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We've gone through the best bank promotions and bonus offers among national banks, regional banks, and online banks for December 2024.
Here are our top picks for current bank account promotion offers.
Best Bank Bonuses for December 2024
- Chase Private Client Checking℠: Earn up to a $3,000 bonus when you open a new Chase Private Client Checking℠ account with qualifying activities (offer expires 1/22/2025)
- HSBC Premier Checking: $1,500 or $2,500 if you open a new, eligible HSBC Premier checking account from July 1, 2024 through January 2, 2025, and complete qualifying activities
- Huntington Bank Platinum Perks Checking: Earn a $600 when you open a new Platinum Perks Checking account and make total new money deposits of $25,000 or more within 90 days of account opening and keep account open for 90 days (offer expires February 7, 2025)
- Huntington Bank Perks Checking: Earn a $400 when you open a new Perks Checking account and set up and receive total qualifying direct deposits of $500 or more within 90 days of account opening and keep account open for 90 days (offer expires February 7, 2025)
- Truist One Checking: Earn a $400 for opening a new Truist One Checking account online using code AFL2425TR1400 and completing qualifying activities (offer expires April 30, 2025)
- Valley All Access Checking+: Earn $400 during your first year of account opening when you receive two or more qualifying direct deposits with a cumulative total of $7,500 or more during the first 90 days of account opening
- Fifth Third Momentum® Checking: Earn a $300 cash bonus when you provide the offer code and make a direct direct deposit of $500 or more within 90 days of account opening (offer expires December 31, 2024)
- Wells Fargo Everyday Checking Account: Earn a $300 bonus when you open a new account from the offer webpage with a $25 minimum opening deposit and receive a total of $1,000 or more in qualifying electronic deposits to your new checking account within 90 calendar days of account opening (offer ends January 8, 2025)
- Chase Total Checking®: Earn a $300 bonus when you open an account and make direct deposits totaling $500 or more within 90 days of coupon enrollment (offer expires on 1/22/2025)
- Citi Regular Checking: Earn a up to $450 cash bonus by opening an eligible checking account with qualifying direct deposit and completing required activities (offer ends 1/7/25)
- TD Bank Beyond Checking Account: Earn $300 when you have $2,500 in qualifying direct deposits within 60 days (offer expires November 30, 2024)
- Bank of America Advantage SafeBalance Banking® Account, Bank of America Advantage Relationship Account, and Bank of America Advantage Plus Checking Account: Earn a $300 bonus for new customers who open a new eligible personal checking account online with qualifying activities (offer expires January 31, 2025)
- SoFi Checking and Savings (Member FDIC): Earn up to $300 with qualifying direct deposit for eligible customers (offer expires 12/31/24, terms apply)
- Key Smart Checking®: Earn $300 after making a $10 minimum opening deposit, using offer code KDSA0624 and make one direct deposit of at least $1,000 within the first 60 days of account opening (open account by 12/20/2024)
- BMO Smart Money Checking: Earn a $300 cash bonus when you open a new BMO Smart Money Checking account and have $4,000 in qualifying direct deposits within 90 days of opening (offer expires 02/03/25)
- BMO Smart Advantage Checking Account: Earn a $300 cash bonus when you open a new BMO Smart Advantage Checking account and have $4,000 in qualifying direct deposits within 90 days of opening (offer expires February 3, 2025)
- Capital One 360 Checking: Earn $250 when you open Capital One 360 Checking using the code CHECKING250 and receive at least two direct deposits of $500 or more within the first 75 days of account opening
- TD Bank Complete Checking: Earn $200 when you have $500 in qualifying direct deposits within 60 days (offer expires November 30, 2024)
- Huntington Asterisk-Free Checking® Account: Earn a $200 cash bonus for eligible new customers who open a new, qualifying Huntington Bank Asterisk-Free Checking Account by February 7, 2025 with qualifying activities
- M&T Bank MyChoice Premium Checking: Earn a $200 bonus when you make qualifying direct deposits totaling at least $500 within 90 days of account opening (offer expires December 31, 2024)
