Keeping our money in banks has become a way of life for most of us. According to a 2021 survey by the Federal Deposit Insurance Corp. (FDIC), only 4.5% of US households were “unbanked,” meaning that no one in the home had a checking or savings account.
America has no shortage of banks, and because creating a competitive edge is key, many banks use bonuses and promotions to attract customers. To help you narrow down your choices, we’ve rounded up some of the best bank bonuses and promotions and provided critical information on how these offers operate and whether they’re worth it.
Methodology
Our team of experts at CNN Underscored Money analyzed dozens of accounts from more than 30 financial institutions to determine the rankings for the best bank account bonuses. This included accounts from a mix of traditional banks, online banks and credit unions available nationally. We heavily emphasized bonus value as well as ongoing experience with the bank. You can read more about our methodology below.
Show summary
-
Discover Bank Online Savings Account
: Best for strong APY
-
Fifth Third Momentum Checking
: Best for no monthly maintenance fees
-
Citi Priority
: Best for high balances
-
Huntington Perks Checking Account
: Best for easy-to-earn bonus
-
Chase Total Checking
: Best for in-person banking
-
Axos Rewards Checking
: Best for no overdraft fees
-
SoFi Checking and Savings
: Best for automated savings tools
We receive compensation from our partners for Featured Offer placements, which impacts how and where their offer is displayed.
Featured Offer
Axos Bank Rewards Checking
Monthly maintenance fee
$0
Overdraft fee
$0
Minimum deposit requirement
$50
Discover Bank Online Savings Account
Best for strong APY
Maximum bonus value
$200
Required actions
Deposit at least $25,000
Monthly maintenance fee
$0
5/5
Why we picked it
Discover may be known for credit cards, but the suburban Chicago bank also offers deposit products, including a high-yield Online Savings Account.
Lorem ipsum
Savers can establish an account with no minimum opening deposit or try to qualify for Discover’s bonus offers. With the bonus, you can earn $200 with a deposit of at least $25,000 or $150 with a deposit of at least $15,000, completed within 30 days of the account opening date.
Lorem ipsum
The account has no monthly maintenance fees or insufficient funds fees. Discover’s Online Savings Account earns an annual percentage yield (APY) of 4.35%, with interest compounded daily and credited to your account monthly.
Pros
- Charges no account fees
- Provides 24/7 support
- Offers a competitive APY
Cons
- Earning full bonus requires a steep deposit
- Pays bonus only to new customers
- Operates no branches for in-person service
Who should use it
If you’re comfortable with managing your account online and want to avoid fees that cut into your savings, this account may be for you. The APY rate is competitive, but the bonuses — worth up to $200 — require fairly large deposits within 30 days of account opening.
Fifth Third Momentum Checking
Best for no monthly maintenance fees
Maximum bonus value
$325
Required actions
Direct deposit at least $500
Monthly maintenance fee
$0
4.5/5
Why we picked it
The Fifth Third Momentum Checking account comes with a variety of benefits as well as a chance to qualify for a $325 bonus (offer expires March 31, 2024). You’ll need to establish an account and then make direct deposits totaling at least $500 within 90 days of opening the account. The bonus will be added to your new account within 10 business days of meeting the criteria.
Lorem ipsum
This checking account has no monthly maintenance fees, no minimum deposit and no balance requirements. Cincinnati-based Fifth Third marked 165 years in banking in 2023 and has branches in 11 states, with 1,200 full-service locations.
Pros
- Charges no monthly maintenance fees
- Offers access to more than 40,000 fee-free ATMs nationwide
- Includes perks such as extra time to avoid overdraft fees
Cons
- Earns very little interest
- Charges overdraft and third-party ATM fees that can add up
- Doesn’t have branches nationwide
Who should use it
If you’re seeking a low-cost account without the worry of maintaining a minimum balance requirement, the Fifth Third Momentum Checking account could be a good fit. You’ll have the option to manage your money at a Fifth Third Branch, at one of 40,000 ATMs nationwide or from your smartphone or other device.
Citi Priority
Best for high balances
Maximum bonus value
$2,000
Required actions
Deposit at least $300,000
Monthly maintenance fee
$0
4.4/5
Why we picked it
The more you deposit, the more bonus cash you could earn if you’re a new checking customer and you open a Citi Priority Checking Account. You may be able to unlock a bonus of $200 to $2,000 after enrolling in the offer on the same day you create your account and then depositing new funds into the account within 20 days of opening it. Your balance on the twentieth day will determine your maximum bonus at the following rates:
-Earn a $200 bonus with a minimum deposit of $10,000
-Earn a $500 bonus with a minimum deposit of $30,000
-Earn a $1,000 bonus with a minimum deposit of $75,000
-Earn a $1,500 bonus with a minimum deposit of $200,000
-Earn a $2,000 bonus with a minimum deposit of $300,000
Lorem ipsum
You’ll need to maintain the required minimum balance in your account for an additional 60 days from the twenty-first day. The bonus will be deposited into your account within 30 days after you complete these requirements.
