To attract new customers, many banks will often offer a sign-up bonus when opening a new account. For checking accounts specifically, these bonuses can be at least $100. Qualification is usually easy, with new account holders tending just to need to make a minimum deposit or set up a direct deposit.
We analyzed and compared dozens of consumer checking accounts offered by online, brick-and-mortar banks and credit unions that offer sign-up bonuses for new account holders. (See our methodology below for more information on how we created this list.)
Best checking account bonuses
Bank of America
Bank of America Advantage SafeBalance Banking®
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Monthly maintenance fee
$0 for eligible students under 25
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Minimum deposit to open
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Minimum balance
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Annual Percentage Yield (APY)
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Free ATM network
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ATM fee reimbursement
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Overdraft fee
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Mobile check deposit
Terms apply. Bank of America, N.A. Member FDIC.
Pros
- Top-rated mobile app
- No overdraft fees
- Savings program that rounds up debit card purchases and transfers the difference to your savings account
Cons
- $25 minimum deposit to open an account
- No APY
- No reimbursement for out-of-network ATM fees
Chase Bank
Chase College Checking℠
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Annual Percentage Yield (APY)
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Minimum balance
$5,000 to waive monthly service fee
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Monthly fee
$12 monthly service fee; No Monthly Service Fee while in school up to the graduation date provided at account opening (five years maximum) for students 17-24 years old.
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Free ATM network
With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
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ATM fee reimbursement
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Overdraft fee
With Chase Overdraft Assist℠, Chase doesn’t charge an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET, 8 PM PT, to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts
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Mobile check deposit
JPMorgan Chase Bank, N.A. Member FDIC
Pros
- No minimum deposit to open an account
- Overdraft assistance
- Top-rated mobile app
- Chase is no. 2 on J.D. Power’s 2019 U.S. National Banking Satisfaction Study
- Send and receive money with Zelle®
Cons
- No APY
- Monthly fees, but there are options to waive
- No reimbursement for out-of-network ATM fees
Bonus: $100
Expiration: Oct. 16, 2024
How to earn the bonus: Open a new Chase College Checking ℠ account and complete 10 qualifying transactions within 60 days of coupon enrollment. Qualifying transactions include:
- Debit card purchases
- Online bill payments
- Chase QuickDeposit℠
- Zelle®
- ACH credits
Chase Total Checking®
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Annual Percentage Yield (APY)
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Minimum balance to open
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Monthly service fee
$12 or $0 with one of the following, each monthly statement period: Electronic deposits made into this account totaling $500 or more, such as payments from payroll providers or government benefit providers, by using (i) the ACH network, (ii) the Real Time Payment or FedNowSM network, (iii) third party services that facilitate payments to your debit card using the Visa® or Mastercard® network, OR a balance at the beginning of each day of $1,500 or more in this account, OR an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying Chase checking, savings, and other balances.
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Free ATM network
With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
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ATM fee reimbursement
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Overdraft fee
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Mobile check deposit
JPMorgan Chase Bank, N.A. Member FDIC
Pros
- No minimum deposit to open an account
- Overdraft assistance
- Top-rated mobile app
- Chase is no. 2 on J.D. Power’s 2019 U.S. National Banking Satisfaction Study
- Send and receive money with Zelle®
Cons
- No APY
- No reimbursement for out-of-network ATM fees
How to avoid the monthly fee:
- Electronic deposits made into this account totaling $500 or more,
- or a balance at the beginning of each day of $1,500 or more in this account
- or an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying Chase checking, savings and other balances
Bonus: $300
Expiration: Oct. 16, 2024
How to earn the bonus: Be a new Chase checking customer, open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.