- M&T Bank MyChoice Plus Checking: Earn a $150 bonus when you make qualifying direct deposits totaling at least $500 within 90 days of account opening (offer expires December 31, 2024)
- M&T Bank EZChoice Checking: Earn a $100 bonus when you make qualifying direct deposits totaling at least $500 within 90 days of account opening (offer expires December 31, 2024)
- Chase Secure Banking℠: Earn $100 when you open a Chase Secure Banking account as a new Chase checking customer with qualifying transactions (offer expires 1/22/2025)
- Chase College Checking℠: Earn $100 as a new Chase checking customer when you open a Chase College Checking℠ account and complete 10 qualifying transactions within 60 days of coupon enrollment (offer expires 1/22/2025)
- PNC Bank Virtual Wallet®: Earn $100 if you open Virtual Wallet® and establish total qualifying direct deposits of at least $500 in the first 60 days, $200 when you open Virtual Wallet® with Performance Spend and establish total qualifying direct deposits of at least $2,000 in first 60 days, or $400 when you open Virtual Wallet® with Performance Select and establish total qualifying direct deposits of at least $5,000 in direct deposits in the first 60 days (offer ends 01/02/2025)
- Experian Smart Money: Earn a $50 bonus when you set up direct deposit
Each bank account requires certain criteria to qualify for the cash bonus. For example, you may have to deposit a minimum amount of money by a certain date.
Compare the Top Checking Account Bonus Offers
The best checking account bonuses can be found at brick-and-mortar banks, although a couple of online banks also have solid checking bonuses, too. Our top picks also stand out because they either offer high cash bonuses or have accomplished requirements that many people can fulfill.
To get the top checking account bonuses you typically need to be a new customer who hasn't opened a checking account with the bank recently. We've included a variety of bonuses with different earnings, so you can find an account with requirements you can complete.
Chase Private Client Checking℠
Bonus amount: $1,000 to $3,000
Expiration date: January 22, 2025
Who qualifies: Both new and existing Chase Private Client customers are eligible. Eligible accounts are Chase personal checking and savings accounts and J.P. Morgan Wealth Management non-retirement accounts.
What you need to do:
- If you're a new client, visit the Chase bonus page and enter your email address to receive your promo code; then meet with a Private Client Banker to upgrade or open your account
- Transfer at least $150,000 of qualifying new money or securities into a combination of eligible accounts within the first 45 days
- To earn a $1,000 bonus, transfer $150,000 to $249,999
- To earn a $2,000 bonus, transfer $250,000 to $499,999
- To earn a $3,000 bonus, transfer $500,000 or more
- Maintain your new money balance for at least 90 days from opening the account
When you'll receive the money: The money will show up in your account within 40 days of your completing the requirements.
Checking account monthly service fee: $35 monthly service fee; waived if you have an average beginning day balance of $150,000 in of your Chase and partner accounts or have Chase Platinum Business Checking linked.
Chase Private Client Checking Review
HSBC Premier Checking
Bonus amount: $1,500 or $2,500
Expiration date: January 2, 2025
Who qualifies: You must open a new HSBC Premier Checking Account to qualify.
To qualify for Premier status for your account, you must meet one of the following requirements: maintain a combined total of $100,000 in eligible U.S. consumer and commercial deposit and investment accounts, receive recurring monthly deposits of $5,000 from a third party to your HSBC checking account, or have any U.S.-based residential mortgage with HSBC (this does not include home equity products or loans in foreclosure or bankruptcy).
What you need to do:
- Open a new account by January 2, 2025
- To earn a $1,500 cash bonus, add $100,000 to $249,999 in new money to deposit and eligible investment accounts within the first 20 days of account opening, and maintain your new money balance for three consecutive months
- To earn a $2,500 cash bonus, add $250,000 or more in new money to deposit and eligible investment accounts within the first 20 days of account opening, and maintain your new money balance for three consecutive months
When you'll receive the money: The money will be deposited into your checking account within eight weeks after you fulfill the requirements.
