Best Bank Account Bonuses For You

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If you’re wishing you had more savings right now, you’re not alone. Many Americans impacted by the coronavirus are finding that they need additional funds to make ends meet. A bit of extra cash could be a big help. Fortunately, a number of banks are still giving out free stacks of cash.

In exchange for opening a new savings or checking account, you could earn an extra $200 or $300 dollars (or more). Shopping around for a new bank account isn’t exactly exciting, but at a time like this it could be worth your while.

Let us now examine some bank account bonus so that you can decide the best one for you.

Why do Bank Provide a Sign up Bonus?
What Should You Look Out For in a Bank Bonus
Top 9 Best Checking Account Bonuses
10 Top Bank Account Promotions
Should You keep All Your Money in One Bank?

Why do Bank Provide a Sign up Bonus?

Banks use sign-up bonuses to distinguish themselves from others in the industry. Cash bonuses also help financial institutions bring in new customers and new deposits.

While they could pay account holders a higher yield, for some banks, offering a bonus is preferable.

“It’s much easier to quantify the bonus than it is to raise the rate on what you’re paying out on deposits,” says Greg McBride, CFA, Bankrate chief financial analyst.

Some banks, like TD Bank, offer more than one sign-up bonus. But qualifying for multiple bonuses at the same time at the same bank usually isn’t possible. Bank account bonuses are typically available only to new checking or savings account holders.

What Should You Look Out For in a Bank Bonus

Every bank account bonus isn’t a good deal. Before you sign up, read the fine print.

Watch out for sky-high minimum balance requirements and monthly fees that could eat into your earnings. If earning a bonus seems to require too much effort, you might want to look for another one.

If you’re applying for a checking account, make sure it’s a good match that meets your needs. For example, if you need them, double-check that there are plenty of branches and ATMs in your area.

That way, you’re not driving miles to meet with a banker or wasting money on out-of-network ATM fees. And with coronavirus forcing banking to shift online more than ever before, look for a bank or credit union that offers a solid set of digital tools.

If you’re looking for a new savings account, consider whether you’re better off finding another bank that pays more interest. For instance, these one-time bonuses are typically offered on accounts that pay minimal interest. So while the bonus is great initially, you may be sacrificing the long-term return.

Top 9 Best Checking Account Bonuses

Associated Bank: $500 bonus

Earn $500 when you open a new checking account with Associated Bank by May 31, 2021. To qualify, you must:

Not have opened an account with Associated Bank within the last six months.
Keep the account open for a minimum period of 12 months.
Receive direct deposits totaling $500 or more within the first 90 days of account opening.

Associated Bank is based in Green Bay, Wisconsin and has branches located in Illinois, Minnesota and Wisconsin.

Wells Fargo: $400 bonus

Earn $400 when you open an Everyday Checking account online by July 31. To qualify you must:

Not be the owner of a Wells Fargo consumer checking account or the recipient of a bonus within the past 12 months.
Make a minimum deposit of $25.
Receive direct deposits of at least $4,000 within 90 days of opening the account.

The bank, which is based in San Francisco, earned 2.5 out of 5 stars in Bankrate’s full review of its banking products and offerings.

HSBC Bank: $200 or $450 bonus

HSBC has a couple of checking account bonuses available online. Through Sept. 30, you can earn:

$200 for opening an HSBC Advance checking account online and receiving recurring monthly direct deposits totaling $500 for three consecutive months (from the second full calendar month after opening the account).
$450 for opening an HSBC Premier checking account online and receiving monthly direct deposits of at least $5,000 for three consecutive months (from the second full calendar month after opening the account).

HSBC is based in McLean, Virginia. It earned 3.9 out of 5 stars in Bankrate’s full review of its products and offerings.

TD Bank: $150 or $300 bonus

A $300 bonus is available for TD Bank customers who:

Open a Beyond Checking account online.
Have never had a TD Bank personal checking account.
Have at least $2,500 worth of direct deposit funds within 60 days of opening the account.

