The Federal Reserve cut the federal funds rate three times last year, solidifying the end to record-high interest rates for interest-bearing deposit accounts.
That’s unfortunate news for savers. But on the plus side, there are other ways to give your account balance a boost, like taking advantage of valuable bank account bonuses.
Read more: Federal funds rate: What it is and how it affects you
Many banks and credit unions offer limited-time cash bonuses for opening new accounts and meeting certain requirements. Here’s a round-up of personal bank account bonuses you may want to consider if you’re in the market for a new checking or savings account.
Note that bonus details are accurate as of the publication date. Please verify account and bonus requirements directly with the financial institution before opening an account.
Available through December 31, 2025
Alliant Credit Union is currently offering a bonus of $100 to new members who open an Ultimate Opportunity Savings Account. However, the bonus takes a full year to earn. You’ll also need to keep a minimum average daily balance of $100 in your savings account throughout the year in order to qualify.
But this account is still a great option for savers since it offers an APY that’s 15 times the national average — and there are no monthly fees if you set up ePayments. You can also qualify for the bonus based on any deposits you receive, not just recurring direct deposits.
Read our full review of Alliant Credit Union
Available through June 30, 2025
You can earn up to a $600 bonus when you open any new Associated Bank checking account (in person or online) and have direct deposits totaling $500 or more put into your new checking account within 90 days of opening your account. The amount of your bonus will depend on the average daily balance of your new checking and/or other Associated Bank accounts:
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$1,000-$4,999.99: $300 bonus
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$5,000-$9,999.99: $400 bonus
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$10,000 or more: $600 bonus
If these qualifications are met, your bonus will be paid to your account within 120 days from account opening.
Available through May 31, 2025
Bank of America offers a $300 bonus when you open one of its eligible personal checking accounts (Advantage SafeBalance Banking, Bank of America Advantage Plus Banking, or Bank of America Advantage Relationship Banking) using the offer code PSJ300CIS.
To receive a bonus, you must set up and receive qualifying direct deposits totaling $2,000 or more into your account within 90 days of account opening. Once the requirements have been satisfied, you will receive your bonus within 60 days.
Available through May 2, 2025
BMO Bank is currently offering a new account bonus on its Smart Advantage and Smart Money checking accounts. You can earn a $350 cash bonus by having at least $4,000 in qualifying direct deposits within the first 90 days.
Available through: Undisclosed
Capital One offers a no-frills checking account that pays a $250 opening bonus. There are no monthly fees or minimum deposit requirements for the account, and it earns a small amount of interest (0.10%) which beats the 0% you get from most other checking accounts.
To qualify for the bonus, open a new account with promo code CHECKING250. Then, set up and receive at least two direct deposits, each of $500 or more, within 75 days of account opening.
Read our full review of Capital One
Available through April 16, 2025
In order to qualify for this bonus, you must open or upgrade to a new Chase Private Client Checking account by April 16, 2025, in a branch or over the phone. Next, you’ll need to fund your account by transferring a total of $150,000 or more in qualifying new money or securities to an eligible account within 45 days.
Your bonus amount is determined by your balance:
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$150,000-$249,999.99 qualifies for $1,000
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$250,000-$499,999.99 qualifies for $2,000
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$500,000+ qualifies for $3,000
Your bonus amount will be determined on day 45. Next, you must keep that money in your account for 90 days, and your bonus will be deposited within 40 days.
Read more: What is private banking, and how does it work?
Available through April 16, 2025
This bonus is available to new Chase checking customers. Open a Secure Banking account by April 16, 2025, and complete 10 qualifying transactions with 60 days of coupon enrollment to qualify for a $100 bonus.
Qualifying transactions include debit card purchases, Zelle transactions, ACH credits, Chase QuickDeposit, and online bill payments. After you meet these qualifications, your bonus will be deposited into your account within 15 days.
Available through April 16, 2025
New Chase checking customers can qualify for a bonus of $300 by opening a Chase Total Checking account and making direct deposits totaling $500 or more within 90 days of coupon enrollment.
Direct deposits must be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. After you’ve completed the necessary requirements, you’ll receive your bonus within 15 days.
Available through July 7, 2025
New Citi checking customers who enroll in enhanced direct deposits can earn a $325 cash bonus. In order to qualify, you must receive at least two enhanced direct deposits into your new checking account totaling $3,000 or more within 90 days of opening your account.
Enhanced direct deposits include Zelle, PayPal, and Venmo transfers; paychecks; pension payments; and Social Security payments. Your bonus will be deposited as a credit within 30 calendar days.
Available through September 11, 2025
First-time savings customers can earn a bonus of up to $200 by opening a new online savings account using the offer code GBPE325:
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Earn a $150 bonus by depositing at least $15,000 within 45 days of account open date
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Earn a $200 bonus by depositing at least $25,000 within 45 days of account open date
Once these qualifications are met, the bonus will be credited to the account within 60 days.
Read our full review of Discover Bank
Available through June 30, 2025
Fifth Third Bank is currently offering a bonus of $350 when you open a qualifying checking account. To earn the bonus, you must make direct deposits totaling $500 or more within 90 days of account opening. The bonus will be added to your new account within 10 business days of completing qualifying activity requirements.
Available through July 7, 2025
Huntington National Bank customers who open a new checking account can qualify for one of two bonus tiers, depending on the account you open:
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$400 when you open a Perks Checking account and set up and receive a qualifying direct deposit of at least $500 within 90 days of account opening.