Checking account monthly service fee: $50 monthly service fee*; the same requirements for opening an account also allow you to waive the fee
Huntington Bank Platinum Perks Checking
Bonus amount: $600
Expiration date: February 7, 2025
Who qualifies: You must open a new eligible Huntington Bank checking account to qualify.
What you need to do:
- Open a new account by February 7, 2025
- Deposit at least $25,000 within 90 days of opening your account and maintain a $25,000 account balance for 90 days
When you'll receive the money: The money will be deposited into your checking account within 14 days after you meet the requirements.
Checking account monthly service fee: $25 monthly service fee or $0 when you have $25,000 total in all your Huntington accounts
BMO Smart Money Checking and BMO Smart Advantage Checking Account
Bonus amount: $300 (BMO Smart Money Checking) or $300 (BMO Smart Advantage Checking)
Expiration date: Feburary 03, 2025
Who qualifies: You must be a new BMO personal checking account customer or someone who hasn't closed a BMO personal checking account in the last 12 months.
What you need to do:
- Open a BMO personal checking online, by phone, or at a branch by Feburary 03, 2025, using a promo code
- To earn a $300 on BMO Smart Advantage Checking Account or BMO Smart Money Checking, make a qualifying direct deposit of $4,000 or more within the first 90 days
When you'll receive the money: The cash bonus will be deposited into your BMO checking account around 100 days after the account opening.
Checking account monthly service fee: $5 monthly service fee if you are over 25 (BMO Smart Money Checking), no monthly service fee (BMO Smart Advantage Checking Account)
Huntington Bank Perks Checking
Bonus amount: $400
Expiration date: February 7, 2025
Who qualifies: You must be a new Huntington Bank customer to qualify.
What you need to do:
- Open a new account by February 7, 2025
- Make a qualifying direct deposit of $500 or more within 90 days of opening your account and maintain a $1,000 account balance for 90 days to avoid monthly service fee
When you'll receive the money: The money will be deposited into your checking account within 14 days after you meet the requirements.
Checking account monthly service fee: $10 monthly service fee or $0 with $1,000 or more in total monthly deposits or $5,000 or more across your accounts
Truist One Checking
Bonus amount: $400
Expiration date: April 30, 2025
Who qualifies: You must not currently have a checking account with Truist Bank, and you can't have closed a checking account with Truist Bank on or after February 28, 2024.
What you need to do:
- Open a new account by April 30, 2025, using the promo code AFL2425TR1400
- Receive at least two direct deposit of $1,000 or more within 120 days of the account opening
When you'll receive the money: The money will be deposited into your account within four weeks of meeting the qualification requirements, as long as your checking account is open, in good standing, and has a balance of at least $0.01.
Checking account monthly service fee: $12 monthly services fee; waive the fee if you make $500 or more in direct deposits per statement cycle, maintain a combined total balance of $500 in all eligible Truist accounts before each statement cycle end date, have a personal Truist credit card or mortgage or consumer loan (excluding LightStream), link to a Small Business Checking Account, or are a student under age 25
Valley All Access Checking+
Bonus amount: $400
Expiration date: Ongoing
Who qualifies: You're eligible for this bonus if you are a new consumer checking customer at Valley National Bank and over age 18. Valley has branches in Alabama, Florida, New Jersey, and New York.
What you need to do:
- In the first 90 days of account opening, you must receive two or more qualifying direct deposits with a cumulative total of $7,500 or more
When you'll receive the money: The cash bonus will be deposited into your account 30 days after you meet the requirements. Your account also needs to have stayed open for at least 90 days.
Checking account monthly service fee: $15 monthly service fee; waive the fee by keeping at least $99 in your account daily
Fifth Third Momentum® Checking
Bonus amount: $300
Expiration date: December 31, 2024
Who qualifies: You must be a new Fifth Third Bank checking account customer. You won't be eligible if you have an existing Fifth Third Bank checking account or closed an account within the last 13 months.