Lorem ipsum
Citi benefits include access to investment resources and free financial checkups from Citi Personal Wealth Management. New York-based Citi also charges no monthly maintenance or overdraft fees on consumer checking accounts and no ATM fees at more than 65,000 machines across the US. For those who enjoy in-person banking, Citi has more than 700 branches in the US.
Pros
- Offers a generous cash bonus for large deposits
- No fees
- Provides access to free financial checkups and investment resources
Cons
- Requires a large deposit to earn bonus
- Earns no interest
- Low Trustpilot ratings
Who should use it
You may want to consider Citi Priority if you can deposit at least $10,000 to be eligible for a bonus and keep the cash in your checking account for at least 60 days.
Huntington Perks Checking Account
Best for easy-to-earn bonus
Maximum bonus value
$400
Required actions
Receive direct deposit
Monthly maintenance fee
$10
4.3/5
Why we picked it
Because Huntington is a regional bank, you must live in one of these 11 states to open an account: Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Dakota, West Virginia or Wisconsin.
Lorem ipsum
If you’re eligible, the Huntington Perks Checking account has one of the simplest bonuses on our list. You just have to receive a direct deposit within the first 90 days of opening an account and you’ll get $400 deposited into your account within 14 days of meeting those requirements.
Lorem ipsum
Your checking account balance will earn a minimal APY of 0.02%. You can avoid a $10 monthly maintenance fee with either $1,000 in deposits or $5,000 in relationship balances each month. Relationship balances include eligible deposits held directly by the bank or investments made through Huntington or its affiliate, Huntington Financial Advisors.
Lorem ipsum
If you overdraw your account by $50 or less, you won’t incur an overdraft fee; if you overdraw by more than $50, you get more time to make a deposit and avoid a fee or returned transaction. The Columbus, Ohio-based bank also provides credit score and identity monitoring with this account.
Pros
- Easy-to-earn bonus
- Charges no fees for overdrafts of $50 or less
- Provides free credit score and identity monitoring
Cons
- Monthly maintenance fee if you don’t meet requirements
- Requires you to live in the bank’s 11-state footprint
- Low Trustpilot ratings
Who should use it
A Huntington Perks Checking account is best for someone looking to earn an easy bonus offer and has at least $1,000 in monthly deposits to avoid the $10 monthly maintenance fee.
Chase Total Checking
Best for in-person banking
Maximum bonus value
$200
Required actions
Deposit at least $500
Monthly maintenance fee
$12
4.3/5
Why we picked it
The Chase Total Checking’s $200 bonus is relatively simple: If you’re a new Chase checking customer, you must open an account and make direct deposits of at least $500 within 90 days.
Lorem ipsum
Chase’s Total Checking account earns no APY and comes with a $12 monthly maintenance fee that can be waived by either receiving $500 in deposits per month or maintaining a balance of $1,500.
Lorem ipsum
The strength of this account is based on Chase itself, which is the largest bank in the US, with a broad array of products and services, plus a strong online banking experience.
Pros
- More than 4,700 branches
- Bonus is relatively easy to earn
- Strong app ratings
Cons
- No APY
- Monthly maintenance fee if you don’t meet requirements
- High overdraft and NSF fees ($34)
Who should use it
This account is ideal for someone who enjoys in-person banking. Chase’s branch network of more than 4,700 locations is unrivaled, and you’re likely to have a branch within reach of wherever you live.
Axos Rewards Checking
Best for no overdraft fees
Maximum bonus value
$300
Required actions
Deposit at least $5,000
Monthly maintenance fee
$0
Why we picked it
To earn the full $300 Axos Rewards Checking bonus you’ll need direct deposits that total $5,000 each month for the first seven months your account is open (and to maintain a minimum average daily balance of $7,000). You’ll receive a payment of $50 for each month you meet these requirements.
Lorem ipsum
Beyond the bonus, the Axos Rewards Checking account is worth looking into because of its above-average 3.30% APY plus the lack of monthly maintenance, overdraft, NSF and ATM fees.
Pros
- High APY
- No monthly service fees
- No overdraft fees
Cons
- Ongoing deposits required to earn full bonus
- Long period of time required to earn full bonus
- $50 minimum opening deposit
Who should use it
This account is a strong option for anyone looking to earn a good return on their checking balance while also avoiding fees.
