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Best of

20 Credit Cards with No Cash Advance Fees

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any credit card issuer. This site may be compensated through a credit card issuer partnership.

Credit Cards with No Cash Advance Fees

 

If you have a credit card, your financial institution has likely mailed you checks for cash advance purposes. Understanding this aspect of your available credit is incredibly important, as it can be much more expensive than simply making a purchase.

Taking a cash advance gives you money now in cases where you can’t use a credit card (perhaps paying rent), or have otherwise maxed out your purchasing power. Many financial institutions will charge you a fee between 1% and 5% just for making this transaction.

But some cards have no fees for cash advances.

The catch is, interest starts accruing immediately on cash advances, meaning that even if you pay your statement balance in full by the due date, you will still incur interest charges in the interim. So if you do a cash advance, try to pay it off as quickly as possible, even before the due date, to minimize the interest you pay.

Best Cards with No Cash Advance Fees

These credit unions offer no cash advance fees on all their credit cards. While you’ll pay interest from the day you take out the cash, as a last resort it’s a better bet than paying an upfront fee. These are all credit unions anyone can join, but many of them require excellent credit to qualify for a card.

 

PenFed Credit Union

PenFed Credit Union-CDs Pentagon Federal Credit Union, commonly known as PenFed, offers five different credit cards with no cash advance fees. None of them charge a foreign transaction fee, and all interest rates are the same for purchases and cash advances.

Anyone can join PenFed Credit Union via association membership, employment, military affiliation and more!

PenFed Platinum Rewards Visa Signature® Card

APPLY NOW Secured

on PenFed Credit Union’s secure website

PenFed Platinum Rewards Visa Signature® Card

Annual fee
$0
Regular Purchase APR
11.74% - 17.99% Variable

PenFed Promise Visa® Card

APPLY NOW Secured

on PenFed Credit Union’s secure website

PenFed Promise Visa® Card

Annual fee
$0
Regular Purchase APR
11.74% to 17.99% variable

PenFed Gold Visa® Card

APPLY NOW Secured

on PenFed Credit Union’s secure website

PenFed Gold Visa® Card

Annual fee
$0
Regular Purchase APR
8.99% - 17.99% Variable

American 1 Credit Union

American 1 Credit Union American 1 Credit Union offers four different credit cards with no cash advance fees. Interest rates on purchases and cash advances are the same, though there is a foreign transaction fee of 1%.

Anyone can join American 1 Credit Union by joining Community 1 Cooperative. You pay $3 for membership, which includes a litany of discounts on consumer products and services across an array of industries.

American 1 Rewards Credit Card

APPLY NOW Secured

on American 1 Credit Union’s secure website

American 1 Rewards Credit Card

Annual fee
$0
Regular Purchase APR
9.49% - 18.00% Variable

CapEd Federal Credit Union

 CapEd Federal Credit Union CapEd Federal Credit Union offers one card with no cash advance fees. It also carries the same interest rate for purchases and cash advances, but does have a foreign transaction fee that varies depending on if the transaction is in USD or requires conversion into a foreign currency.

To join CapEd, all you have to do is make a one-time $20 donation to the Idaho CapEd Foundation.

CapEd VISA® Platinum Credit Card

APPLY NOW Secured

on Capital Educators Federal Credit Union’s secure website

CapEd VISA® Platinum Credit Card

Annual fee
$0
Regular Purchase APR
7.59% - 17.99% Variable

First Tech Federal Credit Union

First Tech Federal Credit Union First Tech Federal Credit Union offers three different cards that come with no cash advance fees. The interest rates on these transactions will be higher than the interest rates on regular purchases, however. There are no foreign transaction fees.

Anyone can join First Tech through membership in the Financial Fitness Association, which costs $8 per year, or a digital membership to the Computer History Museum, which will run you $15 per year.

Odyssey™ Rewards World Elite MasterCard® from First Tech FCU

APPLY NOW Secured

on First Technology Federal Credit Union’s secure website

Odyssey™ Rewards World Elite MasterCard® from First Tech FCU

Annual fee
First year free, then $75 annual fee thereafter
Regular Purchase APR
12.99% to 18.00% Variable
Credit required
good-credit
Good

Platinum Rewards MasterCard® from First Tech FCU

APPLY NOW Secured

on First Technology Federal Credit Union’s secure website

Platinum Rewards MasterCard® from First Tech FCU

Annual fee
$0
Regular Purchase APR
11.99% to 18.00% Variable
Credit required
good-credit
Good

Choice Rewards World MasterCard® from First Tech FCU

APPLY NOW Secured

on First Technology Federal Credit Union’s secure website

Choice Rewards World MasterCard® from First Tech FCU

Annual fee
$0
Regular Purchase APR
11.99%-18.00% variable
Credit required
good-credit
Good

Platinum Secured Mastercard® from First Tech FCU

APPLY NOW Secured

on First Technology Federal Credit Union’s secure website

Platinum Secured Mastercard® from First Tech FCU

Regular Purchase APR
18.00% Variable
Minimum Deposit
$500 - $25,000
Annual fee
$0

ISU Credit Union

ISU Credit Union ISU Credit Union offers two cards that have zero cash advance fees. Interest rates on cash advances are higher than those on regular purchases for the first year only, and there is a foreign transaction fee of 1%.

To join ISU Credit Union if you don’t live, work or study in Southeastern Idaho, you can qualify through paid membership at a number of Southeastern Idaho organizations including humane societies and educational cause groups. Also, ISU has a $1.00 membership fee and a minimum deposit of $25.00 which represents your share of ownership in the credit union. You must maintain a share balance of $25 while your account is open.

