Banks That Pay You: Insider Tips for Scoring Bank Sign Up Bonuses

In a world where banks are constantly fighting for your business, they’re willing to pay you cold, hard cash just for opening a new account. Yes, you read that right – banks are actively looking to attract new customers by offering lucrative sign-up bonuses that can put hundreds of dollars (or more) in your pocket.

How Bank Account Bonuses Work

Banks view customer acquisition as a strategic investment. Just like any business trying to grow its customer base, financial institutions are willing to spend money to attract new deposit account holders. These sign-up bonuses are essentially marketing expenses designed to bring in potential long-term customers.

Why Do Banks Offer These Bonuses?

Banks invest in customer acquisition for several reasons:

• The lifetime value of a customer can be significant
• Hopes of cross-selling additional financial products
• Building a broader customer base
• Competing in a saturated financial market

Types of Bank Bonuses

Banks get creative with their incentives, offering various types of bonuses to promote new accounts:

1. Cash bonuses: The most straightforward reward – a direct cash payment for meeting specific deposit requirements.
   • Typically range from $100 to $500
   • Some premium accounts offer bonuses up to $1,000
   • Usually paid directly into the new account
2. Referral bonuses: Extra cash for bringing in new customers through your referral.
   • Usually $50-$250 per successful referral
   • Both the referrer and the recipient may receive a bonus
   • Often has limits on total referral earnings per year
3. Interest rate boosts: Higher Annual Percentage Yields (APYs) on savings accounts for a limited time.
   • Can offer rates up to 4% higher APY than standard accounts
   • Typically available for a limited period (3-12 months)
   • Great for parking emergency funds or short-term savings

Common Bonus Requirements

Each bank has its own set of rules, but most bonuses follow similar patterns:

• Direct deposit: Many bonuses require setting up direct deposit with a minimum amount.
  • Often requires recurring deposits of $500-$1,500 during the promotional period
  • Standard qualifying direct deposits are from an employer or government benefit
  • Personal transfers typically don’t qualify, but some do qualify if you look around
• Minimum balance: Maintaining a specific account balance for a set period.
  • Ranges from $1,000 to $15,000
  • Some accounts require maintaining the balance for 60-90 days of when you open the account.
  • Dropping below the minimum can forfeit the bonus
• Transaction requirements: Completing a certain number of debit card transactions or bill payments.
  • Typically 10 (sometimes more) qualifying transactions per month
  • Usually, online purchases, signature-based, or bill payments qualify
  • ATM withdrawals usually don’t count
• Account holding period: Staying with the bank for a specified time to receive the full bonus.
  • Most banks require keeping the account open for at least 3 months
  • Account must be open at the time of the bonus payout 
  • Early account closure may result in a bonus clawback and future account banning
• New customer status: Most promotions are only available to individuals who haven’t held an account with the bank in a certain period.
  • Most commonly, you need to be a new customer for the bank account type
  • …or have not held the same account type recently (typically in the last 12 to 24 months)
  • Sometimes you must be completely new to the bank as a first-time account holder

Where to Find Bank Bonuses

With bank bonuses available across multiple types of financial institutions, you’ll need to know where to look:

• Traditional banks: National brick-and-mortar banks like Bank of America, Chase, Citi, U.S. Bank, Wells Fargo, or local/regional banks. These established institutions frequently offer sign-up bonuses to attract new account holders.
• Online banks: Fintechs that exist purely online but are backed by the FDIC, including Chime, SoFi, Live Oak, Grasshopper, Axos, and many other digital-first banking platforms.
• Credit unions: Similar to banks but often offering more competitive terms, such as First Tech Federal Credit Union, Affinity Federal Credit Union, Unify Financial, local and regional credit unions. They typically provide more personalized service and potentially better bonus terms.
• Brokerages: Trading platforms with cash sweep features that offer account bonuses, including E*Trade, Moomoo, Public, Robinhood, TastyTrade, and other investment platforms with banking features.
• Online search: If you simply search Google for “Best bank promotions” or “Best bank sign-up bonuses” you’ll find many lists with current offers.

