What banks are offering sign-up bonuses right now
Most major banks offer cash bonuses when you open a new checking or savings account and meet their deposit or spending requirements. The bonus amount varies widely — from $50 to $500 or more — and depends on the bank, the account type, and the conditions you have to meet. Common names include "new account bonus," "opening bonus," or "welcome bonus."
The banks running these offers change their terms frequently, so the specific bonus available today may not be the same next month. Chase, Bank of America, Wells Fargo, Citibank, and regional banks like PNC and US Bank regularly offer bonuses, but you need to check their current promotions directly rather than rely on a list that could be outdated by the time you read it.
The real value of a sign-up bonus depends on whether you would have opened that account anyway. If the bonus requires you to deposit money you were going to move somewhere else, or to use a checking account you'll actually use, the bonus is genuine income. If it requires you to change your banking habits or keep money in a low-interest account just to claim it, the math often does not work in your favor.
Key Takeaways
- Sign-up bonuses typically require a minimum deposit (often $500 to $2,500) or a certain number of debit card transactions within 30 to 90 days.
- The bonus is usually deposited into your account automatically once you meet the conditions, though some banks require you to request it.
- Banks can change or end their bonus offers at any time, so the promotion you see today may not be available next week.
- A bonus is only worth claiming if you would use the account anyway — opening an account purely for the bonus often costs you more in fees or lost interest than the bonus pays.
- Some bonuses are taxable income and will appear on a 1099 form if the amount exceeds $10, so factor that into your calculation.
How sign-up bonuses work and what you have to do
When you open a new account, the bank sets specific conditions you must meet within a set timeframe — usually 30, 60, or 90 days. The most common conditions are a minimum opening deposit (the amount varies by bank and account type) or a certain number of debit card transactions. Some banks require both. A few require direct deposits of your paycheck instead.
Once you meet the conditions, the bonus is credited to your account. Most banks do this automatically, but read the fine print to confirm — some require you to submit a form or contact customer service to claim it. The bonus typically appears within one to two weeks of meeting the last requirement, though some banks take longer.
The account itself usually has no monthly fee for the first year or longer, but that changes after the promotional period ends. Check what the regular monthly maintenance fee is, because if it is high and you do not meet the fee waiver requirements (like maintaining a minimum balance or setting up direct deposit), the bonus can be eaten up by fees within a few months.
Comparing bonuses across different account types
Banks offer different bonuses for checking accounts, savings accounts, and money market accounts. Checking account bonuses tend to be larger ($100 to $500) because banks expect you to use the account regularly and potentially keep a larger balance. Savings account bonuses are usually smaller ($25 to $200) because the bank is not counting on transaction activity.
A checking account bonus makes sense if you need a new checking account anyway. A savings account bonus is worth considering only if you plan to keep money in savings long enough for the bonus to matter — if you withdraw the funds when ready, you lose the account's purpose and may trigger early withdrawal penalties or account closure fees.
Some banks offer bonuses on multiple account types if you open them together. For example, opening both a checking and savings account might earn you $200 total instead of $100 for one account alone. These stacked bonuses can be worth pursuing if you genuinely need both accounts.
The real cost of claiming a sign-up bonus
A $200 bonus sounds valuable until you factor in the actual cost of the account. If the account charges $15 per month and you do not meet the fee waiver requirements, you lose $180 of the bonus in the first year alone. If the account requires a minimum balance of $5,000 and you would otherwise keep that money in a high-yield savings account earning 4% annually, you are giving up roughly $200 in interest to claim a $200 bonus — a break-even at best.
Read the account's fee schedule and interest rate before you commit. Ask yourself: would I open this account if there were no bonus? If the answer is no, the bonus is probably not worth it. If the answer is yes, the bonus is a genuine bonus on top of an account you wanted anyway.