Platinum MasterCard® from ISU CU

Annual fee
$0
Regular Purchase APR
9.50% - 16.75% Variable

Platinum Plus MasterCard® from ISU CU

Annual fee
$0
Regular Purchase APR
10.50% - 17.75% Variable

Mid-Illini Credit Union

Mid-Illini Credit Union Mid Illini Credit Union offers two different cards that come with no cash advance fees. Interest rates for purchases and cash advances are identical, and there is a foreign transaction fee of 1%.

Anyone can join Mid Illini Credit Union by making a one-time $1 donation to the Mid-Illinois Dollars for Scholars, an organization that provides scholarships to students of McLean County, Illinois.

Visa Classic Card from Mid Illini CU

APPLY NOW Secured

on Mid Illini Credit Union’s secure website

Visa Classic Card from Mid Illini CU

Annual fee
$0
Regular Purchase APR
14.99% - 18.99% Variable

Visa Platinum Card from Mid Illini CU

APPLY NOW Secured

on Mid Illini Credit Union’s secure website

Visa Platinum Card from Mid Illini CU

Annual fee
$0
Regular Purchase APR
8.99% - 9.99% Variable

Stanford Federal Credit Union

Stanford Federal Credit Union Stanford Federal Credit Union offers several cards with no cash advance fees for which the general public qualifies. There are no foreign transaction fees, and rates are the same for purchases and cash advances.

To join Stanford Federal Credit Union, you can become a member at the Museum of American Heritage or join Friends of the Palo Alto Library.

Visa® Platinum Cash Back Rewards Card from Stanford FCU

APPLY NOW Secured

on Stanford Federal’s secure website

Visa® Platinum Cash Back Rewards Card from Stanford FCU

Annual fee
$0
Regular Purchase APR
11.24% - 17.99% Variable

Digital Credit Union

Digital Credit Union Digital Credit Union offers two cards with no cash advance fees. While interest rates are the same for both cash advances and regular purchases, foreign transaction fees will vary based on the need for currency conversion.

You can join Digital Credit Union by donating to any number of organizations that match your interests. The most common organization new members choose is Reach Out for Schools, which only requires a one-year membership at the cost of $10.

DCU Visa® Platinum Credit Card

APPLY NOW Secured

on Digital Federal Credit Union (DCU)’s secure website

DCU Visa® Platinum Credit Card

Annual fee
$0
Regular Purchase APR
10.50% - 18.00% Variable

DCU Visa® Platinum Rewards Credit Card

APPLY NOW Secured

on Digital Federal Credit Union (DCU)’s secure website

DCU Visa® Platinum Rewards Credit Card

Annual fee
$0
Regular Purchase APR
13.25% - 18.00% Variable

Other Options with Restricted Membership

There are other credit unions that offer no cash advance fees, however they have restricted membership based on your residence or other factors. Here are some other cards that can be an option depending on where you live.

  • United Federal Credit Union offers two cards for people who live or work in Arkansas, Indiana, Michigan, Nevada, North Carolina, Ohio and Oklahoma or have an immediate family member who is a member of United FCU:

U First Visa® credit card

APPLY NOW Secured

on United Federal Credit Union’s secure website

U First Visa® credit card

Annual fee
$0
Regular Purchase APR
9.49% - 18.00% Variable
  • Addition Financial offers 3 cards for people who live, work, worship, volunteer, attend school or vocational training, or is an alumni of any college, university, or educational institution located in Orange, Osceola, Seminole, Lake, Alachua, Brevard, Duval, Flagler, Hernando, Highlands, Hillsborough, Indian River, Marion, Martin, Okeechobee, Pasco, Pinellas, Polk, St. Johns, St. Lucie, Sumter or Volusia County:

Visa Platinum Low Rate Credit Card from Addition Financial

APPLY NOW Secured

on Addition Financial’s secure website

Visa Platinum Low Rate Credit Card from Addition Financial

Annual fee
$0
Cash Advance Fee
None
Regular Purchase APR
10.75% - 17.75% variable

Visa Premier Cash Credit Card from Addition Financial

APPLY NOW Secured

on Addition Financial’s secure website

Visa Premier Cash Credit Card from Addition Financial

Annual fee
$0
Cash Advance Fee
None
Regular Purchase APR
16.25% - 17.75% variable

Visa Premier Rewards Credit Card from Addition Financial

APPLY NOW Secured

on Addition Financial’s secure website

Visa Premier Rewards Credit Card from Addition Financial

Annual fee
$0
Cash Advance Fee
None
Regular Purchase APR
16.25% - 17.75% variable

VISA® Low Rate Oly Gold Card from O Bee Credit Union

APPLY NOW Secured

on O BEE Credit Union’s secure website

VISA® Low Rate Oly Gold Card from O Bee Credit Union

Annual fee
$0
Regular Purchase APR
9.00% - 17.50% Variable

Visa® Signature Cash Rewards Credit Card from Hawaii State FCU

APPLY NOW Secured

on Hawaii State FCU’s secure website

Visa® Signature Cash Rewards Credit Card from Hawaii State FCU

Annual fee
$0
Regular Purchase APR
11.65% - 13.65% Variable

Visa® Platinum Rewards Credit Card from Hawaii State FCU

APPLY NOW Secured

on Hawaii State FCU’s secure website

Visa® Platinum Rewards Credit Card from Hawaii State FCU

Annual fee
$0
Regular Purchase APR
11.65% - 18.00% Variable

Alternatives to Cash Advances

While cards that offer no fees on cash advances are cheaper, that does not mean these transactions are cheap. You should only take a cash advance as a last resort in a true emergency. In order to avoid becoming one of the American households that can’t cover $400 financial hardships, start building an emergency fund today. When you withdraw money from your own savings account, you have to pay zero interest and zero fees.

