For any adult looking to take charge of their personal finances, owning both a savings and checking account is essential. Of course, there’s the basic reason that you need an account for depositing checks and paying bills. But, also, these accounts show banks how reliable you are when you fill out credit applications. The one question every single loan application has is “Do you own a savings account, checking account, or both?”
Unfortunately, over the last 10 years, owning these accounts has become more expensive. Banks have been kind enough to pass their additional fees along to you. If you’re not careful, you could be losing $100 to $300 a year simply for the privilege of owning a checking or savings account. Lucky for you, there are ways to avoid these fees. Perhaps even luckier for you, some banks are willing to pay up to $500 simply to get your business.
Below is a list of the best online savings and checking promos and bonuses we could find. They include a variety of big banks and one smaller bank, so nearly all of offers you see below are nationwide. All fifty states are eligible for each offer (sans Huntington Bank), and the more money you have to deposit, the more money you’re likely to earn in the form of a cash bonus.
Keep an eye out for the requirements to avoid the monthly maintenance fees, and feel free to contact us if you think you’ve found an offer as good as or better than the ones below.
Best Checking and Savings Account Bonuses
1. Chase Total Checking® Account – $200 Cash Bonus
You can earn a $200 bonus with a Chase Total Checking® account. To receive the $200 checking bonus:
- Open a new Chase Total Checking account, which is subject to approval.
- Deposit $25 or more at account opening, AND
- Have your direct deposit made to this account within 60 days of account opening. Minimums to avoid monthly service charges are much lower than average with this account.
2. Chase Total Checking® + Chase SavingsSM – $350 Cash Bonus
If you are looking for both a checking and savings account, you can combine the above $200 cash bonus with a $150 deal on a Chase savings account. The terms of the $200 checking are the same as above. As for the savings account, you can earn a $150 bonus when you open a Chase SavingsSM account, deposit a total of $10,000 or more in new money within 10 business days, and maintain a $10,000 balance for 90 days.
3. Chase Premier Plus CheckingSM – $300 Cash Bonus
Three simple steps are needed to qualify for the Chase Premier Plus Checking $300 cash bonus:
- Open an account with the coupon code you are emailed by 10.16.2017.
- Make at least one direct deposit into the account within the first 60 days.
- Watch Chase deposit $300 into your account!
There is a $25 monthly service fee charged to the account. Chase will waive this fee if you maintain an average daily balance of $15,000 or more. The Chase Premier Plus Checking account also offers no-fee check orders, and no Chase fee on your first four non-Chase ATM transactions.
4. Citi Account Package – $300 Cash Bonus
The very first checking account I opened after graduating college was with Citi. Partly because they had a great online bonus, and mostly because their branch was half a block from my apartment! Citi is currently offering a $300 bonus on their checking account package if you meet the following criteria:
- Open a new Citibank Account Package by 9.30.2017.
- Within 30 days of account opening, make a qualifying deposit of $15,000 or more of non-Citi funds into the new account, and maintain this deposit as your daily balance for a period of 60 days.
- Make one qualifying direct deposit each month for the first two months after opening the account.
The $25 monthly service fee for this account is waived for average daily balances of $10,000 more more. Any non-Citi ATM fees you incur while owning this account are waived so long as you meet that average daily balance above.
5. Citi Priority Account Package – $500 Cash Bonus
For customers with a little bit more saved up, Citi offers a Priority Account Package bonus of $500. To receive the bonus, you must meet all conditions below:
- Open an a Citi Priority Account Package before on or before 09.30.2017.
- Within 30 days of opening the account, make a deposit of $50,000 or more. This amount must stay in your account for the first 60 days. And you must maintain the $50,000 minimum daily balance during that period.
- Set up a direct deposit, and have it made in your new account at least once per month for the first two months.
There is a $30 monthly service fee associated with the Citi Priority Account Package, but it can be waived. To do that, you must maintain a $50,000 monthly balance (combined) in eligible linked Citi deposit, retirement, and investment accounts.
6. Bank of America Checking – $100 Cash Bonus
Bank of America is offering a $100 cash bonus to new customers who open an eligible online checking account. Both the Bank of America Core Checking and Bank of America Interest Checking qualify for the $100 bonus. Terms of the bonus are as follows:
- Open a checking account through the link above before December 31st, 2017.
- Set up at least two qualifying direct deposits of $250 or more within the first 90 days of opening your account.
The caveat here is that Bank of America will charge a $12 monthly fee on the Core Checking and $25 monthly fee on the Interest Checking. You can offset these fees through a variety of ways for the Core Checking product (see below). For the interest checking account, the only way to have the fee waived is to maintain a combined balance of $10,000 or more through a variety of BOA products. To have the Core Checking fee waived, you must meet one of these requirements:
- Be a student under the age of 24;
- Have a preferred rewards account;
- Maintain a minimum daily balance of $1,500 or more; or,
- Have at least one qualifying $250 recurring direct deposit.
7. Discover Online Savings – $150/$200 Cash Bonus
To get the bonus of $200, you must deposit at least $20,000 into your new Discover online savings account. The expiration date to open your account is 10.2.2017, and the expiration to fund your account is 10.16.2017. You can get a $150 bonus if you deposit $15,000.
Discover Bank is currently offering a 1.15% APY on their online savings account product, and there is no minimum deposit to open one. You’ll pay no monthly fees and no account opening or closure fees. And Discover also has a wide variety of other account options if its savings accounts isn’t your thing. That said, you can only earn the bonus on their online savings account product.
8. Huntington Relationship Savings – $150 Cash Bonus
Last on our list is little-known Huntington Bank. Yet their bonus requirements are the simplest of all. Any new customer who opens a Huntington Relationship Savings account before 12.4.2017 can earn a $150 bonus by following two simple rules:
- Make at least $10,000 in deposits within the first 30 days of account opening
- Maintain that balance for at least 60 days.
The $150 bonus will be credited to your account within 14 days of these two requirements being met. Only new money counts. And Huntington will waive the $10 monthly maintenance fee when you maintain an average daily balance of $2,500 or more.
To open an account with Huntington Bank, you must be located in Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania, West Virginia, or Wisconsin