Best Checking Account Bonuses

SoFi, Chase, BMO, and many others offer valuable bonuses for opening up new checking accounts

Reviewed by Andy SmithFact checked by Michael Rosenston

If you’re thinking about opening a new checking account, now is a great time to do so. National and regional banks are offering special incentives to attract new customers, so you can get hundreds in cash bonuses.

The amount of money you can earn and the requirements to get the bonus vary by bank, so we researched current promotions to identify the best checking account bonus offers available now. 

Want to see more types of bonuses? Take a look at the best overall bank bonuses.

SoFi: SoFi Checking/Savings – $300

• Bonus Amount: $50–$300
• Promotion Expiry: June 30, 2024
• Qualifications: Direct deposit

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How to Get the Bonus 

1. Visit the SoFi website using the link above.
2. Open a new SoFi Checking & Savings Account. Start your application using the link above.
3. Set up direct deposit. Direct deposits must be from your employer’s payroll or benefits service to qualify for the bonus.
4. Deposit $1,000 or more. Make total qualifying direct deposits of $1,000 or more in the first 25 days to earn a $50 bonus, or make total qualifying direct deposits of $5,000 or more during that same period to earn a $300 bonus.
5. Get your bonus. You’ll receive the bonus within seven days of finishing the initial 25-day period.

Bonus Restrictions and Account Fees

The bonus is available to both new and existing members without a history of direct deposit into a SoFi checking or savings account. You must be 18 or older to open an account through SoFi. 

There is no minimum balance, and SoFi doesn’t charge monthly or overdraft fees. Members can take out cash at over 55,000 fee-free ATMs.

Chase: Chase Total Checking – $300

• Bonus Amount: $300
• Promotion Expiry: April 17, 2024
• Qualifications: Direct deposit

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How to Get the Bonus

1. Open a new checking account with the coupon code. You can do this online via the promotion offer page to make sure the correct coupon code is applied to your application. Alternatively, you can enter your email address to receive a coupon you can bring with you to a Chase branch if you want to open an account in person. 
2. Set up direct deposit. You’ll have 90 days to receive direct deposits totaling at least $500 into your account in order to earn the bonus. Direct deposits could include paychecks from your employer or government benefits, but they don’t include transfers between other people or bank accounts.
3. Wait for the bonus. After you set up direct deposit, Chase will deposit the bonus to your new checking account within 15 days. 

Bonus Restrictions and Account Fees

• Not available if you currently have a Chase checking account
• Not available if you previously had a Chase checking account but closed it within the last 90 days, or closed it within the last three years while you had a negative account balance
• Not available if you already earned another checking account bonus from Chase within the past two years
• Chase Total Checking comes with a $12 monthly fee, but you can have it waived if you meet one of three requirements each month: have $500 or more in electronic deposits, a $1,500 balance at the start of each day, or an average daily balance of $5,000 across all of your linked Chase checking and savings accounts, if you have others.
• Chase Bank charges ATM fees if you use a non-Chase machine ($3–$5) and overdraft fees ($34, up to three times per day) for certain transactions. Surcharge Fees from the ATM owner/network still apply.
• Chase Total Checking also comes with a variety of other fees, such as for stop payment orders ($30), money orders ($5), domestic wire transfers (up to $35), and many more.

BMO: BMO Smart Advantage – $250

• Bonus Amount: $250
• Promotion Expiry: May 3, 2024
• Qualifications: Direct deposit

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How to Get the Bonus 

1. Request a promo code. Before opening an account, you must visit BMO’s website and request a promotional code. To get the code, you must submit your name, email address, and ZIP code. 
2. Open a new account. Open a new BMO Smart Advantage account online or by visiting a local branch. You’ll need to provide your address, Social Security number, and employment information; you must enter the promo code to qualify for the bonus. 
3. Set up direct deposit. You must set up direct deposit and receive at least $4,000 in qualifying deposits within 90 days of account opening. 
4. Wait for the bonus. If you meet the promotion’s requirements, you’ll receive the bonus within 100 days of the account opening date.

Cash bonuses for opening a new bank account are taxable as income. Depending on the bank, you may receive form 1099-INT or 1099-MISC for the amount of the bonus, and that amount must be reported on your tax return.

