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So, you’re looking for a new bank account.
You’ve got several factors to consider — ATM access, interest rates, monthly account fees, minimum balances, online bill payments and more.
Another factor: sign-up promotions and bonuses. Banks and credit unions frequently run promotions to entice prospective customers to open a new account — and they often come with cash. You have to meet specific criteria, such as making a minimum opening deposit, and generally the account must remain open for a certain amount of time — at least long enough to earn the cash bonus.
Many banks offer such sign-up bonuses, but often, they aren’t advertised. We did some digging to find the best bank promotions currently on offer.
Best Checking and Savings Account Offers of October 2022
Keep an eye on what each promotion requires, as well as any limitations. Recurring direct deposits and maintaining a minimum balance are common requirements in securing bank bonuses. Also pay attention to any monthly fees the account might carry; over time, these could weigh out the actual cash bonus.
Bank Promotions That Give You Cash
Bank Promo Payoffs Up to $500
Bank
Top Feature
Promotion
Chase Total Checking Account |
Fees may be waived |
$200 |
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GET DETAILS
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Chime Referral Bonus |
No monthly fees |
$100 |
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GET DETAILS
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Alliant Credit Union Ultimate Opportunity Savings |
High yields |
$100 |
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GET DETAILS
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Huntington Perks Checking |
Quick cash bonus payout |
$200 |
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GET DETAILS
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Huntington Platinum Perks Checking Account |
Interest on checking |
$300 |
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GET DETAILS
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Albert |
Up to 20% cash back |
$150 |
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GET DETAILS
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TD Convenience Checking |
Basic checking account |
$150 or $350 |
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GET DETAILS
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TD Beyond Checking |
Free checks |
$300 or $500 |
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GET DETAILS
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Discover Bank Online Savings |
HIgh APY |
$150 or $200 |
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GET DETAILS
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M&T Bank EZChoice Checking Account |
No monthly fees |
$200 |
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GET DETAILS
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M&T Bank MyChoice Plus Checking Account |
Discounted loan rates |
$200 |
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GET DETAILS
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M&T Bank MyChoice Premium Checking Account |
Premium CD rates |
$200 |
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GET DETAILS
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Bank of America Advantage Banking |
Fees can be waived |
$100 |
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GET DETAILS
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Chase Total Checking
Best for Basic Checking
Key Features
$12 monthly fee
Fee waived by meeting conditions
Basic checking
The Total Checking $12 monthly fee can be waived if you receive monthly direct deposits totaling $500 or more, keep a daily minimum balance of at least $1,500 in your new checking account, or keep a daily minimum balance across all your Chase accounts of at least $5,000. Deposits via person-to-person payments do not qualify. Access to 16,000 fee-free ATMs and more than 4,700 branches. The non-Chase ATM fee is $3 in the U.S., Puerto Rico and U.S. Virgin Islands and $5 outside of those locations.
Chase Total Checking Account
Bonus amount
$200
How to get it
Receive a qualifying direct deposit within 90 days of account opening.
When you get it
Within 15 days of meeting requirements
More information
$12 monthly fee, which can be waived.
Expiration
Oct. 19, 2022
More Information About Chase Total Checking Account
The Total Checking account carries a $12 monthly service fee, but you can have it waived if you receive monthly direct deposits totaling $500 or more, keep a daily minimum balance of at least $1,500 in your new checking account, or keep a daily minimum balance across all your Chase bank accounts of at least $5,000. Direct deposit via person-to-person payment apps do not qualify. Chase offers access to 16,000 ATMs and more than 4,700 branches.
TD Bank Convenience Checking
Best for Young Customers
Key Features
Easy to waive monthly fee
Easy-to-use mobile app
No overdraft fees for 17 to 23 year olds
TD Convenience Checking is not a glamorous checking account. It doesn’t earn interest, and there aren’t any cash back rewards. However, it’s easy to waive the $15 monthly maintenance fee: Just maintain a $100 minimum balance. Customers who are 17 to 23 years of age automatically have the fee waived and also don’t have to pay fees for overdrafts. New customers earn $200 by receiving $500 in qualifying direct deposits within 60 days; earn additional $200 when you open a linked savings account (Beyond Savings or Simple Savings) and deposit $20,000+ in the first 20 days.
