Best Bank Account Bonuses This Week: May 18, 2025
Image source: Unsplash/The Motley Fool
KEY POINTS
- Our top pick this week: SoFi Checking and Savings account (Member FDIC) -- New customers can earn up to a $300 bonus with qualifying direct deposits!
- Requirements: Most bonuses involve direct deposit or a minimum savings balance.
- Weekly updates: We sift through banks each week to find the easiest, highest-value offers.
Want free money just for switching banks?
You're in the right place. Every week, we sift through dozens of banks to find the easiest account bonuses to grab. No complicated hoops, just solid deals with simple requirements like setting up a direct deposit or small savings transfer.
This week's top pick is SoFi Checking and Savings (Member FDIC). New customers can earn up to a $300 bonus with qualifying direct deposits!
We update this list weekly, because the best ones don't stick around forever. Always double-check the fine print -- and if something fits your goals, don't wait too long to grab it!
Top 5 bank bonuses this week
SoFi Checking and Savings (Member FDIC): Up to $300 bonus
On SoFi's Secure Website.
Member FDIC.
SoFi Checking and Savings
On SoFi's Secure Website.
= Best
= Excellent
= Good
= Fair = Poor
= Best
= Excellent
= Good
= Fair = PoorOn SoFi's Secure Website.
- Competitive APY on both Savings and Checking
- No account fees
- Welcome bonus up to $300 (direct deposit required)
- Early access to direct deposits
- Tools to help you track savings goals
- Unlimited number of external transfers (up to daily transaction limits)
- ATM access
- FDIC insured (up to $3M with opt-in to SoFi Insured Deposit Program)
- Combo account only; no stand-alone savings or checking
- Maximum Savings APY requires direct deposit
- Overdraft protection requires monthly direct deposit minimum
- No branch access; online only
For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings (Member FDIC) is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns an above-average rate, too -- which is a rare perk. Plus, there's the opportunity for a bonus of up to $300 and a long list of extra account features. Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships.
You can earn the maximum APY either by making direct deposits into checking or savings, or by depositing $5,000 or more every 30 days. Learn more.
Chase Total Checking®: $300 bonus
On SoFi's Secure Website.
Member FDIC.
Chase Total Checking®
On Chase's Secure Website.
= Best
= Excellent
= Good
= Fair = Poor
= Best
= Excellent
= Good
= Fair = PoorOn Chase's Secure Website.
- Largest bank in the U.S. in terms of assets
- More than 15,000 ATMs and 4,700 physical locations
- Wide range of financial products
- User-friendly online and mobile banking tools
- No minimum deposit to open
- Chase Overdraft Assist
- Low APYs on savings accounts and CDs
- $12 monthly maintenance fee waived only with qualifying activity
Chase Total Checking® combines tons of features with superior customer service. It's a safe place to put your money. You can walk into any of thousands of branches and withdraw cash from more than 15,000 ATMs in Chase's network. You can access everything online, too. It's one of the best checking accounts for in-person and over-the-phone customer service.
- Enjoy $300 as a new Chase checking customer, when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.
- Access to more than 15,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ – no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
*With Chase Overdraft Assist℠, we won't charge an Overdraft Fee if you're overdrawn by $50 or less at the end of the business day OR if you're overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.
**Monthly service fee is $12, or $0 with one of the following, each monthly statement period:
- Electronic deposits made into this account totaling $500 or more, such as payments from payroll providers or government benefit providers, by using (i) the ACH network, (ii) the Real Time Payment or FedNowSM network, (iii) third party services that facilitate payments to your debit card using the Visa® or Mastercard® network,
- OR a balance at the beginning of each day of $1,500 or more in this account,
- OR an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying Chase checking, savings, and other balances.
Discover® Cashback Debit: Up to $360 per year
On SoFi's Secure Website.
Member FDIC.
Discover® Cashback Debit
On Discover Bank's Secure Website.
= Best
= Excellent
= Good
= Fair = Poor
= Best
= Excellent
= Good
= Fair = PoorOn Discover Bank's Secure Website.
