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16 new bank account bonuses that can soften the blow of falling deposit rates
The Federal Open Market Committee (FOMC) voted to reduce the federal funds rate for the second time this year. This change likely marks an end to record-high interest rates for interest-bearing deposit accounts.
That’s unfortunate news for savers. But on the plus side, there are other ways to give your account balance a boost, like taking advantage of valuable bank account bonuses.
Read more: Federal funds rate: What it is and how it affects you
Banks offering new account bonuses
Many banks and credit unions offer limited-time cash bonuses for opening new accounts and meeting certain requirements. Here’s a round-up of personal bank account bonuses you may want to consider if you’re in the market for a new checking or savings account.
Note that bonus details are accurate as of the publication date. Please verify account and bonus requirements directly with the financial institution before opening an account.
Bank of America Advantage Banking: $200 bonus
Bank of America offers a $300 bonus when you open one of its eligible personal checking accounts (Advantage SafeBalance Banking, Bank of America Advantage Plus Banking, or Bank of America Advantage Relationship Banking) using the offer code LHR300CIS.
To receive a bonus, you must set up and receive qualifying direct deposits totaling $2,000 or more into your account within 90 days of account opening. Once the requirements have been satisfied, you will receive your bonus within 60 days. This offer ends Jan. 31, 2025.
BMO Bank Checking Accounts: $300 bonus
BMO Bank is currently offering a new account bonus on its Smart Advantage and Smart Money checking checking accounts. You can earn a $300 cash bonus by having at least $4,000 in qualifying direct deposits within the first 90 days.
Chase Bank Private Client Checking Account: Up to $3,000 bonus
In order to qualify for this bonus, you must open or upgrade to a new Chase Private Client Checking account by Jan. 22, 2025, in a branch or over the phone. Next, you’ll need to fund your account by transferring a total of $150,000 or more in qualifying new money or securities to an eligible account within 45 days.
Your bonus amount is determined by your balance:
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$150,000-$249,999.99 qualifies for $1,000
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$250,000-$499,999.99 qualifies for $2,000
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$500,000+ qualifies for $3,000
Your bonus amount will be determined on day 45. Next, you must keep that money in your account for 90 days, and your bonus will be deposited within 40 days.
Read more: What is private banking, and how does it work?
Chase Bank Secure Banking Account: $100 bonus
This bonus is available to new Chase checking customers. Open a Secure Banking account by Jan. 22, 2025, and complete 10 qualifying transactions with 60 days of coupon enrollment to qualify for a $100 bonus.
Qualifying transactions include debit card purchases, Zelle transactions, ACH credits, Chase QuickDeposit, and online bill payments. After you meet these qualifications, your bonus will be deposited into your account within 15 days.
Chase Bank Total Checking Account: $300 bonus
New Chase checking customers can qualify for a bonus of $300 by opening a Chase Total Checking account and making direct deposits totaling $500 or more within 90 days of coupon enrollment.
Direct deposits must be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. After you’ve completed the necessary requirements, you’ll receive your bonus within 15 days. This offer expires after Jan. 22, 2025.
Citibank Checking Accounts: $325 bonus
New Citi checking customers who enroll in enhanced direct deposits can earn a $325 cash bonus. In order to qualify, you must receive at least two enhanced direct deposits into your new checking account totaling $3,000 or more within 90 days of opening your account.
Enhanced direct deposits include Zelle, PayPal, and Venmo transfers; paychecks; pension payments; and Social Security payments. Your bonus will be deposited as a credit within 30 calendar days. This offer is valid until Jan. 7, 2025.
Discover Bank Online Savings Account: Up to $200 bonus
First-time savings customers can earn a bonus of up to $200 by opening a new online savings account through March 13, 2025, using the offer code GBPE924:
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Earn a $150 bonus by depositing at least $15,000 within 45 days of account open date
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Earn a $200 bonus by depositing at least $25,000 within 45 days of account open date
Once these qualifications are met, the bonus will be credited to the account within 60 days. (Read our full review of Discover Bank.)
Fifth Third Bank Checking Account: $400 bonus
Fifth Third Bank is currently offering a bonus of $400 when you open a qualifying checking account by Nov. 16, 2024. To earn the bonus, you must make direct deposits totaling $500 or more within 90 days of account opening. The bonus will be added to your new account within 10 business days of completing qualifying activity requirements.
Huntington National Bank Perks or Platinum Perks Checking: Up to $600 bonus
Huntington National Bank customers who open a new checking account can qualify for one of two bonus tiers, depending on the account you open:
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$200 when you open an Asterisk-Free Checking account and set up and receive a qualifying direct deposit of at least $500 within 90 days of account opening.
