To find the top bank bonuses in the country, we researched 19 banks and credit unions — both online and traditional — that regularly offer rewards or welcome bonuses. We picked the best bonuses based on the amounts offered, the requirements to earn the bonus and our ratings of the best checking accounts and the best savings accounts.
Click the following links to jump to the best bank bonuses, types of bank bonuses, and how to find the best bank bonuses.
- The best bank bonuses are from Chase, Wells Fargo, Huntington Bank, PNC Bank, SoFi and TD Bank.
- Chase’s checking bonus could be the fastest to arrive, landing in your account within 15 days after you meet the requirements.
- However, it could take over 100 days after you meet all requirements to receive bonuses from Huntington, Wells Fargo, TD Bank or Chase’s savings account.
- SoFi is the only financial institution on this list that doesn’t charge monthly fees for the accounts that offer bonuses. Other banks’ monthly fees range from $5 to $25.
The listings that appear are from companies from which this website may receive compensation, which may impact how, where and in what order products appear. Not all companies, products or offers were reviewed in connection with this listing.
Unfortunately, we didn’t find any offers for you.
Learn more about our top rated checking accounts.
Best Bank Bonuses of December 2024
According to our August 2024 banking survey, roughly 70% of our 1,000 respondents said the most important feature for both checking and savings accounts was no or low fees, which is why all of our recommendations either have no fees or have fees that can be waived if you meet certain requirements.
Below, we’ve detailed the shortest time each bank could take to issue its bonuses. These time frames may be available once you meet all eligibility requirements, such as making a specific number of deposits or setting up direct deposit. But if you hold off on completing the requirements in a timely manner, it could take longer than the number of days we’ve listed to receive your bonus.
The listings that appear are from companies from which this website may receive compensation, which may impact how, where and in what order products appear. Not all companies, products or offers were reviewed in connection with this listing.
Chase Bank: Earn up to $900
Wells Fargo: Earn up to $825
Huntington Bank: Earn up to $600
PNC Bank: Earn up to $400
SoFi: Earn up to $300
Great for High-Yield Checking and Savings Account
TD Bank: Earn up to $300
Summary: The Best Bank Account Bonuses
The listings that appear are from companies from which this website may receive compensation, which may impact how, where and in what order products appear. Not all companies, products or offers were reviewed in connection with this listing.
|
Total Bonus
Up to $300
Checking Bonus
N/A
Savings Bonus
N/A
Minimum Opening Deposit
$0
Offer Ends
Dec. 31, 2024
|
|
Total Bonus
Up to $900
Checking Bonus
$300
Savings Bonus
$200
Minimum Opening Deposit
$0
Offer Ends
Jan. 22, 2025
|
|
Total Bonus
Up to $825
Checking Bonus
$300
Savings Bonus
$525
Minimum Opening Deposit
$25
Offer Ends
Jan. 8, 2025 (checking) | Jan. 8, 2025 (savings)
|
|
Total Bonus
Up to $400
Checking Bonus
Up to $400
Savings Bonus
N/A
Minimum Opening Deposit
$0
Offer Ends
Jan. 2, 2025
|
Total Bonus
Up to $600
Checking Bonus
Up to $600
Savings Bonus
N/A
Minimum Opening Deposit
$0
Offer Ends
Feb. 7, 2025
|
*Bonus details and rates accurate as of November 5, 2024.
Which Bank Bonus Is Best for You?
Not everyone is eligible for every bank bonus. Most require you to deposit a certain amount of money in a new account. For example, First Tech Federal Credit Union’s checking bonus requires a direct deposit of $1,000 or more every month for three months ($3,000 in total). So if you don’t have $3,000 to deposit, you should consider another option. TD Bank, for instance, only requires $500 in deposits within 60 days to qualify for its $200 TD Complete Checking bonus. Chase’s checking bonus doesn’t require a minimum deposit at all.
Use the table below to compare the deposit amounts required for our top bank bonuses.
| Your Deposit Amount | Earn This Bank Account Bonus |
|---|---|
| Any direct deposit amount | $400 bonus for Huntington Perks Checking $300 bonus for Chase Total Checking |
| $500 or more in qualifying direct deposits | $200 bonus for TD Complete Checking |
| $1,000 or more in qualifying direct deposits | $300 bonus for Wells Fargo Checking $50 bonus for SoFi Checking and Savings |
| $2,000–$3,000 or more in direct deposits | $300 bonus for TD Beyond Checking $200 bonus for PNC Virtual Wallet with Performance Spend |
| $5,000 or more in direct deposits | $400 bonus for PNC Virtual Wallet with Performance Select $350 bonus for U.S. Bank Smartly Checking $300 bonus for SoFi Checking and Savings |
| $15,000 or more in new money | $200 bonus for Chase Savings |
| $25,000 or more in new money | $600 bonus for Huntington Platinum Perks Checking $525 bonus for Wells Fargo Savings |
>> Related: Learn more about the best checking accounts
Other Bank Bonuses and Promotions We Reviewed
While these offers didn’t make our list of the best bank bonuses, they could be good options for you.
