Best Bank Account Bonuses of April 2024
Updated April 9, 2024 at 4:57 am
Opening a new bank account helps keep your money organized, but it can also help you save even more when you choose the right one. If you do want to open a new bank account, explore options that include a bank account bonus. Bonuses are usually reserved for new customers and involve some type of minimal account activity within a certain amount of time. For instance, many new bank account offers require a minimum level of direct deposits or account balances during the first 30 to 90 days.
Both checking account bonuses and savings account promotions change on a regular basis, so it’s important to take action once you find one that’s a good fit. To help find the best bank account opening bonus for you, we’ve gathered current top offers in different categories from banks across the U.S.
Methodology Newsweek Vault’s banking experts have done hundreds of hours of research to present you with all the latest information about your banking options. Whether you’re interested in opening a new checking account or savings account, our research spans all the top online banks, credit unions and brick-and-mortar branches.
We assessed the following five key factors to help you choose the best account for your personal finance needs.
- Associated fees
- ATM access
- Balance requirements
- Customer service
- Interest-earning potential
Our Picks - Best for extended direct deposits: Bank of America Advantage Banking
- Best for a low direct deposit minimum: M&T Bank Checking
- Best for mid-range direct deposit requirements: Huntington National Bank Perks Checking
- Best for regional bonus: Citizens Bank New Personal Checking Account
- Best for monthly bonuses: BMO Relationship Checking
- Best for six-figure deposits: Chase Bank Private Client Checking
- Best for interest earnings after bonus: SoFi Checking and Savings Account
- Best for stacking bonus offers: Wells Fargo Everyday Checking and Consumer Savings Accounts
- Best for checking account bonus: Citi Checking Account
9 Best Bank Sign-Up Bonuses of 2024
Best for Extended Direct Deposits
Bank of America Advantage Banking
Vault Verified
Why We Chose It
Bank of America offers a $200 bonus to new personal checking customers who open a qualifying checking account by May 31, 2024. Minimum opening balances vary from $25 to $100. The account must receive $2,000 or more in qualifying direct deposits within 90 days of opening the account to qualify for the bonus. Additional terms and conditions apply. See the offer page for more details.
Pros
- Lower monthly direct deposit requirement compared to many other options
- Three eligible checking accounts to choose from
- Several options to get the monthly fee waived for each type of account
Cons
- Bonus takes up to 60 days to pay out
- Only the top-tier account earns interest on balances
Best for a Low Direct Deposit Minimum
M&T Bank Checking
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Why We Chose It
You only need direct deposits totaling at least $500 over the first 90 days of account opening to qualify for an up-to $200 cash bonus. The offer is available online or in branches until June 30, 2024. M&T Bank has three different checking account options to choose from, including the fee-free EZChoice checking account.
Pros
- Low direct deposit minimum to qualify compared to other banks
- You have 90 days to qualify for the bonus once you open your account
- Three different checking account options to choose from
Cons
- Two of the checking accounts require large minimum daily balances to avoid a monthly fee
- It takes an additional 90 days for your cash bonus to be delivered to your account
- M&T Bank branches are only available on the East Coast
Best for a Mid-Range Direct Deposit Minimum
Huntington National Bank Perks Checking
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Why We Chose It
New Huntington Bank customers can earn up to $600 depending on the checking account until June 7, 2024. Earn $400 when you open a Perks Checking account and receive a qualifying direct deposit within 90 days. Earn $600 with minimum deposits of at least $25,000 or more into a new Platinum Perks Checking account within 90 days of account opening and keep the account open for 90 days.
Pros
- Offers two checking account bonuses
- Funds are quickly deposited in just 14 days of meeting eligibility requirements
- Huntington offers ways to avoid maintenance fees
Cons
- APY is just 0.02% to 0.03%
- Offer is only available in 11 states
Best for Regional Bonus
Citizens Bank New Personal Checking Account
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Why We Chose It
Citizens Bank offers bonuses for several of its checking accounts. This two-step bonus gives you the potential to earn up to $400 within the first two months. You can earn $300 by making a single direct deposit of at least $500 within the first 60 days of account opening. You can also earn $2 for every debit card purchase you make, up to $100, in the first 60 days.
Pros
- The required deposit amount is low for a high bonus amount
- Customers have the flexibility to choose from several different types of accounts
Cons
- Bonus takes up to 60 days of account opening to pay out
- Offer only available via a promotional page and may be easy to miss
Best for Monthly Bonuses
BMO Relationship Checking
Vault Verified
Why We Chose It
BMO gives you the chance to earn up to $400 when you open a personal checking account. And if you open a BMO Savings Builder account, you’ll earn $5 each month you deposit at least $200 in the first year.
