What banks give you money for opening a checking account

Updated September 27, 2022

So, you’re looking for a new bank account.

You’ve got several factors to consider — ATM access, interest rates, monthly account fees, minimum balances, online bill payments and more.

Another factor: sign-up promotions and bonuses. Banks and credit unions frequently run promotions to entice prospective customers to open a new account — and they often come with cash. You have to meet specific criteria, such as making a minimum opening deposit, and generally the account must remain open for a certain amount of time — at least long enough to earn the cash bonus.

Many banks offer such sign-up bonuses, but often, they aren’t advertised. We did some digging to find the best bank promotions currently on offer.

Best Checking and Savings Account Offers of October 2022

Keep an eye on what each promotion requires, as well as any limitations. Recurring direct deposits and maintaining a minimum balance are common requirements in securing bank bonuses. Also pay attention to any monthly fees the account might carry; over time, these could weigh out the actual cash bonus.

Bank Promotions That Give You Cash

Bank Promo Payoffs Up to $500

Chase Total Checking

Best for Basic Checking

Key Features

• $12 monthly fee
• Fee waived by meeting conditions
• Basic checking

The Total Checking $12 monthly fee can be waived if you receive monthly direct deposits totaling $500 or more, keep a daily minimum balance of at least $1,500 in your new checking account, or keep a daily minimum balance across all your Chase accounts of at least $5,000. Deposits via person-to-person payments do not qualify. Access to 16,000 fee-free ATMs and more than 4,700 branches. The non-Chase ATM fee is $3 in the U.S., Puerto Rico and U.S. Virgin Islands and $5 outside of those locations.

Chase Total Checking Account

Bonus amount

$200

How to get it

Receive a qualifying direct deposit within 90 days of account opening.

When you get it

Within 15 days of meeting requirements

More information

$12 monthly fee, which can be waived.

Expiration

Oct. 19, 2022

More Information About Chase Total Checking Account

The Total Checking account carries a $12 monthly service fee, but you can have it waived if you receive monthly direct deposits totaling $500 or more, keep a daily minimum balance of at least $1,500 in your new checking account, or keep a daily minimum balance across all your Chase bank accounts of at least $5,000. Direct deposit via person-to-person payment apps do not qualify. Chase offers access to 16,000 ATMs and more than 4,700 branches.

TD Bank Convenience Checking

Best for Young Customers

Key Features

• Easy to waive monthly fee
• Easy-to-use mobile app
• No overdraft fees for 17 to 23 year olds

TD Convenience Checking is not a glamorous checking account. It doesn’t earn interest, and there aren’t any cash back rewards. However, it’s easy to waive the $15 monthly maintenance fee: Just maintain a $100 minimum balance. Customers who are 17 to 23 years of age automatically have the fee waived and also don’t have to pay fees for overdrafts. New customers earn $200 by receiving $500 in qualifying direct deposits within 60 days; earn additional $200 when you open a linked savings account (Beyond Savings or Simple Savings) and deposit $20,000+ in the first 20 days.

TD Bank Convenience Checking Account

Bonus amount

$200 or $400

How to get it

Meet direct deposit qualifications ($500 within 60 days) to earn $200; add savings account for additional $200

When you get it

No later than 180 days after account opening.

More information

For savings bonus, you must maintain a daily balance of $20,000+ for 90 days.

Expiration

Oct. 31, 2022

More Information about TD Bank Convenience Checking

The TD Convenience Checking account is a great account for first-time banking customers. There are no monthly fees or overdraft fees for members who are 17 to 23. However, you cannot earn interest on this account. If you are over 23, there is a $15 fee, which you can waive by maintaining a $100 daily balance.

TD Bank Beyond Checking

Best for Overdrafters

Key Features

• Two overdraft fee forgivenesses
• Free checks
• Fee reimbursement for out-of-network ATMs

TD Beyond Checking offers more perks than the Convenience Checking, including two fee-free overdrafts per year, out-of-network ATM fee reimbursements, and free checks. The account does earn interest, but the monthly fee is higher ($25) and harder to waive. Bonus terms for the TD Beyond Checking are similar; coupled with the savings promotion, you could earn $500.

TD Bank Beyond Checking Account

Bonus amount

$300 or $500

How to get it

Meet direct deposit qualifications ($2,500/60 days) to earn $300; add a savings account for additional $200.

When you get it

Within 180 days of opening.

More information

For savings bonus, you must maintain a daily balance of $20,000+ for 90 days.

Expiration

Oct. 31, 2022

More Information About TD Bank Beyond Checking

The TD Beyond Checking account is great for unique perks, like free checks, ATM fee reimbursement, and overdraft fee coverage (two a year). To waive the monthly $25 fee, you’ll need to earn $5,000 in direct deposits each month, maintain a $2,500 minimum balance in the checking account or maintain a $25,000 balance across all TD accounts.

