Best Bank Bonuses – Extra Perks for New Accountholders
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When opening a new bank account, you’ll likely look at household-name national banks. These banks can offer sign-up bonuses to new customers who sign up for an account. Earning these bonuses is possible, but you have to read the fine print to see the requirements. Whether you’re opening a small business, a retiree, or a college student, there’s sure to be a good option for you.
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Overview of the best bank bonuses
Bank Account | Best for |
American Express Business Checking | Current AmEx credit card holders |
Axos Bank Rewards Checking | Axos Bank loan holders |
Bank of America Advantage SafeBalance Banking | Students under the age of 25 |
BMO Harris Smart Advantage | People who live near BMO Harris branch locations |
Chase Total Checking | Families looking to help kids learn about responsible money habits |
Citibank Savings Account | Bonuses if you have a large amount to put into a savings account |
PNC Virtual Wallet Checking & Savings | Having a short-term goal account in addition to traditional checking and savings |
SoFi Online Bank Account | New online banking customers |
U.S. Bank Business Checking | Businesses that are interested in U.S. Bank Payment Solutions |
Wells Fargo Everyday Checking | Lower requirements to qualify for a welcome bonus |
Best bank bonuses
American Express Business Checking
American Express’s business checking account can be a great option for businesses — but only if you qualify. The checking account is only available to those with active U.S. American Express Consumer or Business Card accounts. There are other requirements, such as having a U.S. business address.
The nice thing about this business checking account is that it offers fee-free business banking. There are no monthly service fees, nor are there minimum balance requirements. Accountholders also have access to several fee-free transactions, including free direct deposits and ATM withdrawals within the U.S. However, account holders will be charged a $20 fee for outgoing domestic wire transactions and a 2.7% fee (converted to U.S. dollars) for foreign purchases and ATM transactions.
A welcome bonus is also available to eligible customers as with many accounts. To qualify, your business must be a new business checking account customer — businesses with current or previous AmEx business checking accounts are not eligible. You’ll also have to meet a few other requirements to receive the welcome bonus of 30,000 Membership Rewards Points. They are:
- You must achieve an account balance of at least $5,000 from deposits posted within 30 days of the account opening.
- After reaching a $5,000 balance, the account must maintain an average daily balance of at least $5,000 for 60 days.
- At least five qualifying transactions, including bill payments, mobile deposits, and online transactions, must be made within the first 60 days of the account opening.
- Fees: No account opening fee or monthly maintenance fee
- Where to enroll: Here
- Where accessible: Accessible to any business with a U.S. address
Axos Bank Rewards Checking
The Axos Bank Rewards Checking account provides a unique opportunity for accountholders to earn interest from a checking account. This can make it a good option if account holders meet the eligibility requirements to earn interest. Like some competitors, Axos Bank does not require a monthly maintenance fee for this account.
This account allows you to earn up to 3.30% annual percentage yield (APY), but you’ll have to meet a few requirements to earn that amount. With the checking account alone, you can earn 0.40% APY if you receive monthly direct deposits of $1,500 or more. Then, you can earn an additional 0.30% APY if you use your Axos debit card for at least 10 monthly transactions or sign up for Personal Finance Manager “Account Aggregation” in Online Banking. This tool auto-categorizes your transactions to give you insights into your purchasing decisions.
For the opportunity to earn more interest, account holders must also have other Axos Bank accounts. With an Axos Invest Managed Portfolios Account or an Axos Invest Self Directed Trading account, as long as you have an average daily balance of $2,500, you can earn 1.00% APY. You can earn 0.60% APY by having an Axos Bank mortgage, personal, or auto loan and using your Rewards Checking to make full payments for those loans.
To earn the $300 welcome bonus, you must apply for an account using a promotional code within the specified period. The current promotional period ends on 7/30/2024. Then, within the first 30 days of opening your account, you must have qualifying direct deposits — such as from an employer or benefits provider — that total at least $5,000 each calendar month in the first seven calendar months. You also need to maintain a minimum average daily balance of $7,000 in your Rewards Checking account for seven statement cycles.
- Fees: $50 to open an account
- Where to enroll: Here
- Where accessible: Throughout the U.S.
Bank of America Advantage SafeBalance Banking
The Bank of America Advantage SafeBalance Banking is a good option for students under 25, especially if it is a person’s first checking account. For students under the age of 25, the monthly maintenance fee is waived. The account also comes with no overdraft fees, making it a more forgivable option for someone just starting to learn how to manage their money.
