If you’re interested in opening a new personal checking account, it could pay to choose one offering a sign-up bonus. This is a one-time cash bonus that some banks and credit unions may offer as an incentive to attract new customers.

Although a cash bonus isn’t the only factor you should consider when choosing a checking account, it can certainly sweeten the deal. Our team compared more than 20 of the top checking accounts offered by member-FDIC financial institutions and narrowed down the best ones currently offering new account bonuses. (Click here for the full methodology).

Related: See our picks for the 10 best free checking accounts available today >>

Interest rates, fees, and requirements are accurate as of the publish date. Please verify account details directly with the financial institution.

SoFi Online Checking Account

Checking account bonus amount: Up to $300

Checking account details:

• Minimum opening deposit: $0

• Monthly fee: $0

• APY: 0.50%

The Online Bank Account from SoFi is a combination checking (0.50% APY) and high-yield savings account (4.60% APY). This account has no monthly fees or minimum balance requirements. It also covers up to $50 in overdraft fees for account holders with direct deposit and a balance of at least $1,000.

SoFi currently offers a new account bonus of up to $300. In order to qualify for the bonus, account holders must make at least one direct deposit of $1,000 or greater from an enrolled member’s employer, payroll, benefits provider, or government agency via ACH deposit. Deposits of $1,000 to $4,999.99 are eligible for a $50 cash bonus, while deposits of $5,000 or more are eligible for a $300 cash bonus.

Read our full review of SoFi

Axos Rewards Checking Account

Checking account bonus amount: Up to $500

Checking account details:

• Minimum opening deposit: $0

• Monthly fee: $0

• APY: Up to 3.30%

The Axos Rewards Checking account is a high-yield checking account with zero monthly maintenance fees, overdraft fees, and no minimum balance fees. It also boasts an APY of 3.30% for account holders who meet certain requirements.

To be eligible for the $500 bonus, you must apply to open an Axos Bank Rewards Checking account by August 31, 2024 at 11:59 pm PT and use the promo code RC500. You may be disqualified if you’ve opened an Axos checking account within the past 12 months. Your account must be funded within 60 days of opening, and you must have qualifying direct deposits (paycheck, government benefits, etc.) that total at least $1,500 each calendar month, as well as maintain a minimum average daily balance of $3,000. A bonus of $100 will be earned for each statement cycle, up to $500, when you meet these two requirements during that statement cycle.

The incentive will be deposited into the qualifying account within 15 business days following the end of the statement cycle in which the requirements were met. Your Axos Bank Rewards Checking account must be open and in good standing at the time the bonus is paid to be eligible.

Read our full review of Axos Bank

Citi Access Checking Account

Checking account bonus amount: $300

Checking account details:

• Minimum opening deposit: $0

• Monthly fee: $5 or $0

• APY: Does not earn interest

Citi’s Access Checking Account charges a $5 monthly service fee that can be waived by meeting certain requirements. There are no overdraft fees, and customers can access a network of more than 65,000 fee-free ATMs.

Currently, this checking account offers a $300 bonus for customers who open a new eligible Citi? Checking account with Enhanced Direct Deposits now through October 8, 2024.

Once you’ve opened your account, you must make at least two Enhanced Direct Deposits into your new checking account within 90 calendar days from account opening. Your total combined Enhanced Direct Deposits must equal $1,500 or more. After these steps have been completed, your cash bonus will be deposited into your account within 30 calendar days.

Citi Regular Checking Account

Checking account bonus amount: $300

Checking account details:

• Minimum opening deposit: $0

• Monthly fee: $15 or $0

• APY: Does not earn interest

Citi’s Regular Checking Account is a basic checking account option that still offers the $300 cash bonus listed above, with the same eligibility requirements. This account does come with a higher monthly fee, but that fee can be waived if the account holder meets certain criteria.

Chase Secure Banking Account

Checking account bonus amount: $100

Checking account details:

• Minimum opening deposit: $0

• Monthly fee: $4.95 or $0

• APY: Does not earn interest

The Chase Secure Banking Account boasts no overdraft fees, early direct deposit, and a $100 checking account bonus for new customers.

To qualify for this cash bonus, you must either open a new Chase Secure Banking account online, or enter your email address to get a coupon and open your account in person at a Chase branch.

Next, you must complete 10 qualifying transactions within 60 days of opening your account. These transactions include debit card purchases, Zelle payments, ACH credits. After completing these steps, you can expect to see your bonus deposited into your account within 15 days. This offer expires October 16, 2024.

Note that this account comes with a $4.95 monthly service fee, which can be avoided with qualifying electronic deposits totaling $250 or more per statement period.

Bank of America SafeBalance Checking Account

Checking account bonus amount: $200

Checking account details:

• Minimum opening deposit: $25

• Monthly fee: $4.95 or $0

• APY: Does not earn interest

Bank of America’s SafeBalance account is a simple checking account with a waivable $4.95 monthly fee, no overdraft fees, fraud monitoring and protection, and money management tools. If you open an account online, you can qualify for a $200 bonus.

To be eligible for this bonus, you must open a new account online and use the offer code “TWA200CIS” by September 30, 2024. Next, you’ll need to set up and receive qualifying direct deposits totaling $2,000 or more within 90 days of opening your account.

You can expect to see your bonus deposited into your account within 60 days of satisfying all of these requirements.

