Which Banks Are Currently Offering Sign-Up Bonuses

Several large banks and credit unions offer cash bonuses when you open a checking account, though the offers change frequently and vary by location. Chase, Bank of America, Wells Fargo, Citibank, Capital One, and Ally Bank have all run checking account promotions in recent years. Regional banks and local credit unions often have their own offers as well. The bonus amounts typically range from $50 to $300, depending on the bank and the account tier you choose.

These offers are real—banks use them to attract new customers—but they come with conditions. Most require you to set up direct deposit, maintain a minimum balance, or keep the account open for a specific period. Some bonuses only appear if you open the account through a specific link or during a promotional window. The offer that shows up when you visit the bank's website may not be the same one advertised elsewhere.

The best way to find current offers is to search the bank's name plus "checking account bonus" in a search engine, then visit the bank's official website directly. Comparison sites like Bankrate, NerdWallet, and DepositAccounts also track active promotions, though they update at different speeds. Call the bank's customer service line to confirm the offer is still running before you open the account.

Key Takeaways

  • Bonuses typically range from $50 to $300 and are offered by major banks, regional banks, and credit unions, though the specific offers change monthly.
  • Most bonuses require direct deposit setup, a minimum balance, or keeping the account open for 90 days to six months before the money posts.
  • The offer you see on a bank's homepage may differ from promotions advertised on comparison sites, so verify the terms on the bank's official website.
  • Bonuses are taxable income and will be reported to the IRS on a 1099-INT form if the amount exceeds $10.

What Conditions Usually Come With the Bonus

The most common requirement is direct deposit. The bank needs to see a paycheck or government payment (Social Security, unemployment, tax refund) deposited electronically into the account. Some banks require the deposit to happen within 30 or 60 days of opening the account. Others require a minimum deposit amount—often $500 or $1,000. A few banks will waive the direct deposit requirement if you maintain a higher balance instead, typically $5,000 or more.

The second common condition is account tenure. You may need to keep the account open for 90 days, six months, or even a year before the bonus posts. If you close the account early, the bank will not pay the bonus. Some banks also require a minimum number of debit card transactions or a minimum balance throughout the holding period.

Read the full terms before you open the account. Banks publish these in the promotion details or in a separate document labeled "Promotion Terms" or "Offer Details." If the terms are not visible on the website, call the bank and ask them to email or mail you the written terms. This protects you from opening an account expecting a $200 bonus only to discover you needed to maintain a $10,000 balance the whole time.

Credit Unions and Local Banks Often Have Different Offers

National banks get the most attention, but credit unions and regional banks frequently offer bonuses too. Credit union bonuses are often smaller—$25 to $100—but the conditions are sometimes less strict. Some credit unions only require you to open the account and make one transaction. Others waive the direct deposit requirement if you set up a small automatic transfer from another bank.

To find credit union offers, search for credit unions in your area or check whether you are already a member of one through your employer, school, or professional association. The CO-OP Network and Allpoint are two large credit union networks that let you use ATMs nationwide, so a local credit union account can work as well as a national bank account for everyday use.

Regional banks like Truist, PNC, U.S. Bank, and KeyBank also run checking account promotions. These banks may have stronger offers in states where they operate heavily. If you live in the Southeast, Truist promotions may be more generous than in other regions. Check your state's largest banks first, as they often have location-specific deals.

How the Bonus Money Gets Deposited

The bonus does not arrive on the day you open the account. Most banks deposit the bonus 30 to 90 days after you meet all the conditions. If the offer requires direct deposit, the clock usually starts when your first paycheck or government payment hits the account. If it requires a minimum balance, the clock starts when you deposit that amount. The bank will send you an email or notification when the bonus posts.

The bonus appears as a credit to your checking account balance. You can withdraw it when ready once it posts—there is no lock-in period after the bonus arrives. However, if you close the account before the bonus posts, you forfeit it. Some banks will claw back the bonus if you close the account within a certain window after it posts, so check the terms for that detail.

Tax Implications of Checking Account Bonuses

Checking account bonuses are taxable income. If the bonus is $10 or more, the bank will report it to the IRS on a Form 1099-INT (or sometimes a 1099-MISC). You will receive a copy in January of the following year. You must report this income on your tax return, even though it is a small amount.

The tax impact depends on your overall income and tax bracket. For most people, a $100 or $200 bonus adds a small amount to their taxable income—roughly $15 to $60 in federal tax, depending on your bracket. If you are in a low-income situation or receive means-tested benefits, a bonus might affect your may be able to access for those programs. Check with a tax professional or your benefits administrator if you are concerned about this.

Avoiding Scams and Fake Bonus Offers

Scammers sometimes advertise fake bank bonuses to trick you into opening accounts at fraudulent websites or providing personal information. Protect yourself by only opening accounts through the bank's official website or by visiting a physical branch. Do not click links in emails or text messages claiming to offer a bonus—go directly to the bank's website instead.

Real banks will never ask you to pay a fee to receive a bonus. If an offer requires you to send money upfront or pay for a "verification" process, it is a scam. Legitimate bonuses are free. Also be wary of offers that seem unusually large—$500 or $1,000 bonuses from unknown banks are almost always fraudulent.

If you are unsure whether an offer is real, call the bank's main customer service number (not a number from the promotional email) and ask whether the promotion is active. The bank can confirm the offer and walk you through the legitimate process.

Frequently Asked Questions

Do I have to use the bonus money or can I withdraw it right away?

Once the bonus posts to your account, it is yours to use however you want. You can withdraw it when ready, leave it in the account, or use it to pay bills. There are no restrictions on how you spend it after it arrives. The only restriction is that you must keep the account open until the bonus actually posts, or you will not receive it.

What happens if I close the account before the bonus shows up?

You forfeit the bonus. The bank will not pay it if the account is closed before the bonus posts. Some banks also have clawback clauses that let them take back the bonus if you close the account within 30 to 90 days after it posts. Read the terms to see whether your offer has this restriction.

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

Most banks limit bonuses to one per customer per year or per account type. If you open a second checking account at the same bank within that window, you will not receive a second bonus. Some banks track this across all your accounts with them, so opening accounts under different names or at different branches will not work.

Will a checking account bonus hurt my credit score?

No. Opening a checking account does not affect your credit score because banks do not report checking accounts to credit bureaus. The bank may do a soft credit check to verify your identity, but this does not lower your score. Hard inquiries that affect credit only happen when you explore for credit products like loans or credit cards.

How do I know if a bonus offer is still active?

Visit the bank's official website and look for the promotion on the checking accounts page. If you do not see it listed, call the bank's customer service number and ask whether the promotion is currently running. Comparison sites like Bankrate and NerdWallet track offers, but they do not always update when ready when promotions end, so the bank's website is the most reliable source.