There’s also a $150 cash bonus if you’d prefer a Convenience Checking account (requires direct deposits of $500 within 60 days of opening the account).

Bonuses are available to residents in the District of Columbia, Pennsylvania and every state on the east coast except Georgia.

TD Bank is based in Wilmington, Delaware. In Bankrate’s review of TD Bank’s services and product offerings, it earned 2.7 out of 5 stars.

Chase Bank: $200 or $300 bonus

Through July 20, you could earn $300 by opening a Premier Plus checking account. Or earn $200 by opening a Total Checking account.

You’re eligible for a bonus if you:

Don’t have an existing Chase fiduciary or checking account (or had one closed with a negative balance or within the last 90 days).
Have a direct deposit made within 90 days of opening the account.

Chase Bank has branches in 26 states including Georgia and Florida and in the western, southwestern, midwestern and northern parts of the country. But some are closed due to the spread of the coronavirus or temporarily have different hours of operation.

The review of Chase’s banking products and services gave the bank 2.7 out of 5 stars. Chase is headquartered in Columbus, Ohio.

PNC Bank: $50, $200 or $300 bonus

As long as you don’t have an existing PNC consumer checking account or you closed one within the past 90 days, you could qualify for one of the following bonuses:

$50 bonus for opening a virtual wallet and receiving a $500 direct deposit within 60 days.
$200 bonus for opening a virtual wallet with Performance Spend and receiving a $2,000 direct deposit within 60 days.
$300 bonus for opening a virtual wallet with Performance Select and receiving a $5,000 direct deposit within 60 days.

Accounts can be opened nationwide online. The offers expire July 31. PNC is based in Wilmington, Delaware and earned 3 out of 5 stars in Bankrate’s full review of its products and offerings.

Huntington National Bank: $150 or $200 bonus

Through Oct. 7, earn $200 by opening a Huntington 5 checking account online. To earn a bonus you must:

Be a new Huntington checking customer who hasn’t closed a checking account within the past six months.
Deposit $1,000 within 60 days of opening your new checking account and keep your account open for 90 days.

There’s also a $150 bonus available if you open an Asterisk-Free checking account and make a $1,000 deposit within 60 days (and keep your account open for 90 days). The offer is available from July 1 through Oct. 7, 2020.

To be eligible for both bonuses, you must live in Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania or West Virginia.

Huntington is based in Columbus, Ohio. In the full review of its banking products and offerings, the bank earned 2.6 out of 5 stars.

Truist (formerly Suntrust and BB&T) Bank: $200 or $400 bonus

Open a SunTrust Essential checking account online by Sept. 30 and earn $200 by having direct deposits of at least $500 made per statement cycle for two consecutive cycles (within the first three months of opening the account). The promotional code you’ll need to use is Q320ESSENTIAL.

Another option is to open a SunTrust Advantage checking account by Sept. 30 and earn $400 by depositing at least $3,000 in direct deposits per statement cycle for two consecutive cycles within the first three full monthly statement cycles. The promotional code you’ll need to use is Q320ADVANTAGE.

The offers are valid for residents in Alabama, Arkansas, Georgia, Florida, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia or the District of Columbia.

To qualify, you cannot have an existing SunTrust personal checking account or have closed one on or after Jan. 3, 2020 SunTrust and BB&T have now merged to become Truist Bank

Bank of America: $100 bonus

New checking customers can earn $100 from Bank of America when they open an account online. The offer expires Dec. 31, 2020. To get the bonus, you must:

Not have had a Bank of America personal checking account within the past six months.
Open a new Advantage SafeBalance Banking, Advantage Plus Banking or Advantage Relationship Banking account online.
Make an opening deposit ($25 opening deposit for the Advantage SafeBalance Banking account and $100 opening deposit for the others).
Receive two direct deposits of at least $250 each within 90 days of opening your account.

An offer code (PSR100CIS) is needed to qualify for the bonus.