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$400 when you open a Perks Checking account and set up and receive a qualifying direct deposit of at least $500 within 90 days of account opening.
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$600 when you make cumulative new money deposits of $25,000 into a new Platinum Perks checking account within 90 days of account opening.
You must keep your account open for 90 days to ear a bonus. Once these requirements are met, you’ll receive your bonus within 14 days. This offer expires after Feb. 7, 2025.
Key Bank Key Smart Checking Account: $300 bonus
Key Bank is currently offering a $300 bonus for customers who open a Key Smart Checking account online by Dec. 20, 2024, using the code KDSA0624. To qualify for the bonus, you must make the $10 minimum opening deposit and one eligible direct deposit of $1,000 or more within 60 days of account opening. Your bonus will be deposited into your account within 60 days of meeting the requirements.
PNC Bank Virtual Wallet: Up to $400 bonus
PNC Bank currently offers a bonus of up to $400 for its combination checking (Spend) and savings account known as Virtual Wallet. This bonus is tiered based on the Virtual Wallet type and qualifying activities:
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Virtual Wallet: Earn $100 when you establish total qualifying direct deposits of $500 or more to the Spend account
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Virtual Wallet with Performance Spend: Earn $200 when you establish total qualifying direct deposits of $2,000 or more to the Spend account
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Virtual Wallet with Performance Select: Earn $400 when you establish total qualifying direct deposits of $5,000 or more to the Spend account
To qualify for the reward, the new Virtual Wallet product must be opened online through Jan. 2, 2025, and a qualifying direct deposit(s) must be received within the first 60 days. Your account must remain open in order for you to receive the reward, which will be credited to the eligible account within 60 to 90 days after all conditions have been met.
SoFi Checking and Savings Account: Up to $300 bonus
Earn a bonus of up to $300 when you open a new SoFi Checking and Savings account. In order to qualify for the bonus, you must receive at least one direct deposit. The amount of your deposit will determine the bonus you will receive:
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Direct deposits totaling less than $999.99 do not qualify for a bonus
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Direct deposits totaling $1,000 to $4,999.99 earn $50
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Direct deposits totaling $5,000 or more earn $300
Once these requirements have been met, account holders will receive their bonus within seven business days of the end of the direct deposit bonus period, which begins when SoFi receives a Direct Deposit of $1 or more within the promotion period and ends 25 calendar days later. (Read our full review of SoFi.)
TD Bank Beyond Checking or Complete Checking: Up to $300 bonus
TD Bank offers a new checking account bonus of $200 or $300, depending on which account you open.
For the TD Beyond Checking account, you can earn a bonus of up to $300 until Sept. 30, 2024. To earn the bonus, you must have $2,500 in qualifying direct deposits posted to the account within 60 days. The bonus will be paid on or before 180 days after account opening.
New TD Complete Checking customers must have $500 in qualifying direct deposits post to the account within 60 days to qualify for a $200 bonus, which will be paid on or before 180 days after account opening.
TD Bank Savings Accounts: Up to $300 bonus
New savings account customers who open a TD Signature Savings account or TD Simple Savings account can earn a bonus of up to $300:
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TD Complete Checking: You must set up qualifying direct deposits totaling at least $500 within 60 days of account opening to earn a $200 bonus.
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TD Beyond Checking: You must set up qualifying direct deposits totaling at least $2,500 within 60 days of account opening to earn a $300 bonus.
Bonuses are paid within 180 days of account opening. This offer is valid through Nov. 30, 2024.
U.S. Bank Smartly Checking Account: Up to $450 bonus
U.S. Bank is currently offering a bonus of up to $450 when you open a new U.S. Bank Smartly Checking account. In order to earn the bonus, you must deposit $25 into your account within 30 days. Then, within 90 days of account opening, enroll in online banking or the U.S. Bank mobile app and make at least two direct deposits:
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Earn $250 when the combined total of your direct deposits is between $2,000 and $4,999.99
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Earn $350 when the combined total of your direct deposits is between $5,000 and $7,999.99
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Earn $450 when the combined total of your direct deposits is $8,000 or more
This offer is valid through Dec. 30 2024.
Wells Fargo Everyday Checking: $300 bonus
New checking account customers can qualify for a bonus of $300 by opening a new Everyday Checking account online or in a branch with a minimum opening deposit of $25. You must receive a total of $1,000 or more in qualifying electronic deposits to your account within 90 calendar days of account opening. Once these qualifications are met, your bonus will be deposited into your new checking account within 30 days. This offer is valid until Jan. 8, 2025.
