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Best Bank Bonuses and Promotions of March 2024

Review Updated
Robin Hartill, CFP
By: Robin Hartill, CFP

Our Banking Expert

Nathan Alderman
Check IconFact Checked Nathan Alderman
Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield

Bank bonuses can help make checking and savings accounts more appealing to customers, and they can be worth several hundred dollars. But they're usually only available for a short time, and they have strict eligibility criteria. These usually include opening a new account and depositing a certain amount of funds in the first few months.

Whether you're looking for banks with immediate sign up bonuses, savings account promotions, or the best checking account offers, you're in the right place. Read on for our favorite bank sign up bonuses and details on how these bonuses work.

From the author: Robin Hartill, CFP

My favorite bonus this week: You can earn Chase's $300 bonus if you open a Chase Total Checking® account and make direct deposits of at least $500 in the first 90 days. At many banks, you need to have several thousand dollars in qualifying direct deposits to receive a comparable bonus.

Apply for a Chase Total Checking® account

Best bank promotions of March 2024 by account type:

Best checking account bonuses

Best savings account bonuses

Best bank account referral bonuses

  • Axos Bank: $50 for you and a friend
  • Chase: $50 for each friend referred up to $500
  • Chime: $100 for you and a friend

Best business bank account bonuses

A closer look at the best checking account promotions

Here's a look at some of the best bank promotions available on checking accounts right now.

SoFi Checking and Savings: Up to $300 bonus

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Rates as of Mar 18, 2024
Award Icon 2024 Award Winner
Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5 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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Rating image, 4.75 out of 5 stars.
4.75/5 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.
= Best
= Excellent
= Good
= Fair
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APY
up to 4.60% Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. To Earn APY
$0
  • 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 transfers and withdrawals
  • ATM access
  • FDIC insured (up to $2M 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 is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns above-average, too — which is a rare perk. Plus, there’s the opportunity for an up to $300 bonus 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.

How you earn it: New SoFi Checking and Savings customers will earn a cash bonus for setting up direct deposits to their account. The size of the bonus depends on how much you receive in direct deposits during a 25-day evaluation period that begins on the day your first direct deposit arrives in your account. You'll receive:

  • $50 if you receive anywhere from $1,000 to $4,999 in direct deposits
  • $300 if you receive $5,000 or more in direct deposits

When you'll get it: After the 25-day evaluation period is up, SoFi will deposit the appropriate bonus in your account within seven business days if you qualify.

How you qualify: This offer is available to new and existing SoFi Checking and Savings customers who don't have a history of direct deposits to their account. Existing SoFi members who have already set up direct deposits do not qualify for this promotion.

Where to open an account: You can open a SoFi Checking and Savings account on SoFi's website.

Monthly fees: The SoFi Checking and Savings account doesn't charge monthly maintenance fees.

Offer expires: This offer ends June 30, 2024.

Apply for a SoFi Checking and Savings account


Axos Bank Rewards Checking: $300 bonus

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Rates as of Mar 18, 2024
Award Icon 2024 Award Winner
Member FDIC.
Rating image, 4.25 out of 5 stars.
4.25/5 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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Rating image, 4.25 out of 5 stars.
4.25/5 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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offer alert

Use promo code AXOS300 and apply by June 30th, to earn up to a $300 bonus!
APY
0.40% (up to 3.30%) Rate info Circle with letter I in it. To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. To Earn APY
Monthly direct deposits totaling at least $1,500
  • High checking account APY
  • Unlimited ATM fee reimbursements
  • No monthly maintenance, NSF, or overdraft fees
  • No monthly balance requirements
  • Cash back checking option
  • ATM card for high-yield savings account
  • Must meet certain requirements to earn the highest interest tier
  • Higher savings and CD APYs available at other financial institutions
  • No physical branches

A solid checking account with an APY that far outpaces the competition. The fact that it also has no maintenance fees and no overdraft or NSF fees are the cherries on top.

Use promo code AXOS300 and apply by June 30th, to earn up to a $300 bonus!

To be eligible to earn all or a portion of the cash incentive as part of the "AXOS300" $300 promotion, an Axos Bank Rewards Checking account that includes the promotional code "AXOS300" must be opened between November 1, 2023, at 12:00 am PST and June 30, 2024, at 11:59 pm PST. Axos Bank reserves the right to limit each primary account holder to one (1) checking account promotional offer per year, and customers who have held primary ownership of an Axos Bank or Axos Bank for Nationwide checking account at any time in the past 12 months may be disqualified from the "AXOS300" offer. Promotional terms and conditions are subject to change or removal without notice. Bonus cash may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After meeting the initial requirements mentioned above, the amount of cash bonus earned will depend on meeting the additional requirements outlined below:

To earn up to a $300 bonus, you must be approved for your new Axos Bank Rewards Checking account, fund it within 30 days of account opening, and have qualifying direct deposits that total at least $5,000.00 each calendar month during the first seven (7) calendar months your account is open as well as maintain a minimum average daily balance of $7,000. The minimum balance must be achieved and maintained through the first seven (7) calendar months your account is open including the month in which your account was opened. A cash bonus of up to $300 can be earned in the following manner during the first seven (7) statement cycles. A statement cycle is a calendar month consisting of the days your account was open during that month. A maximum of six (6) payouts of $50 for each calendar month that the Rewards Checking account is receiving the direct deposit and maintain a minimum average daily balance of $7,000 can be earned during the seven (7) statement cycles, and the bonus will be deposited into your Axos Bank Rewards Checking account within 10 business days following the end of the statement cycle in which the direct deposit requirement was met. Your Axos Bank Rewards Checking account must be open and in good standing at the time the bonus is paid to be eligible to receive the bonus, and your Axos Bank Rewards Checking account must remain open for 210 days, or an early closure fee of up to $300 may apply, equal to the amount of the total bonus earned up to $300.