Best Bank Promotions for New Accounts

Bank promotions change frequently, with offers appearing and disappearing throughout the year. We’ve compiled some of the top bank bonus offers, which feature a mix of national and regional bank bonuses, as well as credit union promotions across checking, savings, and money market accounts.

Always check the requirements and relevant details for the offer directly with the bank, and use the tips outlined in this article. Check the latest cash back portal offers as they tend to change frequently, or learn more about stacking with cashback.

Maximizing Checking and Savings Bonuses

Earning bank sign-up bonuses can be rewarding, but you must understand the process and stay organized. Here’s how to make the most of these promotions while avoiding potential mistakes.

Open Multiple Accounts—Strategically

Opening multiple accounts can increase your bonus earnings, but be mindful of the following:

• Pace yourself: Avoid opening several accounts simultaneously to prevent being flagged by ChexSystems or Early Warning Services (EWS), which monitor new account openings.
• Diversify banks: If one bank denies your application due to multiple recent openings, consider institutions that don’t rely heavily on these monitoring systems (like some online banks).
• Consider business accounts: If you have a registered business or even a side hustle, you may qualify for additional promotions from banks offering business checking bonuses.

Time Account Openings

Banks often offer enhanced bonuses during specific periods:

• Monitor promotions: Keep an eye out for limited-time offers, especially during back-to-school, holiday, year-end, and first quarter. Follow blogs for updates or search Google periodically.
• Avoid overlapping requirements: Ensure you can meet the qualifying criteria for each bonus without overextending your financial commitments. Create a spreadsheet to track requirements, set calendar reminders for direct deposits, and monitor transaction counts.

Stay Organized

Tracking multiple accounts requires careful organization:

• Track important dates: Use spreadsheets or financial apps to monitor account opening dates, bonus qualification periods, and important deadlines.
• Set reminders: Schedule alerts for required actions, such as setting up direct deposits or meeting spending thresholds.
• Keep records: Save screenshots, emails, and documents related to bonus terms and conditions for reference.

Precautions and Things to Avoid

Be Aware of Fees

Fees can diminish your bonus earnings:

• Monthly maintenance fees: Many banks waive these if certain conditions are met, such as maintaining a minimum balance or setting up direct deposits.
• Other charges: Be mindful of overdraft fees, ATM fees, and charges for paper statements.
• Early account closure fees: Some banks charge a penalty if you close your account before a specified time period.

Prepare for Tax Obligations

Bank bonuses are typically considered taxable income. To stay compliant:

• Expect a 1099-INT form: Banks issue tax forms for bonuses exceeding $10.
• Set aside funds for taxes: If you’re earning several bonuses, factor in the tax liability to avoid surprises at tax time.

Protect Your Banking Reputation

Opening and closing multiple accounts in a short period can flag you for suspicious behavior, potentially limiting your eligibility for future promotions. To mitigate this:

• Avoid quick closings: While some accounts only require staying open during the promotional period, it’s best practice to keep accounts open for 6-12 months.
• Maintain core accounts: Keep long-term relationships with a few primary banks when you find a product you like.

Make Fraud & Risk Prevention Routine

Opening multiple accounts increases exposure to identity theft. To protect yourself:

• Monitor credit reports: Regularly check ChexSystems and credit reports.
• Entry barriers: Use strong passwords and enable two-factor authentication (2FA).
• Stay alert: Be cautious of phishing attempts and suspicious communications.

Open An Account and Get the Best Bank Bonuses

Bank sign-up bonuses can be an excellent way to earn extra cash, potentially netting you hundreds or even thousands of dollars annually. The key is to approach these opportunities strategically, stay organized, and always read the fine print. With careful planning and attention to detail, bank promotions can become a reliable way to to put some extra cash in your pocket.

Editor’s note: Opinions shared in this article are solely the author’s and do not represent the views of any bank, credit card issuer, hotel, airline, or other organization. The content has not been evaluated, approved, or endorsed by any of the mentioned entities. These are our recommendations but it isn’t financial advice. We may receive a commission if you click through any of the links in this article.

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