Should You Open a Bank Account to Get a Sign-Up Bonus?

In the last five years, my wife and I have opened 13 bank accounts -- just for the bonuses. We've earned $3,950 in total, with most offers paying between $200 and $400.

Now, I'll admit, I'm a detail-obsessed bonus chaser. Just because these offers work for me, it doesn't mean they'll be right for everyone.

That said, you don't need to go crazy like I have. Trying just one new bank bonus can earn you a few hundred bucks. Here's how it all works.

How bank account sign-up bonuses work

Banks want new customers. And sometimes they're willing to pay people to give their products a try.

A sign-up bonus is basically a reward for opening a checking account or savings account and meeting certain conditions.

These conditions vary from bank to bank. But here are some of the more common qualifications you'll need to meet to earn a bonus.

• Open a new checking or savings account (must be a new customer)
• Set up direct deposit. E.g. have your work paycheck deposited into the new account, usually within 30 to 90 days
• Maintain a minimum balance for a set period. For example, deposit $5,000 and leave it for 90 days to earn the bonus.

Most banks are picky about what counts as a direct deposit. You can't just transfer money from one account to another. It's really important to read all the terms and follow the rules for each offer.

If you miss even one tiny requirement, you may forfeit the bonus altogether. (This has happened to me a couple times actually. It's no fun jumping through hoops and not getting the reward at the end because of missing a step.)

I like to stick with the super-easy bonuses that don't take much time or effort.

Best bank bonuses available right now

Here are some current offers available from top banks right now as of July 2025.

SoFi Checking and Savings (Member FDIC): Up to $300 bonus

New customers can earn a $300 cash bonus when they set up direct deposits of $5,000 or more within the first 30 days. This is perfect for folks who get paid bi-weekly and can meet the $5,000 in a month threshold.

Not to mention, SoFi® offers a killer interest rate of up to 3.80% annual percentage yield (APY) on savings. Open a SoFi Checking and Savings account (Member FDIC) today to start earning.

Chase Total Checking®: $300 bonus

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.

I personally bank with Chase for my main day-to-day checking account. This is a super easy bonus to get if you haven't used Chase before. Open a Chase Total Checking® account here to get started.

Discover® Online Savings: Up to $200 bonus

This bonus requires depositing a large sum of money. No direct deposit is needed.

To qualify for this bonus: Earn up to $200 when you use offer code TMF325 on your first Discover Online Savings application. Then 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 your account within 45 days of account open date. Check out the Discover® Online Savings account here.

Why I think it's worth the effort

Moving money around or changing where you get paychecks deposited isn't that hard these days. I never have to step inside a bank branch because everything can be done online.

Here's why I like bank account sign-up bonuses:

• It's a decent return on my time. It only takes me 20-30 minutes to set up a new account, schedule transfers, and earn a bonus. Even if it took up to two hours, I could earn $200-$300, which is still a good use of my time.
• I can explore and test different bank features. The fintech world is moving pretty fast with awesome new features, high APYs, and modern apps to try. I'm a finance nerd so I love testing this stuff anyway.
• It puts my emergency funds to work. I have a lot of cash sitting around anyway for my emergency fund ($25,000+). So by moving portions into a different bank and earning a bonus, it boosts my earnings.

Most of the bonuses we've earned were $200 to $400 each. Personally I look for easy wins that don't take much effort to earn.

By the way, all the banks I use are legit finance giants that are FDIC insured. So my money is always safe in these accounts, usually having up to $250,000 insurance for each account I open.

Should you open a bank account to get a bonus?

If you're financially disciplined and well organized, bank bonuses can become a steady stream of small wins that are totally worth it.

Making a quick $200 to $400 every few months with relatively small effort is a win in my book.

It's also a great way to test drive new banks and savings tools. I discovered my favorite high-yield savings account this way, and kept using it long after the bonus.

Oh, by the way, credit card sign-up bonuses are even better. They're just as easy to earn but the reward amounts can be much bigger. Check out this month's top credit card welcome offers here.