14 Best Bank Bonuses and Promotions 2024

Find the best deal by comparing these bank account bonus offers; also, have a look at other incentives, such bonuses for opening a brokerage account.

Bankrate’s picks for the best consumer bank account bonuses in December 2023

Best checking account bonuses

• Chase (Private Client): $3,000 bonus
• Wells Fargo: $2,500 bonus
• Citibank: Up to $2,000 bonus
• BMO: Up to $600 bonus
• Huntington National Bank: Up to $600 bonus
• Wells Fargo: $300 bonus
• SoFi: up to $250 bonus
• Chase Bank: up to $200 bonus; $100 bonus for college students
• M&T Bank: Up to $200 bonus
• Bank of America: $200 bonus

Best savings account/money market account bonuses

• BMO: Up to $3,500
• TD Bank: $200 bonus
• Alliant Credit Union: $100 bonus after a year
• BMO: Up to $60 bonus in a year

Best referral bonuses

• American Airlines Federal Credit Union: $25 for each family member referral up to a maximum of $250
• Axos Bank: $50 for a referral and $50 to the referred customer
• Chase Bank: $50 for each referral up to $500
• Chime: $100 for a referral and $100 to the referred customer
• TD Bank: $50 for a referral and $50 to the referred customer up to $500
• Marcus by Goldman Sachs: 1 percent annual percentage yield (APY) referral bonus for three months — up to five referrals per year.

Best business bank account bonuses

• Huntington National Bank: $100, $400 or $1,000 bonus
• PNC Bank: $200 or $500 bonus

A closer look at the top consumer checking account promotions

Chase Bank (Private Client): Up to $3,000 bonus

By creating a Chase Private Client Checking account by January 24, 2024, you can receive up to $3,000 in rewards.

In order to receive the bonus, you must:

By the promotional deadline, schedule a meeting with a Private Client Banker.

Within 45 days, transfer at least $250,000 in securities or funds from outside the bank to Chase.

If you do not maintain at least $150,000 in this account or in associated deposit accounts or investment accounts at Chase, there is a $35 monthly maintenance fee associated with the Chase Private Client checking account. Avoiding the monthly service charge is another benefit of having a linked Chase Platinum business checking account.

If you adhere to all of the promotion’s guidelines, you will receive:

• $1,000 if you deposit between $150,000 and $249,999.
• $2,000 if you deposit between $250,000 and $499,999.
• $3,000 if you deposit $500,000 or more.

Bankrate gave Chase a 3.4 out of 5 rating. The bank’s main office is in New York.

Wells Fargo: $2,500 bonus

You can get a $2,500 bank account bonus by opening a new Premier Wells Fargo checking account with at least $250,000 in fresh funds.

When you start this new Premier checking account, you will need to present the bank with the promotion code and open the account with at least $25.

Then, by the 45th day, you must make a minimum new money deposit of $250,000 into eligible linked bank accounts. Additionally, you will have to keep those linked accounts open for 45 days with a balance of at least $250,000.

The Premier checking account has a $35 monthly maintenance cost, but you can avoid it if you always have at least $250,000 in eligible linked accounts.

This is a promotion that is only valid in Wells Fargo branches.

In Bankate’s evaluation, Wells Fargo was rated 3.8 out of 5 stars. San Francisco is home to Wells Fargo.

Citibank: Up to $2,000 bonus

By January 9, 2024, Citibank is giving customers who create a new checking account a chance to win up to $2,000. Money must be deposited into the account within 20 days after opening in order to be eligible for the incentive. The bonus amount is determined by the account balance at the end of 20 days.

• Making a minimum deposit of $10,000 and maintaining that minimum balance can earn you $200.
• Making a minimum deposit of $30,000 and maintaining that minimum balance can earn you $500.
• Making a minimum deposit of $75,000 and maintaining that minimum balance can earn you $1,000.
• Making a minimum deposit of $200,000 and maintaining that minimum balance can earn you $1,500.
• Making a minimum deposit of $300,000 and maintaining that minimum balance can earn you $2,000.

