This article was subjected to a comprehensive fact-checking process. Our professional fact-checkers verify article information against primary sources, reputable publishers, and experts in the field.
As someone who loves personal finance, I'm always on the lookout for new opportunities to make money without risk. Enter bank account bonuses. These are a relatively risk-free way to boost your savings just by opening an account at a bank and meeting a few requirements.
Sure, you won't get rich just from this approach. But taking advantage of these bonuses can be a great way to earn a few extra bucks that you can put in your rainy day fund or use to treat yourself.
As an example, I earned a $300 welcome bonus last year just by opening a checking account at my local PNC Bank, which I then moved into my main savings account where it started earning a 5% annual percentage yield (APY). With the power of compound interest, I've earned an additional $15 since my initial deposit — and this will just keep growing. But like APY, these types of bonuses can change often.
Over the years, I've opened checking accounts with roughly 20 different banks and credit unions to take advantage of these account offers. For a while, I was earning $2,000 to $3,000 every year from this little side hustle, all of which I deposited into a vacation fund savings account.
Want to get in on the free money train as well? Learn how you can earn bank account bonuses just by opening a new account.
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
Up to $300New 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 during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus 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 12/7/2023 and will be available through 1/31/2026. 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 3.60% 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 3.60% 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 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found athttp://www.sofi.com/legal/banking-rate-sheet.
Minimum Opening Balance
$0
Monthly Fee
$0
Why We Like It
Earn a $50 or $300 bonus and up to 4.30% APY1 <p>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 during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus 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 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.60% 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 3.60% 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 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at<a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> on your money with eligible direct deposit
Limited-Time Offer: +0.70% Boost on Savings APY for 6 months on new accounts with eligible Direct Deposit. Terms Apply.2 <p>Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p>
No account, overdraft, or monthly fees3 <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>
Get your paycheck up to two days early with direct deposit4 <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
Access additional FDIC insurance up to $3 million5 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
Bank account bonuses are financial incentives offered by banks and credit unions to attract new customers or reward existing ones. They typically range from $50 to $500, and you'll get them by opening or upgrading to a new account.
Here's how the process of earning a welcome bonus usually works:
You open an account with the bank, often through a special link or with a promo code.
You meet the requirements stated in the fine print to earn your bonus.
The bank deposits your bonus into your account within a few weeks or months.
Banks and credit unions stand to make more money the more customers and deposits they have, so the hope is that these customers will stick around even after receiving their bonus.
That said, you're under no obligation to keep your account after you receive a bonus in most cases. In fact — I'll discuss this more below — it may even be more profitable to close your account so you'll be eligible for more bonuses in the future.
What are the requirements for bank account bonuses?
The requirements you need to meet to qualify for a bank account bonus can vary, but you'll typically need to do one or more of the following over a set promotional period, which is usually two or three months:
Meet a minimum dollar amount for direct deposits (often a few hundred to a few thousand) from your employer or the government
Make a specified number of purchases with your debit card
Deposit a certain amount of money and leave it there for a set period
The terms of the promotion will outline the exact requirements you need to meet and when you'll receive the bonus — it can happen promptly once you've lived up to your end of the deal, or it can take a while. Checking the fine print for the number of weeks, months, or statement cycles it takes may help you find the answer.
How to find a bank account bonus
While some banks may advertise their promotions, some other banks may not advertise that they're offering a bonus on their checking or savings accounts. Sometimes promotions are sent in the mail to a targeted group of people.
That's why it can be challenging to find and keep track of all the different promotions that are going on both locally and nationally. But I have some tips that can help you in your search.
Look at banks typically offering the best bank account bonuses
Naturally, bank account bonuses rotate over time. Still, there are certain banks known for consistently offering some kind of bonus for signing up for an account. Check out current offerings at these institutions to see what their latest promos are:
Just because you've gotten a bonus once from a bank doesn't mean you're permanently banned from getting any additional bonuses. In fact, banks sometimes just require you to wait a few months before you can cash in on the same bonus again.
I'll use PNC Bank as an example since that was the last bank I received a reward from. As of September 2025, the bank is offering a $400 reward if you open and use a new Virtual Wallet account with Performance Select and receive a qualifying direct deposit of at least $5,000 in the first 60 days.
Anyone can take advantage of this reward as long as they're a new customer or haven't had an account at PNC within the last 12 months or received a PNC promotional premium in the past 24 months.
Even though I received a similar reward last year, if I close my account, I could take advantage of this new reward next year, 24 months after my last reward.
This is a bit of a long game, and it takes some planning. But if you can keep track of what rewards you earn and the stipulations for earning additional rewards, you can make earning bank account bonuses a routine part of your finances.