Bonus Restrictions and Account Fees

The offer is limited to one bonus per customer, and is not available to existing BMO personal checking customers or those who have closed a BMO checking account within the past 12 months. 

The following minimums and fees apply to the Smart Advantage account: 

• Minimum opening deposit: $25
• Monthly fee: $0
• ATM fee: $3 fee at non-BMO ATMs; no fee at BMO and AllPoint ATMs
• Overdraft fee: $15

TD Bank: TD Beyond Checking – $300

• Bonus Amount: $300
• Promotion Expiry: April 30, 2024
• Qualifications: Direct deposit

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How to Get the Bonus 

1. Open a new account. Open a new Beyond Checking account online.
2. Set up and receive direct deposits. Receive at least $2,500 in direct deposits within 60 days. 
3. Wait for the bonus. The bonus is deposited into your account within 180 days of account opening.

Bonus Restrictions and Account Fees

You must be a new customer to get the bonus. Those with existing accounts or those who have had accounts in the past 12 months aren’t eligible. 

Each direct deposit must be of $250 or more, and must be an electronic deposit of your paycheck, government benefits, or pension payments.

The following fees apply: 

• Monthly maintenance fee: $25 (waived under any of the following circumstances: You set up direct deposits of $5,000 or more; you maintain a daily balance of $2,500 or more; you have a combined balance of $25,000 or more in TD Bank accounts)
• Overdraft fee: $35 for each item TD Bank pays
• ATM fee: $0

Axos: Axos Rewards Checking – $300

• Bonus Amount: $300
• Promotion Expiry: June 30, 2024
• Qualifications: Direct deposit, minimum average daily balance

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How to Get the Bonus 

1. Open a new account with the promo code. You can open an online checking account with Axos Bank through its website; it will ask for your Social Security number and a copy of your driver’s license. When you open an account, enter the promo code on the page linked above to qualify for the bonus.
2. Sign up for direct deposit. Set up direct deposit and receive at least $5,000 in qualifying deposits each month for seven calendar months after account opening.
3. Maintain a minimum balance. You must maintain a minimum average daily balance of $7,000 for seven months.
4. Receive the bonus. The $300 bonus will be deposited into your account within 10 business days, following the last statement cycle in which the balance must be maintained.  

Bonus Restrictions and Account Fees

You can receive just one checking account promotional offer per year from Axos Bank. Your account must remain open for at least 210 days; otherwise, Axos Bank will charge you up to $300 early closure fee. 

Qualifying direct deposits include employer payroll or government benefits paid through ACH deposit. Other deposits, such as check deposits, are not eligible. 

Axos Bank doesn’t charge monthly fees, nor does it charge overdraft fees. It also features unlimited domestic ATM reimbursement, so you don’t have to worry about finding network ATMs. There is a $50 minimum to open an account. 

Wells Fargo: WF Everyday Checking – $300

• Bonus Amount: $300
• Promotion Expiry: June 25, 2024
• Qualifications: Deposit, direct deposit

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How to Get the Bonus

1. Open a new Wells Fargo checking account. Open the account with at least $25. You can do this online or in person. To do it in person, enter your email address on the promotion page. Wells Fargo will email you a coupon code you can take with you to a branch location. 
2. Receive at least $1,000 in direct deposits. You’ll have 90 days to complete this requirement after you open the account. Direct deposits are automatic payments from places like your workplace or any government benefits you receive—not transfers that you make yourself, such as from other checking accounts or PayPal. To be on the safe side, fill out new direct deposit forms with the people paying you as soon as you can. 
3. Receive the bonus within 30 days. Once you’ve met the requirements, Wells Fargo will verify everything and then deposit the bonus into your new account. The bank states that this process can take up to 30 days. Be aware that accounts with zero balance may be closed, so keep money in the account after meeting the direct deposit requirement.

