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Best Checking Account Bonus Offers in May 2022

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MagnifyMoney reviewed dozens of bank bonus offers to find today’s best available checking account promotions. While these banks often require qualifying direct deposits and/or minimum balance requirements, those cash bonuses are a nice perk for opening a new checking account. Santander currently offers up to $500 for opening a checking account and completing bonus requirements.

Why trust us: MagnifyMoney is a leading outlet in the deposits space, and our team of experts has years of experience tracking banks and credit unions. We are a free, independent service that evaluates and compares financial products, including checking accounts. Review our methodology for choosing the best checking account bonus offers.

Top checking account sign-up bonuses in May 2022

AccountBonus amountExpiration date
#1 Santander Bank Checking AccountsUp to $5007/6/2022
Citizens Bank Checking AccountsUp to $4006/9/2022
First National Bank Checking AccountUp to $40012/31/2022
U.S. Bank Checking AccountsUp to $4006/13/2022
M&T Bank MyChoice Premium Checking$3505/27/2022
BMO Harris Premier Account$3506/3/2022
Fifth Third Bank Checking Accounts$3506/30/2022
TD Bank Beyond Checking Account$30010/31/2022
Wells Fargo Checking Accounts$3007/15/2022

Santander Bank Checking Accounts — Up to $500

Santander Bank Checking Accounts — Up to $500
  • Expiration date: 7/6/2022
  • How to earn bonus: In order to earn $300, receive at least $4,000 in qualifying direct deposits within 90 days of opening an account. To earn $400, receive at least $6,000. To earn $500, receive at least $8,000.
  • Who’s eligible: Residents of Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and select Florida counties who are not current Santander checking customers and have not had an account in the last 12 months.
  • Account information: Santander offers this bonus for Santander Private Client Checking, Santander Select Checking, Santander Simply Right Checking and Santander Basic Checking.
  • Monthly fee: The monthly fees vary with the type of account, but some can be waived. The Basic Checking account’s $3 fee cannot be waived.

Citizens Bank Checking Accounts — Up to $400

Citizens Bank Platinum Checking
  • Expiration date: 6/9/2022
  • How to earn bonus: Receive a direct deposit of at least $500 within 60 days of account opening to earn a $300 bonus; each debit card purchase within 60 days of account opening earns $2 for a maximum of an additional $100 bonus.
  • Who’s eligible: Residents of Connecticut, D.C., Delaware, Florida, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont and Virginia who do not have a Citizens personal checking account and have not had a Citizens personal checking account in the last six months.
  • Account information: Citizens Bank offers four types of checking accounts that earn this bonus: Student Checking, One Deposit Checking, Quest Checking and Wealth Checking. Student is designed for those under 25, One Deposit is geared for everyday banking, Quest is for those who want a relationship account with Citizens and Wealth is for high relationship balances.
  • Monthly fees: $25 for Quest Checking, waived with at least $5,000 in combined deposits per month or a $25,000 combined balance in Citizens accounts; $9.99 for One Deposit, waived with at least one deposit each month; $0 for Student Checking for those under 25. Wealth Checking has no monthly fee, but you must maintain a relationship balance of at least $200,000.

First National Bank Checking Account — Up to $400

First National Bank Checking Account — Up to $400
  • Expiration date: 12/31/2022
  • How to earn bonus: In order to earn the maximum bonus amount of $400, you must make direct deposits totaling at least $2,500 (for a bonus of $250) and complete 10 online bill payments using First National Bank’s Bill Paying Service (for a bonus of $150) within 90 days of account opening. You can still earn $150 with direct deposits totaling $1,500 (but less than $2,500) within 90 days of account opening. Use promo code PEN4000121.
  • Who’s eligible: Residents of D.C., Maryland, North Carolina, Ohio, Pennsylvania, South Carolina, Virginia and West Virginia who open a new personal checking account with FNB.
  • Account information: FNB offers this promotion to those who open a Freestyle, Lifestyle, Premierstyle, eStyle, eStyle Plus or Workplace First checking account.
  • Monthly fees: The fees for these accounts vary, but Freestyle checking has no monthly fee.

U.S. Bank Checking Accounts — Up to $400

U.S. Bank Checking Accounts — Up to $400
  • Expiration date: 6/13/2022
  • How to earn bonus: Earn $400 by enrolling in the U.S. Bank Mobile App or online banking and completing two or more qualifying direct deposits totaling at least $5,000 within 60 days. Earn $200 with qualifying direct deposits totaling at least $2,500 but less than $5,000. This promotion is available for the U.S. Bank Easy, Gold and Platinum checking accounts.
  • Who’s eligible: Available nationwide for those who do not currently have a U.S. Bank consumer checking account, have not had one in the last two years and have not received a U.S. Bank bonus in the last two years.
  • Account information: The Easy Checking account is a basic account with standard features, the Gold Checking Package has extra benefits for U.S Bank credit card and loan customers and the Platinum Checking Package offers the best rates and rewards.
  • Monthly fees: Easy Checking has a $6.95 fee, the Gold Checking Package has a $14.95 fee and the Platinum Checking Package has a $24.95 fee. They can be waived with certain conditions.

M&T Bank MyChoice Premium Checking — $350

M&T Bank MyChoice Premium Checking — $350
  • Expiration date: 5/27/2022
  • How to earn bonus: Maintain an average monthly balance of at least $10,000 in June 2022 and July 2022 to earn a $350 bonus. You must open the MyChoice Premium Checking account with promo code CA.
  • Who’s eligible: Residents of Connecticut, Delaware, Maryland, New Jersey, New York, Pennsylvania, Virginia, Washington D.C. and West Virginia who have not received a bonus from a personal M&T checking account in the last 12 months.
  • Account information: The MyChoice Premium Checking account is M&T Bank’s premium checking account. It’s an interest-bearing account, pays ATM fee rebates and allows customers to receive discounted personal loan rates, as well as access to the MyChoice Money Market Account with waived monthly fees.
  • Monthly fees: $24.95 for MyChoice Premium, waived with a $7,500 average daily balance or $25,000 in combined M&T balances.

