Best Bank Bonus Offers For 2022

You can earn hundreds of dollars with bank sign up bonuses. Offers of $100 or more are common. Some exceed $400 per new account!
Advertising Disclosure.

Advertiser Disclosure: Opinions, reviews, analyses & recommendations are the author’s alone. This article may contain links from our advertisers. For more information, please see our Advertising Policy.

default image

Information about this product has been collected independently by the author. The issuer did not provide the details, nor is it responsible for their accuracy.

Table of Contents
  1. Top Bank Bonus Offers Right Now
    1. $300 Bonus – TD Beyond Checking
    2. $225 Bonus – Chase Total Checking®
    3. $150 Bonus – TD Convenience CheckingSM
    4. $100 Bonus – Chase Secure BankingSM
  2. Ten Quick Tips for Earning Bank Bonuses
    1. Rule #1: Read all of the fine print.
    2. Rule #2: Follow the directions of each offer you consider.
    3. Rule #3: Make sure to keep your money on deposit as long as the bank requires.
    4. Rule #4: Watch out for fees.
    5. Rule #5: Don’t close your bank account until it’s time.
    6. Rule #6: Keep track of bank bonuses in a simple spreadsheet.
    7. Rule #7: Don’t let bank bonuses ruin your cash flow.
    8. Rule #8: Don’t forget to get your spouse involved.
    9. Rule #9: You can still try to earn more on your savings elsewhere.
    10. Rule #10: Make your money count!
  3. What You Need to Know About Sign Up Bonus Offers
  4. Frequently Asked Questions About Bank Bonus Offers
    1. How do I sign up for a bank bonus?
    2. Where do I read the requirements for each bank bonus I sign up for?
    3. Do I need to pay taxes on the bonus I earn?
    4. Can I earn more than one bank bonus from the same bank?
    5. Can I earn bank bonuses from multiple banks?
    6. Does opening a new bank account put a hard inquiry on my credit report?
    7. Can I close my account after I earn the bank bonus?
    8. Is a bank bonus really “free?”
    9. Can my spouse and I both get the same bank bonus?
    10. How do I pick between several bank bonuses?
    11. Do credit unions offer sign up bonuses?
    12. Do banks offer sign up bonuses for business accounts?
  5. Final Thoughts

Banking is a competitive industry, with banks doing their best to earn your business. One popular method is offering bank bonuses and offers for opening a new savings or checking account.

Banks know that the majority of customers will not only use their bank for their main checking or savings account, but are more likely to use other, more profitable services, such as:

This works in your favor!

Many top banks now offer sign up bonuses to bring in new customers. Some of these bonuses can be incredibly lucrative, with many worth several hundred dollars.

Top Bank Bonus Offers Right Now

Here are some of the best offers we have found at the current moment:

$300 Bonus – TD Beyond Checking

  • New customers who apply online for a TD Beyond Checking account can earn a $300 cash bonus after receiving direct deposits of $2,500 or more within 60 days.
  • To qualify for this offer, you must be a U.S. resident and apply for the offer online.
  • Offer is available in these states: CT, DC, DE, FL, MD, ME, MA, NC, NH, NJ, NY, PA, RI, SC, VT, VA
  • Get full details on the TD Bank website, on our TD Bank Bonus Offer page, or in our TD Bank Review.

$225 Bonus – Chase Total Checking®

New customers can earn a $225 bonus when they open a Chase Total Checking® account and set up direct deposit within 90 days.

  • New Chase checking customers enjoy a $225 bonus when you open a Chase Total Checking® account and set up direct deposit
  • Access to 16,000 Chase ATMs and more than 4,700 branches
  • Chase Mobile® app – Manage your accounts, deposit checks, transfer money and more — all from your device.
  • Open your account online now
  • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
  • Overdraft Services – no fee if you’re overdrawn by $50 or less at the end of the business day*
  • *We charge a $34 Insufficient Funds Fee per item during our nightly processing beginning with the first item that overdraws your account balance by more than $50 (maximum of 3 fees per business day, up to $102).

Learn More About the Chase Total Checking® Offer

$150 Bonus – TD Convenience CheckingSM

  • New customers who apply online for a TD Convenience CheckingSM account can earn a $150 cash bonus after receiving direct deposits of $500 or more within 60 days.
  • To qualify for this offer, you must be a U.S. resident and apply for the offer online.
  • Offer is available in these states: CT, DC, DE, FL, MD, ME, MA, NC, NH, NJ, NY, PA, RI, SC, VT, VA
  • Get full details on the TD Bank website, on our TD Bank Bonus Offer page, or in our TD Bank Review.

$100 Bonus – Chase Secure BankingSM

The Chase Secure Banking checking account is a basic checking account with no paper checks, no overdraft fees and no minimum balance to open.

