying direct deposits within 90 days of account opening.
- Pros: No monthly maintenance fee, no minimum balance requirement, low minimum deposit requirement, and no out-of-network ATM fees.
- Cons: Doesn’t earn interest, $15 overdraft fee, and low ATM fee reimbursement.
Why Banks Offer Sign-Up Bonuses
Banks offer sign-up bonuses to attract new customers and generate revenue. By offering these incentives, banks hope to entice individuals to switch their banking services and potentially generate long-term loyalty.
Choosing the Right Sign-Up Bonus for You
Before jumping on any banking bonus offer, consider these key factors:
- Minimum Deposit Requirements: Assess if the minimum deposit required to qualify for the bonus aligns with your current financial resources.
- Direct Deposit Requirements: Determine whether you can easily set up direct deposit and if the bonus offer necessitates meeting specific direct deposit amounts.
- Timeframe: Ensure you can meet the bonus requirements without rushing or missing the deadline.
- Fees: Carefully examine any associated monthly maintenance fees or other charges that could offset the bonus amount.
FAQs
Should I open a bank account just for the bonus?
While the added cash is enticing, carefully evaluate the potential benefits and drawbacks of opening a new account solely for the bonus. It is crucial to ensure the bonus is substantial enough and that the bank offers overall features that meet your long-term banking needs.
Do you get taxed on bank bonuses?
Yes, bank sign-up bonuses are considered additional income by the IRS and are typically taxed at the same rate as your regular income.
What is bank account "churning"?
Bank account churning involves opening multiple accounts to earn sign-up bonuses and then closing or transferring the balances. Excessive churning can raise red flags with banks and result in denial of future bonus offers or even fee deductions.
CNBC Select Methodology
CNBC Select carefully analyzes numerous U.S. checking accounts offered by major national banks and credit unions. Our methodology includes assessing:
- Bonus Amounts & Requirements: Ensuring bonus offers are competitive and requirements are reasonable.
- Nationwide Availability: Prioritizing accounts offered across all regions.
- Branch Access & Online Convenience: Balancing physical presence with online banking capabilities.
- ATM Network: Evaluating extensive networks for hassle-free transactions.
All accounts featured on our list are NCUA or FDIC-insured up to $250,000, providing peace of mind regarding deposit protection. This research helps guide customers towards the best checking accounts that cater to their unique needs.
Disclaimer: Opinions expressed in this article are those of the CNBC Select editorial team and are not reviewed, approved or otherwise endorsed by any third party.