Pros
- Get a $400 bonus with $7,500 in qualifying direct deposits within the first 120 days
- Earn interest on your account balance
- Monthly ATM fee rebate available
Cons
- It takes 100 days after completing the eligibility requirements to receive your bonus
- A zero balance could result in an account closure
- Offer may vary based on where you live
Best for Six-Figure Deposits
Chase Private Client Checking℠
Vault Verified
Why We Chose It
New account holders who meet with a Private Client Banker to open or upgrade to a Chase Private Client Checking℠ can earn a bonus of up to $3,000 with qualifying activities.
- Earn $1,000 when you deposit between $150,000-$249,999
- Earn $2,000 when you deposit between $250,000-$499,999
- Earn $3,000 when you deposit $500,000 or more
New money or securities must be transferred within 45 days of coupon enrollment to eligible accounts and maintained for 90 days from initial enrollment. Offer expires 7/24/24.
Pros
- Offers a chance to earn one of the largest bank account bonuses available
- Bonus added to account within within 40 days
- Qualifying funds can be spread out among eligible checking, savings, and wealth management accounts
Cons
- Bonus requires a significant amount of cash
- There is a $35 monthly service fee unless you maintain an average beginning daily balance in qualifying accounts of at least $150,000 or link a Chase Platinum Business Checking℠ account
- Retirement accounts are not eligible for the checking account promotion
Best for Interest Earnings After Bonus
SoFi Checking and Savings Account
Vault Verified
Why We Chose It
You can earn up to $300 when you open a SoFi Checking and Savings Account by June 30, 2024. Direct deposits of $1,000-$4,999.99 during the promotional period earn $50, while direct deposits of $5,000 or more earn $300. After the 25-day waiting period, SoFi will credit the cash bonus to your account within seven business days. You’ll also earn a highly competitive 4.60% APY on your savings account balance with direct deposit, and 0.50% APY on checking balances with direct deposit.
Pros
- Existing SoFi members are eligible with no history of direct deposit transactions
- Members can access their paychecks up to two days early with direct deposit
- No account fees
Cons
- Must have at least $5,000 in direct deposit amounts to qualify for higher tier bonus
- Only savings accounts with direct deposit are eligible for higher savings account interest rate
- No physical branches
Best for Stacking Bonus Offers
Wells Fargo Everyday Checking and Consumer Savings Accounts
Vault Verified
Why We Chose It
People who meet the qualifications can earn up to $825 after opening a Wells Fargo savings account and Everyday checking account. You’d be required to put up a minimum $25 opening deposit in each account by June 25, 2024. You must deposit at least $25,000 into the savings account and maintain that balance for at least 90 days to earn a $525 bonus. The Everyday Checking account requires a total of at least $1,000 qualifying electronic deposits within 90 days of opening it to receive a $300 bonus. Since these offers are for two different account types, you can qualify for both if you are a new Wells Fargo customer.
Pros
- Stack bonus offers to earn $825
- Threshold requirements are lower for the checking account than some competitors
- You can open a checking account online or in-branch
Cons
- You must open the savings account in branch with emailed offer code
- Must deposit and maintain $25,000 to earn savings account bonus
- Only Platinum Savings account customers can earn higher than 0.01% APY
Best for checking account bonus
Citi Checking Account
Vault Verified
Why We Chose It
Citi is offering new checking account customers—including people who haven’t had a Citi checking account for at least a year—a chance to earn up to $2,500 after maintaining a minimum balance for 60 days. The tiered bonus depends on your account balance:
- $30,000-$199,999 can earn a $500 bonus
- $200,000-$299,999 can earn a $1,500 bonus
- $300,000+ can earn a $2,500 bonus
The account must maintain the balance level consistently throughout the eligibility period to get a higher bonus. For example, if your account dips below $200,000 for a day during the promotional period, you’re no longer eligible for the $1,500 bonus and can only earn $500.
Pros
- Have until 7/8/24 to redeem offer
- Can open online
- No direct deposit requirement
Cons
- Must have at least $30,000 to earn minimum bonus offer
- Low APY earnings compared to other banks
- High balance requirements to avoid fees
What are Bank Account Bonuses?
A bank account bonus is a cash incentive periodically offered by financial institutions to attract new customers. When you open an eligible account and meet the qualification requirements, you’ll receive a corresponding bonus. Usually it can take several weeks or even months to have the money deposited into your account after you complete the required tasks.
In order to qualify, you usually need to meet some minimal threshold of banking activity. For instance, you may need to set up direct deposits of a certain amount or spend a specific sum of money. The bank typically gives a timeframe of how quickly you need to complete these transactions in order to qualify.
Why Do Banks Offer Account Bonuses?
New bank account offers are designed to attract new customers. The extra cash incentive is often enough to bring in new deposits or debit card spending. And the terms and conditions of checking account promotions usually include a minimum amount of time that the new account must be kept open in order to receive the bonus. That guarantees the bank will keep those new customers for at least a few months.
