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Are you satisfied with your bank? In 2024, almost half of all consumers told J.D. Power they were considering switching to a new bank in the next year.
If you're part of this group, a new account bonus might be the incentive you need to finally make the move. Some online banks are offering account sign-up bonuses as high as $300. Plus, these banks typically have higher deposit rates and lower fees than their brick-and-mortar counterparts.
Just be sure to read the bank's terms and conditions before applying for an account, since there are usually specific deposit requirements to earn account bonuses.
Read more: How to switch banks: An easy step-by-step guide
How do new account bonuses from online banks work?
Like many traditional banks, some online banks pay you to bring your business to them. If you open an account at the right bank, and you do it at the right time (since these are limited-time offers), you can earn a one-time cash bonus from the bank.
Why do banks offer these welcome bonuses? In short, it's to attract new customers and their cash deposits without having to offer higher interest rates.
Unfortunately, online banks don't usually offer the same size bonuses as traditional banks — think low hundreds versus up to a thousand dollars or more. But if you plan to keep the online account open for the long-term, you'll probably enjoy the competitive interest you get from an online bank, and the fact that online bank fees are lower than what you pay at most traditional banks.
Read more: New bank account promotions for 2025: Earn up to $3,000
How do you qualify for an account opening bonus?
Each bank is a little different, but here's what is usually required to qualify for an account-opening bonus from an online bank:
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New funds: You usually have to be a new customer at the bank, or you might have to be new to a specific type of account at the bank. For example, you can only earn Discover's savings account bonus if you don't already have a savings account with Discover.
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Direct deposits: Most banks only reward you if you receive a minimum amount of direct deposit funds within a set time frame. With many banks, the only deposits that qualify are recurring deposits from your employer or your benefit providers (including the government).
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Promo code: You may need to enter a special promotional code when you apply for the account. If needed, you can usually find this code on the bank's website or in special offers sent by mail.
Online banks that pay you to open an account
Some of the largest online banks in the U.S. offer new account bonuses. These offers are subject to change, but here's what you can find today.
Alliant Credit Union
Technically a credit union and not a bank, Alliant Credit Union is currently offering a bonus of $100 to new members who open an online savings account. However, the bonus takes a full year to earn. You'll also need to keep a minimum average daily balance of $100 in your savings account throughout the year in order to qualify.
But this account is still a great option for savers since it offers an APY that’s 15 times the national average — and there are no monthly fees if you set up ePayments. You can also qualify for the bonus based on any deposits you receive, not just recurring direct deposits.
Read more: 7 credit unions anyone can join
BMO
With BMO, you can choose from two checking accounts, both of which have a $300 opening bonus. The requirements to qualify are the same for both accounts, but for BMO's Smart Money Checking, you'll have to pay a $5 monthly maintenance fee if you're over 25 years old.
Read our full review of BMO Alto
Capital One
Capital One offers a no-frills checking account that pays a $250 opening bonus. There are no monthly fees or minimum deposit requirements for the account, and it earns a small amount of interest (0.10%) which beats the 0% you get from most other checking accounts.
Read our full review of Capital One
Discover
Compared to other accounts on our list, the requirements to earn Discover's bonus are steep. To earn the $200 account-opening bonus, you'll have to make $25,000 in qualifying deposits in just 45 days.
If that's not doable for you, the competitive 3.75% APY on this account can be a good incentive to open this savings account anyway.
Read our full review of Discover
SoFi
With a new SoFi checking account, you can earn 0.50% APY and a bonus of either $50 or $300 — $50 if you deposit $1,000 or more in 25 days and $300 if you deposit $5,000 or more. It’s important to note that this checking account is part of a combination online bank account, which includes a SoFi savings account.
Unlike most other banks, pre-existing customers can be eligible for the bonus if they already bank with SoFi, but have never received a direct deposit to their SoFi accounts.
How to make the most of a new online account bonus
Switching banks can be a bit of a hassle since it means updating your banking information with a variety of billing companies and other agencies. So before you make the jump, check to see if the account is truly a fit.
To find the best option, look over the terms and conditions and make sure you meet all of the requirements to earn the bonus. For example, make sure your deposits can be counted toward the minimum deposit requirement. You'll also want to review the account fees to make sure they won't offset your cash reward.
Once you open the account, be sure to set up the required transactions ASAP. This might mean contacting your employer or benefit provider to reroute your payments.
Finally, be aware of tax implications. The bonuses and interest you earn from your bank accounts can be reported to the IRS and taxed as income. So, if you frequently take advantage of new account bonuses, you might see a small increase in your tax liability.
