How to Make Money with Bank Account Bonuses: Here’s How I Did It (And How You Can Too)

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’s 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. These types of bonuses change often, though.

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.

How bank account bonuses work

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:

1. You open an account with the bank, often through a special link or with a promo code.
2. You meet the requirements stated in the fine print to earn your bonus.
3. 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:

• Chase
• Wells Fargo
• PNC Bank
• SoFi®
• TD Bank

To show you the most up-to-date offers, we’ve curated lists of the best bank bonuses that don’t require direct deposit and the best checking account bonus offers. Check these to find specifics on what accounts are currently providing a sign-up bonus.

Consider banks you’ve already gotten a bonus at

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 November 2024, 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.

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 typically defines 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.

3. Have a system to keep track of your accounts

If you’re thinking about opening more than one bank account, use a spreadsheet to keep track of your accounts.

A spreadsheet can help ensure you:

• Do everything necessary to earn each bonus
• Avoid fees that can eat into the value you earn
• 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.

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 75% of Americans got a tax refund in 2023, 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.

FAQs

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.

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