Top Checking Offers of April 12, 2024
*Annual Percentage Yield
Why You Can Trust the MarketWatch Guides Team
Here’s a breakdown of how we reviewed and rated top banks and credit unions
130
Institutions MonitoredOur team reviewed more than 100 of the country’s largest and most prominent financial institutions, from big banks like Chase and Bank of America to credit unions like Navy Federal Credit Union and PenFed Credit Union.
688
Products StudiedTotal number of checking, saving, CDs, and money-market accounts that inform our review ratings.
719
Rates TrackedThe accounts with an annual percentage yield (APY) several times the national average rate receive the highest scores. Accounts with the lowest APY offering (under 1%) earn the least points.
10
Professionals ConsultedBefore we began our research process, we consulted with financial advisors and industry experts to ensure our evaluations covered the banking product aspects that matter most to potential customers.
Top Bank Bonuses for 2024
If you’re planning to open a new checking or savings account, look for options that offer sign-up bonuses for new customers. These bank bonuses can provide sizable cash deposits after you meet certain requirements.
For this article, we at the MarketWatch Guides team looked at more than 40 bank accounts that regularly offer welcome bonuses, including online checking accounts and savings accounts. We picked the five best offers based on their bonus amounts, their requirements and ratings from our reviews of the best checking accounts and the best savings accounts.
Our picks for the best bank bonuses range from $300 to $900, and they come from both online banks and traditional banks. While some of these bank accounts have monthly service fees or minimum direct deposit requirements, you can generally avoid ongoing charges by meeting certain terms.
Chase Bank: Earn up to $900
4
Our Rating
Bonus Deposit Requirements:
Must receive at least $500 in eligible direct deposits within 90 days of opening your account
Bonus AmountUp to $900Monthly Account FeesUp to $12Minimum opening deposit$0
Chase Bonus Details
Chase is offering checking and savings sign-up bonuses** for new customers until July 24, 2024:
- Earn a $300 bonus for opening a Chase Total Checking account and setting up a direct deposit for any amount within 90 days.
- Earn $200 for opening a Chase Savings account and funding it with at least $15,000 in new money within 30 days and maintaining that minimum balance for 90 days.
- Earn $400 if you qualify for both the checking and savings bonuses, bringing your total bonus to $900.
If you meet these requirements, Chase will deposit the bonus within 15 days after the initial 90-day period.
Chase Bonus Overview
*Waived with direct deposits of $500 or more, a $1,500 minimum balance at the beginning of each day or $5,000 or more across linked Chase accounts
**Waived for account owners under 18 or with a $300 minimum balance at the beginning of each day, $25 or more in repeating automatic transfers from your Chase checking or select linked Chase checking accounts
Chase Financial Products
We rate Chase Bank 4 out of 5 stars overall. Chase has eight checking accounts and three savings accounts, as well as certificates of deposit (CDs), home and auto loans, investment services and credit cards. It has more than 4,700 branches and 15,000 ATMs in 48 states, and it’s the largest bank in the country by assets. Read our complete review of Chase Bank for more information.
Wells Fargo: Earn up to $850
3.8
Our Rating
Bonus Deposit Requirements:
Must receive at least $1,000 in eligible direct deposits within 90 days of opening the account
Bonus AmountUp to $525Monthly Account FeesUp to $12Minimum opening deposit$25
Wells Fargo Bonus Details
Savings: $525 Bonus
If you have more money to deposit, you may be eligible for Wells Fargo’s $525 bonus for new savings customers. To qualify, you must open a new savings account with a minimum deposit of $25, deposit a total of $25,000 or more within 30 days and maintain that minimum balance for at least 90 days. You must open your savings account at a Wells Fargo branch to get this bonus, and the offer expires on June 25, 2024.
The bonuses will be added to your account within 30 days after you qualify.
Wells Fargo Bonus Overview
***Waived with a $3,500 minimum daily balance
Wells Fargo Financial Products
We rate Wells Fargo 3.8 of 5 stars overall, adding points for it having more than 4,500 branches and 11,000 ATMs in 36 states, high customer ratings for its mobile bank app and features such as Zelle. We’ve subtracted points for the bank’s fees and lack of cash-back rewards.
In addition to checking and savings accounts, Wells Fargo offers CDs, credit cards, investing and home, auto and personal loans. Read our complete Wells Fargo review for more checking and savings account features.