Chase Private Client Checking℠
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Annual Percentage Yield (APY)
0.01% APY (effective as of 6/28/24)
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Minimum balance
Customers who work with a J.P. Morgan Private Client Advisor generally intend to invest $100,000 or more
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Monthly fee
$35, with options to waive
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Free ATM network
More than 15,000 Chase ATMs
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ATM fee reimbursement
Chase will refund ATM fees charged by the ATM owner/network
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Overdraft fee
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Mobile check deposit
Pros
- Option to waive monthly fees
- Reimbursement for out-of-network ATM fees
- Overdraft assistance
- Top-rated mobile app
- Chase is no. 2 on J.D. Power’s 2019 U.S. National Banking Satisfaction Study
- Send and receive money with Zelle®
Cons
- Low APY
- Requires a substantial amount of cash
- Monthly fees
Bonus: $1,000 to $3,000
Expiration: Oct. 16, 2024
How to earn the bonus:
- Earn $1,000 when you when you open a Chase Private Client Checking account and deposit $150,000 to $249,999
- Earn $2,000 when you when you open a Chase Private Client Checking account and deposit $250,000 to $499,999
- Earn $3,000 when you when you open a Chase Private Client Checking account and deposit $500,000+
Chase Business Complete Banking®
Chase Bank is a Member FDIC.
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Special offer
Earn $300 when you open a new Chase Business Complete Checking account. For new Chase business checking customers with qualifying activities.
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Monthly maintenance fee
$15, with options to waive
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Minimum deposit to open
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Minimum balance
None required but maintaining a minimum daily balance of $2,000 in your account as of the beginning of each day of the statement period will waive the monthly maintenance fee
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Annual Percentage Yield (APY)
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Free ATM network
More than 16,000 Chase ATMs
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ATM fee reimbursement
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Small business perks
Multiple owners get individual debit cards, PINs and online access to the account; debit cards for employees for which the owner can control daily limits
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Overdraft fee
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Mobile check deposit
Yes, using the Chase Mobile® app
Terms apply. Chase Bank is a Member FDIC.
Pros
- Same-day access to cash when your deposit is approved before 8 p.m. (except on Saturdays)
- Easy ways to accept payments virtually with QuickAccept℠
- Unlimited electronic deposits and up to $5,000 fee-free cash deposits per cycle
- Send and receive money without visiting a branch via Chase QuickDeposit℠, wire transfers and Chase Online Bill Pay
- Standard daily spending limit of $10,000 for Chase Business Debit Cards
Cons
- Only 20 free in-person paper check deposits/withdrawals (after $0.40/each)
How to avoid the monthly fee:
Meet one of these conditions during your monthly statement period.
- $2,000 minimum daily balance
- $2,000 in purchases on your Chase Ink® Business Card(s)
- $2,000 in deposits from QuickAccept℠ and/or other eligible Chase Merchant Services transactions
- Link a Chase Private Client Checking℠ account
How overdraft fees are waived:
- If your account balance at the end of the business day is overdrawn by $5 or less
- If the item that caused the overdraft was $5 or less, even if your account balance at the end of the business day is overdrawn
- If you made a debit card transaction and your available balance was sufficient at the time it was authorized
- If a merchant submitted the same check or ACH item submitted multiple times, resulting in a Returned Item Fee and an Insufficient Funds Fee
- Insufficient Funds Fees do not apply to withdrawals made at an ATM
Bonus: $300
Expiration: Oct. 17, 2024
How to earn the bonus:
- Open a Chase Business Complete Checking Account
- Deposit a minimum amount of new money within 30 days of enrolling in the offer and maintain that balance for 60 days
- Complete 5 qualifying transactions within 90 days of enrolling in the offer. Your bonus will be deposited within 15 days after completing the transaction
Citibank
Citi® Checking Accounts
Deposit products are provided by Citibank, N.A. Member FDIC.
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Monthly maintenance fee
There are two types of Citi checking accounts, Access Checking (no checks) and Regular Checking (unlimited check writing). Access Checking has a $5 monthly service fee, with options to waive; Regular Checking has a $15 monthly service fee, with options to waive as well.
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Minimum deposit to open
There is no minimum deposit to open a checking account with Citi.
