Interest rates on deposit accounts have been falling, which means your savings balance may not be earning as much as it used to. One way to combat falling rates? Earning a cash bonus for opening a new bank account.
Banks that want to attract new customers often offer sign-up bonuses. However, in order to earn the bonus, you usually have to meet a few requirements. Find out which banks are currently offering the best new account promotions and bonuses, and learn how to qualify.
Banks offering new bank account bonuses
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.
Associated Bank Checking Account: Up to $600 bonus
Available through September 30, 2026
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:
- $1,000-$4,999.99: $300 bonus
- $5,000-$9,999.99: $400 bonus
- $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.
Bank of America Checking Accounts: Up to $500 bonus
Available through September 30, 2026
New checking customers can earn up to $500 by opening a new eligible checking account, then setting up and receiving qualifying direct deposits into the new account within 90 days of account opening. Bonus amount will be based on the total amount of qualifying direct deposits received in the first 90 days:
- $100 bonus: $2,000 total direct deposits
- $300 bonus: $5,000 total direct deposits
- $500 bonus: $10,000+ total direct deposits
Once you’ve met the requirements, your bonus will be deposited within 90 days.
BMO Bank Checking Accounts: $400 bonus
Available through September 8, 2026
BMO Bank is currently offering a new account bonus on its Smart Advantage and Smart Money checking accounts. You can earn a $400 cash bonus by having at least $4,000 in qualifying direct deposits within the first 90 days.
Note: This offer is only available for accounts where the primary applicant (first person listed on the account) resides in Arizona, California, Colorado, Florida, Iowa, Illinois, Indiana, Minnesota, New Mexico, Nevada, Oregon, Utah, Washington, or Wisconsin at the time of application. Proof of address may be required.
Capital One 360 Checking: $250 bonus
Available through: Not disclosed
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.
Chase Total Checking: $400 bonus
Available through October 14, 2026
New Chase checking customers can earn a $400 bonus by opening a Chase Total Checking® account and making direct deposits totaling $1,000 or more within 90 days of enrollment. Once the required activities are completed, you’ll receive your new checking account bonus within 15 days.
Note that this offer not available to existing Chase checking customers, or those whose accounts have been closed within 90 days or closed with a negative balance within the last three years.
Chase Bank Private Client Checking Account: Up to $3,000 bonus
Available through October 14, 2026
In order to qualify for this bonus, you must open or upgrade to a new Chase Private Client Checking account by July 15, 2026 using your personalized offer code. 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:
- $150,000-$249,999.99 qualifies for $1,000
- $250,000-$499,999.99 qualifies for $2,000
- $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.
Chime® Checking Account: Up to $350 bonus
Available through: Not disclosed
New Chime Checking account customers can earn a bonus of up to $350 by completing certain activities.
Additionally, the Chime Checking account comes with no monthly fees, no overdraft fees, no foreign transaction fees, and no minimum balance requirement.
Terms apply, must open the new account and complete qualifying activities to earn the rewards, up to a maximum of $350.00, as described in the offer terms at https://www.chime.com/policies/newmemberofferkale04. Each reward will be awarded separately. Rewards are paid after each Eligibility Period ends, provided all requirements for that Eligibility Period were met. Rewards will be transferred to your Account within ten (10) calendar days after the conclusion of the respective Eligibility Period (“Payout Window”).
Citibank Checking Accounts: $325 bonus
Available through October 26, 2026
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.
E*TRADE Savings Accounts: $400 bonus
Available through September 30, 2026
E*TRADE from Morgan Stanley is offering a $400 cash bonus plus a 4% promotional APY for the first six months when you open a new Premium Savings Account using promo code SAVING26.
To qualify for the bonus, you must open a new account by the promotional deadline, fund it with at least $20,000 in new money within 30 days, and maintain an average daily balance of at least $20,000 for an additional 45 days after the funding period. The $250 bonus is deposited within 30 days after all requirements are met.
After the six-month promotional period, the account reverts to E*TRADE’s standard variable APY (currently 3.5%). The offer is available only on new Premium Savings Accounts, cannot be combined with other savings bonuses, and is limited to eligible customers.