A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability etc. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit.

A statement cycle is defined as a period of time that starts on the first day of the calendar month and ends on the last day of the calendar month.

What you get: $300

How you earn it: Apply for a new Axos Bank Rewards Checking account by June 30th using promo code “AXOS300.” You’ll need to fund the account within 30 days and have at least $5,000 in qualifying direct deposits for seven consecutive months. You’ll also need to maintain an average minimum daily balance of at least $7,000 for the first seven calendar months your account is open, including the month in which your account was opened.

When you’ll get it: You’ll earn $50 per month up to six times for each month you meet the requirements during the first seven billing cycles. You’ll receive the $50 payments within 10 days of the end of each bonus cycle.

How to qualify: The offer is only available to customers who haven’t received a checking account bonus or been the primary owner of an Axos Bank checking account within the past 12 months. You’ll also need to keep the account open for at least 210 days to avoid an early closure fee of up to $300.

Where to open an account: Open the account on Axos Bank’s website.

Monthly fees: The Axos Bank Rewards Checking account doesn’t charge monthly fees.

Offer expires: This offer is good through June 30, 2024.

Apply for an Axos Bank Rewards Checking account


Chase Total Checking®: $300 bonus

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Rates as of Mar 18, 2024
Member FDIC.
Rating image, 3.50 out of 5 stars.
3.50/5 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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Rating image, 3.50 out of 5 stars.
3.50/5 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
0%
Min. To Earn APY
N/A
  • 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
  • New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
  • 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.

What you get: $300

How you earn it: New Chase customers can earn a $300 bonus by opening a Chase Total Checking® account and making direct deposits totaling at least $500 in the first 90 days.

When you'll get it: You'll receive the bonus as a deposit to your checking account within 15 days of meeting the requirements.

How you qualify: You're eligible for this offer if you're a new Chase customer who hasn't had a Chase account in the past 90 days. If you've closed a Chase account with a negative balance in the past three years or you've received a bonus for opening a Chase checking account in the past two years, you won't qualify.

Where to open an account: You can open a Chase Total Checking® account online or request a coupon online by providing your email address that you can take to a Chase branch to open an account.

Monthly fee: The Chase Total Checking® account charges a monthly fee of $0 if certain conditions are met; otherwise, $12.

Offer expires: The offer is good through April 17, 2024.

Apply for a Chase Total Checking® account


Citi® Priority Checking Account: $300 bonus

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Rates as of Mar 18, 2024

Citi® Priority Checking Account

Member FDIC.
Rating image, 3.50 out of 5 stars.
3.50/5 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.
= Best
= Excellent
= Good
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= Poor
Rating image, 3.50 out of 5 stars.
3.50/5 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.
= Best
= Excellent
= Good
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APY
0.00%
Min. To Earn APY
N/A
  • No monthly service fees
  • No Citi fees for out-of-network ATMs
  • Citi Priority relationship benefits
  • Access to Citi branches
  • Big welcome bonus
  • Doesn't earn interest
  • High ongoing balance requirement

Citi Priority Checking can be a great fit for customers who maintain relatively high balances and enjoy branch-based banking convenience.

Earn up to $2,000 cash bonus when you open a new eligible checking account with required activities.

Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
If your balance falls to a lower tier at any point during the maintenance period, the bonus changes. Bonus will be paid within 30 days after you successfully complete all required activities.

What you get: $300

How you earn it: Open a new Citi® Priority Checking Account by July 8, 2024, and make at least two recurring electronic deposits with a combined value of at least $1,500 within 90 days of opening the account.

When you’ll get it: Your $300 cash bonus will be deposited into your checking account within 30 calendar days after you’ve met all the requirements.

How you qualify: You’re eligible for this offer if you haven’t had a Citi checking account in the past 365 days and you enroll in the Enhanced Direct Deposit Offer the same day you open your account.

Where to open the account: To get this welcome bonus, open your Citi checking account online or via mobile, by phone, or by visiting a Citibank branch and asking a representative to enroll you.

Monthly fee: $5 or $15 service fee is waived if you have at least $250 in recurring electronic deposits, such as paycheck or retirement account deposits.

Offer expires: This offer expires July 8, 2024.


