Where To Find The Best New Bank Account Bonuses

Banks are always looking to attract new customers. One of the most effective ways is offering cold hard cash just for opening an account. This tactic is a win-win for everyone: you get money just for creating a new account (which is a necessity in today’s world), and the bank receives your patronage. 

These promotions are a revolving door that changes throughout the year, so if you’re looking to switch banks or just need a new account, make sure you check out what’s available at the moment. The Simple Dollar breaks down the best bank account bonuses that will help you get the biggest bang for your buck.

Bank of America Advantage SafeBalance Banking: $100

When you open an Advantage Safebalance Banking account with Bank of America, you’ll not only see an extra $100 in your account but overdraft protection as well. You have to pay a monthly maintenance fee of $4.95, but if you’re a student who is younger than 24 or a Preferred Rewards member, you don’t need to pay it.


To qualify:


  • Open a new account and pay a $25 deposit upfront
  • Make two separate direct deposits (minimum of $250 each) within 90 days of creating the account


HSBC Choice Checking: $100

HSBC rewards students who open a new Choice Checking account with a $100 sign-up bonus. This account typically comes with a monthly fee, but students are exempt from paying it.


To qualify:


  • List “student” as your occupation with you fill out your application
  • Deposit a minimum of $25 in 30 days or less after opening the new account
  • Either make a $500 direct deposit, spend $100 or more with the debit card associated with the account, or enroll in electronic bill pay for three months in a row  


Chase Total Checking: $200

Chase Bank will reward you with $200 just for opening a Chase Total Checking account. Once you fulfill the qualifications, Chase will send the bonus right into your existing funds in less than ten business days. This checking account does come with a $12 monthly fee, but you may be able to get rid of it if you talk to customer service.

To qualify:


  • Enroll in direct deposit in the first 90 days of opening the account
  • Leave the account open for at least six months (early closure will result in Chase deducting the $200 from your funds)


SunTrust Advantage Checking: $300 

If you open a new SunTrust Advantage Checking account and meet the criteria, you can receive $300 within eight weeks. 


To qualify:


  • Direct deposit minimum of $3,000 each statement cycle for two back-to-back cycles within 90 days of opening the account.
  • Leave the account open for 180 days after first opening it (or SunTrust will remove the $300 from your funds)


Wells Fargo Everyday Checking: $400

You can get $400 just for opening an Everyday Checking account with Wells Fargo. After you check off the requirements, Wells Fargo will send you the $400 as a direct deposit within 45. Although there is a $10 monthly charge, you can talk to customer service about removing it.


To qualify:


  • Open a new account and pay a $25 deposit upfront
  • Direct deposit minimum $3,000 for three successive months within 150 days of opening the account


CitiBank Citi Priority Account: $700

If you have a lot of funds you can deposit in a new bank account, you should check out CitiBank’s Citi Priority Account. When you meet the qualifications, Citi will deposit $700 right into your account. This checking account comes with a $30 monthly fee, but you can talk to customer service about waiving it. 


To qualify:


  • Deposit a minimum of $50,000 in a new Citi Priority Account within the first 30 days of account opening
  • Open a new Citi savings account (consider a high yield account to get even more returns on your rewards)
  • Maintain a minimum balance of $50,000 in either account for 60 days or more


Chase Sapphire Checking: $1,000

If you’re in the market for a new bank account and have at least $75,000 to deposit, then you may want to consider a Chase Sapphire Checking account, which gives you $1,000 once you qualify. This account has a $25 monthly maintenance fee, but you don’t have to worry about it if you meet specific eligibility requirements.


To qualify:


  • Deposit $75,000 minimum into either a Sapphire Checking or Savings account within 45 days after opening it
  • Keep a balance of $75,000 or more for a minimum of 90 days


If you need a new bank account, a little extra cash for holiday shopping, or both, then these promotions are worth checking out. Setting up a new account is easy, and most banks let you do it online. But if you want to make sure you don’t have to pay any monthly fees, you might consider visiting a branch in-person.


  • Johnson, Holly. “How to Earn Free Money with a Bank Account Bonus.” The Simple Dollar, 3 Sept. 2020, www.thesimpledollar.com/banking/how-to-earn-free-money-with-a-bank-bonus/.