What you need to do:
- Open a Fifth Third Momentum Checking account through the promotional page
- Make direct deposits totaling $500 or more in the first 90 days of opening an account
When you'll receive the money: The bonus is added to your account within 10 days of completing the bonus requirements.
Checking account monthly service fee: no monthly service fee
Wells Fargo Everyday Checking Account
Bonus amount: $300
Expiration date: January 8, 2025
Who qualifies: You must be a new Wells Fargo checking account customer. You aren't eligible if you've received a Wells Fargo checking bonus in the last 12 months, and you can't be a Wells Fargo employee.
What you need to do:
- Open an eligible account by January 8, 2025, with a $25 minimum opening deposit
- To open online, visit the bonus page; to open the account in a branch, enter your email address on the bonus page and Wells Fargo will email you a promo code to give at the branch.
- Receive at least $1,000 in direct deposits in the account within 90 days of opening it
When you'll receive the money: After the initial 90-day period ends, the money will appear in your account within 30 days.
Checking account monthly service fee: $10 monthly service fee; waive when you have $500 in direct deposits per month, maintain minimum balance of $500, link account to a Wells Fargo Campus ATM or Campus Debit Card or are 17-24 years old
Chase Total Checking®
Bonus amount: $300
Expiration date: January 22, 2025
Who qualifies: New personal checking account customers.
What you need to do:
- Open an eligible account with a coupon code
- Set up direct deposit totaling $500 or more within 90 days after enrolling
When you'll receive the money: You'll receive the $300 within 15 days.
Checking account monthly service fee: $12 monthly service fee; waive if you make deposits totaling $500 or more, have a daily balance of $1,500 more in the account, have an average daily balance of $5,000 or more across all your Chase accounts
Citi Regular Checking
Bonus amount: up to $450
Expiration date: January 7, 2025
Who qualifies: New Citi checking customers
What you need to do:
- Open an eligible account from the offer page
- Deposit at least two enhanced direct deposits worth $3,000 or more total into your new checking account within the first 90 calendar days of the account being opened
When you'll receive the money: You'll receive the bonus within 30 days of completing all the requirements.
Checking account monthly service fee: $15 monthly service fee; waived for first three months and then you must receive $250 or more in direct deposits
TD Bank Beyond Checking Account
Bonus amount: $300
Expiration date: November 30, 2024
Who qualifies: You must be a new TD Bank customer to qualify.
What you need to do:
- Open a new account
- Receive at least $2,500 in qualifying direct deposits within 60 days of opening the account
- Keep your account open for at least 6 months
When you'll receive the money: The money will be deposited into your account around 180 days after opening the account.
Checking account monthly service fee: $25 monthly service fee; waive if you maintain a minimum daily balance of at least $2,500 or receive monthly direct deposits of $5,000 or more or have $25,000 or more across eligible linked TD accounts
TD Bank Checking Account Review
Bank of America Advantage SafeBalance Banking® Account, Bank of America Advantage Relationship Account, and Bank of America Advantage Plus Checking Account
Bonus amount: $300
Expiration date: January 31, 2025
Who qualifies: Individuals who haven't owned or co-owned a Bank of America personal checking account within the last 12 months qualify.
What you need to do:
- Open a Bank of America Advantage SafeBalance Banking® Account, a Bank of America Advantage Plus Checking Account, or a Bank of America Advantage Relationship Account account through the promo page using the offer code LHR300CIS
- Set up and receive qualifying direct deposits totaling $2,000 or more into the new account within the first 90 days
When you'll receive the money: Within 60 days of fulfilling the requirements, as long as your account is open and in good standing
Checking account monthly service fee: $4.50 monthly service fee, waived if you maintain a $500 daily balance, are under the age of 25, or are part of the Preferred Rewards Program (Bank of America Advantage SafeBalance Banking® Account); $12 monthly service fee, waived if you maintain a $1,500 daily balance, make 1 qualifying direct deposit of $250 or more, or are part of the Preferred Rewards Program (Bank of America Advantage Plus Checking Account); $25 monthly service fee, waived with a $20,000 daily balance, or are part of the Preferred Rewards Program (Bank of America Advantage Relationship Account)
SoFi Checking and Savings (Member FDIC)
Bonus amount: up to $300 with qualifying direct deposit for eligible customers (offer expires 12/31/24, terms apply)
Expiration date: December 31, 2024
Who qualifies: If you're a new customer, set up an account and enroll in direct deposit. You're also eligible as an existing customer if you haven't already set up direct deposit.
