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If you are in the market for a new savings or checking account, signing up for one with a bonus promotion is a great way to earn a little extra cash for your efforts.
All bank promotions have some sort of hoops to jump through to qualify. Most, but not all, bank bonuses and promotions require direct deposits of certain amounts per month to qualify for the promotion. That’s just part of the game.
Take your time and look through our list. Pay close attention to the expiration dates because these bonuses will not last forever and when you’re ready to apply, expect to be able to have your account opened in under a few minutes.
DEAL OF THE DAY – For a limited time, earn a $300 cash bonus when you open a TD Bank Beyond Checking Account. New customers only – requires a $2,500 direct deposit within the first 60 days. Ends 12.31.2023
The Best Bank Bonus
1. Citigold® Checking – Up to $2000 Bonus
Citigold® is a high-end checking account designed for people who can maintain a combined balance of at least $200,000 in all their Citi® deposit accounts. There are currently five different bonuses available:
- $200 ($10,000 minimum deposit)
- $500 ($30,000 minimum deposit)
- $1,000 ($75,000 minimum deposit)
- $1,500 ($200,000 minimum deposit)
- $2,000 ($300,000 minimum deposit)
To qualify for the bonus, you must make the minimum deposit requirement within 20 days of account opening. Then, you must maintain that balance for an additional 60 days (from the 21st day). The cash bonuses will be deposited within 30 days after that.
With Citigold® checking, you’ll be given complimentary financial planning from your Citi Personal Wealth Management Wealth Advisor. You’ll also receive up to $200 annually in cash back on some of your membership and subscription services.
The Citigold® bonus expires on 01/09/2024.
The Rest of the Best Bank Bonuses of December 2023
|Bank||Potential Bonus||Expiration Date|
|Citi Priority Checking||$2000||01/09/2024|
|Capital One 360 Performance Savings||$1500||01/09/2024|
|BMO Relationship Checking||$600||12/08/2023|
|PNC Virtual Wallet||$400||01/02/2024|
|BMO Smart Advantage Checking||$400||12/08/2023|
|Wells Fargo Everyday Checking||$300||01/09/2024|
|TD Beyond Checking||$300||12/31/2023|
|Truist Bank Checking||$300||02/27/2024|
|SoFi Savings and Checking||$300||06/30/2024|
|Chase Total Checking||$200||01/24/2024|
|BOA Advantage Checking||$200||01/31/2024|
|Fifth Third Checking||$350||01/07/2024|
|US Bank Business Checking||$800||01/08/2024|
|Huntington Bank Platinum Perks||$600||02/07/2024|
|Huntington Bank Perks||$400||02/07/2024|
|Huntington Bank Unlimited Plus Business Checking||$1000||01/15/2024|
|Huntington Bank Unlimited Business Checking||$400||01/15/2024|
2. Citi Priority Checking – Up to $2000 Bonus
With Citi Priority Checking, you’ll have a chance to earn the same bonus structure you see for the Citigold® account. The difference between these accounts is that Citi Priority Checking is designed for consumers who can maintain a combined balance of at least $30,000. A much easier number than the $200,000 required of Citigold®.
The Citi Priority Checking account bonus structure is as follows:
- $200 ($10,000 minimum deposit)
- $500 ($30,000 minimum deposit)
- $1,000 ($75,000 minimum deposit)
- $1,500 ($200,000 minimum deposit)
- $2,000 ($300,000 minimum deposit)
To earn one of the best bank bonuses, you must make the minimum deposit amount in the first 20 days of account opening. Maintain that balance for an additional 60 days and then expect to receive your cash bonus deposit in the next 30 calendar days. Add it all up, and that means you’re bonus will hit your account between 3 and 4 months from account opening.
The Citi Priority Checking account offers fee-free ATMs and waived fees on things like money orders, stop payments, and more. You’ll earn preferred pricing on mortgages with Citi and will have access to Citi Wealth Builder which is their investment platform where you can build a portfolio.
The Citi Priority bonus expires on 01/09/2024.