U.S. Bank: Earn up to $700
4
Our Rating
Bonus Deposit Requirements:
Must deposit at least $5,000 in monthly qualifying direct deposits and maintain a $7,000 minimum average daily balance for seven months to earn the full bonus
Bonus AmountUp to $700Monthly Account Fees$0Minimum opening deposit$25
U.S. Bank Bonus Details
U.S. Bank is offering a checking bonus of up to $500** based on the amount of your direct deposits and a savings account bonus of $200.
When you open a new U.S. Bank Smartly Checking account online, you can earn the following bonuses when you make two or more direct deposits within 90 days:
- $100 with direct deposits totaling $3,000 to $4,999.99
- $300 with direct deposits totaling $5,000 to $9,999.99
- $500 with direct deposits totaling $10,000 or more
You also need to enroll in the U.S. Bank mobile app or online banking within 90 days to get the checking bonus.
When you open a new U.S. Bank Standard Savings account you can earn $200 by following these steps:
- Deposit at least $15,000 into the account by July 17, 2024.
- Maintain a minimum account balance of $15,000 through Oct. 31, 2024.
The bonus offers are valid through June 27, 2024. You must use the code “2024APR” when you open the account online. The bank will credit your bonus within 60 days after the end of the month in which you meet the requirements.
U.S. Bank Bonus Overview
*Waived with direct deposits of $1,000 or more, an average daily balance of $1,500 or more or a qualifying U.S. Bank credit card
U.S. Bank Financial Products
We rate U.S. Bank 4 out of 5 stars. It earns points for its wide selection of financial products and customer service but loses points for its limited number of ATMs (about 4,500) and the fact that it only has branches in 26 states. U.S. Bank is the fifth largest bank in the country by assets and has about 2,500 branches.
In addition to deposit accounts, the bank provides credit cards, investing accounts and personal, home and vehicle loans. Its mobile app is highly rated, getting 4.8 out of 5 stars in the App Store and 4.7 stars in Google Play. Read our complete U.S. Bank review for more details on its checking and savings accounts.
PNC Bank: Earn up to $400
4.1
Our Rating
Bonus Deposit Requirements:
Must receive total qualifying direct deposits of at least $500 in a linked Spend account within 60 days of opening your account online
Bonus Amount$400Monthly Account Fees$0-$25Minimum opening deposit$0
PNC Bank Bonus Details
PNC Bank is offering checking account bonuses up to $400**. To qualify for the bonus, open a new Virtual Wallet account at a branch, by phone or online via the promotion page by April 30, 2024.
- Earn $200 when you open a new Virtual Wallet with Performance Spend account and direct deposit $2,000 or more within 60 days.
- Earn $400 when you open a new Virtual Wallet with Performance Select account and direct deposit $5,000 or more within 60 days.
If your account remains open and in good standing, PNC will deposit the bonus within 60 to 90 days after requirements are met. You aren’t eligible for the bonus if you have an existing PNC consumer checking account, have closed an account within the past 90 days or have received a PNC promotional premium in the past 24 months.
PNC Bank Bonus Overview
| Virtual Wallet With Performance Spend | Virtual Wallet With Performance Select | |
| Bonus Amount | $200 | $400 |
| Bonus Deposit Requirements | Total qualifying direct deposits of at least $2,000in a linked Spend account within 60 days of opening your account | Total qualifying direct deposits of at least $5,000 in a linked Spend account within 60 days of opening your account |
| Monthly Account Fees | $15 (waived if requirements for employment, direct deposit or account balances are met) | $25 (waived if requirements for employment, direct deposit or account balances are met) |
| Account Minimum Opening Deposit | $0 | $0 |
| Offer Ends | April 30, 2024 | April 30, 2024 |
PNC Bank Financial Products
PNC earns 4.1 out of 5 stars in our banking review. It gains points for its many product offerings but loses points for having limited customer service options. PNC is a traditional bank with deposit accounts, loans, investment services and several credit cards. There are more than 2,300 PNC branches in 28 states and Washington, D.C., and around 60,000 PNC and partner ATMs. Read our complete review of PNC Bank to get more information on checking and savings account features.
SoFi: Earn up to $300
Great for High-Yield Checking and Savings Account
4.5
Our Rating
Bonus Deposit Requirements:
- $50 cash bonus for total direct deposits of $1,000 to $4,999.99 during the bonus period
- $300 cash bonus for total direct deposits of $5,000 or more during the bonus period
Bonus Amount$300Monthly Account Fees$0Minimum opening deposit$0
SoFi Bonus Details
SoFi is offering a sign-up bonus of up to $300** for new account holders, as well as existing members who’ve never enrolled in direct deposit. You can earn $50 with direct deposits totaling $1,000 to $4,999.99 or $300 for direct deposits totaling $5,000 or more. Direct deposits must be made within a 25-day period that begins when you receive the first deposit in yourSoFi combined Checking and Savings account.