Citibank: Up to $325
Citibank is offering a $325 bonus for opening an eligible checking account and making two or more qualifying direct deposits totaling at least $3,000 within 90 days.
This offer expires Jan. 7, 2025.
BMO: Up to $500
BMO has bonus offers of up to $300 on its checking accounts. Smart Advantage Checking and Smart Money Checking both come with $300 bonuses with at least $4,000 in qualifying direct deposits in the first 90 days.
This offer expires Feb. 3, 2025.
Bank of America: Up to $300
Earn $300 by opening a new Bank of America personal checking account online and receiving at least $2,000 in direct deposits within 90 days. You must be a new customer and use the promo code LHR300CIS to apply.
This offer expires Jan. 31, 2025.
PSECU: Up to $200
PSECU is offering a $200 bonus for joining the credit union, opening a checking account, receiving at least $500 in qualifying direct deposits and logging in to digital banking in the first 60 days. You can also get a $100 bonus for continuing those direct deposits for three months and completing at least 10 eligible debit card purchases totaling $100 or more within 120 days of meeting the requirements for the initial bonus.
This offer expires Dec. 31, 2024.
Types of Bonuses, Promotions and Incentives
Checking and savings account bonuses and promotions vary depending on the bank or credit union, and they usually apply only to certain accounts. Here are several types of bonuses and incentives you can earn:
Sign-Up Bonuses
If you qualify for a sign-up bonus, you can typically earn up to several hundred dollars for opening a new personal or business checking or savings account. You’ll usually apply for an account using a promo code at a branch or online. Once your account is open, you’ll generally have a limited number of days to complete qualifying activities, which may include one or more of the following:
- Receiving a minimum amount in qualifying direct deposits (typically from employers, Social Security or other income sources)
- Maintaining a minimum average daily balance
- Making a minimum deposit manually
- Enrolling in online banking
- Completing a minimum number of qualifying transactions within a certain time frame (such as making a debit card purchase, Zelle transaction or online bill payment)
Set direct deposit up promptly if it’s required, and note that the initial transfer could be delayed. You should also be sure you’re making qualifying transactions that meet any terms or deadlines.
Receiving a bank bonus requires keeping the account in good status. Banks usually deposit the bonus money within a week to a few months after you meet the offer requirements. If you’re an existing customer, you could be disqualified, especially if you recently received another bonus.
>> Related: Learn more about the best high-yield savings accounts
Referral Bonuses
Some banks offer incentives if you refer new customers who then open accounts with the bank. Bonuses can come in the form of cash rewards, points or other perks. You’ll usually receive the bonus once the person you referred has met specific criteria, such as making a minimum deposit or completing a certain number of transactions. Often, both you and the person you referred will receive bonuses.
>> Related: Learn more about Chase Bank’s new account bonus
How To Find the Best Bank Account Bonuses
To find sign-up bonuses and other banking promotions, use our list, do a web search or visit bank and credit union websites. Other options include checking advertisements and contacting financial institutions. Here are some sites you should also check:
- Reddit’s Bank Bonus Weekly Thread
- Doctor of Credit
- Bankrewards.io
Make sure any financial institution you choose is insured by the Federal Deposit Insurance Corp. or the National Credit Union Administration, which protect against losses of up to $250,000 per depositor, ownership category and financial institution in the event of bank or credit union failure, respectively. Look for “member FDIC,” “FDIC insured” or “NCUA insurance.”
When comparing offers, note the bonus amounts, promotional deadlines and eligibility restrictions. Make sure you meet any terms for direct deposit or ACH transfers and that you can maintain any minimum balance during the offer period. Read the fine print about any qualifying transactions, as well as account activity that could make you ineligible for a bonus.
Finding the right bonus offer also involves looking at an account’s features. It’s ideal to pick an account with low fees, along with incentives such as rewards and high interest rates.
Pros and Cons of Bank Bonuses and Promotions
The main advantage of bank account bonuses and promotions is that they give you extra cash. Along with earning a sign-up bonus for opening a new account, you could get debit card rewards or earn interest. Your bank might offer additional money-saving perks, such as fee waivers or discounted loan rates.
Plus, you could find that meeting the bonus requirements helps you build financial discipline. That’s because you may need to set up direct deposits, move a large lump sum to the account or maintain a minimum balance. By continuing good habits, you might manage your money better even after the bonus period.
However, there are drawbacks to sign-up bonuses for bank accounts. For example, they count as taxable income. Banks may report this income to the IRS, usually via forms 1099-INT or 1099-MISC.
If you’re only pursuing a new account for a sign-up bonus and not factoring in potential interest, reward earnings or other perks, then opening a new account might not be worth it, especially if it comes with strict requirements.
Extra cash: Bank bonuses can help you reach your financial goals.
Other potential perks: Accounts that come with bonuses may have other benefits, such as paying interest on your checking balance.
May have strict requirements: Depending on the offer, you may need to keep a large balance in your new account or receive thousands of dollars in direct deposits.
Taxation: You’ll owe ordinary federal and state income tax on your bank bonus, calculated at your effective tax rate.