Bank of America Advantage Plus Banking: $200 bonus

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Rates as of Mar 18, 2024

Bank of America Advantage Plus Banking

Member FDIC.
Rating image, 3.00 out of 5 stars.
3.00/5 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.
= Best
= Excellent
= Good
= Fair
= Poor
Rating image, 3.00 out of 5 stars.
3.00/5 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.
= Best
= Excellent
= Good
= Fair
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APY
N/A
Min. To Earn APY
N/A
  • Second-largest bank in the U.S. in terms of assets 
  • Balance Connect® for overdraft protection
  • Total Security Protection® and fraud monitoring
  • Wide-range of financial products
  • Bank of America Online and Mobile Security Guarantee
  • Low APYs on savings accounts and CDs
  • $100 minimum opening deposit
  • $12 monthly maintenance fee waived only with qualifying activity

Bank of America is the second-largest bank in terms of assets and has over 3,800 branches and 16,000 ATMs. Bank of America has a wide variety of financial products and tools, including being able to set custom alerts and savings goals. Bank of America also offers BankAmeriDeals where you can get cash back offers on shopping, dining, streaming and more. Its robust app includes Life Plan, an easy way to set and track short- and long-term financial goals and get personalized advice.

However, rates are low, and there is a $100 minimum required to open an account. The $12 monthly maintenance fee can be waived with qualifying activity. Bank of America offers an Online & Mobile Security Guarantee where you are never liable for unauthorized purchases or transactions -- as long as they’re reported promptly.

What you get: $200

How you earn it: Open a new Bank of America Advantage Plus Banking account and receive at least $2,000 in qualifying direct deposits in the first 90 days. This welcome offer also applies to the SafeBalance® and Advantage Relationship accounts. Use the offer code TWA200CIS when you open the account.

When you’ll get it: After you’ve met all the requirements, Bank of America will attempt to deposit your bonus to your new checking account within 60 days.

How you qualify: The offer is only available to customers who haven’t owned or co-owned a Bank of America personal checking account in the past 12 months.

Where to open the account: The offer is only available online when you use offer code TWA200CIS.

Monthly fee: Monthly fees are $12 for the Advantage Plus account, and $25 for the Advantage Relationship account, but each can be waived in certain situations. The monthly fee is $4.95 for the SafeBalance®, but it’s waived for students younger than 25 or if the account holder is younger than 18.

Offer expires: To qualify, you must open the account by May 31, 2024.


BMO Smart Advantage Checking: Up to $400 bonus

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Rates as of Mar 18, 2024

BMO Smart Advantage Checking

Member FDIC.
APY
0.00%
Min. To Earn APY
N/A
  • Generous relationship benefits
  • High APYs on long-term CDs
  • Strong suite of other banking products
  • Low APYs on savings and CDs
  • Negative customer service reviews

What you get: Up to $400

How you earn it: You can earn a bonus of $400 when you open a BMO Smart Advantage Checking account and have at least $4,000 in qualifying direct deposits in the first 120 days.

When you'll get it: The cash bonus will be deposited to your checking account approximately 130 days after you open the account.

How you qualify: To qualify, you'll need to submit all account documents and your opening deposit by May 3, 2024. The offer isn't available to existing BMO customers or those who have closed a BMO checking account in the past 12 months.

Where to open an account: Open your account online, at a branch, or by calling 800-546-6101.

Monthly fees: There's no monthly fee for the BMO Smart Advantage Checking account. The BMO Smart Money Checking account has a $5, waived for customers under 25. The BMO Relationship Checking account has a $25 monthly fee that's waived if you maintain a minimum daily balance of $10,000 in your checking account or a monthly combined bonus of $25,000 across your accounts.

Offer expires: The offer is good through May 3, 2024.


PNC Virtual Wallet: Up to $400 bonus

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Rates as of Mar 18, 2024

PNC Virtual Wallet

Member FDIC.
APY
0.01%-0.03%
Min. To Earn APY
N/A
  • New account bonus
  • Multiple accounts in one
  • Full-feature mobile app
  • Zelle compatible
  • Monthly service fees
  • Very low interest rates

If you're looking for an all-in-one budgeting and savings solution, PNC Virtual Wallet might work for you. The multiple accounts and digital tools offer a lot of options for managing your money. However, account types vary by location and not everyone will get competitive APYs.

What you get: $100 to $400

How you earn it: New PNC Bank customers can earn between $100 and $400 by opening a PNC Virtual Wallet, depending on the PNC Virtual Wallet selected and the amount of direct deposits you make. You can earn:

  • $100 when you choose a PNC Virtual Wallet and set up qualifying direct deposits of $500 or more.
  • $200 when you choose a PNC Virtual Wallet with Performance Spend and set up qualifying direct deposits of $2,000 or more.
  • $400 when you choose a PNC Virtual Wallet with Performance Select and set up qualifying direct deposits of $5,000 or more.

The offer is good through Apr. 30, 2024.

When you'll get it: You'll receive the bonus as a credit to your account within 60 to 90 days after you've met the requirements.

How you qualify: The offer is available only to new PNC Bank customers who haven't had a PNC Bank within 90 days. You won't qualify if you've received a bonus from PNC Bank in the past 24 months.

Where to open an account: You can open an account online, or you can request a coupon online and bring it to a brick-and-mortar location to receive the bonus if you prefer opening the account in person.

