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Banking Checking Accounts

Best Bank Referral Programs [2025]: Refer Friends and Earn Money

Using a bank referral program is an excellent way to make extra money by simply sharing products you use and love with your friends.

A woman referring her friend to her bank
Ben Walker, CEPF, CFEI®
By Ben Walker, CEPF, CFEI®
Yahia Barakah, CEPF
Edited by Yahia Barakah, CEPF
Updated March 6, 2025
Fact checked

Bank referrals should be easy to qualify for and make a little effort worthwhile. To help you find bonuses that do both, we analyzed many top institutions to put together this list of the best referrals from banks for checking accounts.

We recommend SoFi®, Chase, Axos, and TD Bank for their excellent referral programs, which offer simple, straightforward, and generous bonuses. These offers have lower requirements than many and may provide bonuses to both you and the person you refer. The best bank referral programs typically offer at least $50 as a bonus.

Learn more about each of the referral bonuses we've chosen, including how much you can earn and what you have to do to qualify, and see our tips for picking ones worth your time.

How we evaluate products

4 of the best bank referral programs

  1. SoFi®
  2. Chase
  3. Axos
  4. TD Bank

Compare the best bank referral programs

Bank Bonus per referral Required activity
SoFi® $75 for you, $25 for your referral Your referral must be a new SoFi® member and use your link to open and fund a new SoFi Checking and Savings1 account with at least $50 within 21 days of receiving the referral link.
Chase $50 for you (up to $500 per year), up to $300 for your referral Your referral must be a new Chase customer and open a qualifying personal checking account with qualifying activities using the corresponding offer.
Axos $50 for you, $50 for your referral Your referral must use your link to open a new Rewards Checking account and receive at least $1,500 in qualifying direct deposit funding within 90 days of account opening.
TD Bank $50 for you (up to $500 per year), $50 for your referral

You must complete a referral form and give it to your friend or family member. Your referral must bring the completed form to a TD Bank location and open a personal checking account.

Once a qualifying account has been opened in branch, your referral needs to have at least $250 in qualifying direct deposits or make 15 qualifying Visa debit card purchases within 60 days of account opening.

SoFi®

Easiest referral bonus

Pros
  • Simple referral program
  • No monthly service fees2
  • Up to 3.80% APY3 with direct deposit
Cons
  • No in-person branches
  • Higher APY requires direct deposit

SoFi's referral program

  • Bonus: You receive $75 and your referral receives $25.
  • Requirements: Your referral must be a new SoFi® member and use your link to open and fund a new SoFi Checking and Savings account with at least $50 within 21 days of receiving the referral link.

SoFi's referral offer is one of the easiest and fastest you can get, only requiring you to share a unique link with your friends. Your friend then has to open and fund a new SoFi Checking and Savings account and meet the very low deposit requirement to qualify (although the offer didn't previously have a deposit requirement at all).

We chose this referral bonus not only because it's larger than most but also because it has the potential to be one of the fastest you can qualify for, given that the deposit requirement is so low and doesn't strictly require direct deposits.

ACH transfers, cash and check deposits, and P2P transfers also qualify. Once your referral meets the requirements, you should receive your $75 within just seven business days, which is lightning-fast compared to other offers.

SoFi is a Member, FDIC4.

Visit SoFi® or learn more in our SoFi® review.

5.0
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SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit

Earn up to 3.80% APY1 and collect up to a $300 cash bonus with direct deposit or $5,000 or more in qualifying deposits.3 FDIC Insured.4

Learn More

Chase

Largest bonus for account options

Pros
  • Simple referral program
  • In-person branches
  • Nationwide presence
Cons
  • Low APY rates on savings accounts
  • Monthly maintenance fees unless you meet specific criteria

Chase's referral program

  • Bonus: You receive $50 and your referral can earn up to $300 when they complete qualifying activities. You can refer as many as 10 friends per year for $500 in total bonuses.
  • Requirements: Your referral must be a new Chase customer and open a qualifying Chase checking account with qualifying activities using the corresponding offer.

Chase's referral bonus is offered on six different checking accounts, so it would also be our first recommendation if you want to give the people you refer a variety of checking accounts to choose from. Qualifying accounts include Chase Total Checking®, Chase Private Client CheckingSM, Chase Secure BankingSM, and others.

Your friend can qualify for a sizable bonus with Chase if they meet qualifying activity, though we'll note that this bonus isn't exclusive to referrals and is offered to all new customers. Still, you can earn hundreds with referrals each year, so it's worth trying to get what you can this way.

Be prepared to wait up to 30 days for your bonus to be deposited into your account, though. Chase referrals aren't as fast as others on this list, like SoFi, so it wouldn't be our first pick for you if you're going for speed.

Visit Chase or learn more in our Chase review.

4.2
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Enjoy $300 as a new Chase checking customer

When you open a new Chase Total Checking® account with qualifying activities.5 FDIC Insured. Offer valid through 4/16/2025.

Open Account

Axos

Unlimited referrals

Pros
  • Up to 3.30% APY6 with a Rewards Checking account
  • No monthly maintenance or overdraft fees
  • Domestic ATM fee reimbursements
Cons
  • No in-person branches
  • High referral deposit requirement

Axos's referral program

  • Bonus: You receive $50 and your referral receives $50.
  • Requirements: Your referral must use your link to open a new Essential Checking account or Rewards Checking account and receive at least $1,500 in direct deposit funding within 90 days of account opening.

Unlike the vast majority of bank referral programs, there's no limit to how many referral bonuses you can earn with Axos checking referrals.

Axos' Refer-a-Friend program is one of the only ones we've found that offers unlimited bonuses, so we'd recommend it if you're feeling determined and think you could recruit lots of people you know. Once your referral meets requirements, you should both receive your bonuses within 21 days. Axos has pretty steep direct deposit requirements for its bonuses, so avoid this if you don't think the people you know could meet those.