Added significant details regarding this offer are:

Clients who have terminated their Citibank checking account within the previous 180 days are not qualified.

Additionally, this deal is not valid for children under the age of 18.

Not all locations are eligible for these offers.

To participate in the promotion, applicants must register on the Citibank website.

After the account has been open for 21 days, the balance associated with your offer must be kept for 60 days.

To be eligible, checking accounts must be opened between August 21, 2023, and January 9, 2024.

New York is home to Citibank. Citibank received 4.4 out of 5 stars in Bankrate’s evaluation of its entire line of goods and services.

BMO: Up to $600 bonus

Customers can open a Smart Advantage Account, Smart Money Account, or Premier Account to qualify for a $400–$600 incentive if they don’t already have a BMO checking account.

The Smart Advantage checking account is eligible for a $400 bonus that must be used within the first 120 days and needs a minimum of $4,000 in direct deposits.

When you start a Smart Money Checking account, you can receive a $400 incentive. However, you must make specific direct deposits totaling at least $4,000 within the first 120 days of the account.

Opening a Relationship Checking account and depositing a total of $7,500 in eligible direct deposits within the first 120 days will earn you a $600 incentive.

Payroll, pension, Social Security, and other government payments are examples of qualifying direct deposits for the Smart Advantage, Smart Money, and Relationship checking accounts.

Here are a few more specifics:

Customers are only allowed to get one checking account bonus.

Accounts have to be opened between September 18, 2023, and December 8, 2023.

BMO has a rating of 4.0 stars from Bankrate.com.

Huntington National Bank: Up to $600 bonus

Customers and business owners can take advantage of two checking account perks offered by Huntington Bank. Until February 7, 2024, you can receive:

$400 for creating a Perks Checking account and depositing a minimum of $1,000 in total within the first ninety days of the account’s creation.

$600 for creating a Platinum Perks Checking account and depositing a minimum of $25,000 throughout the course of the account’s first 90 days.

Only citizens of Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Dakota, West Virginia, and Wisconsin are eligible for these offers.

Keep in mind that the cumulative deposit requirement can only be satisfied by deposits made with funds that are not made through Huntington Bank. (When Huntington CD funds mature, they can be applied to these offers.)

Based in Columbus, Ohio, is Huntington. The bank received 4.0 out of 5 stars for the entirety of the evaluation of its banking services and products.

Wells Fargo: $300 bonus

Wells Fargo is offering new checking clients a $300 bonus.

In order to get the bonus, you must:

Using the Wells Fargo checking offer website, open a Wells Fargo Everyday Checking account. When opening your account, enter your bonus code. Alternatively, you can open an account at a Wells Fargo branch by following the guidelines.

Have at least $1,000 in direct deposits made to your account throughout the course of the first ninety days after opening this new account.

By January 9, 2024, put at least $25 into that new account.

In Bankate’s evaluation, Wells Fargo was rated 3.8 out of 5 stars. The main office of Wells Fargo is located in San Francisco.

SoFi Bank: Up to $250 bonus

When a new SoFi Bank user opens a checking and savings account, they can get up to $250. To qualify for the incentive, a direct deposit is required. According to SoFi Bank’s website, the bonus amount will be determined by the total amount of your qualified direct deposits made throughout the bank’s 25-day review period, which begins when SoFi receives a direct deposit.

$50 is earned on a direct deposit of $1,000 to $4,999.99.

$250 is earned with a minimum $5,000 direct deposit.

Offer expires at 11:59 p.m. Eastern on December 31, 2023.

Bankrate rated SoFi with 4.5 stars out of 5.

Chase Bank: $200 or $100 bonus

Chase is providing a bonus on select new checking accounts through January 24, 2024.

Create a new Total Checking account and receive a direct deposit to be eligible to win $200.

You cannot have an active Chase checking account (or have closed one within the last 90 days or with a negative balance within the last three years) in order to be eligible for the bonus.

Create a new Chase College Checking account to receive $100.

There is a $4.95 monthly service charge for this account.

17–24 year old college students are eligible for this account.