Chime Referral Bonus

Best for Referral Bonus

Key Features

• Must be current Chime account holder
• No minimum daily balance
• Good for first-time banking clients

If you refer a friend and they open a new account and receive a direct deposit of at least $200 in the first 45 days, you will each receive $75. Make sure to use the referral link from your account to get the cash bonus. Chime is great for beginners, offering fee-free overdraft, automatic savings account, early paycheck deposit and 60,000+ fee-free ATMs. Referral bonuses are capped at $1,000 each calendar year.

Chime Referral Bonus Account

Bonus amount

$100 per referral, plus $100 to the friend you refer

How to get it

Referred friend receives $200 direct deposit.

When you get it

Within two business days of account opening.

More information

Be sure to use a unique referral link from your own account.

Expiration

None

More Information About Chime Referral Bonus Account

Though not technically a bank*, Chime is becoming increasingly popular as an online financial institution for banking customers of all ages. Top features include early access to direct deposit, fee-free overdraft, 60,000+ ATMs, a 1.50% APY for the high-yield savings and plenty of features to automatically grow your savings.

Alliant Ultimate Opportunity Savings

Best for Fans of Suze Orman

Key Features

• $0 monthly fees with eStatements
• High-yield savings account
• Easy-to-track bonus criteria

Not only does Alliant Credit Union’s Ultimate Opportunity Savings Account (in partnership with Suze Orman) have one of the best APYs currently available (1.80%), it pays out its bonus pretty easily. No massive balances or monthly direct deposits to think about.

Alliant Opportunity Savings

Bonus amount

$100

How to get it

Deposit at least $100 a month for 12 months.

When you get it

Within four weeks of completion.

More information

Balance must be $1,200 at the end of 12 months.

Expiration

December 31, 2022

More About Alliant Ultimate Opportunity Savings Account

The Ultimate Opportunity Savings Account from Alliant Credit Union has a lot to like: 80,000+ fee-free ATMs, no monthly fees if you opt in to online statements, a leading mobile app, and a strong APY at 1.80%.

Discover Bank Online Savings

Best for Big Savers

Key Features

• High-yield savings account (2.00% APY)
• No monthly fees or minimum opening deposit
• No insufficient funds fees

Discover Bank’s Online Savings Account offers one of the highest APYs on our list. You can also pair the account with the Discover Bank Cashback Debit account (one of the best online checking accounts of 2022). However, the deposit amounts to earn the bonus are quite high, making the bonus offer far less achievable for most.

Discover Bank Online Savings Account

Bonus amount

$150 or $200

How to get it

Open an account using code GOBP922 and deposit at least $15,000 for $150 or $25,000 or $200 within 30 days

When you get it

Within 30 days of meeting bonus criteria

More information

Must be a first-time Discover savings account customer; current and prior customers are not eligible.

Expiration

December 15, 2022

More Information About Discover Bank Online Savings Account

The Discover Bank Online Savings Account offers a competitive APY (2.00%) with interest compounded daily instead of monthly. There’s no monthly fee with Discover, no minimum deposit and no insufficient funds fee. All in all, not a bad offer.

Huntington Perks Checking

Best Regional Bonus

Key Features

• Easily waivable monthly fee
• Only available in certain states
• Quick cash bonus payout

This offer is only available to customers who live in CO, IL, IN, KY, MI, MN, OH, PA, SD, WV or WY. The Huntington Perks Checking account earns interest (but only 0.02%) and charges a $10 monthly fee. That fee is easy to waive, however, as long as you receive $1,000 in monthly deposits or maintain $5,000 total across all your Huntington accounts.

Huntington Perks Checking

Bonus amount

$200

How to get it

Open a new account and make cumulative new deposits totaling $1,000 within the first 60 days.

When you get it

Within 14 days of meeting bonus criteria.

More information

Account must remain open for at least 90 days.

Expiration

Oct. 7, 2022

More Information About Huntington Perks

Huntington’s Perks Checking account pays out nominal interest (0.02%), but the easily waivable monthly maintenance fee makes it appealing for an easy checking account. Key features include mobile banking, five fee-free out-of-network ATM withdrawals, the No Overdraft Fee $50 Safety Zone and the 24-Hour Grace Overdraft and Return Fee Relief.

“New account” is defined as money not currently in another Huntington account; money transferred from one account to another does not qualify. The bonus offer cannot be combined with any other checking offer.

Huntington Platinum Perks Checking

Best for Quick Bonus Payout

Key Features

• $25 monthly fee (can be waived)
• Interest-earning checking
• Quick cash bonus payout

This offer is only available to customers who live in CO, IL, IN, KY, MI, MN, OH, PA, SD, WV or WY. This account earns interest (currently a 0.03% APY, which is quite low). It also has a monthly maintenance fee of $25, which is waived if you have at least $25,000 across every Huntington bank account.