If you don’t have an emergency fund, but you do have a credit card, it is wiser to charge emergency expenses as a purchase rather than taking money out as a cash advance if at all possible. Even when interest rates are identical for these two different types of transactions, cash advances will start charging you those rates immediately, while purchases won’t require you to pay interest until after the first statement is issued.

Payday loans are another alternative. However, they’re not necessarily a good one. They often come with numerous fees and aren’t as hassle-free as some lenders make them out to be. If you don’t pay off your loan at the end of the term (often about two weeks), you risk incurring fees that can add up to more than your loan. This can translate into effective interest rates in the triple digits. If they’re your only option, be extremely careful. Above all, make sure you fully understand the terms and costs.

Foreign travelers will also want to charge purchases whenever possible for this same reason. If you must use cash, a cash advance is a safer alternative to withdrawing money from your bank account abroad, but it is also wise to pay it off using your financial institution’s online services as soon as possible to avoid paying more interest than you have to.

Cash advances aren’t ideal, so if you can avoid them you should. However, they are a much better option than turning to the alternative lending industry where you’ll find predators and payday loans.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Brynne Conroy
Brynne Conroy |

Brynne Conroy is a writer at MagnifyMoney. You can email Brynne here

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Best of

The Best Checking Account Bonus Offers

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

It’s easy to stick with the same bank your whole life. If you’re not rate-chasing for the best deals out there, all you really need from an account is convenient access to your money to get by each day. At least that way, you get to avoid the hassle of switching your money and accounts, even if it does mean you miss out on some great savings rates.

Banks realize that it’s easy to stay put, too. So in an attempt to gain some new customers, banks can offer some great bonus offers on checking accounts. The promise of a few hundred dollars just for opening an account can be enough to incentivize potential customers to open an account. These bonus offers can be so tempting, that many people chase bonus offers to try and make a few extra bucks.

When looking for bonus offers, it’s important to look past the promotional dollar amount that’s being advertised. For starters, make sure you trust a bank before opening an account with them. You don’t want to be stuck with a new bank that has terrible customer service! Also, be sure to check what’s required of you to snag that bonus offer. Often, it’s opening the new account with a certain balance and maintaining that balance for the next few months. It could also require several direct deposits posted to the account. Make sure you can fulfill these requirements before opening an entirely new bank account.

If you should see an offer you like, just be aware that you may have to open the account from a specific webpage to qualify for the bonus. Other banks could require you to visit a branch to redeem your offer, so it’s important to double check the application requirements.

The best checking account bonus offers in 2019

BankBonus*Minimum Deposit to Earn BonusWhen the deal expires
SimpleUp to $500$10,00010/31/2019
HSBCUp to $750$5,00012/31/2019
Citibank$600$50,00012/31/2019
CitibankUp to $500$15,00012/31/2019
Wells Fargo$400$2511/27/2019
Bank of Blue Valley$350$7,50010/31/2019
TD Bank$300 $2,500No expiration date
SunTrust$300$3,00001/02/2020
PNC Bank$300$5,00012/31/2019
Chase$300$001/21/2020
TD Bank$200$500No expiration date
Citibank$200$5,00012/31/2019
Chase$200 $2501/21/2020
*Terms apply

Methodology

The best checking account bonus offers are — simply put — the ones with the biggest cash amounts we could find at the time of publishing. Below, we’ll detail each of the 11 best checking account bonus offers. You’ll find out whether it’s available in your area and what the requirements you have to meet to earn the bonus.

You might also want to read more about what each account is like on its own. For example, you might want to snag the highest bonus, but what if the account normally charges a monthly fee that you can’t afford? Check it all out below.

Featured: Simple – Up to $500 bonus with qualifying activities

Offer ends 10/31/2019

Offer rules: You can earn a $500 bonus when you open a new Simple Account by 10/31/19 4:59PM PT, deposit at least $20,000 by 11/15/19 4:59PM PT and maintain that balance through 1/31/20 4:59PM PT. Alternatively, you can earn a $250 bonus when you open a new Simple Account by 10/31/19 4:59PM PT, deposit at least $10,000 by 11/15/19 4:59PM PT and maintain that balance through 1/31/20 4:59PM PT.

Who’s eligible: You must be opening a new Simple Account to qualify for this bonus. Eligible customers who meet the requirements will receive the bonus credit to their account by 2/14/20 4:59PM PT. Your account(s) must be open and in good standing at the time of bonus credit to receive the bonus.

Account details: Balances in the Simple Account earn 0.01% APY. Also open an Individual Protected Goals Account and transfer funds there to earn up to 2.02% APY. So long as your combined balance in both accounts total the minimum balance requirements for the offer, you’ll be eligible for the bonus – meaning you could earn up to $500 and a competitive 2.02% APY

LEARN MORE Secured

on Simple’s secure website

HSBC — up to $750 bonus with $5,000 minimum deposit

Offer ends 12/31/2019

Offer rules: There are two offers available here. For the $750 bonus, you can open a Premier Checking account and make recurring direct deposits totaling at least $5,000 for three consecutive consecutive calendar months from the first full calendar month after account opening.

To earn a $350 bonus instead, open an Advance Checking account and deposit at least $5,000 in new money to combined accounts within 30 calendar days of account opening and maintain at least that balance for 90 days. You must also set up recurring direct deposit for at least three consecutive months following the account opening month.

Eligibility: You must be a new HSBC customer to take advantage of these offers and fund your new accounts with new money. This means money not already held with HSBC.