This online bank's accounts are appealing, with possible perks like interest on checking balances and unlimited ATM fee reimbursements.

Visit Axos or learn more in our Axos Bank review.

TD Bank

Qualifying without direct deposits

Pros
  • In-person branches
  • No minimum opening deposit for checking and savings accounts
  • Opportunity for ATM fee reimbursements with certain accounts
Cons
  • Inconvenient referral program
  • Only available on the East Coast

TD Bank's referral program

  • Bonus: You receive $50 and your referral receives $50. You can refer as many as 10 friends per year for $500 in total bonuses.
  • Requirements: You must complete a referral form and give it to your friend. They must take the completed form to a TD Bank location and open a personal checking account. Once a qualifying account has been opened in the branch, your referral needs to have at least $250 in qualifying direct deposits or make 15 qualifying Visa debit card purchases within 60 days of account opening.

Receiving $50 for you and another $50 for your referral is a decent referral bonus, especially since you can earn up to $500 by referring 10 friends (like Chase's offer). We also like that TD Bank is a brick-and-mortar bank with in-person branches and that there are no minimum opening deposit requirements for TD Bank checking and savings accounts.

If you know a friend or family member who wouldn't be able to meet direct deposit requirements, this bonus offer from TD could be worth the extra effort of visiting a branch. Referrals can qualify by spending with their debit card, which sets this offer apart from most others we've analyzed.

Still, visiting a branch is inconvenient compared to an online referral link, so we wouldn't recommend TD Bank unless you really love the bank's accounts or can't qualify for the other bonuses on this list.

Visit TD Bank.

Editor's note
It's worth noting that TD Bank mainly operates on the East Coast, so you're out of luck if you live elsewhere.

How to choose the best bank referral programs

1. Consider the referral program

The point of a referral program is to earn extra cash or rewards for referring friends or family to products that you know and recommend. When researching bank referral programs, consider these factors.

  • Bonus: It's common for referral programs to offer at least $50 per bank referral, but some financial institutions may provide more or run limited-time offers for higher amounts.
  • Requirements: Our favorite referral programs make it easy to refer people. That typically means generating a unique referral link that you can easily share with friends via text, email, or message.
  • Limits: Many referral programs place a limit on how many referrals you can make per year. However, it's possible to find programs that allow a high or an unlimited number of referrals.

2. Assess your needs and preferences

Referral programs might motivate you to choose one account over another, but we don't recommend letting this be the only factor you use to determine if an account is a good fit for you. Figure out what your financial goals are and how different banking products and services could help you reach those goals.

For example, it might make sense to find a high-yield savings account if you plan to start storing funds that you know you won't be touching for a while. If this is the case, you won't qualify for checking account referrals.

3. Review different banks

There are plenty of banks out there to choose from. As you research and compare them, ask yourself a few questions.

  • Are you interested in online banks or brick-and-mortar banks? Online banks typically have a robust online experience that eliminates much of the need to visit a branch. However, you may still prefer having an in-person banking experience.
  • Do you only want to open a checking or savings account, or do you have other products, such as credit cards and loans, in mind as well? Make sure that the bank you choose has the products you'd like to use.
  • Are you looking for specific perks and benefits? That could include ATM fee reimbursements, high APY rates, free wire transfers, and more.

4. Look into other financial institutions

During your research, keep in mind that financial institutions come in more forms than traditional banks. These include credit unions and financial technology companies.

Credit unions typically provide many of the same services as banks, but they might have special membership requirements. They're worth a look because the requirements aren't always strict, and many credit union products can be quite competitive.

Check out our list of the best credit unions.

On the other hand, financial technology companies typically offer an online-only banking experience via a partnership with a bank or a network of banks. Many fintech companies offer checking or savings accounts with $0 or low monthly maintenance fees. 

FAQs

Does Bank of America allow referrals?

Bank of America doesn't have a referral program for its checking accounts or credit cards, as much as we would love to see this big bank offering refer-a-friend bonuses like other big banks. This set Bank of America apart from many institutions.

However, certain Bank of America credit cards frequently have welcome offers that new users can earn if they're approved and meet certain criteria such as a spending requirement.

Does Chase do a referral program?

Yes, Chase offers referral bonuses for some of its bank accounts and credit cards. For example, you can receive $50 (up to $500 per calendar year) for each friend who opens a qualifying Chase checking account. You can visit the Chase Refer-A-Friend page to see if you qualify for referral promotions with your Chase credit cards.

Does Wells Fargo have a referral program?

No, Wells Fargo doesn't have a referral program for its bank accounts or credit cards. However, Wells Fargo often provides welcome offers to qualifying customers upon opening certain products, including many Wells Fargo credit cards. Note that you typically have to meet a spending requirement to earn these offers.

Bottom line

Our favorite bank referral programs are easy to use and provide decent referral bonuses with low activity requirements.

We like SoFi® the most, but Chase, Axos, and TD Bank also provide bonuses worth shooting for. Keep bonus requirements and timelines in mind when trying to qualify for any type of referral bonus.

Not every bank has a referral program. It's worth checking out the best banks to see if they provide these bonuses and find one that makes the most sense for you, though you shouldn't open a checking account you won't use just to get a bonus.

Reach Your Savings Goals Faster

SoFi Checking and Savings
5.0
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SoFi Checking and Savings Benefits

  • Earn up to 3.80% APY1and collect up to a $300 cash bonus with direct deposit or $5,000 or more in qualifying deposits3
  • No account, overdraft, or monthly fees2
  • Get your paycheck up to two days early7
  • Access additional FDIC insurance up to $3 million4
Open an account with SoFi here