Account fees: An account you open to get a bonus could come with a monthly fee that the bank may or may not waive.
Maximizing Your Bank Bonuses
Other sites and products can provide additional bonuses and incentives for opening new accounts with the banks on our list:
Most of the banks on our list have credit cards that also offer sign-up bonuses. For example, the Chase Freedom Unlimited credit card offers a $200 bonus after you spend $500 within three months of opening your account, and the U.S. Bank Altitude Go Visa Signature Card offers 20,000 bonus points (redeemable for $200) when you spend $1,000 within 90 days of opening your account.
If you open a credit card to get a bonus, remember to pay your balance off in full every month.
Some banks have exclusive offers in conjunction with other companies or bonuses that aren’t prominently advertised on their websites. Conduct an internet search with the bank’s name and “bonuses” to see if there are any other offers you could qualify for.
Rakuten is offering $125 cash back for new SoFi Checking and Savings customers — a separate promotion from SoFi’s bonus of up to $300. To earn the bonus, you must click on the “Shop Now” button on the Rakuten promotional page to open a new SoFi Checking and Savings account and then receive a direct deposit of $500 or more within 45 days of clicking the Rakuten link. This offer ends on Dec. 31, 2024.
Rakuten also offers bonuses for other banks not on our list, such as Chime and Axos Bank.
>> Related: Learn more about how to save money
The Bottom Line: Best Bank Promotions
By comparing bank promotions and considering how easily you can meet their requirements, you could earn extra cash. Just don’t forget important account factors such as accessibility, fees and additional incentives.
Always read the fine print, and note the qualifying activities and deadlines for earning the bonus. Contact the bank’s customer service department for help if you don’t understand the requirements. When you apply for your new account, use the promo code or special link the bank provides.
FAQ: Bank Bonus Offers
Chase, Wells Fargo, PNC Bank and SoFi are some of the banks that offer bonuses for opening checking or savings accounts and meeting certain requirements.
If you don’t meet the requirements of a bank account promotion, you won’t earn the bonus. However, you can typically continue using the account and any other perks you’re eligible for.
Account churning is the practice of frequently opening and closing bank accounts to take advantage of promotional bonuses offered by banks. While account churning is legal, it’s discouraged by banks. Many banks have a “cooling-off” period that prevents customers from receiving an account bonus if they’ve opened or closed the same type of account within a certain time frame, typically one to two years.
Before opening and closing multiple accounts, read the terms and conditions of each one.
To find the best bank promotion for your needs, compare bonus offers from multiple financial institutions online and determine if their requirements fit your financial situation. The best promotion will offer a large bonus and have requirements you can meet by the deadline.
Bank bonuses are taxed at the rate for your regular income tax bracket, which ranges from 10% to 37% for federal taxes and varies at the state level. Because bank bonuses are considered taxable income, you’ll need to report this income to the IRS, usually via forms 1099-INT or 1099-MISC.
One of the best Chase bonuses available now is worth up to $900 if you open both a Chase Total Checking account and a Chase Savings account and meet certain terms. If you open a new Chase Total Checking account and set up a direct deposit (of any amount) within 90 days, you’ll earn a $300 bonus. If you open a new Chase Savings account and deposit $15,000 in new money within 30 days and maintain a $15,000 balance for 90 days, you’ll earn a $200 bonus. When you qualify for both of these bonuses, you’ll earn an extra $400, for a total bonus of $900. This offer is available through Oct. 16, 2024.
Methodology
Of the more than 100 financial institutions we’ve researched, we monitor 19 banks and credit unions that regularly offer bank account bonuses. We track these institutions’ checking and savings account bonuses, collecting information on eligibility rules, the amounts offered and the requirements to earn the bonuses.
We pay particular attention to whether direct deposit or certain transactions are required, as well as how long deposits must be held in an account and how long it takes customers to receive their bonuses once they meet all requirements. We also assess the accounts’ long-term value after bonuses are earned, factoring in any interest or monthly fees.
We continuously track data about 33 bonuses featured on Doctor of Credit to determine how often each bonus is available, as well as the average and highest amounts they’ve offered in the past year. To help you decide if putting money in an account for a set amount of time is worth it, we’ve calculated the effective APYs for bonuses that require deposits.
Customer Review Methodology
To provide an in-depth perspective on how reviewers feel overall about banks that offer bonuses, the MarketWatch Guides team compiled 14,547 reviews from publicly available user-review sites such as Trustpilot, the Better Business Bureau, Consumer Affairs, WalletHub and Best Company.
We then categorized each review and analyzed the sentiment to determine whether it was positive or negative. With this data, we highlighted the most praised features and most common complaints for each bank.
*Data accurate at time of publication
**Rates and promotions accurate as of November 5, 2024. Promotions may vary by location. Rates and promotions are for New York (Chase), San Francisco (Wells Fargo), Minneapolis (U.S. Bank) or Pittsburgh (PNC Bank).
Editor’s Note: Before making significant financial decisions, consider reviewing your options with someone you trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.
