10 Banks That Offer Bonuses for Opening an Account for 2024
Written by
Dawn Allcot
Edited by
Lindsey Kloosterman
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If you’re looking to pad your pockets with some extra cash for 2024, finding a new bank that offers a sign-up bonus is one way to do so. Banks with immediate sign-up bonus are rare, but those that pay within 30, 60 or 90 days are relatively easy to find.
Of course, when you open a new checking account, there are other things to look for beyond banks that pay you to open an account instantly. Decide whether you want a traditional brick-and-mortar financial institution or an online bank. Find out if there are branches or in-network ATMs in your area. And take a look at the bank’s other features and offerings, such as high-yield savings accounts, CDs and an intuitive mobile app.
When all is said and done, a bank that offers you the features you want along with a generous sign-up bonus is worth its weight in gold.
Banks with Sign Up Bonus Offers Right Now
Here’s a deeper dive into banks with sign up bonus once you meet certain stipulations, such as direct deposit requirements and keeping the account open for a certain time frame.
Chase
Chase may have high fees and low interest rates on its savings accounts, but the largest bank in the country is handing out free money like Oprah right now. Open a Chase Total Checking account by July 24, 2024, and earn a $200 cash bonus when you make direct deposits of at least $500 within 90 days of enrolling. You’ll need to wait another 15 days to get your cash.
It’s not hard to waive the fees with a Chase account. Just make sure you meet one of the following criteria:
- Have direct deposits of at least $500 each month
- Have a beginning day balance of at least $1,500 every day
- Have an average beginning day balance of at least $5,000 in your Chase Total Checking plus other linked qualifying Chase accounts
As the biggest bank in the U.S., Chase has a large network of branches and fee-free ATMs, plus a user-friendly app and a full suite of products, including loans and bank accounts for kids.
Chase Private Client customers can earn a bonus of up to $3,000 based on the amount of deposits of new money into the account. Earn $1,000 for depositing between $150,000 and $249,999. Earn $2,000 for a deposit of $250,000 to $499,999. And earn $3,000 when you deposit $500,000 or more. There are no direct deposit requirements, but you must make the deposits within 45 days and maintain the money in that account for at least 90 days.
PNC Bank
PNC Bank is offering a generous $400 sign-up bonus when you open a combined checking and savings account with a Virtual Wallet. The benefits of a Virtual Wallet include combining a “spend” account with a “Reserve” account, which is a secondary, interest-earning checking account for short-term planning, plus a “Growth” account, which is long-term savings.
You can find much higher interest rates at online banks; PNC offers interest rates starting at 0.01% and up to 1.25% for customers who meet specific criteria and have exceptionally high balances in their growth account.
PNC offers three tiers of Virtual Wallet accounts. When you set up a regular Virtual Wallet, you can earn $100 when you receive qualifying direct deposits of $500 or more. The bank account has a $7 monthly service charge, which is waived with $500 in direct deposits per month.
The PNC Bank Virtual Wallet with Performance Spend pays qualifying customers $200 with $2,000 or more in direct deposits. The account has a $15 service charge, waived with $2,000 in direct deposits. A Performance Select account pays $400 when you have qualifying direct deposits of $5,000 or more. There is a $25 service fee, waived with $5,000 per month in direct deposits.
The initial direct deposit must be credited to your account within 60 days to qualify for the bonus, and the bonus will be paid within 60 to 90 days of account opening.
Citi®
Citi is offering up to $2,500 in cash bonuses when you open a checking account with a Relationship Tier. However, this offer is best for high earners who typically carry a high balance. A $30,000 minimum balance could deliver a bonus of just $500. The more you deposit and keep in the account, the more you’ll earn.
- $30,000 earns $500
- $200,000 earns $1,500
- $300,000 earns the maximum $2,000 bonus
Once you open the account, you have 21 days to fund it. Your balance must meet the minimum requirements for an additional 60 days, and then, 30 days after that, Citi will deposit your bonus into your account.
While this sounds like a generous offer, if you maintain the full $300,000 balance for the time period, your money is earning 0.66% interest. You could do better opening a 3-month CD or opening a high-yield online checking account, but if you are choosing Citi for other reasons, free money is nothing to scoff at.
M&T Bank
M&T Bank has fairly easy requirements to earn up to $200 in your new checking account. You only need to $500 in direct deposits within 90 days of opening an account to earn the bonus. A new EZChoice checking customer can earn $100 cash back. Best of all, there are no monthly maintenance fees or minimum balance requirements for this account.