Bonus Restrictions and Account Fees

• Not available if you already have a Wells Fargo personal checking account, or if you earned another bonus for opening another Wells Fargo checking account within the past year
• Not available if you’re a Wells Fargo employee, or if you’re a non-resident alien
• You can’t combine this with any other Wells Fargo bonus offer.
• Wells Fargo charges many fees for its accounts, including a monthly service fee ($10), overdraft fees ($35, up to three times per day), out-of-network ATM withdrawal fees ($2.50 to $5), wire transfer fees ($15 to $40), among others. 
• You can qualify for a monthly fee waiver if you keep at least $500 in your new checking account each day, or if you receive at least $500 in direct deposits during the month. 
• You can also qualify for a monthly fee waiver if you’re between the ages of 17 and 24 or if you’re a college student with a linked Wells Fargo Campus ATM Card or Campus Debit Card. 

Bank of America: BofA Advantage SafeBalance – $200

• Bonus Amount: $200
• Promotion Expiry: May 31, 2024
• Qualifications: Direct deposit

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How to Get the Bonus 

1. Open a new account with the offer code. Open a Bank of America SafeBalance Banking account using the offer code provided on the linked page.
2. Set up direct deposits. Set up qualifying direct deposits to your new account.
3. Receive direct deposits. Receive $2,000 worth of direct deposits within 90 days of opening your new account.
4. Wait for the bonus. Bonus will be issued within 60 days of meeting these requirements.

Bonus Restrictions and Account Fees

• You’ll need to make a minimum deposit of at least $25 to open a Bank of America SafeBalance Banking account.
• Qualifying deposits are deposits of regular monthly income, such as from a salary, pension, or Social Security benefits; teller deposits, wire transfers, and other deposits don’t qualify.
• Those with an existing Bank of America checking account can’t qualify. To qualify, any previous accounts will need to be closed for 12 months.
• You’ll pay a $4.95 monthly maintenance fee unless you meet one of the following criteria each statement cycle: You have a minimum daily balance of $500, are under age 25, or qualify for Preferred Rewards.
• Fees for using out-of-network ATMs, making international transactions, or replacing a lost debit card may apply. 

M&T Bank: EZChoice Checking – $200

• Bonus Amount: $200
• Promotion Expiry: April 30, 2024
• Qualifications: Direct deposit

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How to Get the Bonus

1. Open a new account. Open an M&T EZChoice checking account with at least $25 as the opening balance.
2. Enroll in direct deposit. Make at least $500 in qualifying direct deposits within the first 90 days after account opening. Qualifying direct deposits include electronic payroll, pension, or Social Security payments. 
3. Wait for the bonus. The bonus is credited to your account within 90 days of meeting the promotion requirements.

M&T Bank is a regional bank. It operates 700 branches in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont, Virginia, West Virginia, and the District of Columbia. It also has a full-service commercial banking office in Ontario, Canada. Use the locator tool to find a branch near you.

Bonus Restrictions and Account Fees

The bonus is only available to new account holders. M&T Bank will only award one bonus per customer, regardless of how many accounts you open. You aren’t eligible for this bonus if you’ve received a bonus from M&T Bank due to opening a personal checking account within the past 12 months. M&T Bank employees and affiliates cannot receive the cash bonus offer. 

If you close your account within 180 days of its opening date, M&T Bank will charge you a $50 closeout fee. 

The EZChoice Checking Account charges no monthly maintenance fees and does not have a minimum monthly balance requirement. You can opt for paper or electronic statements at no charge. 

There is a $3 fee when you use non-M&T Bank ATMs. 

Citi: Citi Everyday Benefits Checking – $500-$2,500

• Bonus Amount: $500-$2,500
• Promotion Expiry: July 8, 2024
• Qualifications: Deposit, maintain balance

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How to Get the Bonus 

1. Open a new account. To qualify for the bonus, you must open a new Citi Basic Banking account through its promotions page; if you open an account through another link, you will not be eligible for the bonus.
2. Deposit at least $30,000. Within 20 days of opening your new account, deposit at least $30,000 to get the minimum bonus of $500; if you deposit $200,000 you’ll earn a $1,500 bonus; if you deposit $300,000 you’ll earn a $2,500 bonus. Your balance on the 20th day will determine your bonus amount. The funds must be new to Citi.
3. Maintain balance. Maintain a balance of $30,000 or more for an additional 60 days, starting on the 21st day after opening the account. If you make any withdrawals that cause your balance to drop to a lower tier level, your bonus amount will be adjusted accordingly. If your balance drops below $30,000, you won’t earn any bonus at all.
4. Wait for the bonus. Citi will deliver the bonus within 30 days of meeting the promotion’s requirements.