3. Capital One 360 Performance Savings – Up to $1500 Bonus
Capital One 360 Performance Savings is now offering up to a $1500 bonus when you open the account using promo code FALL23 and fund it during the 15-day initial funding period. The amount of your potential bonus will be determined by your deposit size, illustrated in the chart below.
After you’ve made the required deposit, the money must be held in the account for 90 days. During that time, you will receive a solid savings APY of 4.35%. When the hold is completed, Capital One will deposit the bonus in your account within the next 60 days.
The Capital One 360 Performance Savings bonus expires on 01/09/2024.
4. BMO Relationship Checking $600 Bonus
After signing up for a BMO Relationship Checking account, you’ll earn a $600 cash bonus when you have a total of at least $7,500 in qualifying direct deposits within the first 120 days. When you consider that the deposits can come over the course of almost a four-month period, $7,500 should be attainable.
The BMO Relationship Checking account offers three tiers of status, each with its own level of perks and benefits.
|Balance||Less than $25,000||$25,000 – $99,999||$100,000 – $249,000||$250,000+|
- Silver Benefits – Unlimited transactions at non-BMO ATMs and up to a $25 ATM surcharge fee rebate each month. $10 quarterly credit card spend bonus eligibility.
- Gold Benefits – Up to a $30 monthly rebate on wire transfer fees. Higher interest rates on your BMO Money Market account plus a $25 quarterly credit card spend bonus eligibility.
- Platinum Benefits – Up to a $60 monthly rebate on wire transfer fees. Higher interest rates on your BMO Money Market account plus a $50 quarterly credit card spend bonus eligibility.
- Premier Benefits – One overdraft fee rebate per month. Up to a $90 monthly rebate on wire transfer fees. Higher interest rates on your BMO Money Market account plus a $75 quarterly credit card spend bonus eligibility.
The BMO Relationship Checking bonus expires on 12/08/2023.
5. PNC Virtual Wallet – Up to $400 Bonus
PNC comes in at fourth on our list of the best bank bonuses. You can earn up to $400 by opening a PNC Virtual Wallet. The Virtual Wallet comes in three different levels, Virtual Wallet Performance Select, Virtual Wallet Performance Spend, and Virtual Wallet. Each with its own offer and requirements.
|Standard||Performance Spend||Performance Select|
|Direct Deposit Requirement||$500||$2,000||$5,000|
You must complete the deposit requirement within 60 days from account opening and the bonus will be credited to your account 60-90 days after meeting the direct deposit requirements.
There is a monthly maintenance fee associated with a PNC Virtual Wallet account but it is waived if you meet the direct deposit amounts in the above table every month. Otherwise, the fee is $7 for Standard, $15 for Performance Spend, and $25 for Performance Select.
With each Virtual Spend account, you will also receive a second checking account available for short-term planning called Reserve. With Performance Select, you’ll also be reimbursed for any fees charged at non-PNC Bank ATMs.
The PNC Virtual Wallet bonus expires on 01/02/2024.
6. BMO Smart Advantage Checking $400 Bonus
The second BMO offer to make our list of the best bank promotions, the BMO Smart Advantage Checking account rewards new applicants with a $400 bonus after making at least $4,000 in qualifying direct deposits within the first 120 days of account opening. This happens to be one of the easier bank bonuses to qualify for.
There is no monthly maintenance fee (when you sign up for paperless statements) for the BMO Smart Advantage Checking account and you’ll be able to use your debit card at more than 40,000 Allpoint ATMs fee-free. There is a $3 fee when using an ATM outside the BMO network.
The BMO Relationship Checking bonus expires on 12/08/2023.
7. Wells Fargo Everyday Checking $300 Bonus
When you open a Wells Fargo Everyday Checking account, you’ll earn a $300 bonus if you meet the very basic requirements. First, make a minimum opening deposit of at least $25. Second, receive a total of $1,000 electronic deposits within the first 90 calendar days of account opening.
After the 90-day qualification period has ended, you can expect to receive your bonus within the next 30 calendar days.