Who’s eligible: The Premier Checking account earns 0.01% APY on balances of $5 or more but charges a hefty $50 fee that can be waived with a whopping $100,000 minimum balance. The Advance Checking also earns 0.01% APY, but has a smaller $25 fee that you can waive with a $10,000 minimum balance.

LEARN MORE Secured

on HSBC’s secure website

Member FDIC

Citibank — $600 bonus with $50,000 minimum deposit

Offer ends 12/31/2019

The offer: To earn the $600 bonus on a new Citi Priority Account Package, you can apply at a Citi branch, call a Citi representative or through this Citibank page. You must make an initial deposit of at least $50,000 within 30 days of opening, between the new checking and savings accounts in the Package.

You must also maintain at least that balance for 60 consecutive calendar days following account opening.

Who’s eligible: Only new-to-Citibank customers who are opening a new Checking and a new Savings account qualify for this bonus offer. To open these accounts online, you must be a U.S. citizen or resident who is at least 18 years old.

Account details: The Citi Priority Package earns interest on its checking account, although at a minimal rate. You’ll also have a savings account, either Citi Savings or Citi Accelerate Savings, that earns interest depending on your balance. The package includes access to Citi Personal Wealth Management Financial Advisors by phone, investment resources and financial planning tools. It also adds extra perks like waived fees for overdraft protection, checkbooks and incoming wire transfers.

The Citi Priority Package charges a $30 monthly service fee. You can waive it by maintaining a combined average monthly balance of $50,000 or more in eligible linked deposit, retirement and investment accounts.

LEARN MORE Secured

on Citibank’s secure website

Citibank — $400 or $500 bonus with $15,000 minimum deposit

Offer ends 12/31/2019

Offer rules: You can earn $400 in bonus cash if you open a new eligible checking and savings account in a Citibank Account Package. You’ll need to deposit at least $15,000 in new-to-Citibank money within 30 days of opening. Since the package includes a checking and savings account, you can split that deposit between the accounts. You’ll need to maintain at least that much money in your accounts for 60 consecutive days to receive the bonus.

You can earn $100 more — for the total $500 bonus — when you complete at least one qualifying direct deposit (within 60 days of account opening) each month for two consecutive months.

Who’s eligible: You qualify for this offer if you are a new Citibank customer opening a new Checking and a new Savings account. To redeem the offer, you can visit a Citibank branch, call a Citibank Representative or apply online. You must be at least 18 years old and a U.S. citizen or resident to apply for these accounts online.

Account details: The Citibank Account Package

earns interest on your checking account balance, but at the lowest rate compared to the bank’s other accounts. The savings account earns interest according to balance tiers. The account includes certain perks like a free order of checkbooks, fee-free ATM access (when you meet balance requirements) and the opportunity to earn Citi ThankYou Rewards.

The Citibank Account Package charges a $25 monthly service fee. You can waive the fee if you keep at least $10,000 in eligible linked deposit, retirement and investment accounts with the bank.

LEARN MORE Secured

on Citibank’s secure website

Wells Fargo — $400 bonus with $3,000 minimum direct deposits

Offer ends 11/27/2019

Offer rules: You have a couple requirements that you’ll need to meet when you open a new Everyday Checking account with Wells Fargo in order to snag this checking account bonus offer. This offer can also apply to an Opportunity Checking account. For starters, you’ll need to open the new account with at least $25. Then within 150 days of account opening, you’ll need to receive at least $3,000 in direct deposits for three consecutive months.

Who’s eligible: You can redeem this checking account bonus offer directly from this online page or by bringing in an offer code, also found on that page, to a Wells Fargo branch in the Dallas/Ft. Worth, Texas, Orlando, Fla., and Phoenix areas. You cannot use this offer if you already have a Wells Fargo consumer checking account or have received a Wells Fargo bonus offer within the past 12 months.

Account details: The Wells Fargo Everyday Checking account is simple, with a Platinum Debit Card and access to more than 13,000 Wells Fargo ATMs. There is a $10 monthly fee on the account, which you can waive in a few different ways:

  • Make 10 or more debit card purchases or payments
  • Receive qualifying direct deposits totaling $500 or more
  • Maintain a $1,500 minimum daily balance
  • Link a Wells Fargo Campus ATM or Campus Debit Card (for college students)
  • The primary account owner is between 17 and 24 years old

LEARN MORE Secured

on Wells Fargo’s secure website

Bank of Blue Valley — up to $350 bonus with $7,500 balance

Offer ends 10/31/2019

Offer rules: There are a few tiers to Bank of Blue Valley’s checking bonus offer. For starters, you’ll need to open a new consumer checking account, which includes Bank of Blue Valley’s Platinum Checking, Free Checking with eStatements and Signature Series Checking accounts.

You can earn a $30 bonus by enrolling in eStatements within 60 calendar days of account opening. You can earn a $70 bonus if you make one direct deposit of at least $500 to the account within 60 calendar days of account opening. Finally, you can earn a $250 bonus by keeping at least $7,500 in the account 60 calendar days after account opening (this includes payroll, pension, Social Security and other government benefits). If you meet all three requirements, you can earn the full $350 bonus.

Who’s eligible: This promotion is open to new Bank of Blue Valley checking customers only. You’re ineligible if you have been paid a new account opening bonus since January 1, 2018, as well. You also cannot use this bonus on a Health Savings Account or Fiduciary account.

Account details: You can choose which Bank of Blue Valley checking account you want to open to redeem this offer. The Platinum Checking account requires at least $500 to open and earns at 1.75% APY on balances up tp $50,000. Avoid the $12 monthly fee by keeping an average daily balance of $7,500.