MyChoice Plus delivers $150 to qualifying new customers. You can choose an interest-bearing checking account, and you can waive the $14.95 monthly fee with direct deposits of $1,500 or more per month or with a $2,500+ average daily balance.
The MyChoice Premium account is an interest-bearing checking account with tons of benefits. There is a $24.95 monthly fee, but you can waive it with a $7,500+ average daily balance or $25,000 in combined balances in eligible M&T accounts. Earn a $200 bonus with your direct deposit of just $500.
TD Bank
TD Bank is offering $200 to $300 to new checking customers through Apr. 4, 2024. A TD Beyond interest-earning checking account pays $300 when you have $2,500 in qualifying direct deposits within 60 days. Or, you can open a TD Convenience checking account and earn $200 with just $500 in direct deposits in 60 days. Bonuses will be paid within 180 days of account opening.
Truist Bank
Truist was formed when BB&T and SunTrust Bank merged in 2019. It became the sixth largest bank in the U.S., just behind competitors that are household names like Chase Bank and Wells Fargo.
Now through June 26, 2024, Truist is offering a $300 bonus to new checking account customers, GOBankingRates recently reported. To qualify, you must have at least two direct deposits totaling $1,000 or more within 90 days of opening the account. To take advantage of this offer, you’ll need to open your account online and use promo code TRUIST400DC24.
Truist has no overdraft fees, five easy ways to waive to waive the monthly maintenance fee, and five levels of benefits with automatic upgrades depending on your average account balance of all linked Truist accounts and investments.
The downside? The offer is only available to customers in select states who open an account online.
Wells Fargo
Most banks on our list offer bonuses for opening a new checking account. Wells Fargo is different in that it is giving a $300 checking bonus, but also a hefty $525 bonus when you open an eligible savings account.
To qualify for the checking bonus, open an Everyday Checking account online or at a branch with at least $25 minimum opening deposit and a total of $1,000 or more in qualifying electronic deposits within 90 calendar days. After 90 days if you have met the requirements, you’ll receive your bonus in 30 days.
To earn $525 in your eligible Wells Fargo savings account, you’ll need to open your account with at least $25 by Apr. 1, 2024. Within 30 days, you must deposit at least $25,000 in new money and maintain that balance through 90 days after opening the account. This represents a 2.1% yield, on top of the interest you’ll earn.
Fifth Third Bank
Through Mar. 31, 2024, Fifth Third Bank is offering a $325 bonus when you open a checking account and make direct deposits of $500 or more within 90 days of opening your account. Once you’ve met these requirements, you’ll receive your bonus within 10 days, making Fifth Third one of the fastest banks to pay a sign-up bonus. You could receive your bonus in as little as 10 days if you receive $500 in direct deposits on the first day you open the account.
KeyBank
KeyBank offers a fairly high return on your investment when you open a Key Smart Checking Account. Make one direct deposit of $500+ within 60 days for a $200 bonus. Within 90 days of meeting the requirements, you’ll receive $200 in your account. A $10 minimum opening deposit is required. Key Smart Checking has no maintenance fee and no minimum balance requirements.
SoFi
SoFi is an online bank with tons of great features, including APY on savings and on checking account balances. You can earn a $50 cash bonus when you open an account and have at least $1,000 in direct deposits within 25 calendar days from account opening.
If you make direct deposits of $5,000 or more, that bonus increases to $300. Funds will be deposited into your account within 7 days. This offer expires on June 30, 2024, and direct deposits that clear after that date won’t count toward bonus qualifications.
FAQ
- Can I get free money for opening a checking account?
- In a competitive marketplace with options for online or traditional brick-and-mortar banks, many banks offer sign-up bonuses to entice new customers. You can get free money when you open a checking account if you meet the bank's specific qualifications to earn the sign-up bonus. Typically, funds are deposited anywhere from 7 to 120 days after you open the account.
- What banks give a bonus for opening an account?
- Chase, Wells Fargo, and SoFi are just a handful of the many banks that give a bonus for opening an account.
- Which banks are offering money to switch in 2024?
- If you're considering switching banks, you might want to look at some of the options that offer sign-up bonuses. PNC Bank, Citi and TD Bank all offer sign-up bonuses for customers who switch their accounts. Read 19 Banks With Immediate Sign Up Bonuses to find the right bank for you.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Mar. 12, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Chase.
