A Guide to the Best Bank Sign-Up Bonuses

Looking to make some extra money just by opening a new bank account? You’re in the right place. Banks frequently offer cash bonuses to attract new customers, and these promotions can be a fantastic way to boost your savings. This guide will show you which banks are offering sign-up bonuses and what you need to do to qualify.

Understanding How Bank Bonuses Work

Before diving into specific offers, it’s important to understand the common requirements. Banks don’t just give away free money. To earn a bonus, you typically need to meet certain conditions within a specific timeframe, usually the first 60 to 90 days after opening the account.

Common Requirements Include:

Opening a Qualifying Account: The bonus will be tied to a specific type of checking or savings account.
Minimum Opening Deposit: You might need to deposit a certain amount of money when you first open the account.
Direct Deposit: This is the most common requirement. You’ll need to set up qualifying direct deposits, such as from an employer or government agency, totaling a specific amount each month.
Maintaining a Minimum Balance: Some offers require you to keep a certain amount of money in the account for a set period.
Account Longevity: You almost always have to keep the account open for a minimum period, often six months or more, to avoid having the bonus clawed back.

Always read the fine print of any offer carefully before signing up. The details matter, and understanding them ensures you’ll receive your bonus without any surprises.

Top Banks with New Account Promotions

Bank promotions change frequently, so it’s always a good idea to confirm the details on the bank’s official website. Here are some examples of well-known banks that regularly provide attractive sign-up bonuses.

Chase Bank

Chase is one of the largest banks in the U.S. and is well-known for its consistent and valuable checking account promotions.

Offer Example: Earn a $200 bonus with a new Chase Total Checking® account.
How to Qualify: To get this bonus, you typically need to open a new qualifying checking account and set up a direct deposit within 90 days of coupon enrollment. The direct deposit must be an electronic deposit of your paycheck, pension, or government benefits.
Why It’s a Good Option: Chase has a massive network of branches and ATMs, along with a highly-rated mobile app. The requirements for their basic checking bonus are often straightforward and achievable for many people. Keep in mind the account has a monthly service fee, but it can be waived by meeting certain criteria, such as maintaining a minimum daily balance or having a minimum amount in direct deposits each month.

U.S. Bank

U.S. Bank offers a tiered bonus structure, allowing you to earn more by depositing more money. This makes their offers flexible for different types of customers.

Offer Example: Earn up to a $700 bonus with a new U.S. Bank Smartly® Checking account.
How to Qualify: The bonus amount often depends on the total amount of new money you deposit. For instance, you might earn $300 for depositing between $5,000 and $9,999, or $500 for depositing $10,000 or more. You must then enroll in online banking or the U.S. Bank mobile app and maintain your balance for a specified period.
Why It’s a Good Option: If you have a larger amount of cash to move, U.S. Bank’s promotions can be very lucrative. Their mobile app is robust, and they have a significant presence across the country.

SoFi

SoFi is an online-only bank that has gained popularity for its high-yield accounts and user-friendly digital platform. They frequently offer competitive bonuses to attract new members.

Offer Example: Earn up to a $300 bonus with a new SoFi Checking and Savings account.
How to Qualify: The bonus you receive is typically tied to the total amount of qualifying direct deposits you receive during a 30-day evaluation period. For example, receiving $1,000 to $4,999 in direct deposits might earn you a $50 bonus, while receiving $5,000 or more could earn you the full $300 bonus.
Why It’s a Good Option: SoFi offers a high-yield savings account, meaning you’ll earn a competitive interest rate on your balance in addition to the sign-up bonus. With no account fees and a strong digital experience, it’s a great choice for those comfortable with online banking.

BMO (formerly BMO Harris)

BMO often runs promotions on its checking accounts that are easy to understand and come with achievable requirements for the average customer.

Offer Example: Earn a $250 bonus with a new BMO Smart Advantage™ Checking account.
How to Qualify: The typical requirement is to have a cumulative total of at least $4,000 in qualifying direct deposits within the first 90 days of opening your account.
Why It’s a Good Option: The BMO Smart Advantage™ Checking account often has no monthly maintenance fee when you opt for eStatements, making it a cost-effective choice. The direct deposit requirement is straightforward, making the bonus attainable for many individuals.

Final Tips for Bonus Hunting

Check for “New Customer” Clauses: Most offers are only available to new customers who have not had an account with the bank for a certain period, often 12-24 months.
Document Everything: Save screenshots of the offer and a PDF of the terms and conditions when you sign up. This can be helpful if any issues arise later.
Plan Your Direct Deposits: If you need to switch your direct deposit, start the process with your employer’s HR department as soon as you open the new account to ensure you meet the deadline.

By doing a little research and carefully following the rules, you can easily use bank sign-up bonuses to earn hundreds of dollars a year.

Frequently Asked Questions

Are bank sign-up bonuses considered taxable income? Yes, in most cases. Banks will typically issue you a 1099-INT tax form if your bonus is $10 or more. You are required to report this bonus as interest income on your tax return.

How long does it take to receive the bonus after meeting the requirements? This varies by bank. The terms and conditions will specify the timeline, but it’s common for the bonus to be deposited into your new account within 30 to 60 days after you have fulfilled all the requirements.

Can I close the account right after I get the bonus? You should not. Most banks include a clause in their terms requiring you to keep the account open for a minimum period, such as 180 days. If you close the account before this period, the bank may reclaim the bonus amount from your account.