You Could Make Hundreds of Dollars Just by Switching Your Bank Account. Here's How

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KEY POINTS

  • You can earn as much as $2,000 just by switching to a new bank account.
  • To qualify for most bank sign-up offers, you'll need to set up a direct deposit of your paycheck or government benefits.
  • Welcome bonuses aren't the be all and end all -- make sure the new account will also suit your banking needs.

Switching banks can be a pain. But more and more Americans are doing it for a variety of reasons. The recent bank failures caused some people to shift their cash, while others are looking for higher returns on their savings. That's not the only way switching banks can pay off -- several top banks also have sign-up bonuses on checking and savings accounts to entice new customers.

How you can make hundreds of dollars by changing banks

Most people are familiar with credit card welcome bonuses, but there's less awareness of bank sign-up bonuses. Several banks are paying hefty bonuses to new customers. In some cases, all you have to do to qualify is get your paycheck or Social Security payments deposited to the account.

Just as with a credit card welcome bonus, the trick is finding ones with requirements you're able to meet -- for example, Citi's $2,000 bonus won't be within everyone's reach. You may also need to open the account from the offer landing page online, so check the steps first. It's frustrating to go through the effort of changing banks only to find you can't get the bonus.

Featured offer: save money while you pay off debt with one of these top-rated balance transfer credit cards

Here are four bank welcome bonuses that could make you hundreds of dollars.

1. SoFi: $50 or $250

To qualify, you need to set up a direct deposit into a SoFi Checking and Savings account. The deposit needs to be from an employer. The amount of the bonus depends on how much you deposit in a 25-day qualifying period. Direct deposits of $1,000 to $4,999.99 receive $50 while deposits of $5,000 or more receive $250.

Offer valid until Dec. 31, 2023.

Read our full SoFi Checking and Savings review for more.

2. Chase: $200

To qualify for this offer, you'll need to open a Chase Total Checking® and set up a direct deposit within 90 days. The direct deposit needs to be your paycheck, pension, or government benefits. The offer is not available to existing Chase customers, nor those who have recently closed an account. This account has a waivable monthly service fee.

Offer valid until: July 19, 2023.

Read our full Chase Total Checking® review for more.

3. Citi: Up to $2,000

This offer is open to new Citibank customers who haven't had an account in the past 180 days. There are a few more hoops to jump through than the SoFi offer, and you'll need to deposit a significant sum (see table below).

Once you've opened a qualifying checking account, you'll need to deposit funds within 20 days and maintain that balance for at least 60 days. Be aware that some Citi checking accounts have a waivable monthly service fee.

Offer valid until July 23, 2023.

Deposit amount Maximum bonus
$10,000 - $29,999 $200
$30,000 - $74,999 $500
$75,000 - $199,999 $1,000
$200,000 - $299,999 $1,500
$300,000 and above $2,000
Data source: Citi

4. Wells Fargo: $300

New Wells Fargo banking customers could get $300 when they open an Everyday Checking account and receive $1,000 in qualifying direct deposits within the first 90 days. There's a minimum opening deposit of $25 and a waivable monthly service fee. A qualifying deposit means an electronic deposit of your salary, pension, Social Security, or other regular income. Like others on this list, the Everyday Checking account has a waivable monthly fee.

Offer valid until June 27, 2023.

Breaking up can be hard to do

Switching to a new bank account can be time consuming, especially if you have a lot of automatic payments set up through your old account. As such, it's important to look beyond the sign-up bonus and find an account that's going to suit your needs.

For example, if you do a lot of mobile banking, an account with a sub-optimal banking app may not be the best option. If you use ATMs often, look for a bank with a large network of ATMs or one that waives fees if you go out of network. Similarly, check the monthly fee waiver requirements. There's no point in getting a welcome bonus if you then spend it all on account fees.

All the same, opening a new bank account could be profitable. You might be able to lower your banking fees, earn higher savings rates, and uncover services that aren't available with your current bank. Take your time and weigh your options. Finally, don't close your existing account until you've switched all your payments so there's no risk of forgetting about any bills.

These savings accounts are FDIC insured and could earn you 11x your bank

Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. Our picks of the best online savings accounts could earn you 11x the national average savings account rate. Click here to uncover the best-in-class accounts that landed a spot on our short list of the best savings accounts for 2024.

Two of our top online savings account picks:

Rates as of Mar 28, 2024 Ratings Methodology
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SoFi Checking and Savings American Express® High Yield Savings
Member FDIC. Member FDIC.
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4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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APY: up to 4.60%

APY: 4.35%

Min. to earn APY: $0

Min. to earn APY: $1

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