What you need to do:
- Once you've opened your account, enroll in direct deposit
- Receive qualifying direct deposits within the 25-day evaluation period
- If direct deposits equal $1,000 to $4,999.99, you'll receive a $50 bonus
- If direct deposits equal $5,000 or more during the evaluation period, you'll receive a $300 bonus
- Keep in mind, the 25-day evaluation period won't go beyond the promotion period expiration date
When you'll receive the money: The bonus will show up in your account within seven business days after the 25-day evaluation period ends.
Checking account monthly service fee: no monthly service fee
SoFi Checking and Savings Review
Key Smart Checking®
Bonus amount: $300
Expiration date: December 20, 2024
Who qualifies: You must be a new KeyBank checking account customer. You won't be eligible if you had a KeyBank personal checking account in the last 12 months.
What you need to do:
- Open a Key Smart Checking® through the promotional page or with a promo code KDSA0624 by December 20, 2024. You must make a minimum opening deposit of $10.
- Make one direct deposit of $1,000 or more in the first 60 days of opening the account.
When you'll receive the money: You'll get the money deposited into your account within 90 days of fulfilling all the criteria.
Checking account monthly service fee: no monthly service fee
Capital One 360 Checking
Bonus amount: $250
Expiration date: Capital One doesn't have a definite expiration date for when this offer will end. It can end at any time.
Who qualifies: To qualify for the bonus, you must be a new Capital One checking customer. You won't be eligible if you currently have Capital One 360 Checking, Simply Checking, or Control Checking. You also aren't eligible if you've opened an account on or after January 1, 2022.
What you need to do:
- Open a new account on August 22, 2024, or afterwards, using the promo code CHECKING250
- Receive a minimum of two direct deposits of $500 or more during the first 75 days of opening your account
When you'll receive the money: The bonus will be deposited into your account within 135 days of opening the account.
Checking account monthly service fee: no monthly service fee
TD Bank Complete Checking
Bonus amount: $200
Expiration date: November 30, 2024
Who qualifies: You must be a new TD Bank customer to qualify. TD Bank defines a new customer as anyone who doesn't have any existing TD Bank checking account or hasn't opened a TD checking account in the last 12 months.
What you need to do:
- Open an eligible account and set up direct deposits.
- Receive at least $500 in qualifying direct deposits within 60 days of opening the account
- Keep your account open for at least 6 months
When you'll receive the money: The money will be deposited into your account around 180 days after opening the account.
Checking account monthly service fee: $15 monthly service fee; waived if you receive monthly direct deposits of $500 or more, maintain a minimum daily balance of $500 or more, have a daily combined balance of $5,000 or more across linked bank accounts, or are between ages 17 and 23
Huntington Asterisk-Free Checking® Account
Bonus amount: $200
Expiration date: February 7, 2025
Who qualifies: You must be a new Huntington Bank customer to qualify.
What you need to do:
- Open a new account by February 7, 2025
- Make a qualifying direct deposit of $500 or more within 90 days of opening your account
When you'll receive the money: The money will be deposited into your checking account within 14 days after you meet the requirements.
Checking account monthly service fee: no monthly service fee
M&T Bank EZChoice Checking, M&T Bank MyChoice Plus Checking, and M&T Bank MyChoice Premium Checking
Bonus amount: $100 (M&T Bank EZChoice Checking), $150 (M&T Bank MyChoice Plus Checking), $200 (M&T Bank MyChoice Premium Checking)
Expiration date: December 31, 2024
Who qualifies: You don't qualify if you're already a personal M&T checking account customer, you've closed an M&T account in the last 180 days, you've received an M&T checking bonus in the last 12 months (unless it was from the Refer Friends Program), or are an employee of M&T or its affiliates.
