If you’re interested in opening a new checking account, it could pay to choose one offering a sign-up bonus. This is a one-time cash bonus that some banks and credit unions may offer as an incentive to attract new customers.
Although a cash bonus isn’t the only factor you should consider when choosing a checking account, it can certainly sweeten the deal. Our team compared more than 20 of the top checking accounts offered by federally insured financial institutions and narrowed down the best ones currently offering new account bonuses.
See our ranking of the 10 best free checking accounts available today >>
You can read our full methodology at the end of this article.
Our top picks for the best checking accounts currently offering bonuses:
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SoFi Online Checking Account: Up to $300
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Axos Rewards Checking Account: $300
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Citi Access Checking: $300
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Citi Regular Checking: $300
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Chase Secure Banking: $100
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Bank of America SafeBalance Checking Account: $200
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TD Beyond Checking Account: $300
SoFi Online Checking Account
Bonus amount: Up to $300
Account details:
The Online Bank Account from SoFi is a combination checking (0.50% APY) and high-yield savings account (4.60% APY). This account has no monthly fees or minimum balance requirements. It also covers up to $50 in overdraft fees for account holders with direct deposit and a balance of at least $1,000.
SoFi currently offers a new account bonus of up to $300. In order to qualify for the bonus, account holders must make at least one direct deposit of $1,000 or greater from an enrolled member’s employer, payroll, benefits provider, or government agency via ACH deposit. Deposits of $1,000 to $4,999.99 are eligible for a $50 cash bonus, while deposits of $5,000 or more are eligible for a $300 cash bonus.
Axos Rewards Checking Account
Bonus amount: Up to $300
Account details:
The Axos Rewards Checking account is a high-yield checking account with zero monthly maintenance fees, overdraft fees, and no minimum balance fees. It also boasts an APY of 3.30% for account holders who meet certain requirements.
To be eligible for the $300 bonus, you must open an Axos Bank Rewards Checking account between Aug. 1, 2023, at 12:00 a.m. PST and June 30, 2024, at 11:59 p.m. PST. You may be disqualified if you’ve opened an Axos checking account within the past 12 months. Your account must be funded within 30 days of opening, and you must have qualifying direct deposits (paycheck, government benefits, etc.) that total at least $5,000 each calendar month during the first seven calendar months your account is open, as well as maintain a minimum average daily balance of $7,000.
The bonus will be deposited into your Axos Bank Rewards Checking account within 10 business days following the end of the statement cycle in which the direct deposit requirement was met. Your Axos Bank Rewards Checking account must be open and in good standing at the time the bonus is paid to be eligible to receive the bonus, and your Axos Bank Rewards Checking account must remain open for 210 days, or an early closure fee of up to $300 may apply (equal to the amount of the total bonus earned, up to $300).
Citi Access Checking Account
Bonus amount: $300
Account details:
Citi’s Access Checking Account charges a $5 monthly service fee that can be waived by meeting certain requirements. There are no overdraft fees, and customers can access a network of more than 65,000 fee-free ATMs.
Currently, this checking account offers a $300 bonus for customers who open a new eligible Citi® Checking account with Enhanced Direct Deposits now through July 8, 2024.
Once you’ve opened your account, you must make at least two Enhanced Direct Deposits into your new checking account within 90 calendar days from account opening. Your total combined Enhanced Direct Deposits must equal $1,500 or more. After these steps have been completed, your cash bonus will be deposited into your account within 30 calendar days.
Citi Regular Checking Account
Bonus amount: $300
Account details:
Citi’s Regular Checking Account is a basic checking account option that still offers the $300 cash bonus listed above, with the same eligibility requirements. This account does come with a higher monthly fee, but that fee can be waived if the account holder meets certain criteria.
Chase Secure Banking Account
Bonus amount: $100
Account details:
The Chase Secure Banking Account boasts no overdraft fees, early direct deposit, and a $100 checking account bonus for new customers.
To qualify for this cash bonus, you must either open a new Chase Secure Banking account online, or enter your email address to get a coupon and open your account in person at a Chase branch.
