Best Bank Bonuses and Promotions of June 2024

Benzinga found that M&T Bank has the best welcome bonus with no direct deposit requirement or sign-up fee, while Chase Private Client offers the highest welcome bonus ($3,000!) with direct deposit requirements and waived fees.

Traditional banks often conceal fees and lengthy processes that can frustrate customers. However, alternative options are available that prioritize customer satisfaction and convenience. By choosing a bank with immediate sign-up bonuses and no fees, you can save time and money while enjoying a seamless banking experience.

Most major banks offer a bank account bonus when you open a new account. So, what do banks pay you to open an account? Citi, Bank of America, Discover, Chase, HSBC, SoFi Money, Wells Fargo, Santander, and Citizens Bank are just a few major banks with one or more great offers. Some even pay you to open an account instantly. 

Many, but not all, require that you set up a direct deposit to qualify for the bonus. You’ll usually have to enter personal information or make a major deposit to get the big sign-up bonuses. Compare bank account offers to find the best deal for you below:

Quick Look: Top five Overall Best Bank Bonuses

• Best for Largest Overall Bonus: Chase Bank Private Client (Bonus: $3,000)
• Best for Low Deposit-High Bonus: Huntington National Bank (Bonus: $400-$600)
• Best for Business Bank Accounts: PNC Bank (Bonus: $1,000)
• Best for Emergency Fund Deposit Bonus: Citibank (Bonus: $2,500)
• Best for Savings Accounts: TD Bank (Bonus: $200)

The Best Bank Bonuses and Promotions

Banks offering bonuses can be a way to earn more cash without doing much. Some banks provide both a savings account bonus and a checking account bonus, while some only have one type of bonus. 

To receive the bank account incentives, you might be required to set up direct deposits or transfer a minimum amount into the account. Usually, you'll also need to keep funds there for at least a few months.

Some new savings accounts offer a higher interest rate as a savings account bonus. In the long term, this can build fantastic wealth, although even the best savings account interest rates aren't usually enough to combat inflation rates. And remember to consider a business bank account if you're a small-business owner!

You'll find some of the best bank sign-up bonus offers below. 

Best Checking Account Bonuses 

The best checking accounts offer impressive sign-up bonuses and other perks. Here are options to consider for different savings amounts:

Chase Bank (Private Client): Up to $3,000 Bonus

Chase Bank Private Client bonus is the biggest you'll find, but you'll also need to make a substantial deposit. The $3,000 bonus sign-up offer is available when opening a Chase Private Client Checking account by July 24.

Here's what you can earn: 

• $1,000 if you deposit between $150,000 and $249,999.
• $2,000 if you deposit between $250,000 and $499,999.
• $3,000 if you deposit $500,000 or more.

To get the bonus, you’ll need to:

• Transfer at least $250,000 of money or securities from outside the bank to Chase within 45 days.
• If you keep less than $150,000 in your checking account or linked deposit accounts or investment accounts at Chase, you must pay the $25 monthly maintenance fee. 
• You must meet with a Private Client Banker to sign up by the promotional deadline.

Citibank: Up to $2,500 Bonus

If you have a smaller total deposit amount, Citibank offers a generous bonus for those saving for a home down payment or with significant deposits. Citibank offers up to $2,500 to customers who open a new checking account by July 8. To qualify, funds must be deposited within 20 days of the account opening. The bonus amount is determined by the account balance after 20 days of account opening.

Here's how much you could get:

• $500 if you deposit between $30,000 or more, maintain that minimum. 
• $2,500 if you deposit $300,000 or more and maintain that minimum. 

There are some additional qualification requirements:

• Children under 18 years of age are also ineligible for this offer.
• You must sign up on Citibank’s website to see the full offer.
• Your balance must be maintained for 60 days after the account has been open for 21 days to get a bonus amount.
• Bonus offers are not available in all areas.
• Not open to customers who have closed a Citibank checking account within the last 180 days.

Huntington National Bank: Up to $600 bonus

For those with a more modest deposit, Huntington National Bank wins. You could get up to 40% of your deposit as a bonus. Huntington Bank has two checking account bonuses, one for private customers and one for business owners. Sign-up bonus offers are available through Oct. 7.

You could earn:

• $400 for opening a Perks Checking account and making deposits of at least $1,000 within 90 days of the account opening.
• $600 for opening a Platinum Perks Checking account and making at least $25,000 in deposits within 90 days of the account opening.