Tip
Keep in mind: There's no guarantee you'll be able to open an account with every bank and credit union. Many financial institutions use what's called a ChexSystems report to view your activity with past and current banks. Some may deny your application if you've opened too many accounts during a short period.
5 tips to get the most out of bank account bonuses
If you're ready to go all in on hunting down the best bank account bonuses, then keep the following tips in mind.
1. Apply for the bonuses you can easily earn
A lot of bank account bonuses have direct deposit requirements, which sounds easy. But unless you can update your payroll information online or are friends with the payroll manager, it can be difficult to make frequent changes to your direct deposits.
You might also face problems if you're self-employed and don't receive regular paychecks. You'll need to check directly with the bank's terms, but in many cases, making a payment from your business bank account into your personal bank can qualify as a direct deposit. As an example, I have a Bluevine business checking account, and I can use the bill pay feature to pay myself as an employee of my company.
Additionally, make sure you won't need the cash you're depositing for a while. Some bank account bonuses require you to leave the cash there for a set period to meet an average daily balance requirement. This period might be up to six months.
Some other bonuses may require account holders to add new money to their accounts, which is typically defined as money coming from other financial institutions.
2. Keep an eye on fees
Credit unions typically don't charge monthly maintenance fees on their personal checking accounts, but it is more common with banks. Check to see whether the account you're applying for has a monthly fee, and how many fees you'll end up paying if you qualify for the account.
For example, I once considered an account with a $300 bonus, but there was a $19 monthly fee and an early termination fee — the amount of the bonus — if I closed the account within six months. With the monthly fee, my net profit on the account would've been $186.
Fortunately, the bank offered to waive the monthly fee if I had $500 directly deposited into the account each month, so I got the full $300. But if I hadn't been able to avoid the fee, I wouldn't have signed up.
Keep track of when you might qualify for a second bonus at the same bank
Here's a peek at what my personal spreadsheet looks like. I've created a bank account bonus template you can make a copy of and use if you want to go this route.
As you can see, I keep data on:
Bank name
Bonus amount
Requirements
Date opened
Bonus earned date
Bonus received date
Monthly fee, along with requirements to avoid
Early termination penalty
Date eligible for new reward
Even with a spreadsheet, though, it's important to know your limits. For example, the processing of transactions and the counting of business days may vary depending on the bank's policies. This may lead you to make an error.
Warning
I once paid an overdraft fee on one of my accounts because I had too many to keep track of and transferred money from the wrong one.
4. Read the fine print
Most bank account bonuses I earned came with lengthy terms and conditions, and there may be limitations and exclusions that can keep you from earning the cash. Always read the fine print for each offer before you apply for an account.
Additionally, some banks and credit unions may use your Social Security number to run a hard inquiry on your credit report when you apply for an account, even though you're not applying for credit. This could temporarily drop your credit score, which might be a problem if you plan on applying for a credit card or loan in the near future.
Another thing to keep in mind is that these bank account bonuses can quickly change. Take a screenshot of the terms and conditions so you can keep track while you work to meet the requirements.
5. Don't forget about taxes
Interest earned from a bank account is considered taxable income by the Internal Revenue Service (IRS). Bank account bonuses are classified as interest income by banks and credit unions.
You can expect to get a Form 1099-INT from each financial institution at the beginning of the tax season each year, which you should use to declare that income when you file your taxes.
Because roughly 65% of Americans got a tax refund in 2025, most people won't need to set aside any cash to pay the tax bill on the money they've received. But just keep this caveat in mind in case you do end up with a tax bill.
5.0
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
2025 award winnerBest Checking and Savings Combo
SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit
Limited-Time Offer: Earn a $50 or $300 bonus and up to 4.30% APY on Savings (3.60% APY1 <p>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 during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus 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 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.60% 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 3.60% 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 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at<a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.2 <p>Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p> FDIC Insured.5 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
Enjoy $300 as a new Chase checking customer
When you open a new Chase Total Checking® account with qualifying activities.6 <p>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 3 years. You can receive only one new checking account opening related bonus every two years from the last coupon enrollment date and only one bonus per account. Coupon is good for one-time use. To receive the bonus: 1) Open a new Chase Total Checking account, which is subject to approval; AND 2) Have your direct deposits totaling $500 or more made to this account within 90 days of coupon enrollment. Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. Person to Person payments (such as Zelle®) are not considered a direct deposit. Micro-deposits do not qualify as a direct deposit for the bonus. Micro-deposits are small deposits, typically less than $1, that are sent to your account to verify it is the correct account. After you have completed all the above requirements, we'll deposit the bonus in your new account within 15 days. To receive this bonus, the enrolled account must not be closed or restricted at the time of payout. Eligibility may be limited based on account ownership. Bonus is considered interest and will be reported on IRS Form 1099-INT (or Form 1042-S, if applicable). Offer availability subject to change. Other Chase checking bonus offers may exist concurrently.</p> FDIC Insured. Offer valid through 1/21/2026.