What you need to do:
- Open an eligible account by December 31, 2024, either online or in a branch, and request a promo code
- Make at least $500 in qualifying direct deposits (including payroll, pension, or Social Security) in the first 90 days
When you'll receive the money: The bonus will show up in your account within 90 days of completing the requirements.
Checking account monthly service fee: None (M&T Bank EZChoice Checking); $14.95 monthly service fee, waived with an average daily balance of $2,500 or monthly direct deposits totaling $1,500 (M&T Bank MyChoice Plus Checking); $24.95 monthly service fee, waived with an average daily balance of $7,500 or a combined daily average balance of $25,000 or more in eligible M&T accounts (M&T Bank MyChoice Premium Checking)
Chase Secure Banking℠
Bonus amount: $100
Expiration date: January 22, 2025
Who qualifies: You must be a new checking account customer.
What you need to do:
- Open an account by accessing a coupon online
- Make 10 transactions during the first 60 days
When you'll receive the money: You'll get the money deposited into your account 15 days after you've completed 10 transactions.
Checking account monthly service fee: $4.95 monthly service fee; waived with monthly deposits of $250 or more
Chase College Checking℠
Bonus amount: $100
Expiration date: January 22, 2025
Who qualifies: This account is for college students ages 17 to 24. You cannot already be a Chase checking customer, have closed a Chase account in the last 90 days, or have closed a Chase account with a negative balance within the last three years. You won't qualify if you've received another Chase sign-up bonus in the last two years.
What you need to do:
- Open an account by January 22, 2025, on the promotion page
- Complete 10 qualifying transactions (including debit card purchases, online bill payments, Zelle, Chase QuickDeposit, or ACH credits) within 60 days
When you'll receive the money: The $100 will be deposited into your account within 15 days after you complete the qualifying transactions
Checking account monthly service fee: $12 monthly service fee; waived for students enrolled in college, vocational, technical, or trade schools up to graduate date (maximum of 5 years)
PNC Bank Virtual Wallet®
Bonus amount: $100, $200, or $400
Expiration date: January 02, 2024
Who qualifies: This offer is only available in markets where there are PNC branches. You and any signer on the account must be a new PNC checking customer. You aren't eligible if you've closed a PNC checking account in the last 90 days or received a PNC promotional offer in the last 24 months.
What you need to do:
- By January 02, 2024, open a PNC Bank Virtual Wallet to earn a $100 bonus, PNC Virtual Wallet with Performance Spend to earn $200, and PNC Virtual Wallet with Performance Select to earn $400; you must apply online to qualify
- Receive a qualifying direct deposit within the first 60 days
When you'll receive the money: The money will be deposited into your account 60 to 90 days after you meet the requirements.
Checking account monthly service fee: $7, $15, or $25 monthly service fee; waived with a combined average monthly balance in Spend and/or Reserve Accounts, monthly direct deposit, or if you are age 62 or older or a PNC employee (amount varies by region and account type)
Experian Smart Money
Bonus amount: $50
Expiration date: Experian may end the offer at any time.
Who qualifies: This offer is available to new customers. You must be a United States resident and have a valid taxpayer identification number.
What you need to do:
- You must deposit at least $1,000 in the first 45 business days of opening an account
- Keep your account in good standing while the bonus is added to your account
When you'll receive the money: The money will be deposited into your account around 10 business days after you meet the requirements.
Checking account monthly service fee: no monthly service fee
Understanding Checking Account Bonuses
Banks typically offer bonuses on checking accounts to draw in new customers. Bonuses also help create a distinction between competing banks that may offer similar interest rates, monthly fees, or opening deposit requirements.
Current bank account promotion offers range from $50 to $4,000. Generally, brick-and-mortar banks are more likely to offer bank account bonuses to new customers than online banks or banking platforms.