Some banks also have restrictions on who can claim a bonus. Many require that you have not held an account with that bank (or sometimes any of its subsidiaries) within the last 12 months. If you closed an account recently, you may have to wait before you can claim a new bonus.
Tax treatment of sign-up bonuses
Bank sign-up bonuses are considered taxable income by the IRS. If a bonus exceeds $10, the bank will send you a 1099 form at the end of the year showing the amount as interest income. You will owe federal income tax on that amount at your ordinary income tax rate.
This does not mean you should avoid the bonus — a $200 bonus taxed at 22% costs you $44 in federal tax, leaving you $156 ahead. But if you are in a higher tax bracket, the after-tax value is lower. Factor this in when comparing bonuses across banks: a $300 bonus is worth less to you than a $300 bonus to someone in a lower tax bracket.
Where to find current sign-up bonus offers
The best source for current offers is the bank's own website. Go directly to the bank's homepage and look for a "New Customers" or "Promotions" section. The terms and conditions are always there, and you can see exactly what you have to do to claim the bonus.
Financial comparison websites also list current bonuses, but verify the terms on the bank's site before you open an account — promotions change frequently and the comparison site may not have updated. Some sites earn a commission when you open an account through their link, which is fine, but it means they have an incentive to promote certain banks over others.
Sign up for a bank's email list if you already have an account there. Banks often send existing customers information about new promotions, and sometimes offer bonuses for opening a second account with them.
When a sign-up bonus is worth pursuing
A bonus is worth pursuing when you meet all three conditions: you need the account type (checking, savings, or money market), you plan to keep the account open long enough to avoid early closure fees, and the account's ongoing fees and interest rate are competitive with other banks even without the bonus.
If you are switching banks anyway because your current bank has high fees or poor service, a sign-up bonus at a better bank is a genuine win. You get the bonus plus the benefit of a better account going forward. If you are opening an account purely to chase the bonus and plan to close it afterward, the math rarely works — most banks charge a fee for closing an account within a certain period (often 90 days to six months), and that fee can wipe out the bonus.
Stacking bonuses across multiple banks can make sense if you have a legitimate reason to use multiple banks — for example, one for everyday checking and another for savings. But opening five accounts in one month just to collect bonuses will trigger fraud alerts, may damage your credit score temporarily (due to multiple hard inquiries), and leaves you managing accounts you do not need.
Frequently Asked Questions
Do I have to keep the account open after I get the bonus?
No, but most banks charge a fee if you close the account within 90 days to six months of opening it. Check the account agreement for the exact timeframe. If the early closure fee is $25 and the bonus is $200, you still come out ahead, but factor it in. Some banks waive the fee if you ask, so it is worth calling before you close.
Can I get a bonus if I already have an account at that bank?
Most banks restrict bonuses to new customers only, defined as someone who has not held an account with that bank in the last 12 months. Some banks also exclude people who have accounts at their subsidiaries. Check the terms before you explore — if you are ineligible, explore anyway will not hurt, but you will not receive the bonus.
What happens if I do not meet the bonus requirements?
You straightforward do not receive the bonus. The account stays open and functions normally. You will not be penalized for missing the requirement — the bank just does not credit the bonus. If you are close to meeting it, contact the bank to confirm what you still need to do.
Are sign-up bonuses better than high interest rates on savings accounts?
It depends on how long you keep the money in the account. A $200 bonus on a savings account earning 0.01% interest is better than no bonus, but if you can move that money to a high-yield savings account earning 4% or more, the interest will eventually exceed the bonus. For short-term money, the bonus matters more. For money you plan to keep in savings for years, the interest rate matters more.
Will a sign-up bonus hurt my credit score?
Opening a bank account does not hurt your credit score because banks do a soft inquiry, not a hard inquiry. Hard inquiries (used for credit cards and loans) can lower your score slightly. However, opening many accounts in a short period can trigger fraud alerts and may cause banks to deny you for other accounts, so space out your applications if you are opening multiple accounts.