TD Bank Convenience Checking Account
Bonus amount
$200 or $400
How to get it
Meet direct deposit qualifications ($500 within 60 days) to earn $200; add savings account for additional $200
When you get it
No later than 180 days after account opening.
More information
For savings bonus, you must maintain a daily balance of $20,000+ for 90 days.
Expiration
Oct. 31, 2022
More Information about TD Bank Convenience Checking
The TD Convenience Checking account is a great account for first-time banking customers. There are no monthly fees or overdraft fees for members who are 17 to 23. However, you cannot earn interest on this account. If you are over 23, there is a $15 fee, which you can waive by maintaining a $100 daily balance.
TD Bank Beyond Checking
Best for Overdrafters
Key Features
Two overdraft fee forgivenesses
Free checks
Fee reimbursement for out-of-network ATMs
TD Beyond Checking offers more perks than the Convenience Checking, including two fee-free overdrafts per year, out-of-network ATM fee reimbursements, and free checks. The account does earn interest, but the monthly fee is higher ($25) and harder to waive. Bonus terms for the TD Beyond Checking are similar; coupled with the savings promotion, you could earn $500.
TD Bank Beyond Checking Account
Bonus amount
$300 or $500
How to get it
Meet direct deposit qualifications ($2,500/60 days) to earn $300; add a savings account for additional $200.
When you get it
Within 180 days of opening.
More information
For savings bonus, you must maintain a daily balance of $20,000+ for 90 days.
Expiration
Oct. 31, 2022
More Information About TD Bank Beyond Checking
The TD Beyond Checking account is great for unique perks, like free checks, ATM fee reimbursement, and overdraft fee coverage (two a year). To waive the monthly $25 fee, you’ll need to earn $5,000 in direct deposits each month, maintain a $2,500 minimum balance in the checking account or maintain a $25,000 balance across all TD accounts.
Chime Referral Bonus
Best for Referral Bonus
Key Features
Must be current Chime account holder
No minimum daily balance
Good for first-time banking clients
If you refer a friend and they open a new account and receive a direct deposit of at least $200 in the first 45 days, you will each receive $75. Make sure to use the referral link from your account to get the cash bonus. Chime is great for beginners, offering fee-free overdraft, automatic savings account, early paycheck deposit and 60,000+ fee-free ATMs. Referral bonuses are capped at $1,000 each calendar year.
Chime Referral Bonus Account
Bonus amount
$100 per referral, plus $100 to the friend you refer
How to get it
Referred friend receives $200 direct deposit.
When you get it
Within two business days of account opening.
More information
Be sure to use a unique referral link from your own account.
Expiration
None
More Information About Chime Referral Bonus Account
Though not technically a bank*, Chime is becoming increasingly popular as an online financial institution for banking customers of all ages. Top features include early access to direct deposit, fee-free overdraft, 60,000+ ATMs, a 1.50% APY for the high-yield savings and plenty of features to automatically grow your savings.
Alliant Ultimate Opportunity Savings
Best for Fans of Suze Orman
Key Features
$0 monthly fees with eStatements
High-yield savings account
Easy-to-track bonus criteria
Not only does Alliant Credit Union’s Ultimate Opportunity Savings Account (in partnership with Suze Orman) have one of the best APYs currently available (1.80%), it pays out its bonus pretty easily. No massive balances or monthly direct deposits to think about.
Alliant Opportunity Savings
Bonus amount
$100
How to get it
Deposit at least $100 a month for 12 months.
When you get it
Within four weeks of completion.
More information
Balance must be $1,200 at the end of 12 months.
