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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 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 Bank Account Bonuses of February 2023
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 monthly maintenance fees; over time, these could easily exceed a one-time cash bonus.
20 Bank Promotions That Give You Cash
Bank Promo Payoffs Up to $600
| BANK | TOP FEATURE | BONUS | |
|---|---|---|---|
| Chime Referral Bonus | No monthly fees | $100 | SEE DETAILS |
| Alliant Credit Union Ultimate Opportunity Savings | High yields | $100 | SEE DETAILS |
| Huntington Perks Checking | Quick cash bonus payout | $200 | SEE DETAILS |
| Huntington Platinum Perks Checking Account | Interest on checking | $300 | SEE DETAILS |
| Albert | Up to 20% cash back | $150 | SEE DETAILS |
| Chase Total Checking Account | Fees may be waived | $200 | SEE DETAILS |
| Fifth Third Momentum Checking | No hidden fees | $325 | SEE DETAILS |
| TD Convenience Checking | Basic checking account | $200 or $400 | SEE DETAILS |
| TD Beyond Checking | Free checks | $300 or $500 | SEE DETAILS |
| Discover Bank Online Savings | HIgh APY | $150 or $200 | SEE DETAILS |
| M&T Bank EZChoice Checking Account | No monthly fees | $200 | SEE DETAILS |
| M&T Bank MyChoice Plus Checking Account | Discounted loan rates | $200 | SEE DETAILS |
| M&T Bank MyChoice Premium Checking Account | Premium CD rates | $200 | SEE DETAILS |
| Bank of America Advantage Banking | Fees can be waived | $100 | SEE DETAILS |
| SoFi Checking and Savings | High APY | Up to $250 | SEE DETAILS |
| BMO Harris Smart Advantage Account | No fee for paperless | $200 | SEE DETAILS |
| BMO Harris Smart Money Account | No overdraft fees | $200 | SEE DETAILS |
| BMO Harris Premier Account | Unlimited ATM use | $350 | SEE DETAILS |
| PNC Virtual Wallet | Combination checking and savings | Up to $400 | SEE DETAILS |
| Axos Rewards Checking | High APY | $100 | SEE DETAILS |
Chime Referral Bonus
- Must be current Chime account holder
- No minimum daily balance
- Good for first-time banking clients
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 2.00% APY for the high-yield savings and plenty of features to automatically grow your savings.
Alliant Ultimate Opportunity Savings
- $0 monthly fees with eStatements
- High-yield savings account
- Easy-to-track bonus criteria
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 2.95%.
Huntington Perks Checking
- Easily waivable monthly fee
- Only available in certain states
- Quick cash bonus payout
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
- $25 monthly fee (can be waived)
- Interest-earning checking
- Quick cash bonus payout
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
- Up to 20% cash back
- Geniuses for personal finance questions
- No fees or investment commissions
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).F
Chase Total Checking
- $12 monthly fee
- Fee waived by meeting conditions
- Basic checking
The Chase Total Checking account gets you access to more than 4,700 branches nationwide, plus 16,000 ATMs. The easy-to-use mobile app is highly rated. While Chase does charge a $12 monthly service fee, you can waive it by earning $500+ in monthly direct deposits, maintaining a daily balance of $1,500+ or having $5,000 across all your Chase accounts at the start of each day.
Fifth Third Momentum Checking
- No monthly or hidden fees
- Early access to paycheck
- Overdraft avoidance feature
Fifth Third’s checking account boasts immediate funds for all check deposits, Extra Time for overdraft fee avoidance, early paycheck access, no minimum balance and no hidden fees. The account also offers basic fraud protection services and unlimited check writing.
TD Bank Convenience Checking
- Easy to waive monthly fee
- Easy-to-use mobile app
- No overdraft fees for 17 to 23 year olds
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
- Two overdraft fee forgivenesses
- Free checks
- Fee reimbursement for out-of-network ATMs
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.
Discover Bank Online Savings
- High-yield savings account (3.30% APY)
- No monthly fees or minimum opening deposit
- No insufficient funds fees
The Discover Bank Online Savings Account offers a competitive APY (3.30%) 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.
M&T Bank EZChoice Checking
- No monthly maintenance fees
- Unlimited check writing
- Physical branches
M&T Bank has more than 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
- Discounted loan rates
- ATM fee reimbursement
- Interest-bearing options
M&T Bank has more than 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
- Discounted loan and premium CD rates
- ATM fee reimbursement
- Interest-bearing checking
M&T Bank has more than 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
- Monthly maintenance fees (very by account)
- Standard checking accounts
- Fees can be waived
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).
SoFi Checking and Savings Account
- Up to 3.75% APY
- Fee-free overdraft coverage
- Early access to paycheck
SoFi’s online bank account certainly rewards members for spending and saving. The account, which doubles as a checking and savings account, allows you to organize your savings into vaults so you can work toward your goals. You’ll earn 3.75% APY on money in savings and 2.50% on checking funds, and when you shop local, you can earn up to 15% cash back. The bonus is tiered; to get the full $250 bonus, make sure your qualifying direct deposits total $5,000 or more.
BMO Harris Smart Advantage Account
- No monthly fee if you go paperless
- Standard checking account
- Fee-free transactions at 40,000+ ATMs
Smart Advantage is BMO Harris’ most popular checking account. It requires no minimum balance, charges no monthly fees when you opt for paperless statements and gets you fee-free access to 40,000+ ATMs nationwide with the Allpoint network.
BMO Harris Smart Money Account
- No monthly maintenance fees if under 25
- Standard checking account
- No overdraft or NSF fees
Like Smart Advantage, BMO Harris’ Smart Money has no minimum balance required. It’s also noteworthy for having no overdraft or NSF fees. With this account, you will get unlimited fee-free transactions at in-network ATMs (40,000+ nationwide). However, you’ll pay a monthly fee if you’re 25 or older.
BMO Harris Premier Account
- Interest tied to balance
- High-yield checking account
- Unlimited ATM transactions
The highest bonus at BMO Harris comes from the Premier Account with Relationship Packages that reward you with more perks for banking more with BMO. The account earns interest, and the amount you earn increases with the amount of funds in the account. You also get unlimited access to any ATMs, in-network or not.
PNC Virtual Wallet
- Geographic based
- No minimum balance to open
- Digital financial tools
PNC bonus offers are based on the type of account you open and receipt of qualifying direct deposit. This offer is good in specific states throughout the country. Your ZIP Code will be used to determine if you are in a participating state.
You’ll earn:
- $50 when you open and use a base Virtual Wallet account.
- $200 when you open and use Virtual Wallet with Performance Spend.
- $400 when you open and use Virtual Wallet with Performance Select.
To waive the Virtual Wallet monthly maintenance fee ($7), earn $500+ in monthly direct deposits to the Spend account or maintain a $500+ monthly balance across the Spend + Reserve accounts. If you’re 62 or older, the fee is automatically waived. Waiving fees on Performance Spend and Performance Select is also possible, if you meet specific criteria.
Axos Rewards Checking Account
- No monthly balance requirements
- No overdraft or NSF fees
- Up to 1.25% APY
The Axos Reward Checking is one of the accounts on this list that is so good that we would recommend considering it even without the bonus. In fact, it’s ranked one of the best online banks for 2023.
If you are tired of overdraft fees, want real earning potential from your checking account and frequently utilize an ATM, this is the bank to go with, as long as you’re OK with an online-only experience.
How to Search for Bank Account Bonuses 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.
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 bank 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.
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.