SoFi Checking and Savings
Best for automated savings tools
Maximum bonus value
$300
Required actions
Deposit at least $5,000
Monthly maintenance fee
$0
4.1/5
Why we picked it
The SoFi Checking and Savings promotion is straightforward. You’ll need to sign up for an account and receive direct deposits. The bonus amount depends on the total direct deposit amount in the bonus period (starting when your account gets its first direct deposit and ending 25 days later):
-Earn a $50 bonus with direct deposits totaling $1,000-$4,999.99
-Earn a $300 bonus with direct deposits totaling $5,000 or more
Lorem ipsum
The SoFi Checking and Savings Account is a combined account where you’ll earn 4.60% APY on savings balances and 0.50% APY on checking balances. The account has many tools to automate your savings and the potential to get your paycheck up to two days early.
Pros
- No monthly maintenance fees
- Strong APY on savings balance
- Strong Trustpilot ratings
Cons
- No physical branches
- No standalone checking or savings account options
- Lower APY than some competitors
Who should use it
Those comfortable with digital banking, value good customer service and are looking for a simplified banking experience.
Our picks at a glance
| Maximum bonus value | Required actions | Monthly maintenance fee | |
|---|---|---|---|
Discover Bank Online Savings Account | $200 | Deposit at least $25,000 | $0 |
Fifth Third Momentum Checking | $350 | Direct deposit at least $500 | $0 |
Citi Priority | $2,000 | Deposit at least $300,000 | $0 |
Huntington Perks Checking Account | $400 | Receive direct deposit | $10 |
Chase Total Checking | $200 | Deposit at least $500 | $12 |
Axos Rewards Checking | $300 | Deposit at least $5,000 | $0 |
SoFi Checking and Savings | $300 | Deposit at least $5,000 | $0 |
Bank account promotions are perks offered by banks and credit unions to get people excited about opening an account. Most often, a savings or checking account promotion exists as a lump-sum cash payment when you open your account and meet certain requirements.
These requirements can vary by institution and account type. You may have to deposit a certain amount and then leave it in the account for a set period. Sometimes you may also agree to spend a certain amount from the account.
The purpose of bank account bonuses
Bank account bonuses are one way that banks incentivize new and existing customers to open accounts or to try specific services. The amount you receive from a bank account bonus can range from less than $100 to $2,000, although larger bonuses may come with more requirements.
You can find checking and savings account bonus offers and even rewards besides cash. Banks might offer waived fees, reward points that can be redeemed for travel or merchandise and other perks.
When evaluating bank promotions, factor in the cost. You may be thinking, “But they don’t cost anything! It’s a free bonus.”
Alas, this isn’t quite true. By signing up for a bank promotion, you’re also making a serious commitment and agreeing to finely printed terms and conditions.
Banks typically set certain requirements for you to meet to earn bonuses, and the requirements will differ by type of account and bank. With a savings account bonus, you’re usually promising to keep a certain amount of money in the account for a set duration of time — maybe a few months. A checking account bonus may require you to make a minimum deposit and spend a certain amount of cash within that period to get the bonus.
This could disrupt your savings goals and even set you back financially, particularly if you’re on a tight budget.
Finally, when considering a bank account promotion, you’ll want to carefully read the scroll of fine print that comes with it. This informs you about interest rates, fees and other possible charges associated with the bank account promotion. Make sure that fees won’t eat into the value of the bonus.
What to watch out for with a bank account bonus
When considering a bank account bonus, you need to scour the fine print of the promotion. Read the account terms and conditions, looking out for the following factors that can make a bonus less attractive:
- Meeting direct deposit requirements: Check that you can make a qualifying deposit within the allotted time frame to receive the bonus.
- Maintaining a minimum account balance: You might have to maintain the balance for what may be an unrealistic period. If you fail to do so, you may collect a smaller cash bonus than you expected.
- Fees: Paying fees associated with opening or maintaining the account that offset the value of the bonus.
- Minimum transactions: Making a minimum number of transactions that you can’t afford to spend.
The potential drawbacks of promotional offers largely revolve around whether signing up to get a bonus is a financially solvent move not just for now but also for the long haul.
See, you’ll most likely need to keep a certain amount of money in the account and possibly have to spend a certain amount of money within a certain amount of time. You could pay fees for opening or maintaining the account. These are big responsibilities that you must weigh carefully.
Another potential drawback is that these bonuses are one-time perks. For that reason alone, putting your money in a high-yield savings account can be a smarter move to yield a greater return on investment over time.
Methodology
Our team of experts at CNN Underscored Money analyzed dozens of accounts from more than 30 financial institutions to determine the rankings for the best bank account bonuses. This included accounts from a mix of traditional banks, online banks and credit unions available nationally. We ranked each account on 19 data points across seven categories.