There is a $10 monthly maintenance fee associated with Everday Checking, but that fee can be waived in one of four ways:
- Maintain a $500 minimum daily balance
- Make $500 or more in qualifying electronic deposits
- The primary account holder is 17-24 years of age
- Link your Wells Fargo Campus ATM Card or Campus Debit Card
The Wells Fargo Everyday Checking bonus expires on 01/09/2024.
8. TD Bank Beyond Checking $300 Bonus
Another $300 bonus is available with the TD Bank Beyond Checking account. After account opening, make $2,500 in qualifying direct deposits within 60 days. That’s the only listed requirement and if completed, you can expect to receive your bonus no more than 180 days after account opening (which is the longest wait on our list).
With TD Bank Beyond Checking, you’ll receive free access to all TD ATMs, free standard checks, and TD Overdraft Relief. There is a $25 monthly maintenance fee but the fee is waived when you complete any of the following three actions:
- Set up direct deposits of at least $5,000 per month
- Maintain a $2,500 average daily balance
- Have at least $25,000 in combined balance across eligible TD accounts
The TD Bank Beyond Checking bonus expires on 12/31/2023.
9. Truist One Checking $300 Bonus
When BB&T Bank merged with SunTrust, a new brand named Truist was formed. Truist One Checking is now offering a $300 cash bonus when you open a new account online using promo code TRUIST300Q323 and make two direct deposits totaling at least $1,000 in the first 90 days.
This checking account comes with a couple of cool features that make it even more attractive than the bonus:
- $100 negative balance buffer that will allow you to overdraw a little bit without even being charged an overdraft fee.
- 4 Benefit levels that improve the level of perks you receive as you climb the ladder.
The qualifying checking account must be opened online and have a mailing address in AL, AR, GA, FL, IN, KY, MD, MS, NC, NJ, OH, PA, SC, TN, TX, VA, WV, or DC.
The Truist One Checking bonus expires on 02/27/2024.
10. Sofi Savings and Checking – Up to $300 Bonus
The SoFi checking account is about as simple as it comes. There are no monthly fees, no overdraft fees, and no minimum balance requirements. All you have to do to get your promotional offer is to add a direct deposit to your SoFi checking account. There are two possible bonuses available based on your direct deposit amount.
- $300 Bonus – Direct Deposit of $5,000 or more
- $50 Bonus – Direct Deposit of $1,000 – $4,999
SoFi determines your direct deposit amounts by what they call the evaluation period. This period starts when the first direct deposit is received and lasts for 25 days. Your bonus is then paid out within seven business days of the end of the evaluation period.
With SoFi Savings and Checking, you’ll also earn a top-notch savings rate of 4.60%. And with your debit card, you can earn up to 15% cash back at select retailers.
The SoFi Savings and Checking bonus expires on 06/30/2024.
11. Chase Total Checking $200 Bonus
Chase Total Checking comes with a $200 cash bonus for customers who open a new account and meet activity requirements. You can open your account in two different ways, either online or in-person by using a coupon code you receive through your email address.
To earn the bonus, all that is required is to set up an initial direct deposit of at least $500 within the first 90 days of coupon enrollment.
This account has a $12 monthly service fee unless you meet one of the following requirements:
- Electronic deposits totaling $500 per month
- Beginning daily balance of $1,500 or more
- Average daily balance of $5,000 or more in combined balances of checking and savings products with Chase
The Chase Total Checking bonus expires on 01/24/2024.
12. Bank of America Advantage Banking $200 Bonus
Rounding out the top 10 best bank bonuses, Bank of America offers a trio of accounts under the Advantage line that offer a $200 cash bonus. To qualify, open a SafeBalance, Advantage Plus, or Advantage Relationship account and make qualifying direct deposits of $2,000 or more within 90 days of account opening.
IMPORTANT – You must use promo code TWT200CIS when opening your account online.
The amount of money you keep in your checking account and the perks that best fit your spending habits should determine which of the three Bank of America checking accounts you open.
|SafeBalance||Advantage Plus||Advantage Relationship|
|Minimum Deposit to Open||$25||$100||$100|
|Checks Available?||No||Yes||Yes / Free Checks|
You can waive the monthly fee for each BOA checking account in the following way:
- SafeBalance – Students under the age of 25 enrolled in school
- Advantage Plus – One qualifying direct deposit of $250 per month
- Advantage Relationship – $10,000 or more in eligible BOA-linked accounts
The Bank of America Advantage Banking bonus expires on 01/31/2024.