However, it’s important to make sure that a bank account bonus makes sense for you as well. Compare the benefits with any drawbacks, such as paying fees, changing your interest rate and meeting the eligibility requirements.
How To Sign Up for a Bank Account
Signing up for a new bank account is an easy process that can be done either online or in a physical branch location.
- Choose the best bank account: Whether you need checking, savings or both, explore a few different options. Make sure you’re eligible for any bonuses you hope to receive and also confirm that the bank serves your location.
- Gather required documents: Before you apply, pull together the documents you’ll need to complete the application. This usually includes a government ID, personal information (including a social security number), contact information, and proof of residency.
- Submit the online application: Once you have your documents together, you can complete an online application. It’s an easy process that should only take a few minutes. Note that some bonus offers are only available when you apply in a branch location and provide the offer code to the banker before completing the in-person application.
- Get approved: Banks typically don’t do a credit check when you apply for a checking or savings account, but they will do other types of background checks. The most common verification is looking at your history in ChexSystems, which tracks past banking history. People who have committed fraud, have outstanding bank fees or have a history of frequent overdrafts may not get approved.
- Make an opening deposit: After the bank approves your application, you can officially open your account by making a deposit, either in person or by transferring funds from an external account.
- Meet any signup bonus requirements: In order to qualify for a potential bonus, you’ll need to follow the bank’s instructions. You may need to set up direct deposits within a certain timeframe or spend a specific amount of money.
How Many Bank Accounts Do You Need?
At a minimum, you should open at least one checking and savings account to manage your money. Cash in your checking account is used for daily spending, while extra money from your paycheck should go into your savings account.
It’s also common to open more than one account of each type. Some couples, for instance, prefer to have individual and joint checking accounts. Shared expenses are paid from the joint account while personal spending happens from the individual accounts. You may also like to have multiple savings accounts for different goals so it’s easy to track your progress. For example, you may have an emergency savings account as well as one devoted to vacation savings. There’s no right answer. Just make sure you’re not overpaying on service fees and do whatever simplifies the money management process for you.
How Do You Tell if a Bank Account Bonus is a Good Deal?
It depends on the bonus you’re considering. First, make sure you meet all of the eligibility requirements. You probably need to be a new customer at the bank. You must also commit to whatever transactions need to be done, like switching over your direct deposits or spending a certain amount. Check for monthly fees associated with the account and any restrictions, like limitations on deposits or withdrawals, that might knock the bank account out of the running for your needs and financial goals. If you have to pay to keep the account open, you’re minimizing the actual profit you’d earn from opening the account. Most banks also require you to keep the account open for some time after earning the bonus.
Frequently Asked Questions
What Bank Gives the Biggest Bonus?
It depends on when you’re looking and what eligibility requirements you meet. Most banks have an expiration date for their latest promotional bonus, which means the biggest bonus may change from month to month. You also should narrow your search to bonuses that you qualify for and that are available in your geographic area. Also remember that bank bonuses are almost always reserved for new customers only.
How Do You Qualify for a Bank Account Bonus?
Direct deposit requirements and minimum account balances for a certain amount of calendar days are the most common ways to qualify for bank account bonuses. You usually have to meet all requirements and be a new accountholder to get the best bank account sign-up bonus. For example, if you have a checking account with your bank but not a savings account, you may be eligible for the savings account bonus offer but not a checking account offer. It’s also important to check for restrictions, like an online-only offer you can’t get in a branch or bonuses only available in select states.
Are Bank Account Bonuses Worth It?
Bank account bonuses can be worth it if you can meet the eligibility requirements during the designated time frame. They can also help you meet your financial goals faster. Before opening a new account for the bonus offer, check the details carefully to know how long you have to meet the requirements, what those requirements are and any stipulations that might make you ineligible, like being an existing bank customer or having the same account type already.
Do Bank Account Bonuses Count as Income?
Yes, just like earned interest on your bank account, cash bonuses also count as taxable income. Your bank should include this amount on the 1099-INT form it sends to you before tax season. But even if you don’t receive the paperwork, you’re responsible for reporting cash from an account bonus to the IRS. Take this extra taxation into account when deciding whether or not a bank bonus is worth it.
Where Do You Find a Bank Account Bonus?
You can find information about bank account bonuses by going to each bank’s website, though some can be hard to find. Consulting curated lists like what we’ve presented here could also be a more efficient way to find these offers. Bonuses change regularly and are only around for a limited time, so checking often and comparing bank offers can help you find the most lucrative bonuses with requirements you know you can meet within the promotional period time frame.
Newsweek writer Mandy Sleight contributed to this post.
Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. We may earn a commission from partner links on Newsweek, but commissions do not affect our editors’ opinions or evaluations.