  • New Chase checking customers enjoy $100 when you open a Chase Secure BankingSM account with qualifying activities.
  • No minimum deposit to open, no fees for Chase OnlineSM Bill Pay, money orders, cashier’s checks or to send money
  • No paper checks to track
  • Just a simple $4.95 monthly service fee
  • Use the Chase debit card to help you spend only the money you have available, without worrying about overdraft fees.
  • Bank with the Chase Mobile® app and Chase OnlineSM
  • Get helpful account alerts so you can monitor your balance and more.
  • No need to worry about unauthorized card transactions when reported promptly with Zero Liability Protection.

Ten Quick Tips for Earning Bank Bonuses

The following rules apply to most bank bonus offers. Always read the fine print to make sure you qualify for the bonus offer!

In the last few years, I have opened new bank accounts to earn anywhere from $200 – $300 for each account. I have also opened accounts to earn a GPS unit and an iPod (cash is my favorite bonus offer, but gadgets can be nice if you need one, or want to gift it).

Signing up for a bank bonus isn’t rocket science, but that doesn’t mean there aren’t certain rules you should follow. If you don’t pay attention and meet your bank’s requirements, for example, they aren’t required to hand over your bonus at all.

Before you pursue a signup bonus with a bank, it’s important to know these rules and follow them to a “T.” What follows are some general rules of thumb and some things to look for when opening a new checking or savings account to earn a bonus.

Rule #1: Read all of the fine print.

When signing up for a new bank bonus, it’s easy to get excited about the prospect of earning some quick money and throwing caution to the wind.

Trust me, that’s the worst thing you can do. If you want to make the most of your bank bonus, you need to read through all of the fine print and make it a point to understand it.

Some bank bonus offers place certain expectations on the customer, including setting up direct deposit, making a certain number of transactions with a debit card, and keeping a certain amount of money on deposit for a specific length of time. By reading the fine print, you can know these details inside and out.

A good example would be the sign up bonuses with a Chase checking account.  With each of the offers, you have to set up direct deposit to get the bonus.  No direct deposit, no bonus.

Rule #2: Follow the directions of each offer you consider.

Once you know what your bank is asking for in return for the bonus, you have to follow the directions. If that means setting up direct deposit, then you should do it right away.

If it means keeping a certain amount of money on deposit, you should get it into your new account as quickly as possible.

And if it means making a certain number of purchases with a bank-issued debit card tied to your new account, you should get started on that.

The longer you wait, the easier it will be to forget everything. Make sure to perform whatever tasks your bank wants fairly quickly if you want your bank bonus to post to your account as fast as it possibly can.

Rule #3: Make sure to keep your money on deposit as long as the bank requires.

Most banks require you to keep a certain amount of money on deposit for a specific length of time to earn a bank bonus. It can be something like $1,500 for 6 months, or even $10,000 for 18 months.

Whatever it is, follow the directions to the “T.” If you don’t, you might miss out on your bank bonus altogether.

Rule #4: Watch out for fees.

While a lot of banks offer a bonus if you open a new account and meet certain requirements, some charge fees for keeping your account active.

These fees can chip away at the bank bonus you earned and potentially cost you more than the bonus if you keep your account open for a really long time.

This is yet another reason you should read the fine print. Knowing what fees to avoid ahead of time lets you stay clear of them.

Perhaps that means keeping even more money on deposit with the bank to keep your account truly “free.” Whatever it is, make it happen.

Rule #5: Don’t close your bank account until it’s time.

Another stipulation many banks place on people who earn bank bonuses is keeping their account open for a certain length of time. It might take 6 months to earn a bank bonus, but you might be required to keep that account open for 6 months or even twelve.

It’s important to know what your bank asks you before opening an account.

Once you know, you can avoid closing your account until you are safely outside the minimum length of time needed to keep it open. If you close it too early, you risk losing out on your bank bonus altogether or forfeiting it.

Rule #6: Keep track of bank bonuses in a simple spreadsheet.

If you plan to pursue several bank bonuses at once, you might have trouble keeping track of the details.

That’s why you should keep a simple spreadsheet that outlines each of the bank bonuses you’re pursuing and their offers. That way, you can refer to it when it is time for your bank bonus to post to your account or close it.

Details to keep on your spreadsheet include the date you signed up for the new account, the date you completed the requirements to earn the bank bonus, and when the bonus was posted to your account.

Beyond those details, you should also note the date you can reasonably close your account – well after your bonus is earned.

Rule #7: Don’t let bank bonuses ruin your cash flow.

If you’re pursuing more than one bank bonus at once, you’ll need quite a bit of cash.

Since each bank will require you to keep a certain amount of money on deposit, it can be hard to access extra funds if you encounter a large bill or an emergency.