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$600 when you make cumulative new money deposits of $25,000 into a new Platinum Perks checking account within 90 days of account opening.
You must keep your account open for 90 days to earn a bonus. Once these requirements are met, you’ll receive your bonus within 14 days.
Available through May 16, 2025
To qualify for a $300 bonus from KeyBank, you must open a Key Smart Checking account online by May 16, 2025. Next, make the one-time $10 minimum opening deposit and one single eligible direct deposit of $1,000 or more within 60 days of account opening. Your bonus will be deposited into your account within 60 days of meeting the requirements.
Read our full review of KeyBank
Available through June 30, 2025
PNC Bank currently offers a bonus of up to $400 for its combination checking (Spend) and savings account known as Virtual Wallet. This bonus is tiered based on the Virtual Wallet type and qualifying activities:
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Virtual Wallet: Earn $100 when you establish total qualifying direct deposits of $500 or more to the Spend account
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Virtual Wallet with Performance Spend: Earn $200 when you establish total qualifying direct deposits of $2,000 or more to the Spend account
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Virtual Wallet with Performance Select: Earn $400 when you establish total qualifying direct deposits of $5,000 or more to the Spend account
To qualify for the reward, the new Virtual Wallet product must be opened online and a qualifying direct deposit(s) must be received within the first 60 days. Your account must remain open in order for you to receive the reward, which will be credited to the eligible account within 60 to 90 days after all conditions have been met.
Read our full review of PNC Bank
SoFi Checking and Savings Account: Up to $300 bonus
Available through January 31, 2026
Earn a bonus of up to $300 when you open a new SoFi online bank account. In order to qualify for the bonus, you must receive at least one direct deposit. The amount of your deposit will determine the bonus you will receive:
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Direct deposits totaling less than $999.99 do not qualify for a bonus
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Direct deposits totaling $1,000 to $4,999.99 earn $50
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Direct deposits totaling $5,000 or more earn $300
Once these requirements have been met, account holders will receive their bonus within seven business days of the end of the direct deposit bonus period, which begins when SoFi receives a Direct Deposit of $1 or more within the promotion period and ends 25 calendar days later.
Available through April 30, 2025
TD Bank offers a new checking account bonus of $200 or $300, depending on which account you open.
For the TD Beyond Checking account, you can earn a bonus of up to $300. To earn the bonus, you must have $2,500 in qualifying direct deposits posted to the account within 60 days. The bonus will be paid on or before 180 days after account opening.
New TD Complete Checking customers must have $500 in qualifying direct deposits post to the account within 60 days to qualify for a $200 bonus, which will be paid on or before 180 days after account opening.
Available through October 31, 2025
New savings account customers who open a TD Signature Savings account or TD Simple Savings account can earn a bonus of up to $200. You must deposit at least $10,000 within the first 20 days and maintain at least a $10,000 balance for 90 additional days from the 20th day after account opening. Bonuses are paid within 180 days of account opening.
Read our full review of TD Bank
Available through April 16, 2025
New checking account customers can qualify for a bonus of $300 by opening a new Everyday Checking account online or in a branch with a minimum opening deposit of $25. You must receive a total of $1,000 or more in qualifying electronic deposits to your account within 90 calendar days of account opening. Once these qualifications are met, your bonus will be deposited into your new checking account within 30 days.
Read more: Chase Bank vs. Wells Fargo: Which big bank is best for you?
New bank account offers like 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 to earn a new bank account offer, 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.
Opening a new account to earn a cash bonus can be tempting, but these offers 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 account bonus/promotion 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 account 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 along with interest earned on your balance. This 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.
If you’re thinking about pursuing a new bank account bonus, there are several key factors to think about to ensure it’s a good financial move:
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Bonus amount: Of course, the size of the new account bonus is a major factor to consider, especially compared to the requirements needed to qualify for the bonus.
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Minimum account balance: Some banks require that you maintain a minimum account balance to qualify for the bonus or to avoid monthly fees. If a minimum balance is required, be sure it won’t strain your finances.
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Direct deposit requirements: Many bonuses require setting up a direct deposit of a certain amount within a specific timeframe. Ensure your regular income sources can be set up as direct deposit to meet these criteria.
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Transaction requirements: Some accounts might require a minimum number of transactions per month to qualify for the bonus, which should fit naturally with your spending habits.
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Monthly fees: You may want to avoid opening an account that charges monthly maintenance fees. If a certain account does come with monthly fees, see if these can be waived by meeting certain criteria like maintaining a minimum balance or having direct deposits.
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Account features: It’s also important to look beyond the bonus and consider the features of the bank account itself. Does it offer benefits like free checks, ATM fee reimbursements, online banking, and a quality mobile app?
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Interest rates: Choosing an account that earns a higher interest rate can help your balance grow over time.
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 to the IRS.
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.
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.
New account promotions and bonus requirements vary by bank. Usually, you need to open an account before the bonus offer expires, then keep your account open for a minimum order of days (often 60) before the bonus is awarded. You may also need to meet additional conditions, such as maintaining a minimum balance or setting up direct deposit.
Bank bonus offers come and go depending on which banks want to entice new customers to open an account. Some of the banks currently offering checking account bonuses include SoFi, Axos, Chase, Citi, Bank of America, and TD Bank.
Read more: Online banks that pay you to open an account