Monthly fees: Monthly fees range from $7 to $25, depending on the account. Fees can be waived based on your average daily balance or the amount of qualifying direct deposits you make.

Offer expires: The offer is good through April 30, 2024.


TD Bank Beyond Checking: $300 bonus

Bonus expires this month

The TD Bank Beyond Checking bonus expires on March 31, 2024.

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Rates as of Mar 18, 2024

TD Bank Beyond Checking

Member FDIC.
Rating image, 3.50 out of 5 stars.
3.50/5 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.
= Best
= Excellent
= Good
= Fair
= Poor
Rating image, 3.50 out of 5 stars.
3.50/5 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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= Excellent
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APY
0.01%
Min. To Earn APY
$50,000
  • No ATM fees with minimum balance
  • Rate discounts and waived fees on other products
  • Two overdraft fee reimbursements annually
  • One free outgoing wire transfer per statement cycle
  • Maintenance fee

The TD Bank Beyond Checking account has a lot of great features on its own, including overdraft and ATM fee reimbursements. But those who plan to do all their banking in one place will get the greatest value from this account. Just make sure you can avoid the monthly maintenance fee.

What you get: $300 bonus

How you earn it: Open a new TD Bank Beyond Checking account by Mar. 31, 2024, and have at least $2,500 in direct deposits within 60 days of account opening.

When you'll get it: Once you meet the qualifications, the bonus will be credited to your account within 180 days of opening the account.

How you qualify: You qualify if you do not have an existing TD Bank Beyond Checking account and have not had one within the last 12 months. Customers who have received a prior personal checking account bonus with TD Bank at any time are also not eligible for this bonus.

Where to open an account: Like with most bank bonuses, you must open your TD Bank Beyond Checking account online if you want to earn this bonus.

Monthly fees: You'll pay $25 per month to own this account unless you do one of the following:

  • Have $5,000 in monthly direct deposits
  • Maintain at least a $2,500 daily minimum balance
  • Have at least $25,000 in combined eligible TD Bank accounts

Offer expires: The offer expires March 31, 2024.


TD Convenience Checking℠: $200 bonus

Bonus expires this month

The TD Convenience Checking℠ bonus expires on March 31, 2024.

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Rates as of Mar 18, 2024

TD Convenience Checking℠

Member FDIC.
Rating image, 4.00 out of 5 stars.
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.
= Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.00 out of 5 stars.
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.
= Best
= Excellent
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APY
N/A
Min. To Earn APY
N/A
  • New account $200 cash bonus
  • Access to physical locations
  • Overdraft relief
  • Home equity and personal loan rate discount
  • No monthly maintenance fee if you're ages 17-23
  • $100 minimum daily balance required to avoid $15 monthly fee
  • Physical locations only on East Coast
  • No interest

The TD Bank Convenience Checking Account offers a $200 bonus when you have $500 in qualifying direct deposits within 60 days. The bonus is for a limited time. There is no minimum opening deposit with the TD Convenience Checking; however, there is a minimum $100 daily balance requirement to avoid the $15 monthly maintenance fee. Students aged 17-23 do not have to pay the monthly maintenance fee. This account doesn't earn interest. TD offers account holders the TD Overdraft Relief, which comes with a grace period to fix an overdraft. Account holders also get a debit card and rate discounts on personal loans or home equity loans.

What you get: $200 bonus

How you earn it: Open a new TD Convenience Checking℠ account by Mar. 31, 2024, and receive at least $500 in direct deposits to the account within 60 days of account opening.

When you'll get it: Once qualifications are met, the bonus will be credited to your account within 180 days of opening the account.

How you qualify: As with many bank account bonuses, you qualify if you do not have an existing personal checking account with TD Bank. Customers who have closed a personal checking account within the last 12 months or who have received a previous TD Bank checking account bonus at any time are not eligible for this bonus.

Where to open an account: Open your TD Convenience Checking℠ account online to take advantage of this bonus.

Monthly fees: You can waive the $15 monthly fee by maintaining a minimum daily balance of $100 or more. The fee is also waived if you're between 17 and 23. This is the best bank bonus from TD Bank if you're just starting out financially.

Offer expires: The offer expires on March 31, 2024.


Wells Fargo Everyday Checking: $300 bonus

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Rates as of Mar 18, 2024

Wells Fargo Everyday Checking

Member FDIC.
Rating image, 4.00 out of 5 stars.
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.
= Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.00 out of 5 stars.
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.
= Best
= Excellent
= Good
= Fair
= Poor
APY
N/A
Min. To Earn APY
N/A
  • New account $300 cash bonus
  • Large network of physical branches 
  • Large network of free ATMs
  • No minimum daily balance required
  • Overdraft protection available
  • Need to meet certain requirements to avoid $10 monthly fee
  • $25 minimum opening deposit
  • Does not earn interest
  • Fee for out-of-network ATM withdrawals

Wells Fargo offers convenient banking solutions with a widespread network of approximately 4,700 branches and 12,000 ATMs. You can earn a generous $300 bonus by simply opening a new checking account with a minimum deposit of $25 and receive a total of $1,000 or more in qualifying direct deposits within 90 days of opening the account. To avoid the $10 monthly fee, you will need to do one of the following: receive $500 in direct deposits per month, maintain a minimum balance of $500, link your account to a Wells Fargo Campus ATM or Campus Debit Card, or be age 17-24.

