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Boost Your Finances with a New Checking Account Bonus

Are you tired of feeling like you’re not getting the most out of your checking account? Consider opening a new account that offers a sign-up bonus, a one-time cash incentive designed to attract new customers. While a cash bonus shouldn’t be the only factor in choosing a checking account, it can certainly sweeten the deal.

Top Checking Account Bonuses

Our team compared over 20 top checking accounts offered by member-FDIC financial institutions and narrowed down the best ones currently offering new account bonuses. Here are some of the top options:

• SoFi Online Bank Account: Earn up to $300 with a minimum direct deposit of $1,000 or greater. This account has no monthly fees or minimum balance requirements and covers up to $50 in overdraft fees.
• Citi Access Checking Account: Get a $325 bonus with a minimum direct deposit of $3,000 or more within 90 calendar days. This account has a $5 monthly service fee that can be waived by meeting certain requirements.
• Chase Secure Banking Account: Earn a $100 bonus with 10 qualifying transactions within 60 days. This account has no overdraft fees, early direct deposit, and a $4.95 monthly service fee that can be avoided with qualifying electronic deposits.
• Bank of America SafeBalance Account: Get a $300 bonus with a minimum direct deposit of $2,000 or more within 90 days. This account has a waivable $4.95 monthly fee, no overdraft fees, and money management tools.
• TD Beyond Checking Account: Earn a $300 bonus with a minimum direct deposit of $2,500 or more within 60 calendar days. This account has early direct deposit, out-of-network ATM fee reimbursement, overdraft relief, and a limited-time cash bonus.

Understanding New Bank Account Offers

New bank account offers like bonuses are cash incentives for new customers who open bank accounts. To qualify for a bonus, you’ll typically need to meet certain requirements, such as a minimum amount in direct deposits within a certain period, minimum balance requirements, or signing up for other products in addition to your primary bank account.

Pros and Cons of New Bank Account Bonuses

Before opening a new account with a bank account bonus in mind, consider the following pros and cons:

Pros:

• Free money: A cash bonus can give you some extra breathing room in your budget.
• Incentive to switch banks: A promotional checking account bonus can be the incentive you need to switch banks and open a new account with better perks or lower fees.

Cons:

• Bonuses are taxable: Bank account bonuses are considered taxable income, which may impact your tax bill.
• Extra requirements: Banks create these promotions to entice new customers to open an account and stick around, so you may need to meet a long list of requirements to qualify for the full bonus amount.

Key Factors to Consider

When pursuing a checking account bonus, consider the following key factors:

• New checking account bonus amount: The size of the bonus is a major factor to consider, especially compared to the requirements needed to qualify.
• Minimum account balance: Some banks require that you maintain a minimum account balance to qualify for the bonus or to avoid monthly fees.
• Direct deposit requirements: Many bonuses require setting up a direct deposit of a certain amount within a specific timeframe.
• Transaction requirements: Some accounts might require a minimum number of transactions per month to qualify for the bonus.
• Monthly fees: You may want to avoid opening a checking account that charges monthly fees.
• Account features: Look beyond the bonus and consider the features of the checking account itself, such as free checks, ATM fee reimbursements, online banking, and a quality mobile app.

By understanding the pros and cons of new bank account bonuses and considering the key factors mentioned above, you can make an informed decision about whether a new checking account with a bonus is right for you.