Bank of America is headquartered in Charlotte, North Carolina. It earned 2.4 out of 5 stars in Bankrate’s full review of its products and services.

10 Top Bank Account Promotions

1. TD Bank Beyond Checking℠ – $300 Cash Bonus

Apply online for a new TD Bank Beyond Checking account, and you’ll get a $300 cash bonus once you receive direct deposits of more than $2,500 within 60 days.

To qualify for this offer, you must be a U.S. resident and apply for the offer online. The Beyond checking account typically includes a $25 monthly maintenance fee, but it’s waived with monthly direct deposits of $5,000 or more, a minimum daily balance of $2,500, or a combined balance of $25,000 across your eligible TD accounts.

This offer is available to residents of the following states: CT, DE, DC, FL, ME, MD, MA, NH, NJ, NY, NC, PA, RI, SC, VT, VA.

2. Chase Premier Plus Checking^SM – $300 Bonus

To qualify for this bonus, open a new Chase Premier Plus Checking^SM account by October 14, 2020, and have a direct deposit (electronic transfer for paychecks, pensions, or government benefits) made to the account within 60 days. (You can either apply online using the link above or enter your email on the linked page to receive the coupon to take to your local Chase branch.)

Once you take these steps, you should receive the bonus in your account within 10 business days.

Keep in mind that the Premier Plus account has a monthly service fee of $25. However, the fee is waived if you keep an average daily balance of at least $15,000 between all of your Chase accounts (checking, savings, and other balances) or you set up automatic payments to your qualifying Chase mortgage. There’s no minimum required opening deposit. Interest rates are variable and subject to change.

Chase has ATMs and branches in the following states: AZ, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, KY, LA, MA, MI, NV, NJ, NY, OH, OK, OR, TX, UT, WA, WV, WI. This offer is available nationwide, except for residents of AK, HI, and PR.

3. Chase Total Checking® – $200 Bonus

There is a separate bonus offer of $200 for Chase Total Checking®, which is a step down from the Chase Premier Plus Checking account mentioned above.

Open a new Chase Total Checking® account and make a qualifying direct deposit within 60 days. You’ll then receive a $200 bonus within 10 business days.

There is a $12 monthly fee, but it’s waived if you meet at least one of the following criteria in each monthly statement period:

Execute direct deposits totaling $500 or more made to the account
Maintain a $1,500 minimum daily balance
Maintain an average daily balance of $5,000 or more in qualifying linked deposits or investments
Pay at least $25 or more in qualifying checking-related services or fees

To receive this bonus, you can either apply online using the link above or enter your email here and take the coupon to a local Chase branch. You must apply by October 14, 2020.

Chase has ATMs and branches in the following states: AZ, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, KY, LA, MA, MI, NV, NJ, NY, OH, OK, OR, TX, UT, WA, WV, WI. This offer is available online nationwide, except for residents of AK, HI, and PR.

4. HSBC Premier Checking – Up to $600 Cash Back

Open a new HSBC Premier Checking account and set up qualifying direct deposits to earn 3% cash back on qualifying direct deposits during the first 6 months your account is open, up to $600 total cash back ($100 maximum per month).

To earn the bonus, open your new Premier Checking account by September 30, 2020, and set up qualifying third-party direct deposits (at least one per calendar month) to your HSBC Premier checking account(s) per calendar month.

You’ll earn 3% cash back on each qualifying direct deposit, up to $100 total per month and $600 total during the first 6 months your account is open. After completing the qualifying activities each month, you’ll receive your cash back for the month in your Premier Checking account within eight weeks.

Moving forward, avoid the $50 monthly maintenance fee by making recurring direct deposits totaling at least $5,000 in per month or maintaining a combined minimum balance of $75,000 across all eligible personal and investment accounts.

Deposit products are offered in the U.S. by HSBC Bank USA, N.A., member FDIC.

5. Chase Savings^SM – $150 Bonus

New Chase Savings^SMcustomers have a great opportunity to boost their savings by opening a new Chase Savings^SM account and completing qualifying activities.