Offers are valid in 11 states: Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Dakota, West Virginia and Wisconsin. Money must be deposited from outside Huntington Bank, except for matured CDs, to qualify.

Best Savings Account Bonuses 

Here are some of the best savings accounts with a sign-up bonus. Remember to compare high-yield savings accounts, too!

BMO: Up to $60 Annual Bonus 

To help you save more, you could earn up to $5 a month, $60 a year, by depositing at least $200 each month for a year. The initial deposit must be in the month of account opening to qualify.

TD Bank: $200 Bonus

Until June 30, you can save more with TD Bank by opening a new TD Signature Savings or TD Simple Savings account. To qualify, you will need to:

• A deposit of at least $10,000 from outside of TD Bank is required to open a new TD Signature Savings or Simple savings account.
• Maintain a balance of $10,000 or more for 90 days.
• You're ineligible for this offer if you have had a personal money market account or savings account with TD Bank in the previous 12 months or redeemed a previous savings bonus. 

Alliant Credit Union: $100 Bonus (at the end of a year)

If you're a new member of Alliant Credit Union and open an Ultimate Opportunity Savings Account, you can earn $100 after a year. To qualify, you must make monthly deposits of $100 or more for 12 consecutive months into the new savings account. You're ineligible for this offer if you're already an Alliant member. 

Best Business Bank Account Bonuses 

Huntington National Bank: Up to $1,000 Bonus

Huntington National makes the list a second time for its excellent business offerings. You can earn up to $1,000 by opening a new business checking account by Sept. 3, 2024. Here are the levels to choose from:

• Business Checking 100: Get a $100 bonus with a minimum deposit of $2,000.
• Unlimited Business Checking: Get a $400 bonus with a minimum deposit of $5,000.
• Unlimited Plus Business Checking: Get a $1,000 bonus with a minimum deposit of $20,000.

Your aggregate deposits within 60 days of account opening are counted to qualify for these offers. You must keep the account open for at least 90 days. Deposits must be from outside of Huntington National Bank.

Axos Bank: $400 Bonus

Axos Bank offers an excellent solution for small businesses that open a new business bank account by June 30, 2024. When you apply for the business checking account., you'll need to use the NEW400 code 

You’ll need to open a Business Interest Checking account or a Basic Business Checking account to meet certain requirements.

You can earn $100 for each statement cycle (up to $400) during the first five statement cycles if you maintain an average daily balance greater than $50,000, set up bill pay, and complete 10 debit card transactions of at least $3 each. You'll also need to deposit money into the new account within 30 days of opening and keep the account open for at least 150 days.

Alternatively, you can earn $75 for each statement cycle (up to $300) during the first five statement cycles when you maintain an average daily balance between $25,000 and $49,999.99 and meet the other requirements above.

PNC Bank: Up to $1,000 Bonus

If you open a new PNC business checking account or business checking plus account by June 30, you can earn a $200 bonus. Still, you'll need to meet qualification requirements beyond a minimum deposit. 

To qualify, you must maintain a balance of at least $5,000 and make 20 or more eligible debit card purchases during the first three statement cycles.

If you want a bigger bonus, consider a new analysis business checking account or treasury enterprise plan. You can earn $500 if you maintain an average ledger account balance of $30,000 during your first three statement periods. If you hold a balance of at least $100,000, you'll get a $1,000 bonus.

Why Do Banks Have Sign-up Bonuses?

Banks offer sign-up bonuses to encourage new customers to use their services. Often, banks or credit unions offer larger bonuses for making larger deposits or for setting up direct deposits, both of which are advantageous to the bank. Sometimes, you can also earn a bonus using the bank's debit card. 

How Are Bank Account Bonuses Taxed?

According to the IRS, interest earned on bank deposits and bonuses is considered ordinary income. For that reason, you'll be taxed in your regular income tax bracket. However, you can reduce some of your taxable income by contributing more (up to the maximum) to a 401(k), IRA, or Sep IRA. 

Maximizing New Bank Sign Up Bonuses

Most major banks offer regular checking account bonuses and savings account sign up bonus offers, which can be a nice way to earn a little extra cash. Keep an eye on interest and fees, and choose an account with low or no fees and a high-interest rate on savings or checking to maximize earnings. Be sure to read the fine print about minimum balances and any fees, including ATM fees. You'll also want to see if they offer an app or online banking. 

In rare cases, you can find banks that pay you to open an account instantly.

Frequently Asked Questions