Best Bank Account Bonuses and Promotions of 2024

Best Bank Account Bonuses and Promotions of 2024

Opening a new bank account can be a bit of a hassle, especially if you’ve been using your previous one for a long time. you have to update your automatic payments to draw from your new account rather than the old one. The best bank account bonuses try to make this hassle worth the effort.

Banks know how much of a headache this can be, so they often try to sweeten the deal to convince you to make the switch.

What Are Bank Bonuses and Promotions?

Bank account bonuses and promotions are deals that banks use to entice customers to open a new bank account or to switch from an old bank to a new one. Usually, these bonuses or promotions involve giving you cash when you open a new account or perks, such as elevated savings account interest rates or cheaper loans.

Most banks don’t hand these out too easily. You often have to jump through a few hoops. For example, a bank might offer a bonus if you open a new savings account, but only if you deposit enough cash into the account. You might get a $100 bonus for every $10,000 you deposit and keep in the account for a few months, up to a maximum bonus.

Checking account bonuses have similar hoops to deal with. You might need to receive a sufficient number or value of direct deposits for a few months straight to qualify for the bonus.

The idea behind adding these requirements is that you can’t just open an account, get some free cash, and close it. You need to take a few steps to truly switch to the new bank.

The size of these bonuses can vary significantly, and the requirements generally get stricter as the bonuses get bigger. Simple bonuses can be for $25 or $50 while some banks offer $500 or more.

If you take advantage of banks offering bonuses to open accounts, you can rake in a lot of cash without too much effort.

Best Bank Bonuses and Promotions

These are some of the best bank account promotions on the market today.

Account Bonus Requirements Summary
Citigold Checking Up to $2,000 Deposit and maintain a balance of $10,000 - $300,000 The Citigold account package is designed for high-net-worth clients who want access to all of Citi’s financial services, including banking, lending, and investing. This lucrative bonus can be a good reason to try the bank.
TD Bank Checking and Savings Up to $500 Earn $200 with direct deposits of $500 within 60 days OR; Earn $300 with direct deposits of $2,500 within 60 days AND; Earn $200 when you deposit $10,000 or more in a savings account and maintain that balance for 90 days TD Bank offers both a checking and savings account promotion. You can take advantage of them individually or simultaneously to earn up to $500. The requirements are relatively simple, and you can avoid fees by setting up direct deposits, a requirement for the bonus. That makes this one of the easiest bonuses to earn, assuming you receive a direct deposit of your paycheck.
SoFi Checking $50 or $250 Earn $50 with direct deposits of $1,000 to $4,999.99 in the first 25 days OR; Earn $250 with direct deposits of $5,000 or more in the first 25 days SoFi is an online bank that offers student loan refinancing and other services on top of its checking account. There is no minimum balance or other requirements to earn this bonus, so if you sign up for direct deposits, you can easily get some bonus cash.
Chase Checking and Savings Up to $600 Earn $300 when you open a Chase Total Checking account and set up direct deposit; Earn $200 when you open a Chase Savings account, deposit $15,000 or more, and maintain that balance for 90 days; Earn $100 when completing both offers Chase is a big-name bank that offers banking, lending, investing, and other financial services. You can earn a $300 bonus by setting up a direct deposit on a new checking account. You’ll avoid the fee so long as the direct deposits total $500 or more each month. The savings bonus is also simple but does require that you have $15,000 to spare. However, if you do have that extra cash, this bonus is an easy way to earn $600.
Wells Fargo Checking $325 Receive direct deposits of $1,000 or more in the first 90 days Wells Fargo offers a relatively simple bonus. All you have to do is open an account and get $1,000 in direct deposits in your first 90 days with the account, which should be doable for almost everyone that receives a regular paycheck. There is a $10 monthly fee, but you can avoid it by having a balance of $500, getting $500 in monthly direct deposits, or being between 17 and 24 years old.

Benefits and Drawbacks of Bank Bonuses and Promotions


While the best checking account promotions can be an easy way to earn some cash, there are pros and cons to taking advantage of these offers.


  • Earn money. The obvious reason to take advantage of banks offering a bonus to open an account is that you can get paid for very little effort. Bonuses routinely reach the hundreds of dollars, so if you do one a month, you could earn thousands per year.
  • Try new banks. If you open a bank account, you might find that you like the services that the bank offers more than your current bank and decide to make the switch to get better service.
  • Pay more attention to your money. You need to have a close eye on your finances to take advantage of the best offers for new business checking accounts. That can make you more mindful about your finances and spending.


  • Effort. It takes time to locate the best bank account promotions and you have to put in the effort to sign up for accounts and meet their requirements. Not everyone wants to jump through those hoops.
  • You need cash to start. Many promotions, particularly for savings accounts, require that you have thousands of dollars to earn the reward. You can do this by moving your emergency fund around if you have a strong emergency fund. However, you might be out of luck if you don’t have thousands of dollars to spare.
  • Fees. Most banks charge fees for their bank accounts. These fees eat away at the bonuses you can earn unless you are able to avoid them.
  • Adds complexity to your finances. If you try to sign up for multiple bank accounts at once to earn bonuses, it makes managing your money more difficult as you split your funds between different banks. You have to decide if earning the bonus is worth the headache.

Why Do These Banks Give Bonuses and Promotions?

Banks offer bonuses and promotions because they’re an effective way to attract new customers. Many finance websites maintain lists of the best bank account bonuses and many people use these lists when deciding where to open a bank account.

Once someone opens a checking account somewhere, they tend to stick with that bank for a while. A survey from found that the average consumer keeps their checking account for 17 years after opening it. Even young people, who are more prone to switch banks, stick with the same one for more than seven years on average.

That means that for a few hundred dollars, a bank can secure a customer who is likely to stick with them for decades. During those decades, the bank can make money through fees, offering you loans, and selling other services.

Odds are good that the bank will earn more from a single customer than it pays in bonuses.

Bottom Line

Bank account bonuses are a common way for banks to attract new customers. Even if you aren’t looking for a new bank account, you can take advantage of these bonuses to earn some extra cash.

Look for the most lucrative offers and make sure you can meet the requirements. Then, pay close attention and make sure you receive your bonus.

Frequently Asked Questions

1. Are bank account bonuses worth it?

Bank account bonuses can give you hundreds of dollars for jumping through a few hoops, which makes them worth the effort to many people.

2. What bank gives you $200 to open an account?

Lots of banks offer $200 or more to open an account. Some examples include TD Bank, SoFi, and Chase.

3. What bank has the highest new account bonus

Citi offers one of the highest new account bonuses, paying as much as $2,000 if you have enough money to deposit.

4. What banks give you a bonus for opening an account without direct deposit

Many banks offer a bonus to people who don’t sign up for direct deposit. These bonuses are most common for savings accounts. Instead, these bonuses ask you to make a minimum deposit and maintain a balance for a set period.

About The Author

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TJ Porter

Freelance Personal Finance Writer

TJ Porter is a Boston-based freelance writer who specializes in bank accounts, credit, and credit cards. He’s written for Bankrate, Credit Karma, MoneyCrashers, DollarSprout and My Bank Tracker, among others. In his spare time, TJ enjoys cooking, soccer, reading, and video games. You can connect with him on his website,