Bank of America also offers features worth mentioning to its account holders. With an account, you’ll have access to Bank of America’s virtual financial assistant, “Erica,” which you can use to review personalized insights and guidance based on your full financial picture. Using your Bank of America card, you’ll earn cash back at specified stores and restaurants.
If you’re not a student, there are some ways you may enjoy the benefits of this account without paying a monthly fee. Bank of America offers a Preferred Rewards program to eligible account holders. However, to qualify, you have to meet specified average daily balance requirements in your checking and investment accounts. The lowest tier of the program requires a balance of at least $20,000. So, while you can apply for this account even if you’re not a student, other accounts may offer more benefits.
To receive the $200 welcome bonus that is associated with this account, you’ll need to do a few things. First, you’ll need to apply before September 30, 2024, and enter an offer code to qualify. You’ll also need to receive at least $2,000 in direct deposits from your employer or benefits provider within the first 90 days after opening an account. You also need to maintain an average balance of $5,000 for a 60 days period.
- Fees: $0 to $14 monthly maintenance fee
- Where to enroll: Here
- Where accessible: Throughout the U.S.
Better banking is here.
- No account fees
- Earn up to 4.50% APY
- Up to 2-day-early-paycheck
- No-fee Overdraft Coverage.
- Do it all in one app.
- Up to $2M of additional FDIC insurance through a network of participating banks.
BMO Harris Smart Advantage
The BMO Harris Smart Advantage checking account can be a good option for almost anyone, especially if you live in an area where BMO Harris has a prominent presence. This account has no monthly maintenance fee or minimum monthly balance requirement. That being said, there are other costs to be aware of.
Getting money out of an ATM is a common practice for most people these days. If you live in an area where BMO Harris has a physical location, you can use their ATM for free. However, if you use a non-BMO Harris ATM, there will be a $2.5 transaction fee. BMO Harris also charges $3 for paper statements and $3 for check images. If you go paperless, you can eliminate both of those fees.
There are some additional advantages to having a BMO Harris Smart Advantage account. Even if you don’t have a physical BMO Harris branch near you, you can deposit your checks right from your cell phone to make it accessible from anywhere. You’ll also get access to BMO Harris Total Look, a tool that allows you to manage all your accounts in the same place, create budgets, and track your expenses.
The welcome bonus is another reason to consider this checking account. You can receive a $350 bonus with at least $4,000 in qualifying direct deposits within the first 90 days after opening the account. To qualify for this bonus, you must use the checking promo code to apply for your account within BMO Harris’s promotional period.
- Fees: No monthly maintenance fee or application fee
- Where to enroll: Here
- Where accessible: Throughout the U.S.
Chase Bank Total Checking
Chase Bank Total Checking is a convenient checking account with a low or no monthly service fee. The most you’ll pay is $12, but there are a few ways you can qualify for a $0 monthly service fee:
- Have electronic payments from government benefit providers' payroll totaling at least $500 per monthly statement cycle.
- Have an account balance of at least $1,500 at the beginning of each day in a monthly statement period.
- Have an average daily balance of at least $5,000 between this account and other linked qualifying Chase accounts.
Chase Bank's large network makes it convenient for just about anybody. There are more than 4,700 Chase Bank branches and more than 16,000 ATMs for Chase Bank customers to use. As a Chase customer, you’ll also have access to the mobile app to manage your accounts, deposit checks, transfer funds, and more.
One of the unique benefits of this account is the exclusive Chase First Banking program. Chase checking customers can get a debit card with a $0 monthly service fee for children between 6 and 17. With this program, you can receive alerts on how much a child on the account spends and place limits on your child’s spending by amount or location. It’s a great opportunity for parents and guardians to provide a hands-on learning opportunity to teach kids about managing their money responsibly.
It’s fairly easy to receive the $300 welcome bonus with this account. You only need to make direct deposits totaling $500 or more in 90 days. You must also be a new Chase checking customer to qualify for the welcome bonus.
- Fees: $0 or $12 monthly maintenance fee
- Where to enroll: Here
- Where accessible: Throughout the U.S.
Citi Savings Account
The Citi Savings Account allows you to earn extra money toward your savings goals by opening an account. The account promotes earning up to $2,500 as a welcome bonus. However, you need to know the account balance requirements to receive any welcome bonus. The balance levels to earn a bonus are:
- Between $30,000 - $199,999 - $500 bonus
- Between $200,000 - $299,999 - $1,500 bonus
- Between $300,000 or more - $2,500 bonus
If you open this account hoping to receive a bonus award, you also need to know there is a deadline for receiving the welcome bonus. After opening a new account, you’ll have three months to get your balance to the desired level. The balance should not drop below the minimum range for three consecutive months to receive the bonus.