To earn the $150 bonus, open a new Chase Savings^SM account and deposit a total of $10,000 or more in new money within 20 business days. Then, maintain a $10,000 balance for 90 days.

Moving forward, the 0.01% APY is effective as of 6/12/2020. Interest rates are variable and subject to change. The $5 monthly maintenance fee is waived with one of the following, each monthly statement period:

A beginning daily balance of $300 or more in the account
$25 or more in total Autosave (or other repeating automatic transfers) from your personal Chase checking account or Chase Liquid^® Card
A Chase College Checking^SM account linked to this account for overdraft protection
An individual account owner younger than 18
A qualifying linked Chase account, including: Chase Better Banking^® Checking, Chase Premier Checking^SM, Chase Premier Plus Checking^SM, Chase Sapphire^SM Checking, or Chase Private Client Checking^SM

6. Citibank – $700 Cash Bonus

For a limited time, earn $700 when you open new checking and savings account with Citibank and complete all required activities. Here’s how:

Open new eligible checking and savings accounts in the Citi Priority Account Package during the offer period.
Deposit $50,000 or more in funds new to Citibank between the checking and savings accounts within 30 days of account opening.
Keep a minimum balance of $50,000 between the two accounts for 60 consecutive calendar days thereafter.

After completing all qualifying activities, you’ll receive the $700 bonus in your account within 90 calendar days. You must apply from the offer page linked below to earn this offer.

The Citibank Priority Account Package is available in NY, NJ, IL, CA, CT, DC, FL, VA, MD, and NV. If you’re not a resident of any of these states, consider the High-Yield Interest Checking Account, available as part of the Citi® Elevate package.

With unlimited ATM reimbursements and yields as high as 1.01% APY, it’s a great choice for depositors eager to put their money to work.

7. Wells Fargo Everyday Checking – $400 Cash Bonus

Open a new Wells Fargo Everyday Checking account online by July 31, 2020 to qualify for a cash bonus of $400. Here’s how to do it:

First, check that the offer is available in your area using the ZIP code finder on the promotions page.
Then, open a new Wells Fargo Everyday Checking account online and make the minimum required opening deposit of $25.
Next, within 90 days of account opening, receive qualifying direct deposits totaling $4,000 or more.

After the 90-day qualification period, you’ll receive a $400 cash bonus in your account within 30 days if you have met all of the requirements. Your account must remain open with a balance greater than $0 to receive the bonus.

Note that qualifying direct deposits include salary, pension, Social Security, and other qualifying income. Direct deposits must be electronically deposited via ACH.

You can avoid the Everyday Checking account’s $10 monthly maintenance fee by doing any of the following:

Maintaining a minimum daily balance of $1,500.
Completing 10 or more debit card transactions per month.
Executing direct deposits totaling $500 or more per month.

If you currently have an open Wells Fargo consumer checking account, have earned any other Wells Fargo checking account bonus within the past 12 months, or you’re a Wells Fargo team member, you’re not eligible for this offer.

8. SunTrust Bank Advantage Checking – $400 Cash Bonus

Open a new SunTrust Bank Advantage Checking account using the promo code “Q320ADVANTAGE” and complete qualifying activities to earn a $400 cash bonus.

Here’s how it works. Open a new Advantage Checking account using the promo code above by September 30, 2020. Then, within the first 3 months of opening your account, complete at least $3,000 in qualifying direct deposits per statement cycle for 2 consecutive statement cycles.

Once you’ve completed the qualifying activities, the $400 bonus will be deposited into your account within 8 weeks. Moving forward, you can avoid the $20 monthly maintenance fee by doing one of the following:

Make $3,000 or more in total qualifying direct deposits each month
Hold $10,000 total in combined relationship balances linked across eligible deposits and investments
Have a linked personal SunTrust credit card, mortgage, loan, or small business checking account

Additionally, depending on your total relationship balance with SunTrust, you could qualify for a loyalty cash bonus of up to 50%.