You can open an account on SoFi’s website or via the SoFi mobile app, and no minimum opening deposit is required. To earn either account bonus, you must receive qualifying direct deposits by June 30, 2024. You’ll receive your bonus within seven business days after the 25-day period.
SoFi Bonus Overview
| Bonus Amount | $50 or $300 |
| Bonus Deposit Requirements |
|
| Monthly Account Fees | $0 |
| Account Minimum Opening Deposit | $0 |
| Offer Ends | June 30, 2024 |
SoFi Financial Products
We give SoFi 4.5 out of 5 stars overall in our banking review. It earns points for its A+ rating from the Better Business Bureau (BBB) and for giving customers access to more than 55,000 free ATMs. However, it loses points because it’s an online-only bank with limited product offerings (it doesn’t have CDs or money market accounts). It does offer a wide range of other financial products, including student loan refinancing and mortgages. With the SoFi Plus program, checking and savings account holders who have qualifying direct deposit activity can get perks such as discounts on personal loan rates.
Types of Bank Bonuses and Promotions
Checking and savings account bonuses and promotions vary depending on the bank or credit union, and they usually apply only to certain accounts. Here are several types of bonuses and incentives you can earn:
Sign-Up Bonuses
If you qualify for a sign-up bonus, you can typically earn up to several hundred dollars for opening a new checking or savings account. You’ll usually apply for an account using a promo code at a branch or online. Once your account is open, you’ll generally have a limited number of days to complete qualifying activities, which may include one or more of the following:
- Receiving a minimum amount in qualifying direct deposits (typically from employers, Social Security or other income sources)
- Maintaining a minimum average daily balance
- Making a minimum deposit manually
- Enrolling in online banking
- Completing a minimum number of qualifying transactions within a certain time frame (such as making a debit card purchase, Zelle transaction or online bill payment)
Receiving a bank bonus requires keeping the account in good status. Banks usually deposit the bonus money within a week to a few months after you meet the offer requirements. If you’re an existing customer, you could be disqualified, especially if you recently received another bonus.
Referral Bonuses
Some banks offer incentives if you refer new customers who then open accounts with the bank. Bonuses can come in the form of cash rewards, points or other perks. You’ll usually receive the bonus once the person you referred has met specific criteria, such as making a minimum deposit or completing a certain number of transactions. Often, both you and the person you referred will receive bonuses.
Business Bank Account Bonuses
Business bank account bonuses are similar to cash bonuses for personal bank accounts, except you’re opening a business checking or savings account. These accounts usually must be used solely for business expenses. They may offer features such as debit cards for employees and integration with payroll software.
To qualify for bonuses, which usually come in the form of sign-up bonuses, you commonly need to fulfill requirements such as maintaining a minimum balance or executing a certain number of transactions.
Debit Card Rewards
Some checking accounts provide ongoing rewards earnings on debit card transactions. These can apply to all purchases or only to transactions at qualifying retailers, and a monthly or yearly limit may apply. Reward rates vary, and you might not earn rewards for PIN-based transactions.
Fee Waivers
While checking and savings accounts often have monthly maintenance fees, especially with large national banks, many banks offer ways to get these charges waived. The requirements may include:
- Maintaining a minimum balance in one or more accounts
- Meeting direct deposit terms
- Making a qualifying number of debit card transactions each month
Some checking accounts waive other bank fees too, such as out-of-network ATM fees.
Interest-Rate Incentives
Some bank bonuses offer higher interest rates, usually for a limited time. While checking accounts tend to pay little or no interest, you may be able to earn some if you complete certain account activities. Some checking accounts also have a savings component that earns a better rate.
Most savings accounts on this list don’t offer rates as competitive as high-yield savings accounts, so factor that into your decision when considering whether a bank bonus is worth it for you.
Are Bank Bonuses Worth It?
To find sign-up bonuses and other banking promotions, use our list, do a web search or visit bank and credit union websites. Other options include checking advertisem*nts and contacting financial institutions. Make sure any financial institution you choose is insured by the Federal Deposit Insurance Corp. or the National Credit Union Administration. Look for “member FDIC,” “FDIC insured” or “NCUA.”
When comparing offers, note the bonus amounts, promotional deadlines and eligibility restrictions. Make sure you meet any terms for direct deposit or automated clearing house (ACH) transfers and that you can maintain any minimum balance during the offer period. Read the fine print about any qualifying transactions, as well as account activity that could make you ineligible for a bonus.