Huntington Platinum Perks Checking

Bonus amount

$300

How to get it

Open a new account and make deposits totaling $25,000 within the first 60 days.

When you get it

Within 14 days of meeting bonus criteria.

More information

Account must remain open for at least 90 days.

Expiration

Oct. 7, 2022

More Information About Huntington Platinum Perks Checking

While the Huntington Platinum Perks account does have a monthly $25 fee, you can waive it by having $25,000 across accounts with Huntington. By upgrading to this account, you’ll get a higher bonus, get unlimited fee-free ATM withdrawals and earn 0.03% interest on your balance.

“New account” is defined as money not currently in another Huntington account; money transferred from one account to another does not qualify. The bonus offer cannot be combined with any other checking offer.

Albert Accounts

Best for Cash Back

Key Features

• Up to 20% cash back
• Geniuses for personal finance questions
• No fees or investment commissions

Albert is an all-purpose personal finance app that lets you spend, save and invest your money. There are no monthly maintenance fees, no minimum balances and no commissions (if you choose to invest). While you won’t earn a traditional APY, Albert gives users a 0.10% annual cash bonus on funds in savings, plus up to 20% cash back. New members are eligible for a $150 bonus.

Albert Accounts

Bonus

$150

How you get it

Receive a qualifying direct deposit of at least $500 within 45 days and then every 30 days for 90 days

When you get it

Upon meeting requirements over a 90-day period

More information

Must be new to Albert

Expiration

None

More Information About Albert Accounts

Members of Albert don’t have to worry about monthly fees or minimum balances, and they can take advantage of several cool features, like 55,000 fee-free ATMs, early paycheck access, cashback rewards, Smart Savings (automatically analyzes your money and helps you to save), unlimited transfers, annual cash bonuses, the ability to invest, and a cash advance up to $250 (no interest, no credit check) instead of overdraft fees. Perhaps the coolest part is daily access to finance experts called Geniuses; pay what you think is fair for their advice. Just keep in mind that Albert is not a bank but an app (banking services are provided by Sutton Bank, Member FDIC).

M&T Bank EZChoice Checking

Best for Beginners

Key Features

• No monthly maintenance fees
• Unlimited check writing
• Physical branches

The EZChoice Checking account from M&T Bank is the most basic package offered. It’s great for beginners because it has no monthly maintenance charge and no monthly minimum balance requirement. Plus, there’s unlimited check writing. You will need $25 to open the account and have qualifying direct deposits totaling at least $500 within the first 90 days to earn the bonus. This offer is only valid in select states.

M&T Bank EZChoice Checking

Bonus Amount

$200

How you get it

Make qualifying direct deposits totaling at least $500 within 90 days of opening the account.

Whey you get it

Within 90 days after the direct deposit.

The fine print

There’s a $50 early close-out fee if you close the account within 180 days of opening.

Expiration

November 30, 2022

More Information About M&T Bank EZChoice Checking

M&T Bank has 700 branches and 1,800 ATMs with operations in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virgina, West Virginia, Vermont, Massachusetts and Washington, DC, but you can also do your banking entirely online.

M&T Bank MyChoice Plus Checking

Best for Loan Seekers

Key Features

• Discounted loan rates
• ATM fee reimbursement
• Interest-bearing options

The MyChoice Plus Checking account from M&T Bank requires extra work to avoid a monthly fee ($14.75): Either maintain an average daily balance of $2,500 or receive $1,500 in direct deposits each month. With this account, you qualify for discounted loan rates with M&T. You will need $25 to open the account and have qualifying direct deposits totaling at least $500 within the first 90 days to earn the bonus. This offer is only valid in select states.

M&T Bank MyChoice Plus Checking

Bonus

$250

How you get it

Make qualifying direct deposits totaling at least $500 within 90 days of opening the account.

When you get it

Within 90 days after the direct deposit.

The fine print

There’s a $50 early close-out fee if you close the account within 180 days of opening.

Expiration

November 30, 2022

More Information About M&T Bank MyChoice Plus Checking Account

M&T Bank has 700 branches and 1,800 ATMs with operations in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virgina, West Virginia, Vermont, Massachusetts and Washington, DC, but you can also do your banking entirely online.

M&T Bank MyChoice Premium Checking

Best for CD Rates

Key Features

• Discounted loan and premium CD rates
• ATM fee reimbursement
• Interest-bearing checking

The MyChoice Plus Checking account from M&T Bank requires extra work to avoid a monthly fee ($24.95): Either maintain an average daily balance of $7,500 or $25,500 across all M&T accounts. With this account, you qualify for discounted loan rates and premium CD rates with M&T. You will need $25 to open the account and have qualifying direct deposits totaling at least $500 within the first 90 days to earn the bonus. This offer is only valid in select states.