13. M&T Bank $200 Bonus
M&T Bank offers a $200 bonus on any of its three personal checking accounts when you open an account and make $500 in qualifying direct deposits within the first 90 days of account opening. The cash bonus will be awarded within 90 days after your direct deposit has been posted.
The three M&T Bank checking accounts you can sign up for are as follows:
EZ Choice Checking – With this account, there is no monthly maintenance fee and no minimum balance requirement. It’s the most basic account, allowing unlimited check writing but not much else.
MyChoice Plus Checking – This checking account has a $14.95 monthly maintenance charge that can be waived by maintaining a $2,500 daily balance or making direct deposits of at least $1,500 a month. You’ll get ATM rebates when you use outside-network ATMs, discounted personal loan rates, and the option to earn interest on your account.
MyChoice Premium Checking – The highest level checking account M&T offers, MyChoice Premium has a $24.95 monthly maintenance charge that can be waived with a $7,500 average daily balance or $25,000 in combined M&T linked accounts. The best perks include premium rates on loans and CDs, free checks and wire transfers (incoming and outgoing), and no fee for Overdraft Protection.
The M&T Bank bonus expires on 02/29/2024.
14. Fifth Third Bank Checking $350 Bonus
Fifth Third Bank is offering a promotional bonus of $350 when you open a checking account. To qualify, you must enter your email online and you will be sent an offer code. You will need this code when you open the account to receive the bonus. You will also need to have direct deposits of at least $500 in total hit the account within the first 90 days of opening.
The $350 bonus will be deposited in your account within 10 business days after making your direct deposit, making Fifth Third the fastest bank to pay out.
Two checking accounts qualify to earn the $350 bonus.
Fifth Third Momentum Checking
This account has no monthly service fees and no minimum balance requirement. You also get your direct deposit up to two days early and Fifth Third Extra Time gives you until midnight to deposit additional funds if you overdraft the account.
With a Fifth Third Momentum Checking account, you’ll have access to 40,000 in-network ATMs and the ability to pay bills online.
Fifth Third Preferred Checking
This account has no minimum balance requirements but does have a monthly service fee of $25 unless you have at least a $100,000 combined total in your deposit and investment accounts with Fifth Third.
Fifth Third Preferred Checking has perks such as free checks, a free 3×5 safe deposit box, complimentary Identity Alert protection, and access to Fifth Third’s Life360 which allows you to see your whole financial picture in one place.
The Fifth Third Checking bonus expires on 01/07/2024.
15. U.S. Bank Business Checking – Up to $800 Bonus
Our best business bank bonus comes from U.S. Bank. When you open a U.S. Bank Business Checking account using the promo code Q3AFL23, you can earn up to an $800 bonus. Your bonus will be determined by the amount you deposit within the first 30 days (and maintain for a full 60 days).
- $350 bonus when you deposit $5,000
- $800 bonus when you deposit $25,000
U.S. Bank offers business checking accounts in three sizes – Silver, Gold, and Platinum.
|Monthly Maintenance Fee||$0||$20||$30|
|Free Transactions per Month||125||300||500|
|Cost per Extra Transaction||$0.50||$0.45||$0..40|
The Fifth Third Checking bonus expires on 01/08/2024.
16. Huntington Bank Platinum Perks $600 Bonus
Huntington Bank Platinum Perks Checking is offering an enticing $600 bonus. To earn the bonus, you have to deposit at least $25,000 into the new account within 90 days of coupon enrollment and keep the account open for a full 90 days. You can open online or at a Huntington Bank branch.
The funds should hit your checking account within 14 days of meeting the 90-day requirement.
With Platinum Perks Checking, you can take advantage of unlimited non-Huntington ATM withdrawals (and the fees charged by other ATMs). There is a $25 monthly fee, but it can be waived when you maintain a total relationship balance of at least $25,000.