BMO Harris Premier Account — $350

BMO Harris — $350 bonus
  • Expiration date: 6/5/2022
  • How to earn bonus: Receive a total of at least $7,500 in combined qualifying direct deposits within 90 days of account opening.
  • Who’s eligible: Nationwide for those who are not currently BMO Harris personal checking customers and have not had a BMO Harris personal checking account in the last 12 months.
  • Account information: The BMO Harris Premier Silver, Premier Gold, Premier Platinum and Premier Platinum Elite accounts offer different tiers of perks to customers. All the accounts bear interest and allow for unlimited transactions at non-BMO Harris ATMs.
  • Monthly fees: $25, waived if you have a minimum balance of at least $10,000 in your Premier Account, have a combined balance of at least $25,000 in BMO Harris accounts or if you’re a client of the BMO Harris employee benefits program.

Fifth Third Bank Checking Accounts — $350

Fifth Third Bank Checking Accounts — $300
  • Expiration date: 6/30/2022
  • How to earn bonus: Receive a total of at least $500 in combined qualifying direct deposit within 60 days of account opening.
  • Who’s eligible: Nationwide for those who do not have a Fifth Third checking account and have not had one in the last 12 months.
  • Account information: The Fifth Third Momentum and Preferred Checking accounts are eligible to receive this promotion. Momentum has no minimum balance requirement or monthly maintenance fee. Customers with a Preferred Checking account can receive better rates on Fifth Third loans.
  • Monthly fees: $0 for Momentum, $25 for Preferred, waived with a combined total balance of at least $100,000 across Fifth Third accounts.

TD Bank Beyond Checking Account — $300

TD Beyond Checking
  • Expiration date: 10/31/2022
  • How to earn bonus: Receive a total of at least $2,500 in combined qualifying direct deposits within 60 days of account opening.
  • Who’s eligible: Residents of Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Whose Island, South Carolina, Vermont, Virginia and Washington, D.C. who are not currently TD Bank personal checking customers and have not had a TD Bank personal checking account in the last 12 months.
  • Account information: The TD Bank Beyond Checking account is interest-bearing. While there’s no minimum balance to open or minimum balance requirement, there’s a monthly maintenance fee if certain requirements aren’t met.
  • Monthly fees: $25, waived if you have monthly direct deposits of at least $5,000, have a minimum daily balance of at least $2,500 or have a combined balance of at least $25,000 in TD Bank accounts.

Wells Fargo Checking Accounts — $300

Wells Fargo Checking Accounts — $300 Bonus
  • Expiration date: 7/15/2022
  • How to earn bonus: Receive a total of at least $1,000 in qualifying direct deposits within 90 days.
  • Who’s eligible: Available nationwide for those who do not currently have a Wells Fargo checking account and haven’t had one in the last 12 months.
  • Account information: All of Wells Fargo’s consumer checking accounts are eligible for this bonus except for those offered by Wells Fargo Private Bank. Wells Fargo offers Premier Checking, which features specialized banking services, Prime Checking, which bears interest, Clear Access Banking, which has no overdraft fees and doesn’t have check-writing privileges, Everyday Checking, which has basic checking account features, and Prime Checking.
  • Monthly fees: $35 for Premier Checking, $25 for Prime Checking, $10 for Everyday Checking and $5 for Clear Access Banking — each of which can be waived with certain account activities or balance requirements.

Frequently asked questions

Why should I open a checking account?

Checking accounts are deposit accounts that are designed for frequent, everyday use. They tend to provide unlimited deposits and withdrawals, and they often offer check-writing capabilities.

Many banks offer checking account bonus offers. Some are limited-time offers, while others extend their promotions on a rolling basis.

To receive a checking account bonus, you must typically be a new customer and complete direct deposits from a paycheck, pension or government benefit totaling a certain amount soon after opening the checking account.

Santander offers a bonus of up to $500 for its checking accounts, the highest bonus per the MagnifyMoney methodology for choosing bank bonuses.

Banks offer promotions to attract customers and ensure that those new customers commit to using that bank’s services by requiring recurring types of direct deposits, minimum balance requirements and other conditions.

Compared with other types of deposit accounts, like savings accounts and certificates of deposit (CDs), checking accounts have more liquidity. Some types of checking accounts bear interest, though rates are generally lower than other types of deposit accounts.

Savings accounts often have withdrawal limits and CDs are designed for long-term deposits and incur penalties for early withdrawals. Checking accounts typically include debit cards for purchases and ATM use.

Methodology for choosing the best checking account bonus offers

MagnifyMoney reviewed dozens of bank bonus offers with information sourced from DepositAccounts and other sites to provide this list of the best checking account promotions.

We chose the accounts with the highest bonus amounts, provided that they met certain criteria, and sorted them by the size of the bonus. Only offers from financial institutions with Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA) insurance were considered. Most bank promotions come with conditions to earn the bonus, so MagnifyMoney selected accounts with a deposit or balance requirement of $10,000 or less. Likewise, these accounts do not have onerous monthly maintenance fees — $25 or less with options to waive it.

This list of the best checking account bonuses does not necessarily feature accounts that are available nationally, though promotions with geographic restrictions must be available in several states.