M&T Bank MyChoice Premium Checking

Bonus amount

$250

How to get it

Make qualifying direct deposits totaling at least $500 within 90 days of opening the account.

When you get it

Within 90 days after the direct deposit.

More information

There’s a $50 early close-out fee if you close the account within 180 days of opening.

Expiration

November 30, 2022

More Information About M&T Bank MyChoice Premium Checking

M&T Bank has 700 branches and 1,800 ATMs with operations in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virgina, West Virginia, Vermont, Massachusetts and Washington, DC, but you can also do your banking entirely online.

Bank of America Advantage Banking

Best for Standard Checking

Key Features

• Monthly maintenance fees (very by account)
• Standard checking accounts
• Fees can be waived

Open your new checking account online using the promo code DNB100CIS. Qualifying direct deposit must be regular monthly income, such as salary or pension payments. Advantage Banking checking accounts come in three levels: SafeBalance, Plus and Relationship. All three carry monthly maintenance fees that can be waived by meeting direct deposit and minimum balance requirements.

Bank of America Advantage

Bonus amount

$300

How to get it

Receive direct deposits of at least $1,000 within 90 days.

When you get it

Within 60 days of completing requirements.

More information

Monthly fees can be waived

Expiration

December 31, 2022

More Information About Bank of America Advantage

Bank of America’s Advantage account is broken into three tiers: SafeBalance Banking, Plus Banking, and Relationship Banking. SafeBalance boasts no overdraft fees or non-sufficient funds fees; Plus offers multiple ways to waive the monthly service fee; and Relationship earns interest (though the percentage is quite low).

How to Search for a Checking Account Bonus on Your Own

Instead of listing approximately 193 bank promotions, we kept this list short and sweet — only highlighting the best bank promotions for checking and savings accounts.

But maybe you’re interested in banking with your local credit union, opening a small business checking account or exploring what investment accounts are available. There are often cash bonuses attached to these accounts too.

Banks don’t always make finding these promotions easy, so here are a few tips to help you get your hands on that cash bonus.

• Check the bank website first. Sometimes it’ll advertise its offers with a blaring promo code. This is rare, but it’s worth a quick check — it could save you a ton of time.
• Reach out to customer service. Let them know you’re shopping for a new account, and you’d like to know if the bank is running any promotions. More often than not, the nice representative will send you a special link.
• Google the best bank account bonuses. You’ll likely dig up some offers from third-party sites, so make sure the offer:
  • Hasn’t expired.
  • Is legitimate. Make sure the bank is FDIC-insured and has a positive Better Business Bureau rating. Read some online reviews.
  • Doesn’t require outrageous qualifying activities. For example, it might not be realistic for you to maintain an average daily balance of $50,000.

• Reach out to your own network to crowdsource bank recommendations. Sometimes banks have impressive referral programs, so both you and your friend could benefit from you signing up.

Overall, be smart. Don’t let the promise of a cash bonus blind you. Read the fine print so you don’t get stuck paying high monthly fees, interest rates or closing penalties. With the proper due diligence, you can earn a checking account bonus — or any other bank promotion — while also choosing the best bank for you.

Will Opening a Bank Account Hurt Your Credit Score?

If you’re worried that opening a new bank account or closing an old one will hurt your credit score, don’t be. Your bank accounts are not included in your credit report and therefore have no effect on your credit score, unless you have an outstanding negative balance that the bank turns over to a collection agency.

Sometimes when you go to open a new account, banks will do a soft credit check. However, that won’t affect your credit score.

Timothy Moore covers bank accounts for The Penny Hoarder from his home base in Cincinnati. He has worked in editing and graphic design for a marketing agency, a global research firm and a major print publication. He covers a variety of other topics, including insurance, taxes, retirement and budgeting and has worked in the field since 2012.

Editorial Disclosure: This content is not provided by the bank advertiser. Opinions expressed here are the author’s alone, not those of the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program.

*Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.

¹The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of November 1, 2021. No minimum balance required. Must have $0.01 in savings to earn interest.

2The average national savings account interest rate of 0.06% is determined by FDIC as of November 1, 2021 based on a simple average of rates paid (uses annual percentage yield) by all insured depository institutions and branches for which data are available. Visit //www.fdic.gov/regulations/resources/rates/ to learn more.

Bank Reviews

• Aspiration Review: The Pros and Cons of This Online Account
• Chase Bank Review 2022: Checking and Savings Accounts
• Chime Review 2022: Checking, Savings, Pros & Cons
• Alliant Credit Union Review 2022
• Bank of America Review 2022

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