The Free Checking with eStatements account requires $25 to open, but doesn’t have a minimum balance requirement. There is no monthly fee, unless you want to receive paper statements which cost $2.50.

The Signature Series Checking account earns interest on balances above $250,000. You’ll need a $50,000 average daily balance or $100,000 in total relationship balances to avoid the $9 monthly fee.

LEARN MORE Secured

on Bank Of Blue Valley’s secure website

Member FDIC

Chase — $300 bonus with direct deposit

Offer ends 01/21/2020

Offer rules: It’s pretty simple to earn this $300 bonus offer when you open a new Chase Premier Plus Checking account. You just need to make a direct deposit in this account within 60 days after opening. This can be your paycheck, pension or government benefits.

Eligibility: You cannot apply for this offer if you’re an existing Chase checking or fiduciary account holder. You do not qualify if you had an account closed within the last 90 days or closed with a negative balance.

Account details: Like its name suggests, Chase Premier Plus Checking is a high-end account. It earns interest, although at a minimal 0.01% APY on all balances. It has a high fee of $25, which you can waive with an average beginning day balance of at least $15,000 in combined balances between this account and any linked qualifying Chase checking, savings and other accounts.

The account includes four free non-Chase ATM transactions per statement cycle and free Chase design checks. You can also take advantage of a rent-free small safe deposit box.

LEARN MORE Secured

on Chase Bank’s secure website

Member FDIC

TD Bank — $300 bonus with $2,500 minimum direct deposits

No expiration date

Offer rules: You can earn a $300 bonus when you open a new TD Beyond Checking account. The account needs to receive direct deposits of at least $2,500 within 60 days of opening to qualify. The direct deposit must be from your paycheck, pension or government benefits from your employer or the government.

Eligibility: To qualify for this checking account bonus offer, you must be a new TD Bank customer, without any previous or current TD Bank personal checking accounts. You must also live in the following states: CT, DC, DE, FL, MD, ME, MA, NC, NH, NJ, NY, PA, RI, VT, VA.

You cannot redeem the offer if you’re a Canadian cross-border banking customer.

Account details: The TD Beyond Checking account earns interest on all balances. Higher balances have the chance to get a slight rate boost, but all rates are still pretty minimal. Account holders can access non-TD ATMs without a TD fee and receive reimbursement for other ATM surcharges with a minimum daily balance of $2,500. The account also includes a free standard checks, money orders, stop payments, paper statements and incoming wire transfers.

The account charges a $25 monthly maintenance fee. However, you can waive the fee when you receive monthly direct deposits of $5,000 or more, maintain a minimum daily balance of $2,500 or maintain a combined balance of $25,000 across eligible TD accounts.

LEARN MORE Secured

on TD Bank’s secure website

SunTrust — $300 bonus with $3,000 in direct deposits

Offer ends 01/02/2020

Offer rules: This checking bonus offer applies to new SunTrust Advantage Checking accounts. You must make at least $3,000 in direct deposits per statement cycle for two consecutive cycles within the first three full months after opening the account.

The bonus will be deposited into your new account up to 8 weeks after all qualifications have been verified.

Eligibility: This offer is available to new SunTrust personal checking customers. You can’t even be a secondary account holder on another account or have closed a personal checking account within 180 days of July 2, 2018. You must also have a mailing address in Alabama, Arkansas, Georgia, Florida, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia or the District of Columbia.

To qualify, you must use the application link on this SunTrust page. You can also use the page the email yourself a coupon to bring into a SunTrust branch to redeem the offer.

Account details: The SunTrust Advantage Checking requires at least $100 to open. It earns interest on all balances, although the rate is minimal. The account charges a monthly maintenance fee of $20. You can waive this fee each month by meeting a certain balance or transaction requirements. The account also includes three free non-SunTrust ATM transactions per statement cycle.

LEARN MORE Secured

on SunTrust Bank’s secure website

PNC Bank — $300 bonus with $5,000 direct deposit

Offer ends 12/31/2019

Offer rules: The first step to snagging this $300 bonus is opening a new PNC Virtual Wallet with Performance Select. Then you must receive direct deposits totaling at least $5,000 and make at least 10 purchases with the PNC Bank Visa Debit Card linked to your new account.

Who’s eligible: You must be a new PNC customer to qualify for this offer. This means you must not own an existing PNC Bank consumer checking account, have closed an account within the past 90 days or have been paid a promotional premium in the past 12 months.

Account details: The Performance Select offers various banking perks like free non-PNC ATM use and ATM surcharge reimbursement. The account earns interest and offers the chance to boost your rate according to account relationship rates. There is a $25 fee. You can waive the fee with one of the following: $5,000 combined average monthly balance in your Spend, Reserve and/or up to six linked PNC Bank consumer checking accounts; $25,000 combined average monthly balance across PNC Bank consumer deposit and/or linked PNCI investment accounts; or $5,000 in qualifying monthly direct deposits.

LEARN MORE Secured

on PNC Bank’s secure website

Member FDIC

Chase — $200 bonus with $25 minimum deposit

Offer ends 01/21/2020

Offer rules: When you open a new Chase Total Checking account with at least $25 and set up direct deposit, you can get a bonus of $200. The direct deposit needs to be made to the account within 60 days of account opening. This can be your paycheck, pension or government benefits.

Opening the checking account alone can earn the $200 bonus. If you would also like to open a Chase Savings account along with the Chase Total Checking, you can boost your total reward to $350.

Eligibility: You cannot open a new account with the checking account bonus offer if you already have a Chase checking account. The offer also doesn’t apply to those with fiduciary accounts, who have had accounts closed within the last 90 days or closed with a negative balance.