The College Checking and Secure Banking bonuses can only be obtained by completing ten qualifying transactions (debit card purchases, online bill payments, cheques paid, Chase QuickDeposit, Zelle or ACH credit to the account) within 60 days after coupon registration. The Chase website is where you can find the coupons.

By creating a Chase Secure Banking account, you can also receive a $100 incentive. (Note: There is a $4.95 monthly maintenance fee for this account.) and after taking your voucher to a Chase branch and creating the account, complete 10 qualifying transactions within 60 days.

Chase received 3.4 out of 5 stars from us for our evaluation of its banking services and products. Chase’s main office is located in New York.

M&T Bank: Up to $200 bonus

From November 1 to January 31, 2024, you can receive up to $200 for opening any type of personal checking account at M&T Bank.

To be eligible for the incentive, a qualifying direct deposit of at least $500 must be made within 90 days of the checking account’s establishment.

In the Bankrate review, M&T Bank received a rating of 3.8 out of 5. Buffalo, New York is home to the headquarters of M&T Bank.

Bank of America: $200 bonus

When they open an online account with Bank of America, new personal checking customers can receive $200. The promotion ends on January 31, 2024. It is necessary for you to:

not have held a co-ownership or personal checking account with Bank of America in the previous 12 months.
Create a new online account for Advantage Plus Banking, Advantage SafeBalance Banking, or Advantage Relationship Banking.

Deposit the opening balance ($100 for the other accounts and $25 for the Advantage SafeBalance Banking account).

Get qualifying direct deposits within ninety days of starting your account, each worth at least two thousand dollars.

It takes the offer code TWA200CIS to be eligible for the bonus.

The main office of Bank of America is located in Charlotte, North Carolina. In Bankrate’s comprehensive evaluation, it received 3.9 out of 5 ratings for its goods and services.

A closer look at the top savings account/money market account bonuses

BMO: Up to $3,500 bonus

A $3,500 bonus is available to those who join a Relationship Plus Money Market account by December 8.

Establishing a Relationship Plus Money Market account, depositing a certain amount, and keeping it open for 120 days will earn you a bonus of up to $3,500. Below are the bonus tiers:

• • $25,000-$49,999.99: $300 cash bonus
  • $50,000-$99,999.99: $500 cash bonus
  • $100,000-$249,999.99: $1,000 cash bonus
  • $250,000-$499,999.99: $2,500 cash bonus
  • $500,000+: $3,500 cash bonus

Accounts have to be opened between September 18, 2023, and December 8, 2023.

When you click the “open now” button when applying online, a discount code for the deal will be added.

The “send my promo code” button must be clicked in order to generate a code that applicants must provide when opening an account over the phone or in person.

Bankrate gave BMO an overall score of four out of five. BMO’s main office is located in Chicago.

TD Bank: $200 bonus

By creating a new TD Signature Savings or TD Simple Savings account, you can receive $200.

A new TD Signature Savings or Simple savings account must have a deposit of at least $10,000 from sources outside of TD Bank, and in order to qualify for this bonus, the account must be kept open for 90 days with a balance of at least $10,000.

Bonus offer expires on 30 April 2024.

Customers who have opened or maintained a personal savings or money market account with TD Bank during the last 12 months are not qualified for this offer.

Additionally, if you have previously redeemed a savings bonus at TD Bank, you will not be qualified.

The main office of TD Bank is located in Cherry Hill, New Jersey. TD Bank received a rating of 3.7 out of 5 stars from Bankrate for their services and product offerings.

Alliant Credit Union: $100 bonus after a year

When a new member of Alliant Credit Union opens an Ultimate Opportunity Savings Account and deposits $100 or more into it each month for a full year, they will get $100.

Present Alliant members are not qualified for this promotion.

Chicago-based Bankrate rated Alliant with 4.6 stars out of 5.

BMO: Up to $60 bonus in a year ($5 maximum monthly)

By depositing at least $200 each month for a year in a new Savings Builder account, customers can earn up to $5 per month ($60 annually). The first deposit must be made in the month the account was started in order to qualify for all 12 savings rewards, and existing accounts are not eligible.