This offer applies to new SunTrust checking customers. New customers are defined as those without existing accounts or accounts closed within the past 180 days living in states in which SunTrust Bank has branches: AL, AR, FL, GA, MD, MS, NC, SC, TN, VA, DC & WV. Check SunTrust Bank’s website for availability in your area.

9. Citizens Bank – Up to $600 When You Open a New Checking & Savings Account

Citizens Bank has an attractive, two-part bonus opportunity that could net you up to $600 when you open a new qualifying checking and savings account by October 1, 2020, and complete the required activities.

Here’s how these offers work:

$300 Bonus

Open a qualifying Citizens Bank personal checking account by October 1, 2020, and have at least one direct deposit of $500 or more post to your new checking account within 60 days of account opening. The $300 bonus should post within 5 months after completing these qualifying activities.

$200 Bonus

Open a qualifying Citizens Bank personal checking account and personal savings account on the same day (by October 1, 2020), and deposit at least $15,000 in new funds into your savings account within 60 days of account opening.

You must keep the $15,000 (or more) in your account for the remainder of the calendar month during which it occurs and for three full calendar months thereafter.

No checking direct deposit is required to claim this bonus. Once you complete the qualifying activities, the $200 bonus should post within 5 months.

$600 Bonus

Complete all qualifying activities required for the $300 and $200 bonuses and you’ll receive both bonuses, plus an extra $100, within 5 months. That’s a total potential bonus of $600.

These offers are only available to customers in states where Citizens Bank has a physical presence, including Massachusetts, New York, New Jersey, Pennsylvania, Ohio, Michigan, Connecticut, New Hampshire, Rhode Island, Delaware, and Vermont. These offers are not available to applicants who’ve held or been signers on Citizens Bank accounts during the six months prior to applying.

10. Bask Bank – Up to 71,000 Bonus AAdvantage® Miles

Bask Bank offers three great opportunities for new account holders to earn American Airlines AAdvantage® miles during the first year after opening a Bask Savings Account.

First-Year Balance Bonus

Earn up to 40,000 bonus miles with this three-tiered bonus. To qualify, the account must be funded within 60 days of opening and the qualifying balance must be maintained throughout the 360-day offer period.

Deposit and maintain a $25,000 minimum balance throughout the offer period to earn a total of 10,000 bonus miles.
Deposit and maintain a $50,000 minimum balance for the entire offer period to earn a total of 20,000 bonus miles.
Deposit and maintain a $100,000 minimum balance for the entire offer period to earn a total of 40,000 bonus miles.

Miles are awarded within 10 business days. Allow up to eight weeks for them to post to your AAdvantage® account.

Account Opening Bonus

Though not quite as generous, this bonus is easier to attain:

Deposit $5,000 in new money (funds not previously deposited with Bask Bank or its affiliates) into your new Bask Savings Account within 30 days of opening.
Maintain a $5,000 minimum balance in the account for at least 30 days within the first 60 days of account opening and you’ll receive 5,000 AAdvantage® miles.

Bask Bank awards bonus miles within 10 business days of confirming you’ve met the bonus requirements. Allow up to eight weeks for miles to post to your AAdvantage® account.

Referral Bonus

Existing Bask Bank customers are eligible to earn up to 25,000 bonus AAdvantage® miles when they refer up to five friends to Bask Bank. Each referral is worth 5,000 bonus miles.

To be eligible for this bonus, you must share your unique referral link from your bonus dashboard before September 30, 2020, then maintain a minimum daily balance of $10,000 for 90 consecutive days between June 17, 2020 and December 31, 2020. Your miles will be awarded on the following Wednesday after all qualifications have been met.

One-Time Feedback Bonus

New Bask Savings Account holders earn 1,000 bonus AAdvantage® miles for completing a short feedback survey through Bask Bank’s online account dashboard or mobile app.

The value of this offer will be reported to the IRS and the recipient is responsible for any federal, state or local taxes on this offer.

