To attract new clients, many banks provide a cash incentive when you open a new checking or high-yield savings account. To take advantage of these special promotions, you usually need to set up direct deposit, keep the account active for a certain period, or fulfill other criteria.

Bank bonuses present a relatively low-risk method to earn extra cash with your idle funds. However, acquiring these bonuses from personal checking and savings accounts requires effort, especially if you are dealing with multiple banks.

Premier Checking Account Bonus Offers

If you’re uncertain about where to start your search for new bank bonuses, consider the following accounts. These featured accounts each provide unique benefits, whether through a high bonus, simple requirements, or long-term value.

1. Chase Total Checking®: $300 Bonus Offer

Chase Total Checking serves as a viable starter account, requiring no minimum balance and granting access to the bank’s extensive network of branches and ATMs. While the account carries a monthly fee, there are several methods to waive this charge.

Bonus Offer: $300 (Expires July 24, 2024)

Requirements:

• Open a new account via this partner link.

• Establish direct deposit for payroll, pension, or government benefits.

• Receive cumulative direct deposits totaling $500+ within 90 days of enrollment.

Payout Timeline: Upon meeting eligibility criteria, the bonus will be credited within 15 days, provided the account remains in good standing.

Evaluation

Chase Total Checking is a fairly standard checking account that, peculiarly, incurs a monthly fee, but those capable of easily waiving this charge and seeking a no-frills option should contemplate this account. Furthermore, many individuals will likely locate an ATM or branch within a 10-mile radius of their residences. The bonus is generous, and for those prioritizing in-person services, this could be the optimal choice.

2. Chase Business Complete Checking®: $300 Bonus Offer

Chase Business Complete Checking provides a range of features beneficial to business owners, such as unlimited electronic deposits, check monitoring, and same-day deposits with QuickAccept℠. The account also offers a substantial bonus and convenient access to branches and ATMs for busy business proprietors.

Bonus Offer: $300 (Expires July 22, 2024)  

Requirements:

• Open an account through the provided partner link.

• Fund the new account with a minimum of $2,000 within 30 days of opening, and maintain a balance of at least $2,000 for 60 days.

• Complete a minimum of five qualifying transactions within the initial 90 days of account opening.

• Qualifying activities encompass debit card purchases, Chase QuickDeposit, Chase QuickAccept Deposits, ACH credits, Chase Online Bill Pay, and wire transfers.

Payout Timeline: Subsequent to fulfilling all checking requirements, the bonus will be deposited into the new account within 15 days.

Evaluation

Business proprietors who value a robust combination of in-person services and mobile banking tools should weigh this account. Access to thousands of ATMs will further enhance its appeal for entrepreneurs necessitating cash transactions. However, note that this account carries a substantial monthly fee, though it can be waived.

Prime Offers for New Savings Accounts

Though not as prevalent as incentives for opening checking accounts, there exist several promotions for fresh savings accounts. Generally, a savings account with a bonus won’t be categorized as a high-yield savings account, as these typically entice new clients with elevated interest rates. However, certain accounts, like SoFi Checking And Savings, excel in providing a significant return on deposits alongside an appealing sign-up incentive.

The leading offers for savings account bonuses typically necessitate a minimum amount of qualifying deposits and offer cash rewards of $200 or more.

1. SoFi Checking and Savings: Cash Reward of $50 or $300

Upon initiating this combined checking and savings account, you stand to receive between $50 and $300, contingent on the sum of direct deposits you receive. Additionally, the account boasts no account fees, an impressive return on your balance, no-fee overdraft protection, and up to 15% cashback on debit card transactions at local businesses.

Cash reward: $50 or $300 (Valid until December 31, 2024)

Conditions for eligibility:

• Commence a new account through this affiliated link.

• Accumulate at least $1,000 in direct deposits within 25 days following your initial qualifying direct deposit.

• You will earn $50 for deposits ranging from $1,000 to $4,999 or $300 for deposits totaling $5,000 or more.

• Qualifying direct deposits encompass payments from your employer, payroll, or benefits provider via ACH transfers.

Timeline for reward distribution: Upon conclusion of the assessment period, SoFi will ascertain your eligibility and disburse the earned reward into your account within seven business days.

Assessment

Securing SoFi’s reward is relatively straightforward for individuals receiving regular direct deposits. If you prioritize the convenience of online banking, SoFi should top your list, despite the absence of in-person service. The bank garners praise for its mobile utilities, referral program, loan offerings, and other banking amenities.

2. TD Bank Savings: Cash Reward of $200

Both TD Simple Savings and Signature Savings accounts present APYs lower than those of online banks. Nonetheless, you can utilize TD ATMs without fees with these accounts, a rarity among savings accounts. While both accounts entail a monthly maintenance fee, there are avenues to waive it.

Cash reward: $200 (Expires June 30, 2024)

Conditions for eligibility:

• Establish a new account via this designated link.

• Deposit $10,000 or more in fresh funds within 20 days of opening the account.

• Maintain that balance for 90 days after fulfilling the deposit requirement.

• Deposits must consist of funds not currently held in a personal TD checking or savings account.

• These rewards are exclusively available in select states.

Timeline for reward distribution: Upon fulfilling the reward prerequisites, you will receive the funds within 180 days of account initiation.

Assessment

These savings accounts suit individuals who favor TD Bank and reside in its service area, seeking a conventional savings account to allocate funds. However, for those seeking a more competitive APY, opting for a high-yield savings account from an online bank may prove more advantageous.