Many banks in the U.S. offer bonus dollars as an incentive to attract new customers when they open a checking or savings account. These bonuses vary depending on the institution, the type of account, and other factors such as the deposit amount or specific requirements like direct deposits.
Below is an overview of popular U.S. banks that currently offer sign-up bonuses for opening accounts:
1. Chase Bank
- Bonus Amount: $200–$600
- Account Types: Chase Total Checking, Chase Secure Banking, and Chase Sapphire Banking.
Requirements:
- For the $200 bonus with Chase Total Checking, new customers need to set up a direct deposit within 90 days of account opening.
- $300–$600 bonuses may be available for higher-tier accounts like Chase Sapphire Banking, requiring larger deposits or maintaining higher balances.
- Terms: Typically requires the account to remain open for at least six months, or the bonus may be forfeited.
2. Wells Fargo
- Bonus Amount: $300
- Account Type: Everyday Checking
Requirements:
- New customers must deposit at least $25 to open the account.
- Set up a direct deposit of at least $1,000 within 90 days to qualify for the $300 bonus.
- Terms: Must keep the account open for at least six months to avoid losing the bonus.
3. Bank of America
- Bonus Amount: $100–$500
- Account Types: Bank of America Advantage Banking.
Requirements:
- Customers need to open a new personal checking account and set up at least two direct deposits of $250 or more within the first 90 days.
- For higher bonuses, offers often vary based on location and can sometimes go up to $500 for premium accounts.
- Terms: Bonuses are generally credited within 60 days after meeting the requirements.
4. PNC Bank
- Bonus Amount: $200–$400
- Account Types: Virtual Wallet, Virtual Wallet with Performance Select, and Performance Spend.
Requirements:
- The $200 bonus requires customers to make at least $2,000 in direct deposits within 60 days of opening the account.
- For the $400 bonus, customers need to deposit at least $5,000 in direct deposits within the same timeframe.
- Terms: Offer available in select states, with bonuses credited within 60–90 days.
5. Citi
- Bonus Amount: $200–$2,000
- Account Types: Citi Priority, Citigold, and Basic Banking Package.
Requirements:
- The bonuses vary significantly depending on the amount deposited and the type of account opened.
- For the $200 bonus, customers must deposit $5,000 within 20 days and maintain it for 60 consecutive days.
- For the $2,000 bonus, customers need to deposit $300,000 and keep it for 60 days.
Terms: Requires specific deposits and ongoing balances to qualify.
6. HSBC Bank (Now Citizens Bank)
- Bonus Amount: $350–$500
- Account Types: Premier Checking and Advance Checking.
Requirements:
- The $350 bonus requires direct deposits of $5,000 or more over three consecutive months.
- For the $500 bonus, deposit $10,000 or more and maintain the balance for at least 90 days.
- Terms: Requires the account to remain open for a set period to avoid losing the bonus.
7. Discover Bank
- Bonus Amount: $150–$200
- Account Type: Online Savings Account.
Requirements:
- Deposit at least $15,000 for the $150 bonus or $25,000 for the $200 bonus within 30 days of account opening.
- Terms: Must keep the qualifying balance for at least 60 days, and the bonus is typically paid within 30 days after meeting the requirements.
8. TD Bank
- Bonus Amount: $200–$300
- Account Types: TD Convenience Checking and TD Beyond Checking.
Requirements:
- For the $200 bonus, deposit $500 in direct deposits within 60 days.
- For the $300 bonus, deposit $2,500 in direct deposits within the same timeframe.
- Terms: Bonuses are credited within 140 days after the requirements are met.
Things to Consider:
- Direct Deposit Requirement: Most banks require direct deposit within a certain period (typically 60–90 days) to qualify for the bonus.
- Account Fees: Some accounts charge monthly fees, which can often be waived by maintaining a minimum balance or making qualifying transactions.
- Eligibility: Many bonuses are limited to new customers, and customers who have closed an account with the bank within a certain period (often 12–24 months) may not qualify.
Conclusion:
Bank bonuses are a great way to earn extra money, but you should carefully read the terms and conditions before opening an account. The most common requirements involve making direct deposits or maintaining a certain balance, and failure to meet these conditions may result in losing the bonus. With bonuses ranging from $100 to $2,000, many banks offer enticing rewards, making it worthwhile to compare offers to find the best deal for your financial needs.
