Act Now: Earn Up to $500 Opening One of These Checking Accounts
KEY POINTS
- Some top-notch banks not only offer excellent checking accounts, but will also pay you for opening one.
- In some cases, these bonuses can be in the hundreds of dollars.
- Some of the most lucrative offers require certain minimum deposits or other balance requirements, so it's important to compare them.
Did you know that some banks will pay you if you're a new customer? And I'm not just talking about the bonuses that are commonly offered for opening a new credit card.
Some of the top financial institutions are offering lucrative bonuses for opening a checking account and meeting certain requirements. And there are some offers of as much as $300 right now. Here are three of our favorite bank accounts currently offering an opening bonus, a little about each one, and the requirements to receive the full bonus amount.
Chase Total Checking®
It isn't just online banks that offer lucrative new customer bonuses. The Chase Total Checking® account offers access to over 4,700 Chase branches and more than 15,000 ATMs.
The account has a monthly maintenance fee, but it can be waived with a daily balance of $1,500 or more, at least $500 in direct deposits per month, and more. The account doesn't earn interest, but the convenience factor of local branches and ATMs can certainly outweigh this for many people.
New customers can get a $200 bonus for opening a Chase Total Checking® account, which requires at least $500 in direct deposits within 90 days of enrollment. This is a rather low bar compared to some of the other bonuses being offered for new checking account customers.
>> Sign up now for a Chase Total Checking® account. <<
SoFi Checking and Savings
SoFi Checking and Savings accounts (member FDIC) are designed as a combination product -- you can't open one without the other. But they are both highly competitive accounts. On the checking account side, SoFi offers no account fees, ATM access at more than 55,000 locations⁵, and the ability to receive direct deposit paychecks up to two days early⁶. You can even get free checks whenever you need them. The checking account earns a 0.50% annual percentage yield (APY), and for money you don't need immediately, it's easy to transfer money to the savings account, which earns an APY of up to 3.80%.
There's a welcome offer of as much as $300¹ for new customers, but to get the full amount, you'll need at least $5,000 in qualifying direct deposits within 25 days. If your direct deposits are in the $1,000 to $4,999 range, you can still get $50, but the point is that this offer is best suited for those whose paychecks total $5,000 or more (take-home) in the typical month.
>> Sign up now for a SoFi Checking and Savings account. <<
Axos Bank Rewards Checking
The Axos Bank Rewards Checking has the highest bonus offer of the three accounts on this list, but to get its full $500, you have to meet the strictest requirements. Specifically, to get a $500 bonus, you'll need to have at least $1,500 in direct deposits per month for the first six calendar months the account is open and maintain a minimum average daily balance of $3,000.
The good news is that the bonus is paid in five installments of $1000, so if you meet these requirements in some months, but not others, you won't be empty-handed. Plus, you need to keep the account open for at least 210 days or you'll have to pay back the bonus you receive.
The account itself is highly competitive. It offers an APY of 0.40% (up to 3.30%) upon meeting several requirements, which is the highest we've seen from a checking account and is one of the only checking accounts to offer unlimited ATM fee reimbursements, effectively making your ATM network every single ATM you see.
>> Sign up now for an Axos Bank Rewards Checking account. <<
Which is best for you?
As you can see, these three checking accounts have different advantages and disadvantages, as well as different requirements that must be satisfied to receive the top bonus amount. Be sure to consider all the details, but these are three excellent checking account options that could make you want to leave your traditional branch-based account behind.
Our Research Expert
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
SoFi disclosure
¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.