Top Checking Account Bonus Offers: July 2020

These banks offer an upfront bonus plus ongoing value with rewards. Find out if one of these accounts is a good fit for you.
Last updated Jun 24, 2020 | By Ben Luthi
Top Checking Account Bonus Offers

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Switching bank accounts can be a time-consuming process, but many banks and credit unions make the process more appealing to new customers by offering introductory bonuses. These bonuses typically come in the form of cold hard cash and may have some additional requirements you need to fulfill before you can earn them.

Those requirements can vary if you’re opening a checking vs. savings account. For instance, if you want to earn a bonus for opening a new checking account, you may need to set up direct deposit, make a certain number of debit card purchases or deposit a predetermined amount of cash and then maintain a minimum balance for a few months.

It can be challenging to find financial institutions that offer bank account bonuses if you don’t know where to look. To help you with your search, here are a couple of the top personal checking account bonus offers currently available.

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Top checking account bonus offers for July 2020

As you shop around and compare checking accounts, the ongoing services a bank or credit union provides are a top priority. However, if you’re trying to decide between two similar options and one financial institution offers an upfront bonus, that could be the tie-breaker to help you make your decision. For that reason, we’ll walk through both the bonuses and some basics on these accounts.

Aspiration Spend & Save - $100 bonus

The Aspiration Spend & Save account offers the chance to earn cash back when you use your debit card, as well as an annual percentage yield (APY) of up to 1% (as of Jun. 17, 2020), though that’s subject to change.

What’s more, if you open a Spend & Save account and make $1,000 in purchases with your debit card in the first 60 calendar days after opening, you’ll receive a $100 cash bonus.

Other requirements to earn the Aspiration Spend & Save bonus include:

  • You must fund your Spend & Save account with at least a $10 minimum deposit when you open it.
  • You’re not eligible for the bonus if you already have an Aspiration account or if you’re joining someone else’s account as a joint bank account holder.
  • Your account must be open and in good standing when the bonus posts, which can take up to 120 days after account opening.

With Aspiration Spend, you can receive up to 10% cash back when you use your debit card to pay with select merchants that belong to the bank’s Conscience Coalition. Examples of retailers in the coalition include Toms, Warby Parker, Blue Apron, Arcadia, Inc., and more.

There are two tiers to the cashback benefits the account offers. When you spend with a basic Aspiration debit card, you’ll earn 3% to 5% cash back, depending on the offer, and you can choose whether to pay a monthly fee and how much.

But if you upgrade to an Aspiration Plus card, which costs $3.99 per month ($3.25 monthly if you pay in full annually), you’ll earn 10% back on your Conscience Coalition purchases. You also need to be enrolled in Aspiration Plus to earn the 1% APY (as of Jun. 17, 2020). You also need to spend at least $1,000 per month with your Aspiration debit card to get that rate.

If you don’t meet that requirement, you’ll earn just .25% APY on the first $10,000 in your account. The portion of your balance above $10,000 will earn .10% APY, regardless of your maximum APY.

Other valuable features of an Aspiration Spend & Save account include:

  • You get unlimited fee-free ATM withdrawals at more than 55,000 ATMs.
  • Your deposits aren’t used to fund fossil fuel exploration or production.
  • You’ll get a personal impact score to help you match your shopping to your values.
  • You can opt to plant a tree every time you swipe your debit card.
  • Aspiration Plus customers will get one out-of-network ATM fee reimbursed each month.
  • You can manage your account from the Aspiration mobile app, which is available for iOS and Android.
  • Your first set of paper checks is free.

Sign up here to make sure you qualify for the bonus offer.

Who this account is a great fit for

The Aspiration Spend & Save account is an excellent option if you want to bank with a financial institution that prioritizes social responsibility — and it doesn’t hurt to earn a little cash upfront when you meet the bonus offer requirements. It can also be a great choice if you tend to spend money with more socially responsible companies, such as the ones that belong to Aspiration’s Conscience Coalition.

That said, keep in mind that the bank is online-only, so there are no brick-and-mortar branches. There are definitely pros and cons to an online bank. If you prefer in-person service to online banking, this account may not be the right fit for you. The same goes if you do most of your spending with credit cards and would rarely use your debit card.

  • Earn cash back rewards - up to 10% - when you spend with your debit card
  • Get $100 bonus when you spend $1000 in the first 60 days
  • Up to 1.00% APY interest (up to 25 times higher than Big Banks)
  • Unlimited fee-free withdrawals at 55,000+ ATMs
  • Deposits are FDIC insured

How to pick which checking account bonus offer is for you

There’s no single best checking account out there, and these are far from the only banks that provide checking bonus offers. In addition to the above, you’ll want to consider monthly maintenance fees, interest rates, balance requirements, FDIC insurance, and other factors before you decide on a particular consumer checking account.

That said, these accounts do offer ongoing rewards when you use your debit card, which isn’t common with other banks and credit unions. So even if some other financial institutions offer

bigger upfront bonuses, you may be able to get more value over the long run with Aspiration or Stash.

To determine which account is the best for you, think about the steps you need to take to earn the bonus:

  • If you think you might have a hard time meeting a spending requirement or deposit requirement, that could make it challenging to earn some bonuses. Compare the requirements to what you can easily make happen.
  • Think about what you want out of a checking account beyond the initial bonus. If one account can give you more long-term value based on your spending habits, it could be a better fit.

Lastly, it’s important to understand that you don’t have to limit yourself to just one account. Depending on your spending habits and goals, you may be able to maximize your rewards by using multiple accounts to take advantage of their unique features.

Bottom line

Checking account bonuses aren’t exactly rare, but it’s not always easy to find them. If you’re looking for both upfront and long-term value, Aspiration and Stash both offer some incredible opportunities.

However, it’s important to take your time to shop around and compare multiple options based on their sign-up bonuses and other features that could add value to your banking experience.

  • Earn cash back rewards - up to 10% - when you spend with your debit card
  • Get $100 bonus when you spend $1000 in the first 60 days
  • Up to 1.00% APY interest (up to 25 times higher than Big Banks)
  • Unlimited fee-free withdrawals at 55,000+ ATMs
  • Deposits are FDIC insured