The Huntington Bank Platinum Perks bonus expires on 02/07/2024.
17. Huntington Bank Perks $400 Bonus
Rounding out the best bank bonuses on our list, the Huntington Bank Perks Checking account offers applicants a $400 bonus. To qualify you must receive a qualifying direct deposit within the first 90 days of your account and keep the count open for a full 90 days.
In 14 days or less, you will receive a deposit in your account for the $400 bonus.
This checking account has a $10 monthly maintenance fee that can easily be waived with at least $1,000 in monthly deposits or $5,000 in total relationship balances. The Perks Checking account offers 5 free ATM withdrawals per cycle and perks like 24-hour overdraft relief and credit score monitoring.
The Huntington Bank Perks bonus expires on 02/07/2024.
18. Huntington Bank Unlimited Plus Business Checking $1000 Bonus
Business owners can earn a $1000 bonus with the Huntington Bank Unlimited Plus Business Checking account. To earn the bonus, you’ll need to make a minimum deposit of at least $20,000 within 30 days of account opening. Then maintain the balance for 60 days and keep the account open for at least 90 days.
You’ll receive the bonus in your account within 14 days after meeting the requirements.
There’s a $40 monthly maintenance fee that’s waived with $50,000 in total deposit relationship balances or with a qualifying personal checking account. With this account, you can make up to $25,000 in cash deposits per month.
The Huntington Bank Unlimited Plus Business Checking bonus expires on 01/15/2024.
19. Huntington Bank Unlimited Business Checking $400 Bonus
Another option for business owners is the Huntington Bank Unlimited Business Checking, offering a $400 bonus. To earn the bonus, make a minimum deposit of $5,000 within 60 days of account opening. Then keep the account open for at least 90 days.
After meeting the requirements, you’ll receive the bonus in your account within 14 days.
The monthly maintenance fee is $20 but it can be waived with $10,000 in total deposit relationship balances or with a qualifying personal checking account. Account holders can make up to $10,000 in cash deposits per month.
The Huntington Bank Unlimited Business Checking bonus expires on 01/15/2024.
How Do I Qualify for a Bank Account Bonus?
Qualifying for a checking account offer depends on the specific terms and conditions set by the bank offering the bonus. However, there are some common requirements that you may need to meet in order to be eligible for a promotion. These can include:
- Opening a new account: Most promotions are offered to customers who open a new checking or savings account.
- Meeting a minimum deposit requirement: Banks may require you to deposit a certain amount of money into your new account in order to qualify for the bonus. This amount can vary depending on the bank and the bonus offer.
- Completing certain activities: Some banks may require you to complete certain activities, such as setting up direct deposit or making a certain number of debit card purchases, in order to receive the bonus.
- Meeting a time requirement: Banks may require you to keep your account open for a certain amount of time, such as 90 days, in order to receive the bonus.
- Meeting other eligibility criteria: Banks may have other eligibility criteria that you need to meet in order to qualify for the bonus, such as being a new customer or not having had an account with the bank in a certain amount of time.
It’s important to carefully read the terms and conditions of any bank bonus offer to make sure you understand what you need to do to qualify for the bonus.
How Much Money Can I Earn From a Checking Account Offer?
The amount of money you can earn from a checking account offer depends on the specific offer and the bank. The bonus amount can vary widely, ranging from as little as $25 to as much as several hundred dollars or more.
In general, larger banks may offer larger bonuses to attract new customers, while smaller banks or credit unions may offer smaller bonuses. The bonus amount may also depend on the type of checking account you open, with some accounts offering higher bonuses than others.
It’s important to carefully read the terms and conditions of any checking account offer to understand how much money you can earn and what you need to do to qualify for the bonus. Some banks may require you to maintain a minimum balance in your account or meet certain activity requirements in order to receive the bonus.
Is There a Catch to Receiving a Bank Promotion?
In many cases, there may be certain requirements you’ll need to meet in order to receive a checking account bonus. Here are some potential catches to be aware of:
- Minimum deposit requirement: Some banks may require you to deposit a certain amount of money into your new checking account in order to qualify for the bonus.