What you get: $300 bonus

How you earn it: Open a new Wells Fargo Everyday Checking account from this page by April 1, 2024 with a deposit of at least $25. Make direct deposits totaling $1,000 within 90 calendar days of opening the account. (Mobile deposits and transfers from other accounts don't count.)

When you'll get it: Once qualifications are met, the bonus will be credited to your account within 30 days.

How you qualify: Like with many bank account bonuses, you qualify if you do not have an existing personal checking account with Wells Fargo. Customers cannot have received a similar Wells Fargo consumer checking bonus within the last 12 months. Wells Fargo employees aren't eligible. The account must remain open for the entire 90 days, plus however long it takes for the bonus to be deposited, in order to collect the bonus.

Where to open an account: Use this special application page to either apply online, or get a code you can use when applying at your local branch.

Monthly fees: Wells Fargo Everyday Checking charges a $10 monthly fee, but you can get that waived with any one of the following:

  • Maintaining a $500 minimum balance
  • Having at least $500 in qualifying direct deposits in each fee period
  • If the primary account holder is 17-24 years old
  • If the account is linked to a Wells Fargo Campus ATM or Debit Card.

Offer expires: This offer is good through April 1, 2024.

A closer look at the best savings account promotions

Savings account bonuses are somewhat rarer than checking account bonuses, as the main appeal of a savings account is often its APY. That said, some banks do offer competitive bonuses when you open a new savings account. As you’ll see, the deposit requirements for a savings account bonus tend to be substantially higher than the requirements to score a checking account bonus.

TD Signature Savings: $200 bonus

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Rates as of Mar 18, 2024

TD Signature Savings

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APY
4.00% (for accounts over $100,000) Rate info Circle with letter I in it. 0.01% to 0.50% for stand-alone accounts. 0.01% - 4.00% for accounts with at least one other linked account within TD Bank. $100,000 or more balance required to earn the maximum APY.
Min. To Earn APY
N/A
  • Out-of-network ATM fees reimbursed with $2,500 minimum balance
  • Free bank checks
  • Free money orders
  • No-fee incoming wire transfers
  • $15 monthly fee for accounts that don't meet criteria
  • Low APY for balances below $100,000
  • Need to bank with TD to get full benefits

The TD Signature Savings has a decent APY, but you'll need to maintain a high minimum balance of $100,000, as well as link your Signature Savings to an eligible TD account (checking, mortgage, credit card, or home equity loan), to qualify. If you don't meet those requirements, your account will earn a low APY and may charge monthly account fees if your balance drops below $10,000.

What you get: $200 bonus

How you earn it: Open a new TD Bank personal savings account online and deposit at least $10,000 within 20 days. You’ll then need to maintain a minimum $10,000 balance for 90 days.

When you’ll get it: Within 180 days of meeting the qualifications.

How you qualify: You won’t qualify if you’ve had a TD personal savings account or money market account within the past 12 months, or if you’ve previously received a TD personal savings account or money market account bonus.

Where to open an account: On TD Bank's website

Monthly fee: The account charges a $15 monthly fee that’s waived if you maintain a $10,000 minimum daily balance or you link it to a TD Beyond Checking account.

Offer expires: April 30, 2024


Wells Fargo Platinum Savings: $525 bonus

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Wells Fargo Platinum Savings

Member FDIC.
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APY
0.25% to 2.51%, depending on balance. Rate info Circle with letter I in it. There are four tiers of APYs: $0 - $99,999.99, $100,000 - $499,999.99, $500,000 - $999,999.99, and $1 million or more. The higher your balance, the greater your APY.
Min. To Earn APY
$25
  • Competitive APYs for high balances
  • Can avoid monthly fees
  • Low minimum deposit
  • Thousands of branches
  • Unlimited branch/ATM withdrawals
  • Check-writing capabilities
  • Best rates are for very high balances
  • Online savings accounts have higher APYs
  • Monthly service fee

The Wells Fargo Platinum Savings account can offer higher APYs than most branch-based banks, but with the convenience that comes with a national bank.

What you get: $525 bonus

How you earn it: Visit Wells Fargo’s website and provide your email address to receive an offer code. Then, visit a Wells Fargo branch and open an eligible consumer savings account with a minimum opening deposit of $25. Deposit $25,000 within 30 days and maintain a minimum daily balance of $25,000 for at least 90 days.

When you’ll get it: Within 30 days of meeting all requirements.

How you’ll qualify: You won’t qualify if you currently own a Wells Fargo consumer savings account or if you’ve received an offer that required a bonus code within the past 12 months. The offer also isn’t available to Wells Fargo employees.

Where to open an account: Enter your email address to receive a promo code, then visit a branch.

Monthly fee: The Wells Fargo Platinum Savings account has a $12 monthly fee that’s waived if you maintain a minimum daily balance of $3,500 or more.