The promotion is not available to customers who opened a BMO statement savings account and received a savings reward between February 3, 2020, and October 18, 2021.

Bankrate gave BMO an overall score of four out of five. BMO’s main office is located in Chicago.

A closer look at the top consumer bank account referral bonuses

American Airlines Federal Credit Union: $25 for a family member referral

Members of the American Airlines Federal Credit Union can get $25 for each family member they recommend.

For 2023, there will be a cap of 10 referrals.

It is required that the family member who receives the reference open an account between January 1, 2023, and December 31, 2023.

The promo code needs to be typed, “REFER25.”

Your email address and name must be included by the person who referred you.

In Bankrate’s evaluation, American Airlines Credit Union received a score of 4.2 out of 5.

Axos Bank: $50 for a referral and $50 to the person you referred

For recommending a friend to the Essential Checking account, current Axos customers can earn and donate $50.

In order to receive the bonus, your friend needs to:

Open an Essential Checking or Rewards Checking account using the referral link you received from the Axos Bank website.

Not have owned an Axos Bank account.

Utilize the link that you have created for referrals.

In the first ninety days, get a direct transfer of at least $1,000.

Both parties will receive $50 in their bank accounts if all prerequisites are fulfilled.

San Diego serves as the home base for Axos. In Bankrate’s comprehensive evaluation, it received 4.0 out of 5 ratings for its goods and services.

An early closure fee could be imposed on accounts that are closed within 90 days.

Chase Bank: $50 for each referral up to $500

Current Chase customers can receive $50 for each friend who establishes a qualified checking or savings account, up to $500 per calendar year.

To be eligible, you and your friend must:

Utilize the link that you have created for referrals.

Open a Chase College Checking account, Chase Total Checking account, or any other account that qualifies.

maintain good standing when the payoff occurs.

Depending on the kind of account your friend opens and whether or not she completes the incentive’s qualifying actions, she will earn a bonus.

Chase received 3.4 out of 5 stars from us for our evaluation of its banking services and products. Chase’s main office is located in New York.

Chime: $100 for a referral and $100 to the person you referred

Present Chime users can refer friends and earn $100 for each one. To be eligible for the incentive, the person who was referred needs to:

Become a fresh Chime client.

Utilize the link that you have created for referrals.

Within 45 days of starting the account, get one qualified direct deposit from a payroll provider totaling $200 or more.

Each of the parties will get $100 if the conditions are fulfilled.

Based in San Francisco, Chime is a financial technology startup that only does business online, entrusting your deposits to a partner bank.

TD Bank: $50 for a referral and $50 to the person you referred

When a TD Bank personal checking account is opened by a friend, TD Bank clients can get $50 in exchange. In order to receive the bonus, your friend needs to:

Present a recommendation form containing your details.

Open a new checking account with TD Bank.

After creating the account, you must either make at least 15 debit card purchases or receive a minimum $250 direct deposit within 60 days.

Referring as many friends as possible in a given year might reward you up to $500.

The main office of TD Bank is located in Cherry Hill, New Jersey. TD Bank received a rating of 3.7 out of 5 stars from Bankrate for their services and product offerings.

Marcus by Goldman Sachs: 1 percent APY referral bonus for a current customer and a friend

When a friend establishes a Marcus savings account using a current Marcus customer’s referral link, both the current Marcus by Goldman Sachs customer and their friend will get a one percent annual percentage yield (APY) bonus for three months.

Customers are only eligible for referrals if they haven’t had a Marcus savings account or CD within the last 12 months.

An account’s maximum deposit is $1 million, and the combined amount of all account owners’ balances cannot exceed $3 million.

For a yield bonus, you can recommend five friends annually.

A bonus is exclusively available on your Marcus savings account.

The main office of Marcus by Goldman Sachs is located in New York. Marcus by Goldman Sachs’ banking products received 4.1 out of 5 stars in Bankrate’s evaluation.