Should You keep All Your Money in One Bank?

What’s your banking strategy: One bank, many accounts—or do you like to, literally, spread the wealth? Believe it or not, how you bank not only helps you organize your funds, but if done right, it can also make you money.

LearnVest’s certified financial planner Elizabeth Sklaver shares tips to help you decide on the best scenario.

The One-Bank Advantage

Maybe you got that first checking account that came free with your first job and never looked back. Maybe every account you’ve opened since has been at My First Bank. If that describes you, we get it: There’s one advantage to keeping your checking and savings accounts in the same bank… simplicity.

With everything in the same place, you only have to visit one bank—or make transfers between accounts at one bank—and remember one set of login information. (And who hasn’t wasted precious moments of their lives trying to remember their passwords?)

But as your financial life changes, the one-size-fits-all approach may no longer suit you. In fact, depending on your money needs, there are also a few good reasons you may want to open accounts at more than one bank—and a variety of factors that go into choosing the right one for you.

Why Multiple Banks Might Be Better: 4 Questions to Ask Yourself

1. Are You Likely to “Borrow From Yourself”?

Keeping your checking and savings at separate institutions takes advantage of the idea, “Out of sight, out of mind.” In other words, if your hard-earned savings isn’t linked directly to your checking account, and it takes 24 to 48 hours to free up funds, you might think twice about spending that money.

And, keeping both accounts in the same place can lead to some funky mental math: If you’re just taking a minute to check the balance on your checking account, but see all of the money in your savings as well, you’re more likely to feel like you have all of those funds available to spend, says Sklaver.

But what if you like the way having one bank keeps you organized? If the idea of checking in with accounts on multiple sites sounds like a little too much work, you can always monitor all of your accounts in the free LearnVest Money Center, where you can check the balances without the temptation to spend.

2. Could You Get a Better Rate?

Here’s where the making money off your bank comes in: If you’re going to park money in a savings account—say, for an emergency fund—you want to be sure to get the best rate you can.

“While brick and mortar banks are great for checking accounts, they usually aren’t offering the most competitive interest rates for savings accounts compared to online banks,” explains Sklaver. That’s why it’s often recommended that clients open a savings account with an online bank.”

If you do decide to put your savings somewhere with a higher interest rate, moving your savings account between banks isn’t usually very difficult, and most banks don’t charge fees simply for closing an account, Sklaver says.

3. What Will It Cost You?

Before you make any moves, figure out what you’ll pay in terms of fees and sheer inconvenience. Sklaver points out that moving your checking account can be time-consuming and tricky.

You have to maintain a minimum balance until the account is closed to be sure you aren’t charged fees, all of your money is transferred, any of your automatic payments and linked accounts are switched, your debit cards and checks are issued, and that you fill out any necessary tax documents.

The thing about checking accounts is that, for most people, they’re part of a larger network of automatic payments and debits. “If you change accounts, you have to change the information for everything from your utility bills to your Amazon account,” Sklaver says.

“Savings accounts usually don’t have so many links, so moving them between banks is generally less complicated.”

4. Do You Need to Spread Your Money Around?

If you’re lucky enough to have a lot of cash on hand, you’ll need to think about the maximum you can insure in any given savings account. Having more than one bank helps keep your money safe through insurance with the Federal Deposit Insurance Corporation (FDIC).

FDIC coverage protects consumer deposits and savings in case a bank goes into bankruptcy (of course, you need to make sure your bank is FDIC-insured, info which should be listed on your bank’s homepage).

Each participating bank can insure deposits up to at least $250,000 per person—$500,000 for joint accounts—so if you have more money than that, storing your cash in more than one bank should ensure that your money is protected.

Final Thought

When choosing a bank, it’s important to find one that suits your needs – whether that’s favorable interest-bearing accounts, no fees, or online banking features.

It’s also a big bonus when you can get great perks along with good banking. Be on the lookout for and take advantage of cash and giveaways, and your banking experience will be all the more pleasurable.