Expiration
December 31, 2022
More About Alliant Ultimate Opportunity Savings Account
The Ultimate Opportunity Savings Account from Alliant Credit Union has a lot to like: 80,000+ fee-free ATMs, no monthly fees if you opt in to online statements, a leading mobile app, and a strong APY at 1.80%.
Discover Bank Online Savings
Best for Big Savers
Key Features
High-yield savings account (2.00% APY)
No monthly fees or minimum opening deposit
No insufficient funds fees
Discover Bank’s Online Savings Account offers one of the highest APYs on our list. You can also pair the account with the Discover Bank Cashback Debit account (one of the best online checking accounts of 2022). However, the deposit amounts to earn the bonus are quite high, making the bonus offer far less achievable for most.
Discover Bank Online Savings Account
Bonus amount
$150 or $200
How to get it
Open an account using code GOBP922 and deposit at least $15,000 for $150 or $25,000 or $200 within 30 days
When you get it
Within 30 days of meeting bonus criteria
More information
Must be a first-time Discover savings account customer; current and prior customers are not eligible.
Expiration
December 15, 2022
More Information About Discover Bank Online Savings Account
The Discover Bank Online Savings Account offers a competitive APY (2.00%) with interest compounded daily instead of monthly. There’s no monthly fee with Discover, no minimum deposit and no insufficient funds fee. All in all, not a bad offer.
Huntington Perks Checking
Best Regional Bonus
Key Features
Easily waivable monthly fee
Only available in certain states
Quick cash bonus payout
This offer is only available to customers who live in CO, IL, IN, KY, MI, MN, OH, PA, SD, WV or WY. The Huntington Perks Checking account earns interest (but only 0.02%) and charges a $10 monthly fee. That fee is easy to waive, however, as long as you receive $1,000 in monthly deposits or maintain $5,000 total across all your Huntington accounts.
Huntington Perks Checking
Bonus amount
$200
How to get it
Open a new account and make cumulative new deposits totaling $1,000 within the first 60 days.
When you get it
Within 14 days of meeting bonus criteria.
More information
Account must remain open for at least 90 days.
Expiration
Oct. 7, 2022
More Information About Huntington Perks
Huntington’s Perks Checking account pays out nominal interest (0.02%), but the easily waivable monthly maintenance fee makes it appealing for an easy checking account. Key features include mobile banking, five fee-free out-of-network ATM withdrawals, the No Overdraft Fee $50 Safety Zone and the 24-Hour Grace Overdraft and Return Fee Relief.
“New account” is defined as money not currently in another Huntington account; money transferred from one account to another does not qualify. The bonus offer cannot be combined with any other checking offer.
Huntington Platinum Perks Checking
Best for Quick Bonus Payout
Key Features
$25 monthly fee (can be waived)
Interest-earning checking
Quick cash bonus payout
This offer is only available to customers who live in CO, IL, IN, KY, MI, MN, OH, PA, SD, WV or WY. This account earns interest (currently a 0.03% APY, which is quite low). It also has a monthly maintenance fee of $25, which is waived if you have at least $25,000 across every Huntington bank account.
Huntington Platinum Perks Checking
Bonus amount
$300
How to get it
Open a new account and make deposits totaling $25,000 within the first 60 days.
When you get it
Within 14 days of meeting bonus criteria.
More information
Account must remain open for at least 90 days.
Expiration
Oct. 7, 2022
More Information About Huntington Platinum Perks Checking
While the Huntington Platinum Perks account does have a monthly $25 fee, you can waive it by having $25,000 across accounts with Huntington. By upgrading to this account, you’ll get a higher bonus, get unlimited fee-free ATM withdrawals and earn 0.03% interest on your balance.
“New account” is defined as money not currently in another Huntington account; money transferred from one account to another does not qualify. The bonus offer cannot be combined with any other checking offer.
Albert Accounts
Best for Cash Back
Key Features
Up to 20% cash back
Geniuses for personal finance questions
No fees or investment commissions
Albert is an all-purpose personal finance app that lets you spend, save and invest your money. There are no monthly maintenance fees, no minimum balances and no commissions (if you choose to invest). While you won’t earn a traditional APY, Albert gives users a 0.10% annual cash bonus on funds in savings, plus up to 20% cash back. New members are eligible for a $150 bonus.