Before you pursue a bunch of bank bonuses, you must ensure you’re flush with cash. The last thing you need is to have to withdraw funds from an account early and miss out on a bank bonus.

Rule #8: Don’t forget to get your spouse involved.

If you think one bank bonus is great, try having two. Even if you open a new account to earn a bank bonus on your own, your spouse or partner is generally able to do the same.

Just remember that the same rules apply to everyone. You should never spread your cash too thin by trying to open too many accounts with a minimum deposit requirement at once.

Also, your spouse should read the fine print and meet all of the requirements religiously if they hope to earn a bonus.

Rule #9: You can still try to earn more on your savings elsewhere.

Bank bonuses are a smart way to earn interest on your cash in a time when most interest rates are paltry.

However, since your new account might not offer a lot of interest, you should consider putting the rest of your savings into a high interest checking or savings account.

If you have a longer time horizon, you might also consider putting extra savings into a certificate of deposit which pays higher interest rates.

In other words, don’t let your extra money linger in your new account just because you used it to earn a bank bonus. Once your bonus has been earned and all requirements are met, you can close that account and move your money to an account paying a much higher rate.

Rule #10: Make your money count!

Since you went through so much trouble to earn a bank bonus, you might as well make that money count! Instead of letting it meld into the other funds in your account, find a way to set it aside so you can use it for something fun or important.

Save it for a rainy day, or stash it away in your IRA so it will be waiting when you’re ready to retire. Or, use it to splurge on something you wouldn’t buy otherwise.

This is truly extra money, and you earned it, so you should really make it count.

What You Need to Know About Sign Up Bonus Offers

Be sure to read the fine print when you open your new account.

As with most sign up bonus offers, you may be required to make a minimum deposit, and you may be required to maintain a minimum amount in your account for a set time frame. So be sure to note those requirements.

Frequently Asked Questions About Bank Bonus Offers

How do I sign up for a bank bonus?

You can sign up for most bank bonuses online by finding an offer you want and clicking on its link.

From there, you can read the fine print and fill out an application from the comfort of your own home. Some banks may also offer a bank bonus if you sign up within a physical branch. Plus, many people receive offers for bank bonuses in the mail.

There is no right or wrong place to sign up as long as you get the best offer.

Where do I read the requirements for each bank bonus I sign up for?

Whether you’re signing up for a bank bonus online or in the branch, they must list terms and conditions alongside their offer.

Many provide a small chart with rates and fees and several paragraphs filled with terms and conditions.

Make sure to read through all of the accompanying print before you sign up for a new checking or savings account to earn a bonus.

Do I need to pay taxes on the bonus I earn?

Since bank bonuses are considered taxable income, you should expect a 1099-MISC tax form in the mail.

Keep track of this form so you can use it when you file your taxes after the first of the year.

Can I earn more than one bank bonus from the same bank?

Some banks put requirements on offers or add additional fine print that states the same people can’t earn the same bonus offer over and over.

Others might limit the number of bonuses you can earn to one per year or one every other year. It always pays to read the fine print if you have earned a similar bank bonus with the same bank before; that way, you’ll know if you’re eligible in the first place.

Can I earn bank bonuses from multiple banks?

Banks don’t communicate to let each other know which consumers are taking advantage of their bonus offers.

With that in mind, you can feel free to sign up for as many bank bonuses as you see fit.

Since you’ll need to have money on deposit with each bank, this could spread your cash out fairly thin. As a result, you should only pursue multiple bank bonuses if you have extra cash you won’t need right away. Also keep in mind that managing many bank accounts can be a bit of a hassle.

Does opening a new bank account put a hard inquiry on my credit report?

Opening a checking or savings account usually does not result in a hard inquiry on your credit report.

Instead, most banks will do a soft pull on your credit, which does not affect your score at all.

Can I close my account after I earn the bank bonus?

You can definitely close your account once you have earned a bank bonus, but you should only do so if you have met your bank’s requirements for the bonus in their entirety.

If you close your account too early, you risk forfeiting your bonus or being forced to pay it back.

They can also deduct the bonus from your bank balance if you don’t meet all of their requirements when you close your account.

Is a bank bonus really “free?”

Most banks require members to take some action, such as use direct deposit, maintain a minimum balance for a certain period of time, or meet other requirements.

A bank bonus can be free if you follow all of your bank’s rules and don’t pay any fees associated with your new account. Most of the time, the only investment required on your part is time or depositing some money you already have.

Can my spouse and I both get the same bank bonus?

As long as you and your spouse or partner meet the requirements established by the bank offering a bonus and it isn’t prohibited, you can earn the same bank bonus from the same bank.

You can each earn multiple bonuses from several banks as well, so don’t limit yourself.

Just remember, you need to keep track of it all if you have any hope of remembering the details of each offer.