Bonus Restrictions and Account Fees

• Only new customers who are at least 18 years old qualify. The bonus is only offered in certain states. If you withdraw cash from your account prior to earning the bonus and drop to a lower tier level, your bonus amount will be adjusted accordingly.

The following fees apply: 

• Monthly fee: $15 (the fee is waived for the first three months, or for customers in Relationship Tiers, or for accounts with $250 in monthly enhanced direct deposits, have a direct deposit, or use bill pay once) 
• ATM fee: $2.50 non-Citi ATM fee

Final Verdict

SoFi is our top overall pick thanks to the size of its bonus, and because it scored highly on our other criteria. All you have to do is open an account and sign up for direct deposit; as long as your deposits total at least $1,000, you’ll qualify for a bonus, and SoFi will pay it out within seven business days. 

But in general, checking account promotions are pretty easy to get. Explore the options and you’re likely to find one within reach.

Guide to Choosing Checking Account Bonuses

Factors to Consider When Claiming a Checking Account Bonus

Before choosing a bank and opening a new checking account to claim a promotional offer, consider the following factors: 

• Fees: Some accounts have monthly maintenance fees that can cut into your account balance over time. Many banks will waive those fees if you meet certain balance requirements. 
• Qualification requirements: Qualification requirements for cash bonuses can vary, but you’ll generally need to sign up for direct deposit or maintain a certain balance for a certain period of time. Those requirements can mean some of your cash isn’t available to use until after the bonus’s evaluation period is over. 
• Perks: Some banks offer special benefits, such as fee-free ATMs or unlimited check writing. 
• Availability: Online banks are increasingly common, but some people prefer the convenience of a brick-and-mortar bank, so find out if the bank operates branches near you. 

How to Find Checking Account Bonuses

Banks often advertise promotional offers on their websites, but they aren’t always easy to find. It may be easier to use a site like Investopedia, which researches available bank offers and posts updates on a regular basis. 

How to Switch Banks

If you are planning on switching banks, you can often open a new account online. The new bank will prompt you to fund the account (a minimum starting deposit is sometimes required), and you can also set up direct deposit. Once your account is funded, you can update your automatic payments for your credit cards, utilities, and other bills.

It’s a good idea to hold off on closing the old account for a month or two to make sure that all of your accounts have been updated. Otherwise, you risk late fees or missed payment fees. Once you’re sure all of your information has been updated, contact the bank to close the old account. 

Warning

Although banks don’t check your credit reports when you apply for a checking account, they may check your checking history through checking account reporting companies like ChexSystems or Early Warning Services.

Frequently Asked Questions

Should You Switch Banks to Claim a Checking Account Bonus?

Switching banks to get a cash bonus can be an easy way to get extra money. However, regularly chasing bank bonuses isn’t realistic or efficient for most people; every time you switch banks, you’ll have to update your direct deposit and automatic payments, and some banks charge closure fees. 

Are Checking Account Bonuses Taxable?

Cash bonuses you earn for opening a new checking account are taxable as income. The bank will send you either Form 1099-INT or Form 1099-MISC, which you’ll use to fill out your tax return and report the cash bonus.

Are Checking Account Promotions a Good Deal?

Checking account bonuses vary by bank. Some are generous, offering hundreds of dollars with low deposit requirements, while others require you to deposit larger amounts and maintain a high minimum balance. Whether it makes sense to open a new account to take advantage of a promotional offer depends on how much extra cash you have handy, how liquid you need your money to be, and the value of the bonus offer.

Which Banks Offer Checking Account Bonuses?

Both national and regional banks offer checking account promotional offers, including Axos Bank, SoFi, Citi, Bank of America, Chase, U.S. Bank, and more. 

If you’re looking to switch savings accounts, consider moving your money to a high-yield savings account. As of January 2024, you can earn an annual percentage yield as high as 5.26% through the top high-yield savings accounts.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews. To rate checking account promotions, we collected hundreds of data points for nearly 30 accounts, including bonus amounts, APYs, fees, and account requirements, to ensure that our reviews help users make informed decisions about their banking needs.

Read the original article on Investopedia.