Bonus
$150
How you get it
Receive a qualifying direct deposit of at least $500 within 45 days and then every 30 days for 90 days
When you get it
Upon meeting requirements over a 90-day period
More information
Must be new to Albert
Expiration
None
More Information About Albert Accounts
Members of Albert don’t have to worry about monthly fees or minimum balances, and they can take advantage of several cool features, like 55,000 fee-free ATMs, early paycheck access, cashback rewards, Smart Savings (automatically analyzes your money and helps you to save), unlimited transfers, annual cash bonuses, the ability to invest, and a cash advance up to $250 (no interest, no credit check) instead of overdraft fees. Perhaps the coolest part is daily access to finance experts called Geniuses; pay what you think is fair for their advice. Just keep in mind that Albert is not a bank but an app (banking services are provided by Sutton Bank, Member FDIC).
M&T Bank EZChoice Checking
Best for Beginners
Key Features
No monthly maintenance fees
Unlimited check writing
Physical branches
The EZChoice Checking account from M&T Bank is the most basic package offered. It’s great for beginners because it has no monthly maintenance charge and no monthly minimum balance requirement. Plus, there’s unlimited check writing. You will need $25 to open the account and have qualifying direct deposits totaling at least $500 within the first 90 days to earn the bonus. This offer is only valid in select states.
M&T Bank EZChoice Checking
Bonus Amount
$200
How you get it
Make qualifying direct deposits totaling at least $500 within 90 days of opening the account.
Whey you get it
Within 90 days after the direct deposit.
The fine print
There’s a $50 early close-out fee if you close the account within 180 days of opening.
Expiration
November 30, 2022
More Information About M&T Bank EZChoice Checking
M&T Bank has 700 branches and 1,800 ATMs with operations in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virgina, West Virginia, Vermont, Massachusetts and Washington, DC, but you can also do your banking entirely online.
M&T Bank MyChoice Plus Checking
Best for Loan Seekers
Key Features
Discounted loan rates
ATM fee reimbursement
Interest-bearing options
The MyChoice Plus Checking account from M&T Bank requires extra work to avoid a monthly fee ($14.75): Either maintain an average daily balance of $2,500 or receive $1,500 in direct deposits each month. With this account, you qualify for discounted loan rates with M&T. You will need $25 to open the account and have qualifying direct deposits totaling at least $500 within the first 90 days to earn the bonus. This offer is only valid in select states.
M&T Bank MyChoice Plus Checking
Bonus
$250
How you get it
Make qualifying direct deposits totaling at least $500 within 90 days of opening the account.
When you get it
Within 90 days after the direct deposit.
The fine print
There’s a $50 early close-out fee if you close the account within 180 days of opening.
Expiration
November 30, 2022
More Information About M&T Bank MyChoice Plus Checking Account
M&T Bank has 700 branches and 1,800 ATMs with operations in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virgina, West Virginia, Vermont, Massachusetts and Washington, DC, but you can also do your banking entirely online.
M&T Bank MyChoice Premium Checking
Best for CD Rates
Key Features
Discounted loan and premium CD rates
ATM fee reimbursement
Interest-bearing checking
The MyChoice Plus Checking account from M&T Bank requires extra work to avoid a monthly fee ($24.95): Either maintain an average daily balance of $7,500 or $25,500 across all M&T accounts. With this account, you qualify for discounted loan rates and premium CD rates with M&T. You will need $25 to open the account and have qualifying direct deposits totaling at least $500 within the first 90 days to earn the bonus. This offer is only valid in select states.
M&T Bank MyChoice Premium Checking
Bonus amount
$250
How to get it
Make qualifying direct deposits totaling at least $500 within 90 days of opening the account.
When you get it
Within 90 days after the direct deposit.
More information
There’s a $50 early close-out fee if you close the account within 180 days of opening.