After meeting the balance requirement, you’ll also need to maintain it for a while. If you meet this criterion, the bonus will be deposited directly into the savings account within 30 days after you’ve satisfied all the requirements.
Citi does things a bit differently when it comes to fees. Customers can choose from a few membership packages with associated benefits and fees. Like many accounts, there are ways to waive the monthly service fee, including making qualifying direct deposits and bill payments.
- Fees: Between $0 and $30 monthly service fee
- Where to enroll: Here
- Where accessible: Throughout the U.S.
PNC Virtual Wallet Checking & Savings
PNC offers several accounts, one allowing you to use it for a few functions. With this account, in particular, it will be broken down into three parts:
- The Spend account is your primary checking account
- The Reserve account is a seconding checking account for short-term goals
- The Growth account is a long-term savings account.
With this, you’ll be covered for your spending and saving goals. PNC includes digital tools to track your spending from your checking account. It also allows you to automate your savings goals. There is no minimum to open any of these accounts.
There are some additional perks to consider as well. One is Low Cash Mode, a feature that will take effect if your Spend account’s available balance falls below $0. When this happens, the extra time clock will be activated, meaning you have 24 hours to bring your Spend account balance back up to $0 or more. If you fund your account before the time ends, you’ll avoid overdraft fees.
The basic account doesn’t offer a bonus as large as some competitors. However, it also doesn’t require depositing as much money into your account to qualify. You can earn up to $400 in bonus if you make the qualifying direct deposit. You earn $100 in bonus when you make a qualifying direct deposit of $500 or more to the virtual wallet. For a bonus of $200, you need to make a direct deposit of $2,000, and for a bonus of $400, you need to make a direct deposit of $5,000.
- Fees: $0 to $7 monthly maintenance fee
- Where to enroll: Here
- Where accessible: Throughout the U.S.
SoFi Online Bank Account
SoFi is an online bank that offers several benefits. However, as an online bank, it is not suitable for people who prefer to do their banking business at a physical branch. However, online banks have their benefits, which should be considered.
Though there is no physical branch location, SoFi does offer access to over 55,000 fee-free ATM accounts within the Allpoint Network. There are also no monthly fees or a minimum balance required. If you miscalculate and accidentally overdraft, there’s no fee.
Setting up direct deposit with a SoFi account is the best way to get the most benefits. With direct deposit, customers can receive their paycheck up to two days earlier than their regular payday. They can also earn interest on their accounts — 4.60% on savings accounts and .50% on checking balances.
New SoFi bank account members can earn between $50 and $300 as a welcome bonus. The amount received depends on how much money is deposited via direct deposit within a 25-day evaluation period. If an amount between $1,000 and $4,999 is deposited during this time, a $50 bonus is rewarded. If $5,000 or more is deposited, a $300 bonus is rewarded.
- Fees: $0
- Where to enroll: Here
- Where accessible: Throughout the U.S.
U.S. Bank Business Checking
U.S. Bank offers a business checking account designed for businesses of any size. New businesses can benefit from the silver business checking account package, which carries a $0 monthly maintenance fee. Medium—and high-income businesses can opt for the gold or platinum packages. These packages carry a monthly maintenance fee but can be waived if the account meets the specified criteria.
To qualify for the welcome bonus from U.S. Bank, you must enroll in online banking or the U.S. Bank mobile app within 90 days of opening your account. A deposit between $3,000 to $4,999 will earn you a $100 bonus, $5,000 to $9,999 will earn you a $300 bonus, or $10,000 or more to earn the $500 bonus.
- Fees: $0 to $30 monthly maintenance fee
- Where to enroll: Here
- Where accessible: Throughout the U.S.
Wells Fargo Everyday Checking
Wells Fargo allows customers to open a new account online or in person at a physical branch and earn a welcome bonus of $300. Other checking accounts may also be eligible for this offer, excluding accounts offered by Wells Fargo Private Bank. The accounts require a minimum opening deposit of $25, so it’s an accessible option for many.
When you open a Wells Fargo account, you can access its features and tools. Wells Fargo offers a mobile app that you can use to access your accounts anytime. You can also use the app to deposit mobile checks. If you enroll in online banking, you can also set up alerts for account activities such as deposits, purchases, and low balances.
This account does come with a monthly maintenance fee. You can avoid the $10 monthly fee by:
- Having a minimum daily balance of $500
- Receiving at least $500 in qualifying direct deposits
- Being between the ages of 17 and 24.