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
Use Cash App As Your All-in-One Financial Services Platform
Bank7 <p>Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Savings provided by Cash App, a Block, Inc. brand.</p><p class="">Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Direct Deposit provided by Cash App, a Block, Inc. brand.</p> without all the fees—save, send, and spend your money the way you want.8 <p class="">Your balance is eligible for FDIC pass-through insurance through our Program Banks Wells Fargo Bank, N.A. and/or Sutton Bank, Members FDIC for up to $250,000 per customer when aggregated with all other deposits held in the same legal capacity at each Program Bank above, if certain conditions are met. Cash App is a financial services platform, and not an FDIC-insured bank. Prepaid debit cards issued by Sutton Bank, Member FDIC. See <a href="https://cash.app/legal/us/en-us/card-agreement">terms and conditions</a>. </p> Get paid up to 2 days early – up to 2 days earlier than most banks9 <p>Your first deposit may take longer depending on your employer.</p>
To be eligible for a bank account bonus, you typically need to meet certain requirements, such as opening a new checking account or savings account, making a minimum deposit, and completing qualifying direct deposits or debit card purchases within a specified timeframe. Specific eligibility criteria often vary depending on the bank and promotion.
How long does it take to receive the bank account bonus after opening an account?
The timeline for receiving a bank account bonus varies, but generally, it can take anywhere from a few weeks to a couple of months from the date of completing the required activity. Always review the terms and conditions of the promotion to understand when you can expect to receive the bonus.
Do I earn interest on the deposit amount for a bank account bonus?
Depending on your bank and the account type, you may be able to earn interest on your initial deposit. Accounts such as money market accounts or high-yield savings accounts often offer interest rates in the form of annual percentage yield (APY) on account balances, whereas checking accounts do not.
What bank will give me money to open an account?
Plenty of banks usually offer money to new account holders, including Chase, PNC Bank, and Wells Fargo. To find the latest offers at a bank you're considering, your best bet is to do a Google search to see what promos they have going on.
Bottom line
I'm not going to lie — if you're serious about maximizing your bank account bonus game, it will take a bit of work. You'll need to lean heavily on your spreadsheet to stay organized, and you may get frustrated moving money back and forth between accounts.
However, the financial rewards are more than worth it. It's possible to earn hundreds of dollars at a time from a bank account bonus — multiply that by several banks, and you can earn a few extra thousand dollars each year.
It won't make you rich overnight. But if you take the time to invest that money — or even store it in a high-yield savings account — you may find that it increases in value even more.
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
2025 award winnerBest Checking and Savings Combo
High APY of up to 4.30% on Savings (3.60% APY1 <p>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 during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus 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 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.60% 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 3.60% 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 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at<a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.2 <p>Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p>
Paycheck access up to 2 days early with direct deposit4 <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
No monthly maintenance or overdraft fees3 <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>
Streamlined savings and savings goals with Vaults
Access to a large ATM network10 <p>We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.</p>
Advertiser and Editorial Disclosures
Advertiser Disclosure
FinanceBuzz is an independent, advertising-supported website. Some or all of the offers that appear on this page are from third party advertisers from which FinanceBuzz receives compensation. For example, we may receive compensation when you click on a link, when an application is approved, or when an account is opened. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear).
FinanceBuzz does not include all financial or credit offers that might be available to consumers nor do we include all companies or all available products. Information, including rates and fees, is accurate as of the publishing date and has not been provided or endorsed by the advertiser.
The credit card offers that appear on this site are from companies from which FinanceBuzz receives compensation such as banks or CardRatings.com.
Editorial Policy
The FinanceBuzz editorial team strives to provide accurate, in-depth information and reviews to help you, our reader, make financial decisions with confidence. Here's what you can expect from us:
FinanceBuzz makes money when you click the links on our site to some of the products and offers that we mention. These partnerships do not influence our opinions or recommendations.
FinanceBuzz reviews and rates products on a variety of quantitative and qualitative criteria. Whenever possible we test each product and include our honest, firsthand experience using it. Read more about how we rate products.
Partners are not able to review or request changes to our content except for compliance reasons. Financial products are highly regulated so we work closely with partners to make sure the information we have on our site is accurate and includes any required legal language and disclaimers.
We aim to make sure everything on our site is up-to-date and accurate as of the publishing date, but we cannot guarantee we haven't missed something. It's your responsibility to double-check all information before making any financial decision. If you spot something that looks wrong, please let us know.
Thanks for subscribing!
Please check your email to confirm your subscription.