In addition to the tips mentioned below, make sure you qualify to open a bank account at a specific financial institution. You typically need a U.S. ID and Social Security number to apply for an account. However, if you are unbanked because you don't have a U.S. ID, know that you have options. The top banks for immigrants and non-U.S. Citizens allow you to provide a foreign passport or Matricula Consular to open a bank account.
How to Qualify for Bank Signup Bonuses
Application Process For Checking Cash Bonuses
The first step to qualifying for a checking account bonus is opening your account under the correct conditions. You must apply through a bank promotional page or use a special code to open a bank account through a bank representative. If you open a bank account without these conditions, you won't be able to get the bonus.
Actions Needed to Fufill Bonus Criteria
Each financial institution will list certain requirements you must meet by a specified timeframe. You might need to make a direct deposit or transfer, maintain a specific daily balance, and/or enroll in online banking to get the bonus. Some banks may also require a combination of these requirements.
Generally, bank accounts with higher cash bonuses will have harder bonus criteria to meet. For example, you may need to deposit $25,000 or more in your account within the first 90 days and maintain that balance amount for a few months.
The disclosure at the bottom of a promotional page will provide more details to help you understand the qualification criteria. For example, many disclosures outline who can qualify for a bonus and who can't. It will also tell you which specific transactions are eligible to meet the requirements. Make sure you read that to see if you truly qualify.
When Banks Deposit Your Cash Bonus
Once you've completed all the requirements specified by the bank, the bonus will be deposited into your account. You'll also need to keep your bank account open for a certain time period to keep the bonus and avoid paying an early account closure fee.
Promotions for Existing Customers
A few financial institutions, like Chase and SoFi®, have bank account bonuses for existing customers. Banks typically offer existing customers bank promotions when they want you to upgrade to a premium bank account with higher minimum balance requirements or utilize a specific banking feature. For example, you might be asked to set up direct deposits.
Remember, though, that most bonus promotions are for new bank account customers. Some banks will still let you qualify as a new customer if you've opened a bank account with them in the past, but they'll list a specific time that needs to have passed.
Taxation on Checking Account Bonuses
Checking account bonuses are taxable. Similar to interest, any money that you earn from a checking account is taxed as ordinary income. The exact rate you'll pay depends on which tax bracket you're in, which can range anywhere from 10% to 37%.
You have to pay taxes on checking account bonuses by Tax Day in April. At the beginning of the year, banks will usually send a 1099-INT form by mail which you can use when filing your tax return. Even if you don't receive this form, you should still include the bonus in your tax return.
How to Choose the Best Checking Account Bonus Offer
Evaluating the best bank promotion deals requires more than simply checking the bonus requirements. After all, you want to make sure that your bank account bonus is worth it and that the account actually fits your needs.
Here are three steps you can take to choose the best bank bonus offer.
1. Compare bonus values and requirements from similar financial institutions.
Think about which types of checking account you want and where you want to get it. Do you want a traditional checking account at a brick-and-mortar bank or a rewards checking account from an online bank? Are you looking for an everyday banking option that has minimal maintenance requirements, or do you want to get a premium bank account that offers more rewards for maintaining a high account balance?
Once you've narrowed down your options, review a couple of institutions to see if bonuses are available. For example, you'll likely find several offers if you want a traditional checking account with a national brick-and-mortar bank. You can compare the requirements and cash bonus values and see if there's a standout option.
2. Consider any additional features that you want from your checking account.
When you're opening a checking account, you shouldn't just look at the bonus. Think about whether this account actually fits your needs and if there are any features outside of the bonus that actually appeal to you.
For example, some checking accounts have early pay features so you can get paycheck direct deposits ahead of payday. Typcially, you can get early direct deposits up to two days early at many brick-and-mortar and online banks.
Other features that can significantly impact your banking experience are the bank's online and mobile banking tools. The banks with the best mobile banking apps have tools to help you manage your spending and savings. For example, you might be able to create individual savings goals or track monthly spending. Some apps also have strong security features, so you can lock your debit card or get information about how to improve your security when you log into your account online.