- Cash back rewards on debit cards
- Early direct deposit
- No monthly maintenance, NSF, or overdraft fees
- Great customer service
- Cash back rewards capped
- No interest-bearing checking account
- No physical branches
- No reimbursement for out-of-network ATMs
The Discover Cashback Debit account could be a lucrative option for those who frequently use their debit card. With cash back on eligible purchases, it's possible to earn even more than you could with a typical checking account APY without changing your habits at all. The fact that Discover has done away with many common checking account fees only adds to its appeal.
Discover® Online Savings: $200 bonus
On SoFi's Secure Website.
Member FDIC.
Discover® Online Savings
On Discover Bank's Secure Website.
= Best
= Excellent
= Good
= Fair = Poor
= Best
= Excellent
= Good
= Fair = PoorOn Discover Bank's Secure Website.
- Competitive APY
- No account fees
- Comfort of a well-known brand and reputation
- 24/7 customer support
- FDIC insured
- Online only; single branch location in the U.S.
The Discover® Online Savings account promises customers an above-average interest rate and few limitations. Most people won't ever encounter fees with this account, and you won't have to worry about keeping track of your monthly withdrawals either.
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code TMF325 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank.
BMO Smart Advantage Checking: $400 bonus
On SoFi's Secure Website.
Member FDIC.
BMO Smart Advantage Checking
- Generous relationship benefits
- Strong suite of other banking products
- Member FDIC
- Negative customer service reviews
Accounts are subject to approval. BMO Bank N.A. Available in the U.S. Member FDIC
What to know about bank bonuses
Bank bonuses can be a super easy win, but you've gotta follow the fine print.
Most offers require a direct deposit from your paycheck or government benefits, along with a few basic steps like opening an account, making a deposit, or using your debit card. If you skip a requirement, you might miss out on the bonus.
And don't forget: these bonuses are taxable. Anything over $10 could show up on a 1099-INT. Still, it's a low-effort way to earn a few hundred bucks, especially if you're already planning to move your money.
How to qualify for a bank bonus
Each offer is a little different, but most follow a similar pattern. The most common requirement is a qualifying direct deposit -- often from an employer or benefits provider -- sent to the new account within a set period, like 30 to 90 days.
Some savings bonuses also require a large deposit that you'll need to maintain for a few months. Other promotions may ask for basic account activity like making a few debit card purchases or paying bills online.
The key is to read the instructions carefully and make sure you can meet the terms without overextending your budget.
What to watch out for
Some banks charge monthly fees (unless you meet certain requirements like direct deposit or a balance minimum), and others won't give you the bonus if you've had an account with them recently. Even when you qualify, the payout can take a little while (sometimes up to 90 days). So just make sure you know the rules before you jump in.
We've done our best to only feature the easier bonuses offered from top-tier banks. Nothing too complicated on our list.
Don't miss out on this week's top bonus
SoFi Checking and Savings (Member FDIC) makes it easy to earn a cash bonus. New customers can earn up to a $300 bonus with qualifying direct deposits! No hoops, just a strong bonus, a solid annual percentage yield (APY), and early paycheck access for eligible users. If you're ready to switch banks, this one's a no-brainer. Apply for a SoFi Checking and Savings account (Member FDIC) today.
-
Sources
FAQs
-
Sometimes! It depends on the bank's rules. Some banks let you earn a bonus again after a certain amount of time (like 12 or 24 months), while others limit you to one bonus per customer for life.
-
Typically, it's a paycheck, government benefit (like Social Security), or other ACH transfer from an employer. Some banks are strict, while others are more lenient and accept transfers from other financial institutions. It's always smart to check the exact terms in the bonus offer.
-
Most of the time, no. Opening a bank account may involve a soft pull or identity check, but it usually doesn't trigger a hard credit inquiry. That said, if the bank offers overdraft protection linked to a credit line, a hard pull might happen -- but that's rare.
Our Research Expert
Joel is a full-time writer at Motley Fool Money, known for his clear, approachable voice on topics like credit cards, savings hacks, and side hustles. He’s been writing about money since 2018 and previously managed editorial content for the How To Money podcast.
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.