Offer expires: April 1, 2024

A closer look at the best bank account referral promotions

Savings account bonuses are somewhat rarer than checking account bonuses, as the main appeal of a savings account is often its APY. That said, some banks do offer competitive bonuses when you open a new savings account. As you’ll see, the deposit requirements for a savings account bonus tend to be substantially higher than the requirements to score a checking account bonus.

Axos Bank: $50 for you and a friend

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Award Icon 2024 Award Winner
Member FDIC.
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offer alert

Use promo code AXOS300 and apply by June 30th, to earn up to a $300 bonus!
APY
0.40% (up to 3.30%) Rate info Circle with letter I in it. To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. To Earn APY
Monthly direct deposits totaling at least $1,500
  • High checking account APY
  • Unlimited ATM fee reimbursements
  • No monthly maintenance, NSF, or overdraft fees
  • No monthly balance requirements
  • Cash back checking option
  • ATM card for high-yield savings account
  • Must meet certain requirements to earn the highest interest tier
  • Higher savings and CD APYs available at other financial institutions
  • No physical branches

A solid checking account with an APY that far outpaces the competition. The fact that it also has no maintenance fees and no overdraft or NSF fees are the cherries on top.

Use promo code AXOS300 and apply by June 30th, to earn up to a $300 bonus!

To be eligible to earn all or a portion of the cash incentive as part of the "AXOS300" $300 promotion, an Axos Bank Rewards Checking account that includes the promotional code "AXOS300" must be opened between November 1, 2023, at 12:00 am PST and June 30, 2024, at 11:59 pm PST. Axos Bank reserves the right to limit each primary account holder to one (1) checking account promotional offer per year, and customers who have held primary ownership of an Axos Bank or Axos Bank for Nationwide checking account at any time in the past 12 months may be disqualified from the "AXOS300" offer. Promotional terms and conditions are subject to change or removal without notice. Bonus cash may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After meeting the initial requirements mentioned above, the amount of cash bonus earned will depend on meeting the additional requirements outlined below:

To earn up to a $300 bonus, you must be approved for your new Axos Bank Rewards Checking account, fund it within 30 days of account opening, and have qualifying direct deposits that total at least $5,000.00 each calendar month during the first seven (7) calendar months your account is open as well as maintain a minimum average daily balance of $7,000. The minimum balance must be achieved and maintained through the first seven (7) calendar months your account is open including the month in which your account was opened. A cash bonus of up to $300 can be earned in the following manner during the first seven (7) statement cycles. A statement cycle is a calendar month consisting of the days your account was open during that month. A maximum of six (6) payouts of $50 for each calendar month that the Rewards Checking account is receiving the direct deposit and maintain a minimum average daily balance of $7,000 can be earned during the seven (7) statement cycles, and the bonus will be deposited into your Axos Bank Rewards Checking account within 10 business days following the end of the statement cycle in which the direct deposit requirement was met. Your Axos Bank Rewards Checking account must be open and in good standing at the time the bonus is paid to be eligible to receive the bonus, and your Axos Bank Rewards Checking account must remain open for 210 days, or an early closure fee of up to $300 may apply, equal to the amount of the total bonus earned up to $300.

A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability etc. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit.

A statement cycle is defined as a period of time that starts on the first day of the calendar month and ends on the last day of the calendar month.

What you’ll get: $50 for you, plus $50 for the person you refer.

How you earn it: Log into your Axos Bank account to get your unique referral code. If your friend signs up for a new Essential Checking or Rewards Checking account using your code and makes at least $1,000 in direct deposits within 90 days, you’ll both receive $50.

When you’ll get it: Within seven days of the end of your statement cycle after your friend meets all requirements.

How you’ll qualify: To qualify, you must refer someone who has never been an Axos Bank customer and meets the requirements to open an account. Your friend must use your referral code.

Where to open an account: Online

Monthly fees: None

Offer expires: No expiration date listed

Apply for a Axos Bank Rewards Checking


Chime: $100 for you and a friend

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Rates as of Mar 18, 2024
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  • Get direct-deposited funds up to two days early
  • No monthly maintenance or overdraft fees
  • No minimum balance requirement
  • No foreign transaction fees
  • No ChexSystems check to open an account
  • Free peer-to-peer (P2P) payments
  • Overdraft up to $200 without fees with SpotMe
  • 0% checking APY
  • No joint account
  • No physical branches
  • Out-of-network ATM fees
  • Must open a checking and savings account together


Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC.

*Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

What you’ll get: $100 for you, plus $100 for the person you refer

How you earn it: Tap “Invite friends, get paid” in the Chime mobile app to send someone a link, or get a customized link on the “Invite friends” screen that you can share on social media. If a friend signs up using your link and makes a qualifying deposit of $200 within 45 days, you’ll each get $100.

When you’ll get it: Chime reportedly pays the bonus within two business days after all requirements have been met.

How you’ll qualify: To qualify, your referral must use your unique referral link and be a new Chime customer.