Account details: Chase Total Checking is the bank’s most popular checking account out of its three checking options. It’s also the most basic and straightforward without any added perks or features. It charges a $12 monthly service fee that you can waive with either direct deposits of at least $500, a minimum daily balance of at least $1,500 or an average daily balance of at least $5,000 in combined linked qualifying Chase checking, savings and other balances.

LEARN MORE Secured

on Chase Bank’s secure website

TD Bank — $200 bonus with $500 in direct deposits

No expiration date

Offer rules: If the TD Bank Beyond Checking account above isn’t quite your style, you can still earn $200 when you open a new TD Convenience Checking account. You’ll also have to make at least $500 in cumulative direct deposits within 60 days after opening to qualify for the offer. The direct deposits can be a paycheck, pension or government benefits from your employer or the government.

Who’s eligible: This offer is open only to new TD Bank customers without any previous or current TD Bank personal checking accounts.

The account: The TD Convenience Checking account doesn’t earn interest. It charges a $15 monthly fee that you can waive by maintaining a $100 daily balance or if you’re aged 17 to 23.

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Citibank — $200 bonus with $5,000 minimum deposit

Offer ends 12/31/2019
Offer rules: Opening a new Citibank checking account in a Basic Banking Package can earn a $200 bonus if you deposit at least $5,000 in new money within 30 days of opening. You need to maintain at least that minimum in the account for 60 consecutive calendar days, too, to fully qualify for the reward.

Who’s eligible: You can redeem this offer through the offer page, by visiting a Citibank branch or by calling a bank representative. You’re eligible if you’re a new Citibank customer who is at least 18 years old and a U.S. citizen or resident.

The account: The Basic Banking Package is made for simple checking. It includes unlimited check writing and free non-Citi ATM usage for customers 62 and older. There is a $12 monthly fee that you can waive by making one qualifying direct deposit and one qualifying bill payment each cycle, or by keeping a combined average monthly balance of at least $1,500 in this account and other eligible linked accounts. Customers 62 and older can also waive the fee.

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5 things to watch out for with checking account bonus offers

#1 Checking account bonus offers aren’t entirely “no-strings-attached.” You can see above the various requirements you typically have to meet to earn a bonus, whether that’s meeting a minimum deposit amount or completing a certain number of direct deposits. But there’s often more to checking account bonus offers than what meets the eye.

#2 Banks report bonus payouts as interest to the IRS. In the year you receive your bonus, you’ll also receive a 1099-INT form, indicating you need to file the “income” in your taxes for that year. This lessens the total reward you gain from the checking account bonus offer. The exact amount deducted will depend on your tax bracket, but the higher the bracket, the smaller your final bonus.

#3 Banks may pull a credit check and a ChexSystem verification report when you apply for an account. This allows them to check for a history of good account standing, or, to the opposite, any dings in your financial history, like a trail of unpaid fees or bounced checks. Even if you have nothing to hide, a hard inquiry into your credit can temporarily dip your score just a little, so if you’re just opening one account, the effect won’t be catastrophic. However, if you’re opening multiple new accounts within quick succession, your credit score can take a hit.

Opening several accounts can also appear in a ChexSystem report. Whenever a bank pulls a ChexSystems report, it shows up as an inquiry. While this doesn’t ding your credit score or financial history, it may hurt your chances at a new account if a bank sees all those recent inquiries.

#4 You need to keep the account open for at least a few months. If you thought you could quickly open an account, collect your checking account bonus and close the account before moving onto the next one, we’re here to tell you that’s not how it works. Remember all those requirements you need to meet to redeem the offer? Not only is there a minimum deposit requirement, but you also need to keep your balance above that minimum for a certain number of days, typically 60.

Even after waiting two months to fully qualify, you may not see the bonus deposit into your account until months later. For example, Citi will deposit your bonus into the qualified account 90 days after you complete all the required activities. You may need to wait even longer if there are delays in depositing your reward. If that does happen, though, contact customer service to see what the delay might be.

You could also lose your bonus rewards if you close the new account within a certain time period. For example, Chase will deduct the checking account bonus amount from your account at closing if you close the account six months after opening with the bonus offer. This protects banks from paying out too many bonuses without getting any new account deposits in return.

#5 Finally, make sure you’re opening your new account the right way. To snag a checking account bonus offer, you often need to start your application through the right webpage. Other banks may require you to visit a branch to redeem the offer. Pay attention to the specific bank and account requirements; otherwise, you could find yourself with a new checking account, just without a bonus.

Think beyond the bonus offer when committing to a checking account

Although it’s tempting, you shouldn’t open new accounts left and right just for a checking account bonus offer. Once you snag that bonus, you’re stuck with an entirely new checking account. You should make sure that you’re comfortable enough with the account to make chasing the bonus worthwhile.

Pay attention to the account’s fees. Banks are quick to advertise the checking account bonus offer and the account’s many benefits. But make sure you also look for the account’s monthly maintenance fee. Once you open that account, you’ll be responsible for paying that fee each month. Plus, don’t forget that it takes months to meet the offer requirements in the first place, and another few months for the bonus to be deposited into your account. Paying that fee over those months can really add up, cutting into the total bonus you’ll actually receive. No one wants to be trapped paying an unnecessary and high fee that could have been avoided.

If you do choose to close your new account, whether before or after snagging the bonus, you’ll likely face a fee for closing it early. Paying this fee certainly isn’t worth it if you didn’t earn the bonus. But even if you do earn those extra dollars, paying any fee lessens the total reward you could have received. Some banks may also deduct the checking account bonus amount from your account if you close it too early, leaving you with zero net gain.