Expiration
November 30, 2022
More Information About M&T Bank MyChoice Premium Checking
M&T Bank has 700 branches and 1,800 ATMs with operations in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virgina, West Virginia, Vermont, Massachusetts and Washington, DC, but you can also do your banking entirely online.
Bank of America Advantage Banking
Best for Standard Checking
Key Features
Monthly maintenance fees (very by account)
Standard checking accounts
Fees can be waived
Open your new checking account online using the promo code DNB100CIS. Qualifying direct deposit must be regular monthly income, such as salary or pension payments. Advantage Banking checking accounts come in three levels: SafeBalance, Plus and Relationship. All three carry monthly maintenance fees that can be waived by meeting direct deposit and minimum balance requirements.
Bank of America Advantage
Bonus amount
$300
How to get it
Receive direct deposits of at least $1,000 within 90 days.
When you get it
Within 60 days of completing requirements.
More information
Monthly fees can be waived
Expiration
December 31, 2022
More Information About Bank of America Advantage
Bank of America’s Advantage account is broken into three tiers: SafeBalance Banking, Plus Banking, and Relationship Banking. SafeBalance boasts no overdraft fees or non-sufficient funds fees; Plus offers multiple ways to waive the monthly service fee; and Relationship earns interest (though the percentage is quite low).
How to Search for a Checking Account Bonus on Your Own
Instead of listing approximately 193 bank promotions, we kept this list short and sweet — only highlighting the best bank promotions for checking and savings accounts.
But maybe you’re interested in banking with your local credit union, opening a small business checking account or exploring what investment accounts are available. There are often cash bonuses attached to these accounts too.
Banks don’t always make finding these promotions easy, so here are a few tips to help you get your hands on that cash bonus.
Check the bank website first. Sometimes it’ll advertise its offers with a blaring promo code. This is rare, but it’s worth a quick check — it could save you a ton of time.
Reach out to customer service. Let them know you’re shopping for a new account, and you’d like to know if the bank is running any promotions. More often than not, the nice representative will send you a special link.
Google the best bank account bonuses. You’ll likely dig up some offers from third-party sites, so make sure the offer:
Hasn’t expired.
Is legitimate. Make sure the bank is FDIC-insured and has a positive Better Business Bureau rating. Read some online reviews.
Doesn’t require outrageous qualifying activities. For example, it might not be realistic for you to maintain an average daily balance of $50,000.
Reach out to your own network to crowdsource bank recommendations. Sometimes banks have impressive referral programs, so both you and your friend could benefit from you signing up.
Overall, be smart. Don’t let the promise of a cash bonus blind you. Read the fine print so you don’t get stuck paying high monthly fees, interest rates or closing penalties. With the proper due diligence, you can earn a checking account bonus — or any other bank promotion — while also choosing the best bank for you.
Will Opening a Bank Account Hurt Your Credit Score?
If you’re worried that opening a new bank account or closing an old one will hurt your credit score, don’t be. Your bank accounts are not included in your credit report and therefore have no effect on your credit score, unless you have an outstanding negative balance that the bank turns over to a collection agency.
Sometimes when you go to open a new account, banks will do a soft credit check. However, that won’t affect your credit score.
Timothy Moore covers bank accounts for The Penny Hoarder from his home base in Cincinnati. He has worked in editing and graphic design for a marketing agency, a global research firm and a major print publication. He covers a variety of other topics, including insurance, taxes, retirement and budgeting and has worked in the field since 2012.
Editorial Disclosure: This content is not provided by the bank advertiser. Opinions expressed here are the author’s alone, not those of the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program.
*Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
¹The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of November 1, 2021. No minimum balance required. Must have $0.01 in savings to earn interest.
2The average national savings account interest rate of 0.06% is determined by FDIC as of November 1, 2021 based on a simple average of rates paid (uses annual percentage yield) by all insured depository institutions and branches for which data are available. Visit https://www.fdic.gov/regulations/resources/rates/ to learn more.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
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