3 Checking Accounts That Will Pay You $300 for Opening a New Account

Switching bank accounts can sometimes feel a bit tedious, almost like uprooting a well-kept garden just to replant the whole thing a few feet away. But if the new bank offers you a big sign-up bonus, there might be more fertile soil in those grounds after all. These days, it's not hard to find banks that will pay you $300 or more in bonus money for switching your loyalties.

Often, these bonuses come with some criteria, like receiving $2,500 or more in direct deposits within three months of opening a new account. If you can meet the criteria, the bonus is basically free money. If you're on the hunt for a new bank account, or just want a little passive income this month, here are three checking accounts with bonuses of $300 or more.

1. SoFi Checking and Savings

The SoFi Checking and Savings is a free checking account with superb features. It's an interest-bearing account that comes with a free debit card, is combined with a high-yield savings account, and offers a $300 bonus to new account holders.

To get the $300 cash bonus, however, you have to do some work. Namely, you must receive at least $5,000 in direct deposits within 25 days of opening your account (getting $1,000 to $4,999 within the same period will earn you a much less exciting $50 bonus). As you might expect -- terms apply.

Since you can open this with a joint account holder, this criteria may be more achievable. With direct deposit set-up, this account also earns up to 3.80% APY on savings account balances. It also has early direct deposits, which pays you up to two days in advance, and FDIC insurance for up to $3 million through the SoFi® Insured Deposit Program.

2. Chase Total Checking®

One glaring downside with the SoFi Checking and Savings is that it's an online-only account. You can't waltz into a SoFi® branch (they don't exist) and ask to deposit cash into your account. That can make your banking experience a bit impersonal, not to mention inconvenient if you handle cash frequently.

If you count yourself in that crowd, the Chase Total Checking® account might be a better fit. Chase has one of the largest branch networks in the U.S., plus thousands and thousands of ATMs. Seriously -- you could find yourself in a ghost town in Nevada and you'd probably see the blue glow of a Chase bank.

If you're new to Chase, you can earn a $300 bonus on the Chase Total Checking® by making direct deposits of $500 or more within the first 90 days. That criteria is much softer than the SoFi Checking and Savings. Do keep in mind, however, that this account has a $12 monthly fee (or $0 if certain conditions are met).

3. Laurel Road Loyalty Checking

This is probably the most interesting bank bonus I've come across. Not only because it's currently one of the biggest bonuses you'll find (up to $540). But also because the bonus could potentially never end.

New account holders to the Laurel Road Loyalty Checking can earn a $300 bonus when they receive $2,500 or more in direct deposits within the first 60 days. After that, you can get $20 monthly for your first 12 months if you continue getting $2,500 in direct deposits each month. That gives you the potential to earn $540 within your first year.

After your first year, you'll continue earning $10 each month by receiving $2,500 or more in direct deposits. This payment will continue for the life of your Laurel Road Loyalty Checking. So long as you meet the requirements and keep your account open, you can earn $10.

Now, I don't mean to be a killjoy, especially after covering three great bank bonuses, but you do have to pay taxes on your bonus. The amount that's due will depend on your tax situation, but it's prudent to set some of your bonus aside for tax purposes later.

Aside from that, earning the bonus can make the tedious process of switching banks a little more fun. Give our entire list of bank bonuses a quick perusal and see which (if any) are right for your banking needs.