A closer look at the top business checking account bonuses

Huntington National Bank: $100, $400 or $1,000 bonus

By creating one of the following new business checking accounts at Huntington National Bank, you can get up to $1,000 in rewards:

Business Checking 100: Make a minimum deposit of $2,000 to qualify for a $100 incentive.

With a $5,000 minimum deposit, you can get a $400 incentive on unlimited business checking.

With a minimum deposit of $20,000, enjoy a $1,000 incentive on Unlimited Plus Business Checking.

To be eligible for these deals, you must accomplish the following:

By January 15, 2024, open one of the accounts on the list.

Maintain the account open for a minimum of ninety days and make the necessary total deposits within sixty days of the account’s establishment. The source of the deposit must be outside of Huntington National Bank.

The main office of Huntington Bank is located in Columbus, Ohio. In Bankrate’s analysis of its products, it received a rating of 4 out of 5.

PNC Bank: $200 or $500 bonus

Your company can receive a bonus by opening a new PNC business checking account, business checking plus account, analysis business checking account, or treasury enterprise plan.

You may be eligible for a $200 incentive when you open a new business checking account or business checking plus account, provided you satisfy the requirements.

In the first three statement cycles, keep your average ledger balance at least $5,000.

Make at least twenty qualifying debit card purchases in the first three statement cycles.

If you maintain an average ledger balance of $30,000 over your first three statement periods, you can receive a $500 bonus for opening a new analysis business checking account or treasury enterprise plan.

To be eligible for a bonus, new business checking accounts must be opened by December 31, 2023.

The main office of PNC Bank is located in Pittsburgh. In Bankrate’s evaluation of the bank’s offerings, the bank received 4.2 out of 5 stars.

Why banks have sign-up bonuses?

Banks set themselves apart from competitors in the market by offering sign-up bonuses. Financial institutions can also increase their customer base and deposit volume by offering cash bonuses. When the difference between the interest rate banks charge their customers for deposits and the interest rate they can receive by lending money widens, banks are more likely to give bonuses in an environment where interest rates are rising.

Certain banks would rather give bonuses than pay account holders a greater yield, even though they could.

Chief financial analyst at Bankrate Greg McBride, CFA, adds that quantifying a bonus is far simpler than raising the rate on deposits.

A few banks provide multiple welcome bonuses. However, it’s typically not feasible to be eligible for more than one incentive at the same bank at the same time. Usually, only newly opened checking or savings accounts are eligible for bank account incentives.

What to watch out for?

Not all bank account bonuses are worthwhile. Read the fine print and be honest about your capacity to fulfill the requirements before registering. Be wary of excessive minimum balance requirements and monthly fees that have the potential to reduce your earnings.

Make sure the checking account you’re applying for fits your needs and is a good fit. Make sure there are lots of banks and ATMs in your neighborhood, for instance, if you need to use them. In this manner, you avoid squandering money on out-of-network ATM fees or traveling long distances to meet with a banker. Additionally, as online banking is growing in acceptance and convenience, search for a bank or credit union that provides a strong suite of digital tools.

If you’re searching for a new savings account, think about whether it would be wiser to go to a different bank that offers higher interest rates.

For example, accounts with low interest rates usually qualify for one-time bonuses. Therefore, even though the bonus is huge at first, you might be giving up on the long-term profit.

Open a Bankrate account to read our team of banking experts’ insights, analyses, and bank evaluations.

How are bank account bonuses taxed?

Any bank account incentives you get are subject to income taxation by the Internal Revenue Service (IRS), which in 2023 will range from 10 to 37 percent. If you received a bonus of more than $10, your bank will probably issue you a 1099-INT form before tax season. Alternatively, a 1099-MISC document can contain the bonus.

You may also opt out of receiving a tax form from your bank for a bonus that you have earned. You are still liable for paying taxes on the bonus in the event that this occurs. You can declare any additional income from sources like unemployment compensation or money from prizes or awards by listing the revenue from a bank account bonus on a 1040 form.

It’s a good idea to set away a portion of your bank bonus for taxes as soon as you receive it, depending on your tax bracket. In this manner, you’ll be able to afford paying any associated taxes.