TD Beyond Checking Account

Checking account bonus amount: $300

Checking account details:

• Minimum opening deposit: $0

• Monthly fee: $25 or $0

• APY: Dependent on the account holder's location

TD’s Beyond Checking account gives account holders a bit more than a traditional checking account. Monthly fees and ATM fees can be waived if account holders meet certain minimum balance requirements. This account also offers early direct deposit, out-of-network ATM fee reimbursement, overdraft relief, and a limited-time cash bonus.

If you open a new TD Beyond Checking account and have $2,500 or more in direct deposits within 60 calendar days of the account opening date, you can qualify for a $300 bonus. This offer ends August 31, 2024.

How do bank account bonuses work?

New bank account offers like bonuses are cash incentives for new customers who open bank accounts. In most cases, a bank will require that you meet certain requirements to qualify for a bonus.

These requirements vary from bank to bank but may involve a minimum amount in direct deposits within a certain period, minimum balance requirements, an account that remains in good standing throughout the promotional period, or signing up for other products in addition to your primary bank account.

Once you’ve met the requirements to earn a new bank account offer, you’ll receive your bonus in your account within a few days, in many cases. However, to discourage new customers from signing up for an account just to collect a bonus and then closing it, there may be penalties for closing your account within a certain number of days or months after receiving a bonus payout.

Are bank account bonuses and promotions worth it?

Opening a new account to earn a cash bonus or take advantage of another type of checking account promotion can be tempting, but these offers can come with a lot of fine print. Here are some of the major pros and cons to be aware of before you open a new account with a bank account bonus/promotion in mind:

Pros:

• It’s free money. No matter the amount, extra funds in your account can go a long way and give you some extra breathing room in your budget.

• Incentive to switch banks. If your current bank isn’t working for you, a promotional checking account bonus can be the incentive you need to switch banks and open a new account with better perks or lower fees.

Cons:

• Bonuses are taxable. Bank account bonuses (including new checking account bonuses) are considered taxable income along with interest earned on your balance. This puts you on the hook for a potentially bigger bill come tax time.

• There may be extra requirements. Banks create these promotions to entice new customers to open an account and stick around. As such, getting that bonus may not be as simple as opening an account — you may need to meet a long list of requirements to qualify for the full bonus amount, and your bank may also put rules in place to make sure you don’t close your account right after your bonus payout.

What to consider when choosing a checking account bonus

If you're thinking about pursuing a checking account bonus, there are several key factors to think about to ensure it's a good financial move:

• New checking account bonus amount: Of course, the size of the new account bonus is a major factor to consider, especially compared to the requirements needed to qualify for the bonus.

• Minimum account balance: Some banks require that you maintain a minimum account balance to qualify for the bonus or to avoid monthly fees. If a minimum balance is required, be sure it won't strain your finances.

• Direct deposit requirements: Many bonuses require setting up a direct deposit of a certain amount within a specific timeframe. Ensure your regular income sources can be set up as direct deposit to meet these criteria.

• Transaction requirements: Some accounts might require a minimum number of transactions per month to qualify for the bonus, which should fit naturally with your spending habits.

• Monthly fees: You may want to avoid opening a checking account that charges monthly fees. If a certain account does come with monthly fees, see if these can be waived by meeting certain criteria like maintaining a minimum balance or having direct deposits.

• Account features: It's also important to look beyond the bonus and consider the features of the checking account itself. Does it offer benefits like free checks, ATM fee reimbursements, online banking, and a quality mobile app?

• Interest rates: Although checking accounts aren't typically known for high interest rates, some do offer rates that can add up over time. This can be important if you plan to maintain a high balance.

Checking account bonus frequently asked questions

How are bank account bonuses taxed?

Yes, bank account bonuses are taxable. Your bank may send you a 1099-INT or 1099-MISC tax form ahead of tax time to make filing your taxes easier, although this may not always be true. In the event that you don’t receive a tax form, you should still report that bonus money as earned income to the IRS.

Can you close an account after receiving a bonus?

Typically, your financial institution will have rules in place around when you can close your account after collecting a bonus. If you close your account immediately after earning your cash bonus, you may be forced to pay a penalty or forfeit that bonus. Read your account’s terms and conditions to learn more about how closing your account will impact your bonus and when you may be able to do so without being penalized.

How long does it take to get a bank bonus?

The time it takes your bank to deposit your bonus will depend on the exact rules for that account, but you can usually expect to receive your bonus within a few business days after having satisfied the necessary eligibility requirements. You can always call your bank or read your account’s terms and conditions to learn more about your bonus and when you can expect a payout.

Should I have more than one checking account?

If you already have a checking account and are thinking about opening a new one to take advantage of a bonus, you might be wondering if it's OK to have more than one checking account or even two checking accounts at the same bank. In general, there's no cap on the number of checking or deposit accounts you can have open, as long as you're able to manage them all effectively.

What are the requirements to qualify for a checking account bonus?

Checking account bonus requirements vary by bank. Usually, you need to open an account before the bonus offer expires, then keep your account open for a minimum order of days (often 60) before the bonus is awarded. You may also need to meet additional conditions, such as maintaining a minimum balance or setting up direct deposit.

What bank gives you a bonus for opening an account?

Bank bonus offers come and go depending on which banks want to entice new customers to open an account. Some of the banks currently offering checking account bonuses include SoFi, Axos, Chase, Citi, Bank of America, and TD Bank.

Best checking account bonuses methodology

To come up with our list of the best checking account bonuses, we started with our existing methodology for the best free checking accounts. We then narrowed down our picks based on the accounts that offered checking account bonuses. We awarded points to accounts that included a bonus and considered the bonus amount in our ranking as well.