Best Checking Accounts of April 2020 – Top 9 Bank Account Bonuses To Stash Your Cash


Best Checking Accounts

Top Personal Banking New Account Offers

Most consumers are very familiar with Credit Card sign up offers.  We receive these offers almost every day when we check our mail.  Many consumers are unaware that Banks also offer substantial bonuses to new customers.  If you are looking for a new personal banking account, part of your research process should be checking to see if the bank offers a new customer bonus.  This list provides the latest offers from many of the top banks in the country.  The list is updated as new offers are introduced and old offers expire.  If you have found a great banking bonus, please be sure let us know in the comments below so that we can review the details and add all top offers to this list!

Please note that the offers are not in any particular order and that the best bonus for you will likely depend on your ability to meet the bonus requirements!  Spoiler alert – particularly if you are comfortable with online banking, The Chase Bank Bonus is one of the favorites!

Banking Bonuses For Checking And Saving Accounts
Banking Bonuses – Stash Your Cash and Grow Your Wealth

How Bank Account Bonuses Work – Actions Required To Receive Your Bonus

As you will see, each bank has specific rules for releasing new customer sign up bonuses.  There are several typical requirements used by banks to ensure customer eligibility:

  • Setting up qualifying direct deposit to your new account
  • Maintaining a specified balance for a specified amount of time
  • Making a debit card transaction with a card linked to your new account

For the most part, these actions are going to be primary requirements that consumers will find necessary to complete a new account sign up bonus.  Fortunately, many of these actions are things a consumer would do regardless of a bonus opportunity.  For instance, setting up a direct deposit and depositing new funds into an account are very common activities that you would likely do anyway!  This means that the bonus is essentially free money and customers should be sure to take advantage of these offers.

Citi Bank – Up To $600 Checking Bonus

The Citi Bank Checking Account bonus is very straightforward and is one of the reasons it is very popular with customers who prefer to do their banking online.  There are three tiers to the bonus system – $200, $400, and $600.  Each tier of the bonus requires consumers to maintain a specific minimum balance.  Balance requirements are $5,000, $15,000, and $50,000, respectively, for the three tiers of the bonus offer.  This balance must be met within the first 30 days of opening your new account and you will need to maintain the balance for at least 60 days.  Balance total is the result of a combined balance between a checking and savings account.

This bonus offer is going to be very achievable for consumers who maintain a decent balance in their savings account.  The $600 bonus tier requires an extremely large deposit and most consumers will prefer the $200 and $400 bonus options.

PNC Bank – Up To $300 Checking Bonus

The PNC Banking Bonus is based upon setting up direct deposits.  Your bonus eligibility will be based on the total amount of the direct deposits to your account within the first 60 days of opening.  Direct deposit requirements are $500, $2,000, and $5,000.  Bonuses are $50, $200, and $300, respectively.  In addition to the direct deposit requirements, customers will also be required to make at least 10 purchases with your PNC Bank Visa Debit Card.

This offer is a great opportunity for customers who are simply looking to set up a new direct deposit and not transfer any funds to their new account.  Debit transactions are required and it is necessary that both aspects of the offer are met during the 60 day bonus period.

Wells Fargo – $400 Checking Bonus

The Wells Fargo bonus is specific for online applicants.  This bonus also relies on direct deposit requirements.  To qualify for the bonus, customers will need to set up a direct deposit that totals at least $3,000 monthly for three months after opening your new account.  A minimum deposit of $25 is required upon opening your account.  No further requirements are necessary to qualify for the bonus.

This offer is great for customers who can meet the high total monthly direct deposit total but may be prohibitive for some consumers.

Chase Bank – $300 Checking Bonus Up to $600 For Both Checking and Savings

Chase Bank offers a new customer bonus for both Checking and Saving Accounts.  The Checking Account bonus totals $300.  The Savings Account bonus totals $200.  Customers completing both bonus requirements are eligible for a whopping $600 bonus.  Chase Bank does not have as many physical banking locations throughout the country as some other big banks but as more customers turn to online banking, this may be a non-issue for many.

Customers will need to deposit $25 upon opening their account and set up direct deposit within the first 60 days to qualify for the $300 checking bonus.  There is no minimum deposit requirement which makes this one of the top checking account bonus offers around.  The $200 Savings Account offer requires new customers to deposit $15,000 within the first 20 days of opening their new account.  This balance must be maintained for 90 days.  Completion of requirements for both accounts will result in a $600 bonus.