Finding the right bonus offer also involves looking at an account’s features. It’s ideal to pick an account with low fees, along with incentives such as high interest rates and rewards.
The main advantage of bank account bonuses and promotions is that they give you extra cash. Along with earning a sign-up bonus for opening a new account, you could get debit card rewards or earn interest. Your bank might offer additional money-saving perks, such as fee waivers or discounted loan rates.
Plus, you could find that meeting the bonus requirements helps you build financial discipline. That’s because you may need to set up direct deposits, move a large lump sum to the account or maintain a minimum balance. By continuing good habits, you might manage your money better even after the bonus period.
However, there are drawbacks to sign-up bonuses for bank accounts. For example, they’re taxable income. You also might pay ongoing monthly account fees.
If you’re only pursuing a new account for a sign-up bonus and not factoring in potential interest, reward earnings or other perks, then opening a new account might not be worth it, especially if it comes with strict requirements.
Pros
Spare cash for financial goals
Other potential banking perks, such as earning interest on checking balances
Could help build financial discipline
Cons
May have strict requirements
Taxation of bank account bonuses
May come with account fees
Tax Implications of Bank Account Bonuses
All bank bonuses in this article count as taxable income in the U.S. Banks may report this income to the IRS, usually via forms 1099-INT or 1099-MISC. You’ll owe ordinary federal and state income tax on your earnings, calculated at your effective tax rate.
Maximizing Your Bank Bonuses
Read the terms and conditions for the bonus carefully to know which steps you need to take and when. Plan on setting direct deposit up promptly if it’s required, and note that the initial transfer could be delayed. You should also be sure you’re making qualifying transactions that meet any terms or deadlines.
To meet a minimum balance requirement, you might need to limit withdrawals or put new money in the account. Keep your account active and in good standing to avoid losing the bonus or paying a possible account closure fee.
To maximize your promotional earnings, choose a savings or checking account with no monthly fees or one that offers fee waivers. Qualifying for monthly fee waivers could involve these conditions:
- Receiving a minimum monthly direct deposit amount
- Maintaining a minimum checking account balance
- Maintaining a minimum combined balance in linked checking and savings accounts
The Bottom Line: Finding the Best Bank Promotion
By comparing bank promotions and considering how easily you can meet their requirements, you could earn extra cash. Just don’t forget important account factors such as accessibility, fees and additional incentives.
Always read the fine print, and note the qualifying activities and deadlines for earning the bonus. Contact the bank’s customer service department for help if you don’t understand the requirements. When you apply for your new account, use the promo code or special link the bank provides.
FAQ: Bank Promotions and Bonuses
Chase, Wells Fargo, U.S. Bank, PNC Bank and SoFi are some of the banks that offer bonuses for opening checking or savings accounts and meeting certain requirements.
If you don’t meet the requirements of a bank account promotion, you won’t earn the bonus. However, you can typically continue using the account and any other perks you’re eligible for.
Account churning is the practice of frequently opening and closing bank accounts to take advantage of promotional bonuses offered by banks. While account churning is legal, it’s discouraged by banks. Many banks have a “cooling-off” period that prevents customers from receiving an account bonus if they’ve opened or closed the same type of account within a certain time frame, typically 12 to 24 months.
Before opening and closing multiple accounts, read the terms and conditions of each one.
To find the best bank promotion for your needs, compare bonus offers from multiple financial institutions online and determine if their requirements fit your financial situation. The best promotion will offer a large bonus and have requirements you can meet by the deadline.
Methodology
Our team researched more than 100 of the country’s largest and most prominent financial institutions, collecting information on each provider’s account options, fees, rates, terms and customer experience. We then scored each firm based on the data points and metrics that matter most to potential customers. Read our full methodology.
*Data accurate at time of publication
**Rates and promotions accurate as of April 11, 2024. May vary by location. Rates and promotions are for New York (Chase), San Francisco (Wells Fargo), Minneapolis (U.S. Bank) or Pittsburgh (PNC Bank).
Editor’s Note: Before making significant financial decisions, consider reviewing your options with someoneyou trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.
Ashley DonohoeContributor
Ashley Donohoe is a personal finance writer based in Cincinnati. She has written for several personal finance websites such as GoBanking Rates, The Balance and PocketSense.
Rashawn MitchnerManaging Editor
Rashawn Mitchner is a MarketWatch Guides team editor with over 10 years of experience covering personal finance and insurance topics.
