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 11 best checking account bonus offers in 2019
|Bank||Bonus*||Minimum Deposit to Earn Bonus||When the deal expires|
|Aspiration||$100 + 2.00% APY||$0||06/30/2019|
|SunTrust||Up to $750||Up to $100,000||7/1/2019|
|Citibank||Up to $500||$15,000||6/30/2019|
|TD Bank||$300||$2,500||No current expiration date|
|Fifth Third Bank||$250||$0||6/30/2019|
|Elements Financial||$200||$500||No current expiration date|
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: Aspiration — $100 cash for a direct deposit + 2.00% APY, no minimum
Offer ends 6/30/2019
Offer rules: Starting 6/1/2019 and ending 6/30/2019, new customers need to open an Aspiration Spend and Save Account via the link on the bonus offer’s advertisement and fund the account with at least $10. Then before 9/1/2019, customers must make at least one direct deposit into the account in order to receive their $100 bonus. It may take until 9/19/19 for the $100 to post to your Spend and Save Account.
Who’s eligible: New customers to Aspiration are the only ones eligible for this offer.
Account details: The Aspiration Spend and Save Account offers one of the highest APY rates available for a cash management account at 2.00%. While customers may opt to voluntarily pay Aspiration a monthly fee, 10% of which the fintech will donate to charity, this donation is at the customer’s discretion and doesn’t affect the features the account offers.
SunTrust — $250, $500 or $750 cash bonus with up to $100,000 minimum deposit
Offer ends 7/1/2019
Offer rules: This checking account bonus offer applies to new SunTrust Advantage Checking accounts. You can potentially unlock three reward levels by meeting qualifications. All levels require you to deposit at least $100 within 14 days after account opening, make at least $3,000 in direct deposits into the new SunTrust Advantage Checking account within 60 days of your account opening and make at least 10 debit card purchases within 60 days of account opening.
- Meeting all three of those steps will earn a $250 bonus.
- To earn a $500 bonus (total), you must open the new account with $25,000 in total new balances (not money already held in a SunTrust account) within 30 days of account opening and maintain that balance for at least 90 days of account opening.
- To earn the maximum $750 bonus, you must open the account with at least $100,000 in total new balances within 30 days and maintain that balance for at least 90 days of account opening.
Your total balance includes money in the new SunTrust Advantage Checking account, any linked Purpose checking accounts, personal Savings, personal money market, CD and SunTrust IRA accounts that have you as the first-listed owner.
Who’s eligible: 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 6, 2018. You must also have a mailing address in Alabama, Arkansas, Georgia, Florida, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia or D.C. to qualify.
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.
Citibank — $600 bonus with $50,000 minimum deposit
Offer ends 6/30/2019
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.
Citibank — $400 or $500 bonus with $15,000 minimum deposit
Offer ends 6/30/2019
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.
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
Chase — $300 bonus with direct deposit
Offer ends 7/15/2019
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 any 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.
TD Bank — $300 bonus with $2,500 minimum direct deposits
No expiration details available currently.
Offer rules: You can earn a $300 bonus when you open a new TD Premier 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 open the account through this web page.
You cannot redeem the offer if you’re a Canadian cross-border banking customer.
Account details: The TD Premier Checking account earns interest on balances of $2,500 and over, but the rate is pretty minimal. You’ll also have free access to non-TD ATMs and the chance to get reimbursed for other ATM surcharges. The account also includes a free first order of standard checks, money orders, stop payments, paper statements and incoming wire transfers.
The account charges a $25 monthly maintenance fee, which you can waive when you keep at least $2,500 in your account.
Fifth Third Bank — $250 bonus with $500 minimum balance
Offer ends 6/30/2019
Offer rules: You have the option of opening a new Fifth Third Essential, Enhanced, Preferred or Free checking account to earn the bank’s $250 bonus offer. While you don’t need to open the new account with a specific deposit amount right away, you have 45 days to reach an account balance of at least $500. Then you’ll need to maintain at least $500 in the account for 60 days to qualify completely for the bonus.
Availability: To redeem this offer, you will need to visit this Fifth Third webpage, email yourself the offer coupon and bring it to a Fifth Third branch to redeem. This limits the offer’s availability to customers near a branch, which you can find in Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, Tennessee and West Virginia.
You do not qualify for this checking account bonus offer if you are already a Fifth Third Bank customer, or have closed an account with the bank within the last 12 months.
The account: Unlike most other banks, Fifth Third Bank allows you to choose which checking account – Essential, Enhanced, Preferred or Free (when available) — you’d like to open with the bonus offer. This gives you the flexibility to open the account that works better for you in the long run. The Fifth Third Enhanced and Preferred Checking accounts earn interest on your balances, with the Preferred Checking earning at a slightly higher rate. As for fees, the monthly service fee ranges from $8 to $25, which you can waive with minimum balances.
Chase — $200 bonus with $25 minimum deposit
Offer ends 7/15/2019
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.
Elements Financial — $200 bonus with $500 direct deposits
No expiration details available currently.
Offer rules: To snag Elements Financial’s $200 cash bonus, you’ll want to open a High Interest Checking account and make recurring monthly direct deposits of at least $500 each within 60 days of account opening. Direct deposits include employer payroll, retirement benefits or government benefits. You’ll need to use the promo code “CHECK200” to successfully redeem the offer.
Who’s eligible: You are not eligible for this bonus offer if you already have an Elements checking account. Health Savings Accounts are also not eligible for this offer.
If you close your new account within six months of opening, the bank may deduct the bonus amount from your account balance at that time.
Elements Financial is a credit union that requires membership before you open an account. If your company is an Elements partner, you can open a checking or savings account or complete an application for a loan or credit card to start the application process.
Account details: The High Interest Checking account charges no monthly fee when you enroll in electronic statements. earns at a competitive 2.00% APY on balances between $100 and $20,000. Balances larger than $20,000 will earn at 0.10% instead. These rates apply when you make at least 15 qualifying transactions per statement cycle. This includes debit card purchases, checks, bill payments, ATM withdrawals and ACH withdrawals. If you don’t meet that qualification, your balance will earn 0.05% APY.
Citibank — $200 bonus with $5,000 minimum deposit
Offer ends 6/30/2019
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.
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.