Next, you must complete 10 qualifying transactions within 60 days of opening your account. These transactions include debit card purchases, Zelle payments, ACH credits. After completing these steps, you can expect to see your bonus deposited into your account within 15 days.
Note that this account comes with a $4.95 monthly service fee, which can be avoided with qualifying electronic deposits totaling $250 or more per statement period.
Bank of America SafeBalance Checking Account
Bonus amount: $200
Account details:
Bank of America’s SafeBalance account is a simple checking account with a waivable $4.95 monthly fee, no overdraft fees, fraud monitoring and protection, and money management tools. If you open an account online, you can qualify for a $200 bonus.
To be eligible for this bonus, you must open a new account online and use the offer code “TWA200CIS” by May 31, 2024. Next, you’ll need to set up and receive qualifying direct deposits totaling $2,000 or more within 90 days of opening your account.
You can expect to see your bonus deposited into your account within 60 days of satisfying all of these requirements.
TD Beyond Checking Account
Bonus amount: $300
Account details:
TD’s Beyond Checking account gives account holders a bit more than a traditional checking account. Monthly fees and ATM fees can be waived if account holders meet certain minimum balance requirements. This account also offers early direct deposit, ATM fee reimbursement, overdraft relief, and a limited-time cash bonus.
If you open a new TD Beyond Checking account and have $2,500 or more in direct deposits within 60 calendar days of the account opening date, you can qualify for a $300 bonus. This offer ends April 30, 2024.
How do bank account bonuses work?
Bonuses are cash incentives for new customers who open bank accounts. In most cases, a bank will require that you meet certain requirements to qualify for a bonus.
These requirements vary from bank to bank but may involve a minimum amount in direct deposits within a certain period, minimum balance requirements, an account that remains in good standing throughout the promotional period, or signing up for other products in addition to your primary bank account.
Once you’ve met the requirements outlined by your financial institution, you’ll receive your bonus in your account within a few days, in many cases. However, to discourage new customers from signing up for an account just to collect a bonus and then closing it, there may be penalties for closing your account within a certain number of days or months after receiving a bonus payout.
Are bank account bonuses worth it?
Opening a new account to earn a cash bonus can be tempting, but these bonuses can come with a lot of fine print. Here are some of the major pros and cons to be aware of before you open a new account with a bank bonus in mind:
Pros:
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It’s free money. No matter the amount, extra funds in your account can go a long way and give you some extra breathing room in your budget.
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Incentive to switch banks. If your current bank isn’t working for you, a promotional bonus can be the incentive you need to switch banks and open a new account with better perks or lower fees.
Cons:
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Bonuses are taxable. Bank account bonuses are considered taxable income (as is interest earned on your balance), which puts you on the hook for a potentially bigger bill come tax time.
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There may be extra requirements. Banks create these promotions to entice new customers to open an account and stick around. As such, getting that bonus may not be as simple as opening an account — you may need to meet a long list of requirements to qualify for the full bonus amount, and your bank may also put rules in place to make sure you don’t close your account right after your bonus payout.
Frequently asked questions
Are bank account bonuses taxable?
Yes, bank account bonuses are taxable. Your bank may send you a 1099-INT or 1099-MISC tax form ahead of tax time to make filing your taxes easier, although this may not always be true. In the event that you don’t receive a tax form, you should still report that bonus money as earned income.
Can you close an account after receiving a bonus?
Typically, your financial institution will have rules in place around when you can close your account after collecting a bonus. If you close your account immediately after earning your cash bonus, you may be forced to pay a penalty or forfeit that bonus. Read your account’s terms and conditions to learn more about how closing your account will impact your bonus and when you may be able to do so without being penalized.
How long does it take to get a bank bonus?
The time it takes your bank to deposit your bonus will depend on the exact rules for that account, but you can usually expect to receive your bonus within a few business days after having satisfied the necessary eligibility requirements. You can always call your bank or read your account’s terms and conditions to learn more about your bonus and when you can expect a payout.
Read more:
Best checking account bonuses methodology
To come up with our list of the best checking account bonuses, we started with our existing methodology for the best free checking accounts. We then narrowed down our picks based on the accounts that offered checking account bonuses. We awarded points to accounts that included a bonus and considered the bonus amount in our ranking as well.