Bank account bonuses are one of the few genuinely low risk ways to earn a few hundred dollars. Banks in the United States regularly pay new customers anywhere from about $100 to several hundred dollars for opening a checking or savings account and meeting a few conditions. Offers change constantly, so rather than a list that goes out of date within weeks, this guide explains how the best bonuses work, how to compare them, and how to collect them without falling into fees. For a current snapshot of live offers, comparison sites such as Bankrate track them as they change.
How bank account bonuses work
A bank bonus is a customer acquisition payment. The bank pays you to move part of your financial life to it, expecting to keep you as a customer for years. In exchange, you have to show that the account is real and active. Almost every offer combines some of these conditions:
- New customer status. You must not have held the same type of account with the bank recently, often within the past 6 to 24 months.
- Direct deposit. The most common requirement for checking bonuses. You must receive a set amount of qualifying direct deposits, such as a paycheck or government benefit, within a window like 60 or 90 days.
- Minimum balance. Savings bonuses usually require new money to be deposited and kept in the account for a period, often 90 days or more.
- Debit card activity. Some offers require a number of debit card purchases.
- Keeping the account open. Many banks claw back the bonus or charge a fee if the account is closed within a set period, commonly 90 to 180 days.
The bonus is typically paid into the account a few weeks after the requirements are met.
Checking bonuses versus savings bonuses
| Feature | Checking account bonus | Savings account bonus |
|---|---|---|
| Main requirement | Direct deposits within a set window | New money kept on deposit for a set period |
| Typical tiering | Higher bonus for higher direct deposits | Higher bonus for larger balances |
| Money tied up | Usually little | Often thousands of dollars for months |
| Best for | People who can redirect a paycheck | People with idle cash savings |
How to compare offers: the effective yield
A bigger bonus is not always a better one. The fair way to compare offers is to work out the return on the money you must tie up.
Example A. A savings bonus pays $400 if you deposit $20,000 of new money and keep it there for 90 days. Over a quarter of a year, $400 on $20,000 is a 2% return, equivalent to about 8% a year before any interest the account also pays.
Example B. A checking bonus pays $300 for $2,000 of direct deposits within 90 days and requires no minimum balance. If the paycheck passes straight through to your usual account, very little money is tied up, and the return on it is far higher.
When comparing, account for the interest you would have earned by leaving the money in a high yield savings account instead, and for any fees.
Fees that can wipe out a bonus
- Monthly maintenance fees. Many checking accounts charge a monthly fee unless you meet a minimum balance or direct deposit amount. Check the waiver conditions before opening.
- Early closure fees and clawbacks. Closing too soon can cost a fee or the entire bonus.
- Out of network ATM and overdraft fees. Link the account to your main account and avoid overdraft coverage while you hold it.
- Paper statement or inactivity fees. Opt for electronic statements and keep a small amount of activity if the terms require it.
What counts as a direct deposit
This is the requirement that most often trips people up. Banks usually define a qualifying direct deposit as an electronic deposit of a paycheck, pension, or government benefit through the ACH network. Transfers from your own accounts at other banks, peer to peer payments, and mobile check deposits often do not count, although some banks are more flexible than others. The safest approach is to redirect all or part of a real paycheck through your employer’s payroll system for the qualifying period.
Tax on bank bonuses
Unlike credit card rewards earned through spending, bank account bonuses are generally taxable income in the United States. Banks typically report them on Form 1099-INT, and sometimes on Form 1099-MISC, once the amount for the year reaches the reporting threshold. Set aside part of each bonus for tax and include it on your return even if no form arrives.
Does opening accounts affect your credit?
Opening a bank account usually does not involve a hard credit inquiry, so it does not affect your credit score, although some banks do perform one and will say so in the terms. Many banks check a separate consumer report, such as ChexSystems, which records things like unpaid overdrafts and accounts closed for misuse. Opening a very large number of accounts in a short period can lead a bank to decline a new application.
A simple plan for collecting bonuses safely
- Read the full terms, not just the advert, and save a copy or screenshot of the offer on the day you apply.
- Check the fee schedule and how to waive monthly fees.
- Put the deadlines in your calendar: direct deposit window, balance holding period, and the earliest date you can close without penalty.
- Confirm the bank is insured. In the United States, deposits at FDIC member banks are insured up to $250,000 per depositor, per insured bank, for each ownership category, and credit union deposits have equivalent NCUA insurance.
- Track the payout. If the bonus has not appeared within the timeframe in the terms, contact the bank with your saved copy of the offer.
- Decide whether to keep the account. Once any closure window has passed, close it if it charges fees you cannot waive, or keep it if it suits you.
Final thoughts
The best bank account bonus is not the one with the highest headline figure but the one whose requirements fit the money you already have and the paycheck you already receive. Work out the effective return, avoid fees, keep track of deadlines, and remember the tax. Done that way, bank bonuses are a steady and sensible way to earn a little extra from money that would otherwise sit still.