Where to open an account: Online

Monthly fees: None

Offer expires: No expiration date listed

Apply for a Chime Checking Account


Chase: $50 for each friend referred up to $500

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Rates as of Mar 18, 2024
Member FDIC.
Rating image, 3.50 out of 5 stars.
3.50/5 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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3.50/5 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
0%
Min. To Earn APY
N/A
  • 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
  • New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
  • 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.

What you’ll get: Earn $50 for each friend who signs up for a qualifying Chase checking account using your personalized link. You can earn up to $500 during the calendar year. Your friend can earn $300 if they meet the requirements for the Chase Total Checking® bonus listed above.

When you’ll get it: Approximately 30 days after your friend opens the account.

How you’ll qualify: To qualify, you must refer a friend using your personalized link. You won’t be eligible if your friend doesn’t use your link to open their account. Your friend won’t qualify if they’ve held a Chase checking account in the last 90 days or they’ve closed a Chase account with a negative balance in the past three years.

Where to open an account: Online

Monthly fee: The Chase Total Checking® account charges a $12 monthly fee that’s waived if you do one of the following during the statement period: have electronic deposits of at least $500, maintain a daily balance of at least $1,500, or maintain an average daily balance of at least $5,000.

Offer expires: No expiration date listed.

Apply for a Chase Total Checking® Account

A closer look at the best business bank account promotions

If you own a business, you may also be able to earn a bonus for opening a new business bank account.

U.S. Bank Business Checking: Up to $800

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Rates as of Mar 18, 2024
Member FDIC.
Rating image, 4.00 out of 5 stars.
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  • No monthly fees
  • 125 free monthly transactions
  • Discounted checks
  • Low minimum deposit
  • Large branch and ATM network
  • Card payment processing and cash management services available
  • Not interest-bearing
  • Can be costly for businesses with high transaction volumes
  • Transaction limits

The U.S. Bank Silver Business Checking account is a good fit for small business owners who aren't ready to pay for a business checking account. Its feature list may not be as robust as some of its competitors, but it comes with all the tools you need to manage your funds as well as a decent number of free monthly transactions.

Earn up to an $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q3AFL23 and complete qualifying activities, subject to certain terms and limitations. Offer valid through January 8, 2024. Member FDIC.

What you’ll get: $350 or $800 bonus

How you earn it: To earn up to $800, open a new U.S. Bank Business Checking account using the promo code Q1BUS24. If you deposit $5,000 in the first 30 days and maintain that balance for 60 days, you’ll earn $350. If you deposit $25,000 in the first 30 days and maintain that balance for 60 days, you’ll earn $800. The offer is only available in certain markets.

When you’ll get it: Within 30 days of the last day of the calendar month in which you complete all requirements.

How you’ll qualify: You’re not eligible if you or any signer on the new business account has had an existing U.S. Bank Business Checking account or has had one in the past 24 months. U.S. Bank employees aren’t eligible.

Where to open an account: Online

Monthly fee: The U.S. Bank Silver Business Checking account package has no monthly fee. The U.S. Bank Gold Business Checking account package has a $20 monthly fee, while the U.S. Bank Platinum Business Checking account package has a $30 monthly fee. Both fees are waivable in certain circumstances.

Offer expires: April 2, 2024

Apply for a U.S. Bank Silver Business Checking Account

Chase Business Complete Checking: $400 bonus

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Rates as of Mar 18, 2024

Chase Business Complete Checking

Member FDIC.
Rating image, 4.00 out of 5 stars.
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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
0%
Min. To Earn APY
N/A
  • Account fee can be waived
  • New account bonus with qualifying activity
  • Huge footprint of brick-and-mortar locations
  • Great variety of accounts and services
  • Account fee is high if not waived
  • Monthly cash deposit limits

A solid option for business owners who can maintain the requirements for the fee waiver and who want easy access to in-person banking. While the Business Complete account isn't free by nature, meeting the minimum balance to waive the fee is likely doable for many small businesses.

What you’ll get: $400 bonus

How you earn it: Open a new Chase Business Complete Checking account at a local branch or online. Then, deposit at least $2,000 in your new checking account within 30 days and maintain a minimum balance of $2,000 for the next 60 days. You’ll also need at least five qualifying transactions (such as debit card purchases, accepting credit or debit card payments, or online bill pay) in the first 90 days.

When you’ll get it: Within 15 days of meeting all requirements

How you’ll qualify: The offer is only available if you haven’t owned a Chase business account within the past 90 days or if you’ve closed an account with a negative balance in the past three years. You’re limited to one bonus for opening a Chase business checking account every two years.

Where to open an account: In person or online

Monthly fee: The account charges a $15 monthly fee that can be waived under several circumstances, such as if you maintain a $2,000 balance each day of the billing cycle or you have $2,000 in aggregate eligible deposits at least a day before the monthly statement period ends.

Offer expires: April 18, 2024

Bank of America Business Checking: $200 bonus

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Rates as of Mar 18, 2024

Bank of America Business Advantage Fundamentals

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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
0%
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N/A
  • Account fee can be waived with qualifying activity
  • Competitive monthly cash deposit limit
  • Large footprint of brick-and-mortar locations
  • Account fee is high if not waived
  • Wire transfer fees

Bank of America is a good choice for cash businesses thanks to a very competitive monthly cash limit and an account fee that can be waived with qualifying activity.

