Banks that offer cash bonuses for new accounts
Several major banks and online banks offer cash bonuses when you open a checking or savings account and meet their requirements. The bonus amounts range from $50 to $500 depending on the bank and the account type. Banks use these offers to attract new customers, so the terms change frequently—what one bank offers this month may be different next month.
The banks most commonly running these promotions include Chase, Bank of America, Wells Fargo, Ally Bank, Charles Schwab, and various regional banks. Online banks tend to offer larger bonuses than brick-and-mortar banks because they have lower overhead costs. The catch is that you almost always have to meet a deposit requirement or maintain a minimum balance for a set period to keep the bonus.
The bonus is not automatic. You typically need to enter a promo code when you open the account, or the promotion only applies if you open the account through a specific link. If you open an account without the code or link, you will not receive the bonus even if the bank is currently running the promotion.
Key Takeaways
- Cash bonuses for new accounts typically range from $50 to $500 and require you to meet a deposit or spending requirement within a set timeframe, usually 30 to 90 days.
- You must use a promo code or special link when opening the account—opening without one means you forfeit the bonus even if the promotion is active.
- Online banks generally offer larger bonuses than traditional banks because they have lower operating costs.
- The bonus is taxable income and will be reported to the IRS on a 1099-INT form if it exceeds $10.
- Banks change their promotions monthly, so the offer available today may not be available next week.
What you actually have to do to get the bonus
The requirements vary by bank and by account type, but most follow a similar pattern. You open the account, deposit a minimum amount of money (often $500 to $2,500), and keep that money in the account for a specified period—usually 30, 60, or 90 days. Some banks require a certain number of direct deposits instead of or in addition to the initial deposit.
Chase, for example, has run promotions requiring a $500 deposit and 10 debit card transactions within 30 days for a $200 bonus on their checking account. Bank of America has offered $100 for opening a checking account with a $500 deposit. Ally Bank, an online bank, has offered $100 for opening a savings account with a $25,000 deposit held for 90 days.
If you do not meet the requirement—for instance, you withdraw the money before the holding period ends, or you do not complete the required transactions—you will not receive the bonus. The bank will not contact you to remind you; it is your responsibility to track the important date and the requirement.
How the bonus appears in your account
The bonus is deposited directly into your new account, usually within 5 to 10 business days after you meet all the requirements. It shows up as a credit or deposit in your account history. Some banks label it clearly as a "promotional bonus" or "new account bonus"; others straightforward show it as a deposit without explanation.
The timing depends on when the bank processes the promotion. If you open the account on a Friday and the requirement is 30 days, the bank may not process the bonus until day 31 or later. If you close the account before the bonus posts, you will not receive it.
Tax implications of account bonuses
The bonus is considered taxable income by the IRS. If the bonus is $10 or more, the bank will send you a 1099-INT form at the end of the year showing the amount as interest income. You must report this on your tax return.
If the bonus is under $10, the bank is not required to issue a 1099-INT, but you are still technically required to report it as income. In practice, the IRS rarely pursues bonuses under $10, but the rule exists.
The tax liability is small—if you receive a $200 bonus and you are in the 22% tax bracket, you owe roughly $44 in federal tax on that bonus. Some people factor this into whether the bonus is worth the effort of meeting the requirements.
Where to find current bonus offers
Bank websites list their current promotions on their homepage or in a dedicated "promotions" section. However, these pages do not always show every offer—some are only available through partner websites or email campaigns.
Financial comparison sites like Bankrate, NerdWallet, and DepositAccounts track bank bonuses across multiple institutions and update them regularly. These sites are useful for comparing what different banks are offering at the same time. Keep in mind that these sites earn referral fees when you open an account through their links, so they have an incentive to promote certain banks.
You can also call the bank directly and ask if they have any new account promotions running. Customer service representatives can tell you the exact requirements and whether a promo code is needed.
Why banks offer these bonuses
Banks offer bonuses to acquire new customers. The cost of the bonus is lower than the cost of traditional advertising, and it attracts customers who are actively looking to open an account. Once you have an account, the bank hopes you will use it for direct deposits, bill payments, and other services that generate revenue for them.
The deposit requirement exists because the bank wants to may support you actually fund the account and do not when ready withdraw the money. A $500 deposit that sits in the account for 90 days gives the bank the ability to lend that money out or invest it, which generates returns that offset the cost of the bonus.
Comparing bonuses across banks
| Bank | Account Type | Bonus Amount (varies) | Typical Requirement |
|---|---|---|---|
| Chase | Checking | $200–$300 | $500 deposit + 10 debit transactions in 30 days |
| Bank of America | Checking | $100–$200 | $500 deposit, held 30 days |
| Wells Fargo | Checking | $200–$400 | $500 deposit + direct deposit within 90 days |
| Ally Bank | Savings | $100–$250 | $25,000 deposit, held 90 days |
| Charles Schwab | Checking | $100–$300 | $25,000 deposit, held 30 days |
The table above shows examples of bonuses that have been offered recently, but these change frequently. A bonus that was available last month may no longer be offered, and new bonuses appear regularly. The amounts and requirements listed are not current—they are examples of the range and structure of typical offers.
When comparing bonuses, look at the total value you receive relative to the effort required. A $300 bonus that requires a $25,000 deposit for 90 days is less valuable than a $200 bonus that requires only a $500 deposit for 30 days, because your money is tied up longer and in a larger amount.
Frequently Asked Questions
Do I have to keep the account open after I get the bonus?
No. Once the bonus posts to your account, it is yours to keep. You can close the account when ready after. However, some banks charge a fee if you close an account within a certain period (often 90 days to 6 months), so check the account terms before closing.
What if I miss the important date for the requirement?
If you do not meet the requirement by the important date, you do not receive the bonus. The bank will not extend the important date or offer a second chance. You can open another account later if the bank runs the promotion again, but you will need to meet the new requirement.
Can I get multiple bonuses from the same bank?
Most banks limit bonuses to one per customer per year, or one per customer per account type per year. If you received a bonus from Chase last year, you may not be able to receive another Chase bonus this year. Check the terms of the specific promotion to see if you are excluded.
Do I need to have a job or income to open an account and get the bonus?
No. Banks do not require proof of employment or income to open a checking or savings account. You will need to provide identification and a Social Security number, but employment is not a requirement. Some bonuses require direct deposits, which typically come from an employer, but you may be able to use other types of deposits instead.
Is the bonus the same if I open the account in person or online?
Sometimes. Some banks offer different bonuses depending on how you open the account. Online accounts may have a higher bonus because the bank saves on branch overhead. Always check the terms for the specific opening method you plan to use.