Make sure you can meet an account’s minimum balance. You can often waive an account’s monthly fee by meeting further requirements, typically a minimum balance. These can reach pretty high, though, especially when accounts have several features and perks. These accounts also tend to offer higher bonuses, so be careful if you’re looking solely for the highest bonus.

Instead, look for the checking account bonus offers that require lower balances to qualify. These accounts tend to charge smaller monthly fees. Even better, look for an account that doesn’t charge a monthly service fee, no matter your balance.

The accounts with high bonuses may not be the most favorable ones. Banks create these checking account bonus offers to invite consumers to become a customer. But perhaps there’s a reason why not too many new customers are opening these accounts. If you take a look at the accounts above, you’ll see they’re all from brick-and-mortar banks. They all charge monthly fees and can require sky-high balances to waive those fees. Those that earn interest only earn at the most minimal rates. These accounts, while appealing in the short-term for their bonuses, may not be the most beneficial in the long run for your finances. You should invest in accounts that grow and save you money.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Lauren Perez
Lauren Perez |

Lauren Perez is a writer at MagnifyMoney. You can email Lauren here

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Best of

Best Savings Account Bonus Offers

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

There’s no shortage of checking account bonus offers, with everyone from small local banks to the big household names offering hundreds of dollars to new customers. Banks know it’s hard to get you to leave your old bank, especially when you’re comfortable with the accounts you have. But what better way to entice you than with a big cash bonus?

You’ll find these bonus offers attached to more checking accounts than savings accounts. After all, checking accounts are a crucial part to banking, as they allow you to easily access your money for purchases and transfers.

That’s not to say there aren’t any opportunities to earn money with a new savings account. We’ve found six of the best savings account bonus offers as of the date of publishing. It’s easy to go straight for the highest amount, but pay attention to the bank and the account you’re getting ready to open. Make sure it’s a bank you actually want to do business with.

Further, double check that you’ll be happy with the new account for months to come. It can take months to meet the offer requirements and even longer to actually receive the bonus. If there’s a monthly fee on the account, you could be stuck paying that unnecessary fee, especially if you can’t meet the balance requirements to waive it. You may not even be happy with the interest rate on the account, which might make the savings account bonus offer not entirely worth it.

The 6 best savings account bonus offers in 2019

Methodology

To find the best savings account bonus offers, we looked for the highest bonus amounts offered. Below, you’ll find the six biggest bonus offers on savings accounts being offered. Offers are current as of this publication date and we will update the article periodically to show the freshest ranking.

Citi — $400 bonus with $15,000 minimum deposit

Offer ends 12/31/2019

Offer rules: You must be a new Citibank customer and open a Citibank Account Package, which includes a checking and savings account. Within 30 days of opening these accounts, you must deposit at least $15,000 in either of these two accounts with money new to Citibank, and maintain a minimum balance across both accounts of $15,000 for 60 days.

After meeting the above requirements, you’ll get $400 in bonus money deposited into your checking account (or savings account if you’ve closed the checking account). If you make at least two ACH deposits into the checking account portion of the Account Package within 60 days of opening the account, you’ll receive an additional $100.

Who’s eligible: You must be a new customer to Citibank and enroll in the bank’s “$400/$500 Checking and Savings Offer” either in person, over the phone, or online.

Account details: There’s a $25 monthly maintenance fee, which you can avoid be keeping a minimum of $10,00 deposited across both accounts (which you’ll want to do anyone in order to qualify for the bonus, which requires a minimum of $15,000). You may not want a checking account and are free to close it, but keep in mind in order to get the $100 bonus (to bring the total amount to $500) you need to make the ACH deposits into a checking account, not a savings account.

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Associated Bank — $400 bonus with $25,100 minimum deposit

Offer ends 6/30/2020

Offer rules: This offer requires you to open both an Associated Choice Checking account and an Associated Relationship Savings account. Open the checking account with at least $100 and make three payments through Associated Bank Online Bill Pay or at least one direct deposit of $300 or more within 45 days of account opening. You must open the savings account with at least $25,000. Together, you must maintain a $25,000 minimum combined balance in those accounts for 90 days to receive the reward, 120 days after account opening.

Email yourself a coupon code from the offer page and bring that coupon into a branch to redeem.

Who’s eligible: You must fund the new accounts with money not already held with the Bank. The offer is not available to Associated Bank employees and those who already have or have had a checking account or Associated Relationship Savings account at Associated Bank within the last six months.

Account details: A heavy-hitting account, the Associated Choice Checking account earns interest between 0.01% and 0.10% APY, depending on your balance (higher balances earn higher rates). It charges a high $25 monthly fee, which you can waive with at least $10,000 in combined deposit accounts or either an HSA or investment account.

The Associated Relationship Savings account earns between 0.10% and 1.55% APY, where higher balances earn more.

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Wells Fargo — $250 bonus with $15,000 minimum deposit

Offer ends 12/31/2019

Offer rules: Open a new eligible savings account with a $25 minimum opening deposit by December 31, 2019. Then within 10 days of opening, you must deposit at least $15,000 in new money, which is money not already held at Wells Fargo. You must maintain a $15,000 minimum daily balance in the account for 90 days from account opening as well, to earn the $250 bonus.

Who’s eligible: Only new Wells Fargo checking and savings customers from Dallas and Washington, D.C. are eligible to redeem this offer. You must also not have received a bonus for opening a Wells Fargo consumer checking or savings account within the past 12 months.

To receive the offer code, Complete the Open In Branch form online here to receive a bonus offer code that you can bring to a branch to open your new account.

