If you are in the market to open a new checking account or want to switch banks, sign-up bonuses might be a lucrative incentive to join. Not every bank offers bonuses. But ones looking for active, long-term commitments will offer rewards.
Bonus For Opening a New Checking Account
The bonus can range from a few dollars to $250 or more, depending on the bank. Larger bonuses typically require more stringent conditions to be met. Usually, you cannot be a recent customer within the previous 12 months and must maintain a minimum account balance.
You may also be asked to enroll in direct deposit and use your debit card a specified amount of times each month. If you meet the qualifications listed by the bank, the bonus for opening a new checking account might be a great option for you.
As some bonuses are limited time offers, this article will be broken down into two separate sections. Note that this is only a partial listing of some of the best checking account sign-up bonuses. If you do not see your prospective bank listed, you should ask if they have any bonuses at the moment.
Bonus For Opening a New Checking Account: Limited Time Offers
Chase Bank –up to $350
Through October, Chase Bank is offering $350 for opening a new Chase Total Checking and Chase Savings account with qualifying activities. Alternatively, you can earn $200 for opening up a checking account and setting up direct deposit.
Here are the qualifying conditions to earn the checking account bonus:
- Cannot be an existing Chase checking account customer or closed a checking or fiduciary account within the last 90 days.
- Deposit at least $25 into a new Chase Total Checking Account & setup direct deposit.
- Direct Deposit needs to be deposited within 60 days of account opening.
Clicking on the above link will take you to the Chase website to have the coupon mailed to you. After receiving the coupon, you will need to visit a physical branch to redeem and open your account.
Suntrust Bank–$100 or $200
Through the end of July 2018, Suntrust Bank will reward up to $500 depending on the type of checking account you open. One caveat to this offer, you must be a resident of one of the following states: Alabama, Arkansas, Georgia, Florida, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, West Virginia, and the District of Columbia. You must be a new customer who has not closed a Suntrust personal checking account within the previous 180 days.
Here are the requirements to earn the $500 checking bonus:
- Open a SunTrust personal checking account with a minimum $100 deposit within 14 days of account opening.
- Have $2,000 or more for a Signature Advantage account or $1,000 for a Select Checking account in direct deposits within 60 days of account opening.
- Conduct at least 10 debit card purchases within 60 days of opening.
This offer can be redeemed online or in-person. Clicking the above link will provide you the applicable coupon.
Beyond the bonus, you will want to compare the services and fee differences between the Signature Advantage and Select Checking accounts. Suntrust charges a monthly maintenance fee for both accounts, however, the fee is waived if you meet certain conditions.
Bonus For Opening a New Checking Account: Non-Expiring Bonuses
The following are a list of banks that offer bonuses without an expiration date listed. As always, all the offers are subject to change without notice. These bonuses might not be as lucrative as the limited-time offers listed above, but the eligibility requirements are more lenient. These offers are from national banks that offer online banking, regardless of your residency.
HSBC – $3 monthly maintenance Fee with no balance requirement
I put this bank on the list of top bonus for opening a new checking account opportunities because it is no frills. The most basic account is $3/month and comes with a debit card, access to international and domestic ATM’s (most without additional fees). Overdraft protection and mobile banking options are also offered.
The next tier is Choice Banking, which is $15/month. However, if you have a regular direct deposit, this $15 is nulled. HSBC Advance and HSBC Premier are $25 and $50 per month, depending on which tier you enroll and are approved in.
TIAA Bank – 1.21% Interest
This reward is a little different than the others. Instead of offering cash or gift cards, you can earn a high-interest rate on your account balance for the first year.
The first-year Annual Percentage Yield (APY) for your balance is the following:
|Account Balance||1st year APY|
|$0 – $9,999.99||0.25%|
|$10,000.00 – $24,999.99||0.46%|
|$25,000.00 – $49,999.99||0.61%|
|$50,000.00 – $99,999.99||0.61%|
|$100,000 – $10,000,00||0.71%|
To open an account, you will need to have a minimum initial deposit of $5,000.
Are There Bonuses For Existing Customers?
Normally, banks only offer bonuses as a method to attract new customers. It doesn’t hurt to ask your current bank, especially if you are an existing customer looking to upgrade accounts. The worst the bank can do is say no. Periodically, banks will also offer bonuses for current customers if they sign up for services like direct deposit or bill pay.
Sign-up bonuses are not always the best reason to open a new account, but they can help make your decision a little easier. Be sure to check out our guide to the top high yield online savings accounts for 2018.