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A bank referral bonus lets you earn cash for getting people you know to sign up for a bank account you have (or a similar one). Often, these bonuses are attached to checking accounts. You might see these programs called "refer a friend," "refer and earn," or something similar.
Bank referral bonuses are a fairly low-effort way to make some money, but not all bank accounts offer them, and not all referral bonuses are worth it. Bank referrals should be easy for both you and your referrals to qualify for. But most importantly, you shouldn't sign up for a bank account based only on referrals, nor should you convince your friends to open accounts that aren't right for them.
Check out some of the best referral bonuses available today, including how much you can earn and how to do it, and see our tips for picking accounts that are worth it.
- SoFi® SoFi Checking and Savings Referral Program
- $75 for you
- $25 for your referral
- Why it's worth it: SoFi Checking and Savings is an objectively great account that will be a good fit for a lot of people, regardless of goals and needs
- Chase Refer-A-Friend
- $50 for you (up to $500 per year)
- Up to $400 for your referral
- Why it's worth it: You can earn a bonus on several types of Chase accounts, and many people choose Chase for its superior in-person branch network
- Axos Bank Refer a Friend Program
- $50 for you
- $50 for your referral
- Why it's worth it: This referral program is very unique because it doesn't limit the bonuses you can receive, and Axos has very solid, low-fee checking options
- TD Bank Share the Green
- $50 for you (up to $500 per year)
- $50 for your referral
- Why it's worth it: TD Bank isn't right for everyone, but it could be good for you if you live near a branch and want a big bank experience with fewer big bank fees
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Compare the best bank referral programs
The following checking account referral bonuses are well worth trying for, if you think you can qualify.
| Bank | Best for you if: | Bonus per referral | Eligible accounts |
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You're looking for a referral bonus that's easy to qualify for | $75 for you, $25 for your referral |
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You want a high likelihood of qualifying for a bonus | $50 for you (up to $500 per year), up to $400 for your referral |
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You want the option to make unlimited referrals | $50 for you, $50 for your referral |
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TD Bank |
You want a bonus you can earn without requiring direct deposits from your friends | $50 for you (up to $500 per year), $50 for your referral |
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SoFi® Referral Program: Earn $75
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SoFi's referral program
- Bonus: You receive $75 and your referral receives $25.
- Required activity: Your referral must be a new SoFi® member and use your link to open and fund a new SoFi Checking and Savings1 <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 within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. 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 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at <a href="https://www.sofi.com/banking/checking-offer/">sofi.com/banking/checking-offer/</a></p> 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. And according to SoFi, it's paid out over $54 million in referral bonuses.
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, FDIC5 <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> .
- Simple referral program
- No monthly service 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 Bank Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a>.</p>
- Up to 3.10% APY6 <p>Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at <a href="https://www.sofi.com/legal/banking-rate-sheet">https://www.sofi.com/legal/banking-rate-sheet</a></p> with direct deposit
- No in-person branches
- Higher APY requires direct deposit
Visit SoFi® or learn more in our SoFi® review.
Chase Refer-A-Friend: Earn up to $500
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Chase's referral program
- Bonus: You receive $50 and your referral can earn up to $400 when they complete qualifying activities.7 <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 $1,000 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> You can refer as many as 10 friends per year for $500 in total bonuses.
- Required activity: Your referral must be a new Chase customer and open a qualifying personal checking account with qualifying activities using the corresponding offer.
Chase's referral bonus is offered on six different checking accounts, so it could be a good choice for you if you want to cast a wide net or aren't sure which accounts your friends might go for. Qualifying accounts include Chase Total Checking®, Chase Private Client Checking℠, Chase Secure Banking℠, and others. Having six options for your friends to choose from may make you more likely to qualify for the bonus, as opposed to convincing them to open one account.
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.
- Simple referral program
- In-person branches
- Nationwide presence
- Low APY rates on savings accounts
- Monthly maintenance fees unless you meet specific criteria
Visit Chase or learn more in our Chase review.
Axos Bank Refer a Friend Program: Earn $50+
Axos's referral program
- Bonus: You receive $50, and your referral receives $50.