Account details: Wells Fargo offers two savings accounts, the Way2Save® Savings and Platinum Savings accounts. Both require a $25 minimum deposit and both charge waivable monthly fees. The Platinum Savings account also earns interest.

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Discover — $200 bonus with $25,000 minimum deposit

Offer ends 11/04/2019

Offer rules:Discover customers can benefit from a $200 bonus by opening a Discover Online Savings account for the first time by November 4, 2019, which is the same date this offer ends. You’ll then need to deposit at least $25,000 into the account by November 18, 2019.

If you can’t meet that minimum amount, you can earn a $150 bonus instead by depositing at least $15,000 into the new account by November 18, 2019.

The bonus will be credited to your account by December 2, 2019.

Who’s eligible: You must be a new Discover savings customer to qualify for this savings account bonus offer. You must not have had a savings account that was co-branded or an affinity account provided by Discover either.

You can apply for the offer with the code “MM1019” either online or by phone.

Account details: Discover’s Online Savings Account earns at a competitive interest rate of 1.90% on all balances. There are no fees associated with this account. Keep in mind that the bonus is considered interest and will be reported on a 1099-INT form.

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Chase — $150/$350 bonus with $10,000 minimum deposit

Offer ends 1/21/2020

Offer rules: In another bonus offer from Chase, you can get $150 when you open a new Chase Savings account. You’ll need to deposit at least $10,000 in new money (not previously held with Chase or its affiliates) within 20 business days and maintain at least that minimum balance for 90 days.

Want to do more banking with Chase and open a Chase Total Checking account, too? Opening both a new checking and savings account can get you a $350 bonus, as long as you follow the above savings account rules and set up direct deposit on your new checking account.

Who’s eligible: You’re eligible for the Chase Savings account bonus offer if you are not already a Chase savings customer. You also cannot have had an account that was closed within 90 days or with a negative balance.

If you close this new savings account within six months after opening, Chase will deduct the bonus amount from the account at closing.

Account details: The Chase Savings account earns interest at a nominal rate of 0.01% APY, which isn’t ideal for savings growth. There is a $5 monthly fee on the account. You can waive the fee with one of the following, each statement period:

  • A daily balance of at least $300
  • At least one repeating automatic transfer of $25 or more from your personal Chase checking account or Chase Liquid® Card
  • An account owner who is younger than 18
  • Linking this account to a Chase Premier Plus Checking, Chase Sapphire Checking or Chase Private Client Checking account

You could also face a $5 fee for each excessive transaction you make over the six-transfer limit per statement cycle.

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Associated Bank — $100 bonus with $10,000 minimum deposit

Offer ends 12/31/2019

Offer rules: Opening a new Associated Bank Money Market account can get you a $100 bonus. You’ll need to deposit at least $10,000 in new money (held outside Associated Bank) at opening and maintain at least that much in the account for 90 days to receive the bonus.

The bonus will be paid within 120 days of account opening if you meet the requirements. The account must be open at that time. You must also keep the account open for at least 12 months.

Who’s eligible: You can redeem this offer online or by taking a coupon sent via email to an Associated Bank branch. This offer is limited to one per household. Households who have or have had an Associated Bank Money Market account within the last six months do not qualify. You must be 18 years or older to apply for the bonus. If you close the new account within 12 months of opening, Associated Bank can deduct the bonus amount from your funds at closing.

Account details: The Associated Bank Money Market account is a true money market account, with the ability to write convenience checks and access Associated Bank and MoneyPass ATMs. It earns interest, too, between 0.03% and 0.05% APY. You can earn at higher rates by having a higher balance and a qualifying Associated checking account.

The money market account does charge a $16 fee, which you can waive by maintaining a $1,000 minimum balance.

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How do these accounts compare to the best online savings accounts?

When looking for the best online savings accounts, you won’t find much overlap here. Bonus offers tend to come from brick-and-mortar banks, as incentives for you to place your deposits with them.

Online banks still win by and large. But don’t let these financial carrots mislead you into thinking they are the best on the market — many of the best accounts are being offered by online banks these days. Online accounts tend to have the highest interest rates and the lowest fees — what more could you want? That’s why you’ll find most sign-up bonuses being offered by brick-and-mortar banks.

Know the pros and cons. You should figure out whether it’s worth it for you to open a new account with a traditional bank just for a bonus offer. Don’t forget, you can’t open a new account for a bonus offer and close it immediately. Qualifying for and receiving the bonus takes months. You could even lose your bonus offer if you close the account too soon. Plus, a savings account bonus offer is a short-term boost in savings, rather than the ongoing growth of a high-yield account. It won’t help your savings situation if your new account charges a monthly fee that you can’t waive, either.

Factor in fees. If you do desperately want to snag a couple hundred dollars by opening a new account, make sure you won’t be paying a monthly fee for the months you have the account. That way, you won’t lose any of that bonus right off the bat. Again, double check the account’s closing terms to ensure you won’t lose the bonus at closing, either. It’s also important to be able to meet the account’s minimum balance requirements. It may not make sense for you to keep $10,000 in a low-earning account just to earn a $200 bonus, for example.

Do the math. Let’s say you do deposit and maintain $10,000 in a new savings account that has an interest rate of 0.01%, which is typical of brick-and-mortar savings accounts. After a year, you’ll have earned $1 in interest. Add that to your $200 bonus and you can add a whopping $201 to your savings. Now, if you were to forgo the bonus offer and deposit your $10,000 into a high-yield savings account with a 2.25% APY, you’ll earn just over $227 after a year (with monthly compounding) — a better savings boost than the savings account bonus offer.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Lauren Perez
Lauren Perez |

Lauren Perez is a writer at MagnifyMoney. You can email Lauren here