HSBC Checking – Up To $750 Bonus

HSBC offers three different checking accounts and each account has a different bonus.  The bonuses are tiered at $200, $350, and $750.  To qualify for these bonuses you will need to establish minimum balances of $1,500, $10,000, and $100,000 respectively.  Very few consumers will qualify for the $750 unless you are able to meet the very large deposit requirements.  The $200 and $350 bonuses are going to be much more appealing for most consumers.

It is also to point out that each type of checking account has different features which are unrelated to the bonus.  Customers should review the account they are interested in and determine whether they may be able to qualify for the bonus.

Charles Schwab – $100 Bonus

The Charles Schwab bonus offer is contingent on receiving a referral.  Customers will need to have a current client provide them with a referral code in order to create a new account eligible for this bonus.  No further requirements are needed once your account is approved.  This is one of the easiest bonuses to get but you will need a referral code.  It is also important to point out that Charles Schwab typically screens all new clients with a credit check.  This may not be of concern for most people but this inquiry will be reflected on your credit report.

Bank of America – Up To $100 Bonus

This is one of the easiest bonuses to complete the eligibility requirements.  Customers will need to open their new account and complete 2 direct deposit of at least $250 within the first 90 days.  No further requirements are necessary and your bonus will be deposited directly into your account within 60 days of completing the requirements.

Bank of America has locations throughout the United States.  Many customers who prefer to have a nearby banking location may find this bonus to be the best choice for them.

Discover Savings –  Up To $200 Bonus

Discover offers two tiers for their savings account bonus.  Total bonuses for these offers are $150 and $200.  To qualify for the bonus you will need to complete at least a total of $15,000 and $25,000 in deposits, respectively.  Customers are not required to maintain these total balances over any period of time.  The total deposit requirements are the result of all deposits into your account in the first 90 days.  If you deposit an amount of money and then use these funds, the deposit will still count towards your total even if your balance falls below the threshold.

Capital One Money Market – Up To $500 Bonus

First, it is important to point out that this is a Money Market Account (not a traditional savings account).  The primary difference is that a Money Market Account will earn far more in interest than a standard savings account.  The Capital One Money Market Account provides a 2% annual interest return.  An average savings account offers about 0.09% interest.  To qualify for the bonus you will need to maintain a daily balance of $10,000 or $50,000.  The $10,000 level will provide a $200 bonus and the $50,000 level will provide a $500 bonus.

This offer is particularly attractive for customers who are looking to keep their funds in an account that earn interest beyond that provided by a most savings account.

Selecting The Right A Bank For Checking and Saving Accounts

When selecting a bank to do business with it is important to determine what features are most important to you.  The bonus you receive should be a secondary consideration.  Some primary features you should consider when selecting a bank include:

  • Account maintenance fees
  • Access to physical banking locations
  • ATM charges and ATM availability (checking accounts)
  • Customer service reviews

Banking fees are the most important factor consumers should consider when searching for a new account.  Many banks waive fees when specific account balances are met.  For instance, banks may waive account fees if you maintain at least a $1,000 balance in your account.  They may also waive fees if features such as direct deposit are used by the customer.  The requirements will vary from bank to bank so it is important to review qualification to waive your banking fees before selecting your bank.

Final Thoughts – Which Bank Account Bonus Is Best For You?

Because there are many considerations that differ from person to person it is impossible to say which bonus will be best for everyone.  If banking with an institution that has many physical locations nearby, the best bank for you will differ by location.  For consumers who are comfortable doing their banking online, they may find that the Chase Checking and Savings Account Bonus is their best bet.  This offer provides up to $600 when both accounts are opened and the bonus requirements are met.  The requirements are also very reasonable relative to other offers.  For this reason, it is a top pick, but again, it may not be the top choice for all customers.

Please let us know what bank you prefer to do business with and whether or not they provide new customer bonuses in the comments below!

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Elizabeth Weintraub
Elizabeth Weintraub is a former writer for The Balance. She has an extensive background in real estate spanning more than 40 years, including experience in related industries such as title and escrow. Weintruab began in the real estate business in 1974 as a title searcher at First American Title in Boulder, Colorado. After moving to Newport Beach, California, she became an escrow officer in 1976 and advanced to certified status as designated by the California Escrow Association.