3. Review the bank account for common bank fees.
You don't want to open a bank account at a financial institution where you'll have to pay exorbitant bank fees because it isn't a good fit. Common bank fees you'll find include monthly maintenance fees, overdraft fees, ATM fees, and early account closure fees.
Make sure you meet the requirements to waive fees on your account. For example, many banks let you waive fees on monthly bank maintenance fees if you maintain a certain daily account balance. Otherwise, you might be better off getting a free checking account, so you can properly maintain your account without facing common bank charges.
You can waive ATM fees by sticking primarily to your bank's ATM network. Some banks also offer ATM fee reimbursements, so you can get refunded for charges from outside providers. There's usually a monthly ATM fee reimbursement limit, typically only up to $10 or $20 per month.
If you are concerned about overdrawing from your account, you choose a bank that offers overdraft protection. Coverage for overage varies by bank, but the best is a free option that lets you link your checking to your savings account.
3. Consider your long-term goals and see if the bank's overall products and services are a good fit.
In addition to reviewing bank account fees, assess other bank accounts and services. If you're looking to buy a home or open a credit card soon, it may be worthwhile to check out a bank to see if it could be a good option for future goals.
Tips for Maximizing Checking Account Bonuses
Here are tips you can use to maximize a bank account bonus:
- Keep track of offer deadlines. For bank account bonuses with tiered cash bonuses, make sure you review the requirements carefully to make sure you meet the specific requirements by the specified timeframe. For example, if you have to transfer in the first 60 days, take into account that ACH transferstake a few business days to process.
- Understanding the fine print. Many bonuses often list several requirements you'll need to fulfill to get a bonus. The fine print on the promotional page will dive into these requirements further and tell you if there are any limits or specifications you should be aware of. For instance, a bank may tell you you'll get a bonus when you make an eligible direct deposit. You'll need to review the fine print to see which type of direct deposit is eligible.
- Call customer support if you need help understanding the requirements. If you aren't sure whether you can get a bonus, check in with a bank representative to clarify the bonus rules.
- Avoid monthly service fees. Monthly service fees are the most common bank fee you'll find, and it can easily eat away at your bonus earnings. Most banks allow you to waive monthly service fees if you make a direct deposit or transaction of a certain amount each month, or maintain a specific daily account balance. You want to make sure you can easily meet the requirements to waive the fee before you open the account.
Why You Should Trust Us: Experts' Advice on the Best Checking Account Bonuses
We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best bank account bonus for your needs.
- Sophia Acevedo, banking editor, Business Insider
- Mykail James, MBA, certified financial education instructor, BoujieBudgets.com
Here's what they had to say about bank account bonuses. (Some text may be lightly edited for clarity.)
What should I look for in a checking account bonus?
Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:
"If you are using this bank as your main spending account, then you know that you will have less conflict with depositing money in there. It may be beneficial to look at specific things that are getting bonuses, specifically direct deposit."
Sophia Acevedo, banking editor, Business Insider:
"I would consider how much money is needed to obtain the bonus. Some banks may have several bonuses available, where you'll earn bigger bonuses for a higher account balance or direct deposit. See if a particular bonus is right for you and you're not going out of your way to qualify for it."
Methodology: How We Chose the Best Checking Account Bonuses
At Business Insider, our personal finance team aims to create helpful content so you can make wise money decisions.
Our team is editorially independent, which means our editorial team chooses how we cover and review products. Our business does not decide that. You can read our editorial standards page to learn more about how we review and choose products.
To choose the best checking account bonuses, we reviewed national banks, regional banks, and credit unions to find out which ones offered existing bonuses. Then, we looked at the criteria for getting the bonuses as well as the overall bank account structure. We included bank account bonuses where the checking account has at least 3.5/5 stars.
In our bank account methodology, we rate all checking accounts on a scale from zero to five stars. One star is the lowest rating and five stars is the highest possible rating.
Specifically for checking accounts, we review minimum opening deposit requirements, monthly service fees, overdraft protection, and fees, ATM network and fees, customer support availability, mobile app rating, and company ethics. We score each of these features on a scale of zero to five, then average these scores together to get an account's final rating.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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