Here are the categories we analyzed and how we weighted each:
Bonus (55%)
The promotional bonus itself is the most important factor in this ranking, including the bonus value, required actions to earn the bonus and bonus value per dollar deposited.
Fees (20%)
Fees are a critical factor to consider with your account because they can eat away at any interest earnings, especially if an account has a high monthly maintenance fee.
APY (5%)
The amount of interest you earn on your balance is important, but it’s not one of the main features of a traditional checking account.
Customer experience (5%)
It’s important to have a bank that’s trustworthy and easy to reach when you need help.
Digital experience (5%)
You’ll want a bank with a usable app and plenty of online features so that it’s easy to bank from anywhere.
Minimums (5%)
A high minimum deposit makes accounts less accessible, so we rewarded accounts that more people can use. We also rewarded accounts that don’t make you carry a minimum balance to avoid fees.
Access (5%)
While many banking tasks can be completed online, having close access to branches and ATMs is important for many people.
Frequently asked questions (FAQs)
This is a tough question to tackle because the answer isn’t yes or no but more that it depends. It depends on whether you can meet the eligibility requirements in a way that won’t hurt your financial regimen. It depends on whether you would be better off putting the money in a high-yield savings account and gaining upward of 5.00% interest on that cash. Do the math and make sure the bonus is worth the work.
As with interest accrued, bank account bonuses count as taxable income. Your bank will report the cash amount of the bonus on a 1099-INT form. You’ll need to complete the form to figure out whether you must pay taxes on the bonus when filing your income tax return.
To qualify for a checking account promotion, you’ll typically need to transfer or deposit into the account a minimum amount of cash — the amount varies by bank and account. You might have to agree to keep that amount in the account for a period that varies. You may also need to spend a certain amount of money while maintaining a possibly steep minimum balance.
When considering a checking account promotion, be cautious of the fine print and eligibility requirements. Look out for monthly account fees, high minimum balance requirements and long windows to maintain a certain balance. Remember that bank account bonuses are not free money; they’re more like a kind of trade. You’re meeting the bank’s needs by providing a promised amount of cash for some time, and the bank’s thanking you with a bonus. It’s not a handout; it’s a handshake.
I am an expert in personal finance and banking, with a deep understanding of various financial products and services. My expertise is grounded in a comprehensive knowledge of the banking industry, including the intricacies of different types of accounts, promotions, and bonuses. I have closely followed trends and developments in the financial sector, staying up-to-date with the latest information and offerings from banks and credit unions.
In the article provided, the focus is on bank bonuses and promotions, specifically highlighting the best options available in the market. The analysis is conducted by a team of experts at CNN Underscored Money, who have evaluated accounts from over 30 financial institutions. The team has considered various factors, such as bonus value, required actions, fees, annual percentage yield (APY), customer experience, digital experience, minimums, and access.
Now, let's break down the concepts mentioned in the article:
-
Bank Bonuses and Promotions:
- Bank bonuses and promotions are incentives offered by financial institutions to attract new customers or encourage existing customers to engage in specific financial activities.
- These promotions often involve cash bonuses, waived fees, reward points, or other perks.
-
Purpose of Bank Account Bonuses:
- The primary purpose is to incentivize new and existing customers to open accounts, try specific services, or meet certain requirements.
- The bonus amount can vary, and larger bonuses may come with more stringent requirements.
-
Factors to Consider When Evaluating Bank Promotions:
- Meeting direct deposit requirements, maintaining a minimum account balance, paying attention to fees, and ensuring you can meet any minimum transaction requirements are crucial factors.
- Potential drawbacks include disruptions to savings goals, financial commitments, and the temporary nature of these one-time bonuses.
-
Tax Implications of Bank Bonuses:
- Bank account bonuses are considered taxable income.
- Banks report the bonus amount on a 1099-INT form, and recipients are required to report it when filing their income tax return.
-
Qualifying for Checking Account Promotions:
- Typically, customers need to transfer or deposit a minimum amount of cash into the account.
- There may be requirements to maintain a minimum balance, make specific transactions, or fulfill other eligibility criteria.
-
Methodology for Ranking Bank Account Bonuses:
- The team at CNN Underscored Money used a comprehensive methodology, analyzing accounts on 19 data points across seven categories.
- Categories include Bonus (55%), Fees (20%), APY (5%), Customer Experience (5%), Digital Experience (5%), Minimums (5%), and Access (5%).
This information provides a detailed overview of the factors considered when evaluating and choosing bank account bonuses. It helps individuals make informed decisions based on their financial goals and preferences.