What you’ll get: $200 bonus

How you earn it: Open a new Bank of America eligible Business Checking account by June 30, 2024, and make eligible new money deposits of at least $5,000 in the first 30 days. Then, maintain a $5,000 balance for at least days 31 through 90 after opening the account.

When you’ll get it: Within 60 days of meeting all qualifications

How you’ll qualify: The offer is only available if you’ve had a Bank of America Business Advantage Checking account in the past 12 months. Bank of America employees aren’t eligible for the offer.

Where to open an account: Online

Monthly fee: The Bank of America Business Advantage Fundamentals charges a $16 monthly fee that’s waived if you maintain a combined average balance of $5,000, make at least $250 of new purchases using you business debit card, or become a member of Preferred Rewards for Business.

Offer expires: June 30, 2024

Our methodology: How we choose the best bank bonuses

Choosing the best bank bonuses is about more than the size of the bonus. We use the following methodology in selecting the best offers:

  • We only look at accounts that are widely available to the general public. Though some credit unions and community banks have competitive offers, we pick offers that most of our readers can access.
  • We consider the requirements to qualify for the bonus, including any minimum daily balance and direct deposit requirements. Another factor is the length of time it takes to receive the bonus.
  • We don’t include offers if the account charges high fees without an option for having them waived.

We reevaluate the offers on this page each week, and we update this page every Monday with the best checking and savings account bonuses.

What should I look for when choosing a bank account with a bonus or offer?

Here's what you should look for when you're ready to open a bank account with a bonus offer:

  1. Valuable long-term features: A bank bonus is nice, but it's a one-time offer. Once you've earned it, you're stuck with the bank account. So it doesn't make sense to open an account for the bonus alone if it doesn't have the features that will help you manage your money long term. The best bank deals will connect you with a bank you'll love for years to come. For example, if you're opening a savings account, look for a high yield savings account with a bonus -- that way, you'll earn interest for years after the bonus is gone.
  2. Ability to qualify: There's no sense in signing up for an account that offers one of the best bank bonus offers if you doubt your ability to meet the qualification requirements necessary to earn that bonus. Make sure you review all criteria necessary to earn the bonus first and note any deadlines so you don't accidentally disqualify yourself.
  3. Impressive bonus: All other factors being equal, you may as well go for the bank account that offers the largest bonus.

What rules apply to bank promotions?

To get a cash bonus when you open a checking or savings account, you normally need to open a new account with the bank and you must open the account during the promotional period. You might need to enter some type of promotional code or use a specific link when you sign up to claim the bonus.

Each bank offer will have its own criteria you must meet to earn the bonus. Usually, it involves depositing a certain amount of money into the account over the first few statement cycles, but some banks also require a certain number of transactions or a minimum balance over your first few statement cycles. If you're looking for a bank sign up bonus with no deposit required, make sure to double-check with the bank that you truly do not need to make a deposit in order to earn the bonus!

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How can I maximize bank promotions and offers?

Do your research to determine which bank promos and offers provide the most money and are within your reach. Keeping more money in your accounts will open doors to better bank bonus offers. Also, investigate the monthly fees associated with the account before accepting any bank offers. If you can't waive these fees, they'll cut into your profits. The best bank offers are connected to fee-free accounts.

Why do banks have promotions?

Bank account bonuses and offers are a way for banks to attract new customers who may be on the fence about where to place their money. Banking is a competitive business, especially with the rise of online banks that offer low fees and high APYs, so bank offers can give a bank account that little bit of extra appeal.

Checking account bonuses are much more common than savings account offers. The main draw with savings accounts is the APY. Checking accounts often lack interest, which means a bonus can go a long way toward helping an account stand out. Savings account offers are more rare, but once in a while you'll see bank promos featuring savings accounts.

How to compare bank bonuses

Wondering how to decide which bank bonus is the best? Here's a few things we look at:

  1. Will you use this bank account long term? Does it have the features you need, like a debit card, low or no fees, or a sparkling APY? After the bank bonus is gone, it's just you and your checking or savings account...make sure it's a bank account you like!
  2. Can you qualify for the bonus? Most bank bonuses aren't available to everyone, and some are harder to earn than others. Find a bonus offer you know you can earn.
  3. How much is the bonus? In this case, bigger is better. But you probably already guessed that.

FAQs

  • A bank bonus is a cash bonus that banks give to new customers who open checking or savings accounts and complete certain qualifying activities.

  • The best bank bonuses and offers have strong long-term benefits (such as high APY or no maintenance fees) as well as significant value.

  • Each bank account has its own qualification requirements so you must check each offer for specific details. Typically, you must sign up for a new account within a certain window and deposit a certain amount of funds within the first few statement cycles.

  • Yes, bank bonuses are usually considered interest income for tax purposes. Many banks will send you a 1099-MISC and/or a 1099-INT to let you know how much you earned from the bonus plus interest. However, even if your bank doesn’t send you these forms, you’re still responsible for reporting the income when you file your taxes.

Our Banking Experts