- Having the account linked to a Wells Fargo Campus ATM Card or Campus Debit Card.
Like its competitors, Wells Fargo has additional requirements for new customers to qualify for the welcome bonus. An account must receive at least $1,000 in qualifying direct deposits within the first 90 days after account opening. Qualifying direct deposits can come from your employer or government programs. However, accounts deposited via Early Pay Day do not count toward the requirements until they leave the pending period and are posted to your account.
- Fees: $0 to $10 monthly maintenance fee
- Where to enroll: Here
- Where accessible: Throughout the U.S.
Better banking is here.
- No account fees
- Earn up to 4.50% APY
- Up to 2-day-early-paycheck
- No-fee Overdraft Coverage.
- Do it all in one app.
- Up to $2M of additional FDIC insurance through a network of participating banks.
Summary on best bank bonuses
Bank account | Annual or monthly maintenance fee | Account opening fee | Bonus offer |
American Express Business Checking | $0 | $0 | 300,000 welcome points |
Axos Bank Rewards Checking | $0 | $50 | $300 welcome bonus |
Bank of America Business Advantage | $0 - $14 monthly maintenance fee | $0 | $200 welcome bonus |
BMO Harris Smart Advantage | $0 | $0 | $350 welcome bonus |
Chase Total Checking | $0 - $12 monthly maintenance fee | $0 | $300 welcome bonus |
Citibank Savings Account | $0 - $30 monthly maintenance fee | $0 | $100 - $2,500 welcome bonus |
PNC Virtual Wallet Checking & Savings | $0 - $7 monthly maintenance fee | $0 | $100-$400 welcome bonus |
SoFi Online Bank Account | $0 | $0 | $50 or $300 welcome bonus |
U.S Bank Business Checking | $0 - $30 monthly maintenance fee | $0 | $100- $500 welcome bonus |
Wells Fargo Everyday Checking | $0 - $10 monthly maintenance fee | $0 | $300 welcome bonus |
FAQs
How do bank account bonuses work?
Bank bonuses are incentives that financial institutions offer to encourage customers to open an account. They could also be called cash bonuses or sign-up bonuses. They use bank promotions to gain new customers and incentivize them to use their accounts. For example, if you open a new checking account, you may earn a bonus depending on the amount you deposited into the account. It’s important to look at the fine print for each account and bonus offer to ensure you understand how to meet the requirements and receive your bonus.
What can I do with these bank accounts?
There are several types of bank accounts. Checking accounts allows you to hold funds in an account you can use when making check or debit card purchases. A money market account may be a good option to grow your money without taking a huge risk. Each bank account has its own features and benefits, and you should review and compare those before deciding which to open.
Do I need to look for interest rates?
This depends on the type of account you are opening. If you are opening a savings account, you’ll want to look at the interest rates to see how much you can earn by putting your money into that account. Other bank accounts (such as checking accounts) may not offer any opportunity to build interest, so you wouldn’t need to worry about it.
Why should you look for sign-up bonuses?
If you plan to open a bank account anyway, why not look around and see which accounts offer sign-up bonuses? A sign-up bonus is something that banks use to incentivize new customers to open an account, but it also benefits the consumer. The important thing to remember is that you should review the requirements for a sign-up bonus before you apply for an account. Each bonus has its requirements, and there can be a big difference between bank to bank regarding savings account bonuses and checking account bonuses.
Better banking is here.
- No account fees
- Earn up to 4.50% APY
- Up to 2-day-early-paycheck
- No-fee Overdraft Coverage.
- Do it all in one app.
- Up to $2M of additional FDIC insurance through a network of participating banks.
The bottom Line
Several banks offer sign-up bonuses. None of these banks is necessarily better than the other, but that doesn’t mean that there is one account that is best for everyone. There are bank accounts designed for just about any financial situation you can imagine.
You should consider your current financial picture and goals when looking at bank accounts. For example, some bank accounts require a large deposit of money to qualify for a large welcome cash bonus. Even if you don’t qualify for that, there is probably a different account that is more appropriate for your situation.
As with anything, when you’re considering applying for a bank account, you should do your research. Some people are comfortable with online-only banks, while others might want to have a local physical branch to visit. There also might be certain features that some banks offer that mean more to you than others. Once you’ve researched, you can apply confidently, knowing you’ve found the best choice.
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Ashley Hart is a lead copywriter and digital marketing expert covering finance, law, real estate, music, entertainment, health and wellness.
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