Fifth Third Bank Checking Account: $300 bonus
Available through September 30, 2026
Fifth Third Bank is currently offering a bonus of $300 when you open a qualifying checking account with an offer code. 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.
Huntington National Bank Perks or Platinum Perks Checking: Up to $600 bonus
Available through September 30, 2026
Huntington National Bank customers who open a new checking account can qualify for one of two bonus tiers, depending on the account you open:
- $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.
- $600 when you make cumulative new money deposits of $25,000 into a new Platinum Perks checking account within 90 days of account opening.
Be sure to include your unique offer code when opening an account. 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. Note that this offer is only available to applicants residing in Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, North Carolina, Ohio, Pennsylvania, South Carolina, West Virginia, or Wisconsin.
PNC Bank Virtual Wallet: Up to $400 bonus
Available through January 7, 2027
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:
- Virtual Wallet: Earn $100 when you establish total qualifying direct deposits of $500 or more to the Spend account
- Virtual Wallet with Performance Spend: Earn $200 when you establish total qualifying direct deposits of $2,000 or more to the Spend account
- 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.
You will not be eligible for the offer if you or any signer on the new account has an existing PNC Bank consumer checking account, or have closed an account within the past 12 months, or if you have been a primary signer on a consumer checking account that has received a PNC promotional premium in the past 24 months.
SoFi Checking and Savings Account: Up to $400 bonus
Available through December 31, 2026
Earn $50 or $400 when you sign up and set up eligible direct deposit after opening a new SoFi online bank account. In order to qualify for the bonus, you must receive at least one direct deposit. The amount and timing of your deposit will determine the bonus you will receive:
- Direct deposits totaling less than $999.99 do not qualify for a bonus
- Direct deposits totaling $1,000 to $4,999.99 earn $50
- Direct deposits totaling $5,000 or more earn $400
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.
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/26. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
U.S. Bank Smartly Checking Account: Up to $450 bonus
Available through September 8, 2026
New U.S. Bank customers can earn a tiered cash bonus of up to $450 by opening a new Smartly Checking account, making the required $25 opening deposit, enrolling in online or mobile banking, and receiving at least two qualifying direct deposits within 90 days.
The bonus amount depends on the total value of those direct deposits:
- $2,000 to $4,999.99: $250
- $5,000 to $7,999.99: $350
- $8,000 or more: $450
Wells Fargo Everyday Checking: $325 bonus
Available through October 13, 2026
New checking account customers can qualify for a bonus of $325 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.
A qualifying direct deposit typically refers to electronic transfers of your payroll, pension, or government benefits (like Social Security) made by your employer or an outside agency. Standard peer-to-peer transfers (e.g., Zelle, Venmo, or transfers from another personal bank account) usually do not qualify—though Citibank is a rare exception that allows select app transfers.
Yes. The IRS treats bank account bonuses as interest income rather than a tax-free gift. The bank will issue you a Form 1099-INT at the end of the tax year if your earnings exceed $10, and you must report this income on your tax return.
Most account bonuses are reserved for new customers. Banks usually define a “new customer” as someone who does not currently hold an open account with them and hasn’t closed one with that bank in the last 90 days to 24 months (depending on the institution’s rules).
While payout timelines vary (often 7 to 120 days after meeting criteria), many banks require you to keep the account open and in good standing for at least 90 to 180 days. Closing the account too early may result in the bank clawing back the bonus or charging an early account closure fee.
Generally, no. Most banks perform a “soft pull” on your credit or check reports via ChexSystems when you apply for a deposit account, which does not impact your credit score. A “hard pull” only occurs if you apply for overdraft lines of credit or loans associated with the account.
Manoj Sharma is a Senior Writer on the banking team at Tax Assistant. He provides information on budgeting, bank accounts, the banking industry, and other related topics. Using original data and methodologies, he helps you identify the best financial institutions, accounts, and products tailored to your needs. Manoj holds a degree in Journalism and Political Science from Syracuse University. All articles are strictly reviewed and fact-checked by our panel of expert Chartered Accountants, including CA Devendra Saini, CA Nikhil Khunteta, and CA Ankit Goyal