How do I pick between several bank bonuses?

Most of the time, the best bank bonus for your needs will stick out like a sore thumb.

It will have a minimum deposit requirement you can handle, offer a big enough bonus to be worth your time, and be offered by a bank that operates online or in your local area.

If you can’t decide between several bank bonuses, place priority on the one with the easiest barrier to entry.

Do credit unions offer sign up bonuses?

Absolutely! At least, some of them do. Some credit unions offer unique benefits over banks, and can be a good way to handle your banking needs. Many of them do offer sign up bonuses.

However, most credit unions have certain eligibility criteria you must meet before you will be eligible to join.

This would be on top of any additional requirements to earn the sign up bonus.

Do banks offer sign up bonuses for business accounts?

Yes, some banks do. This can take the form of a cash bonus, such as the current Chase Business Checking sign up bonus offer.

Other popular bonus offers are introductory rates on savings accounts, which is currently offered by the Capital One Spark Business account.

Keep in mind that many banks have special requirements for opening a business checking or savings account, including proper documentation for your business, such as articles of incorporation or similar paperwork.

Final Thoughts

Bank bonuses offer a fun way to earn some extra cash on the side. Just remember how important it is to read the fine print and know your offer inside and out.

Armed with information, you can earn a nice side income just by opening new accounts and meeting the requirements for each bank bonus you pursue.

But if you don’t read the fine print, the bonus you’re after could really cost you.

About Post Author

Get Instant Access
FREE Weekly Updates! Enter your information to join our mailing list.

Posted In:

About Ryan Guina

Ryan Guina is The Military Wallet's founder. He is a writer, small business owner, and entrepreneur. He served over six years on active duty in the USAF and is a current member of the Illinois Air National Guard.

Ryan started The Military Wallet in 2007 after separating from active duty military service and has been writing about financial, small business, and military benefits topics since then. He also writes about personal finance and investing at Cash Money Life.

Ryan uses Personal Capital to track and manage his finances. Personal Capital is a free software program that allows him to track his net worth, balance his investment portfolio, track his income and expenses, and much more. You can open a free Personal Capital account here.

Featured In: Ryan's writing has been featured in the following publications: Forbes, Military.com, US News & World Report, Yahoo Finance, Reserve & National Guard Magazine (print and online editions), Military Influencer Magazine, Cash Money Life, The Military Guide, USAA, Go Banking Rates, and many other publications.

Reader Interactions

Comments

    Leave A Comment:

    Comments:

    About the comments on this site:

    These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.

  1. judy galanter says

    Hi Paul,
    I responded to an promotional offer from Bank of the West to open an account and receive a $300 bonus after three months. I read the small print and it said that you can’t have had an account with them during the prior 12 months. Before I opened the account, I inquired with the Branch Manager to see if I was eligible. I told her to please check as I thought I may have had an account but wasn’t sure when it was closed. She used my DL and checked the bank records and said I was eligible. I deposited 25K into the account and fulfilled all the stated requirements. The bonus never appeared. I asked about it several times and each time they said it would be there within several weeks. The bonus was supposed to be deposited 11/30/17. On Jan. 24, they told me that, in fact, I was not eligible to receive the bonus as according to their bank records I had had an account 11 months ago. What recourse do I have? I feel like, as a consumer, I did my due diligence and should get this bonus. Thank you.

The Military Wallet is a property of Three Creeks Media. Neither The Military Wallet nor Three Creeks Media are associated with or endorsed by the U.S. Departments of Defense or Veterans Affairs. The content on The Military Wallet is produced by Three Creeks Media, its partners, affiliates and contractors, any opinions or statements on The Military Wallet should not be attributed to the Dept. of Veterans Affairs, the Dept. of Defense or any governmental entity. If you have questions about Veteran programs offered through or by the Dept. of Veterans Affairs, please visit their website at va.gov. The content offered on The Military Wallet is for general informational purposes only and may not be relevant to any consumer’s specific situation, this content should not be construed as legal or financial advice. If you have questions of a specific nature consider consulting a financial professional, accountant or attorney to discuss. References to third-party products, rates and offers may change without notice.

Advertising Notice: The Military Wallet and Three Creeks Media, its parent and affiliate companies, may receive compensation through advertising placements on The Military Wallet; For any rankings or lists on this site, The Military Wallet may receive compensation from the companies being ranked and this compensation may affect how, where and in what order products and companies appear in the rankings and lists. If a ranking or list has a company noted to be a “partner” the indicated company is a corporate affiliate of The Military Wallet. No tables, rankings or lists are fully comprehensive and do not include all companies or available products.

Editorial Disclosure: Editorial content on The Military Wallet may include opinions. Any opinions are those of the author alone, and not those of an advertiser to the site nor of  The Military Wallet.