- Minimum balance requirement: Some banks may require you to maintain a minimum balance in your account in order to receive the bonus, and if your balance drops below this minimum requirement, you may forfeit the bonus.
- Activity requirement: Some banks may require you to perform certain activities, such as setting up direct deposit or making a certain number of debit card purchases, in order to receive the bonus.
- Time requirement: Some banks may require you to keep your account open for a certain amount of time, such as 90 days or six months, in order to receive the bonus. If you close your account before this time period is up, you may forfeit the bonus.
Banks don’t want to just give away money. The promotions are intended to bring new customers to the bank so they want you to ensure you will stick around once you open the account. So they require you to set up direct deposit and move your money there so it’s not as easy to close the account and move on.
Are Bank Account Bonuses and Promotions Taxable?
Yes, checking account promotions are generally considered taxable income by the IRS. If you receive a bonus for opening a new checking account, the bonus amount may be reported on Form 1099-INT, which is a statement of interest income that you receive during the year. You’ll need to report the bonus amount as income on your tax return and pay any applicable taxes on it.
It’s important to keep in mind that not all bank bonuses are taxable. For example, if you receive a cashback reward for using your debit card or credit card, that reward may not be taxable because it’s considered a discount rather than income. However, if you receive a bonus for opening a new account, that bonus is generally considered taxable income.
If you’re not sure whether a bank bonus is taxable or how to report it on your tax return, it’s a good idea to consult with a tax professional or use tax preparation software to ensure that you’re reporting your income correctly.
Can I Receive a Bank Account Bonus More Than Once?
Probably not. Most checking account promotions are for new customers only. Now, what the bank considers a new customer will depend on the bank.
If you haven’t had an account with the bank for several years then you may qualify — or you may not. If you aren’t sure if you’ll qualify you can call the bank’s customer service department and ask.
What Happens If I Close My Checking Account Before Receiving the Promotion?
If you close your account before receiving a promotion for opening the account, you likely forfeit the promotion.
Many checking account promotions require you to meet certain requirements, such as maintaining a minimum balance or making a certain number of debit card transactions, for a specific period of time (e.g. 60 or 90 days). If you close your account before meeting these requirements or before the end of the required time period, you may not be eligible to receive the promotion.
You’ll want to make sure you’ve received the promotion before closing the account.
Are Bank Bonuses Worth the Time Invested?
If you are willing to jump through the hoops to qualify for the offer then they can certainly be worth the effort. It might take you an hour or two to open the account and set up your direct deposit or transfer some money into the new account. If you look a the checking account promotion as a wage, you could be earning hundreds of dollars an hour.
However, it’s important to consider any potential fees or charges associated with the checking account, such as monthly maintenance fees or early account closure fees, which could outweigh any benefits you may receive.
Tips for Maximizing Bank Bonuses
Read the terms and conditions carefully: Before opening a checking account to take advantage of an offer, make sure you fully understand the requirements you need to meet in order to qualify for the bonus. Check for any potential fees or charges that could eat into your earnings, such as monthly maintenance fees.
Ensure you can meet the requirements: To qualify for the bonus, you may need to meet certain requirements such as making a certain number of transactions or setting up direct deposit. If you can’t maintain the minimum balance or don’t receive direct deposit then you’ll be spending time on a bonus you can’t qualify for.
Consider multiple offers: If you are in the market for a new checking account, consider multiple offers from different banks to compare the potential earnings and benefits. If the requirements are fairly easy to meet you may even consider taking advantage of a few offers. But make sure you keep track of where your accounts are.
Be mindful of taxes: Remember that any bonus you receive is considered taxable income, so be prepared to pay taxes on the bonus amount when you file your tax return.
There’s a lot of money to be made on our list of the best bank bonuses and promotions. If you’re employed and have the ability to split your deposit, you could sign up and qualify for more than one bonus at a time. I’ve owned a handful of these accounts in the past, and I plan to own another handful in the near future.
If you own a small business, you’ll also want to have a look at the best bank bonuses for businesses. We’ve added a few to our list above, but you’ll find a more comprehensive breakdown of accounts available there.