- Required activity: Your referral must use your link to open a new Rewards Checking or Axos ONE account and receive at least $1,500 in qualifying 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. We most recommend the Axos ONE® account, because it combines features of checking and savings accounts, earning up to 4.21% APY8 <p class="">The Annual Percentage Yield (APY) is accurate as of 02/02/2026. The base and promotional interest rate and corresponding APY for Axos ONE® Checking is variable and is set at our discretion. The base and promotional interest rate and corresponding APY for Axos ONE® Savings is variable and is set at our discretion. Axos ONE® Savings is a tiered variable rate account. Axos ONE® Checking is a non-tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.</p><p>Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After the accounts are opened, the amount of incentive earned will depend on meeting the additional requirements outlined below.</p><p>The Axos ONE® Checking account will earn a base rate of 0.00% APY. The Axos ONE® Savings account will earn a base rate of up to 1.00% APY.</p><p>Axos ONE® accounts are eligible to receive a promotional APY for each statement cycle where the promotional criteria are met during the Qualification Period. To receive the promotional APY on both Axos ONE® Checking and Axos ONE® Savings, the Axos ONE® Checking account must meet both of the requirements in either Option 1 or Option 2 below during the Qualification Period:</p><p>Option 1</p><p>1. Your Axos ONE® Checking account has received monthly qualifying direct deposits of at least $1,500 in total.</p><p>2. The average daily balance of your Axos ONE® Checking account is at least $1,500.</p><p>Option 2</p><p>1. Your Axos ONE® Checking account has received monthly qualifying deposits of at least $5,000 in total.</p><p>2. The average daily balance of your Axos ONE® Checking account is at least $5,000.</p><p>If both of the requirements in either Option 1 or Option 2 above are met during the Qualification Period:</p><p>• The Axos ONE® Checking account will earn a promotional rate of 0.51% APY for the statement cycle in which the requirements are met.</p><p>• The Axos ONE® Savings account will earn a promotional rate of 4.21% APY on the first $499,999.99 and 4.01% APY on any additional balance for the statement cycle in which the requirements are met.</p><p>The Qualification Period begins on the first business day of the month and runs through the 25th of the month. If the 25th of the month is followed by a non-business day, the average daily balance will be calculated including the following non-business day(s). Any qualifying deposits or qualifying direct deposits received after the 25th of the month will count toward the next Qualification Period. The Qualification Period for new accounts will begin on the day the account is approved. New accounts opened on or after the 25th of the month will be eligible to earn the promotional APY starting in the following month. </p><p>A direct deposit is an electronic ACH deposit of your paycheck or government benefits, such as Social Security, Disability, etc. International paychecks, international government benefits, other deposits (i.e., real time payments, online banking transfers, ATM and mobile check deposits, etc.), or person-to-person payments are not considered a direct deposit.</p><p>Qualifying deposits only include deposits from the following eligible sources: (i) ACH transfers from external accounts, (ii) inbound wire transfers from external accounts, (iii) mobile check deposits, (iv) real time payments. Qualifying deposits do not include: (i) transfers internal to the bank (i.e., transfers between an account holder’s Checking and/or Savings account), (ii) interest payments, (iii) promotional bonuses, (iv) credits, reversals, and refunds, (v) ATM deposits.</p><p>Both accounts must be in an open and active status on the 25th of the month and on the date the interest is paid to receive the promotional APY for that statement cycle. If either account closes during the Qualification Period, neither account will be eligible to earn the promotional APY for that statement cycle. Account transactions may take one or more business days from the transaction date to post to the account.</p> on savings with direct deposit and up to 0.51% APY on checking balances when you meet requirements.
- Long bonus qualification period
- No monthly maintenance or overdraft fees
- Domestic ATM fee reimbursements
- No in-person branches
- High referral deposit requirement
Visit Axos or learn more in our Axos Bank review.
TD Bank Share the Green: Earn up to $500
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.
- Required activity: You must request a personalized referral code and give it to your friend or family member. Your referral must present this code at 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.
- In-person branches
- No minimum opening deposit for checking and savings accounts
- Opportunity for ATM fee reimbursements with certain accounts
- Inconvenient referral program
- Only available on the East Coast
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.
To identify the best bank referral programs, we compiled a list of both well-known online and traditional brick-and-mortar banks. We reviewed each bank to determine if it offers a referral program for its checking accounts. Referrals are sometimes offered for other banking products/services, such as savings accounts, but these are less common than checking bonuses.
From the banks that offer referral programs, we considered the following:
Most of the bonuses we identified as the best offers currently available are provided by online institutions or at least possible to qualify for online, but we also included TD Bank despite its requirement to visit a branch because it stood out from other institutions for providing the option to qualify via debit card spending.
Keep in mind that our research does not consider all available referral programs. Rather, it is curated to serve as a resource for someone who is looking for the best bank referral programs.
How we rate products
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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.
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