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Minimum balance
No minimum balance requirements but, accounts with a zero balance for 90 calendar days are subject to closure.
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Annual Percentage Yield (APY)
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Free ATM network
Access to more than 2,300 Citibank ATMs and over 60,000 other surcharge-free ATMs in the U.S.
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ATM fee reimbursement
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Overdraft fee
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Mobile check deposit
You may be eligible for a cash bonus when you complete required activities – click here for details.
Pros
- No overdraft fees
- Top-rated mobile app
- No minimum deposit to open an account
- Send and receive money with Zelle®
Cons
- No APY
- No reimbursement for out-of-network ATM fees
Bonus: $300
Expiration: Oct. 8, 2024
How to earn the bonus: Open a new eligible Citi® Checking account with enhanced direct deposits, and enroll in this offer by applying directly from this special offer page. Deposit at least two enhanced direct deposits, totaling $1,500 or more, directly into your new checking account within 90 calendar days from account opening.
PNC Bank
Virtual Wallet® from PNC Bank
PNC Bank is a Member FDIC.
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Annual Percentage Yield (APY)
Up to 4.00% APY on select Virtual Wallet Growth accounts with relationship rates
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Minimum balance
Varies depending on Virtual Wallet account
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Monthly fee
Ranges from $7 to $25 depending on Virtual Wallet account, with options to waive
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Maximum transactions
Up to 6 free withdrawals or transfers per statement cycle
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Excessive transactions fee
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Overdraft fee
Overdraft protection offered by your Reserve and Growth accounts
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Offer checking account?
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Offer ATM card?
Yes, if have a PNC Bank checking account
Pros
- New account holders can earn a welcome bonus of up to $400
- Virtual Wallet includes individual checking and savings accounts that work together
- Earn cash or points through PNC Purchase Payback® program
- Reimbursable non-network ATM fees
- Account holders can choose the Virtual Wallet best for them
- Options to waive monthly maintenance fee
- Higher APY relationship rates are available
Cons
- Has monthly maintenance fees
- Have to call PNC Bank to find out APY offered in your area
Bonus: $100 to $400
How to earn the bonus:
- Earn $100 when you open and use a new PNC Virtual Wallet® (minimum $500 direct deposit)
- Earn $200 when you open and use a new Virtual Wallet with Performance Spend (minimum $2,000 direct deposit)
- Earn $400 when you open and use a new Virtual Wallet with Performance Select (minimum $5,000 direct deposit)
Wells Fargo Bank
Wells Fargo Everyday Checking
Wells Fargo Bank is a Member FDIC.
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Monthly maintenance fee
$10, with options to waive
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Minimum deposit to open
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Minimum balance
$500 daily deposit balance to avoid monthly maintenance fee
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Annual Percentage Yield (APY)
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Free ATM network
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ATM fee reimbursement
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Overdraft fee
$35 (max of 3 overdraft fees per day)
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Mobile check deposit
Pros
- Four ways to waive the monthly maintenance fee
- Send and receive money with Zelle
- Easy-to-use mobile app
Cons
- $25 minimum deposit to open an account
- $35 overdraft fee
- No APY
- No reimbursement for out-of-network ATM fees
How to avoid the monthly fee:
- Maintain $500 in combined minimum deposit balances,
- or make qualifying direct deposits totaling $500 or more,
- or be between 17 – 24 years old
- or have a linked Wells Fargo Campus ATM Card or Campus Debit Card (for college students)
Bonus: $300
Expiration: Sept. 25, 2024
How to earn the bonus: Open a new Wells Fargo Everyday Checking account with a minimum opening deposit of $25 and receive a total of $1,000 or more in qualifying direct deposits to your new checking account within 90 calendar days of account opening (the qualification period).
TD Bank
TD Complete Checking Account
Information about the TD Complete Checking Account has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.
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Monthly maintenance fee
$0 or $15, with 3 ways to waive
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Minimum balance
$500 daily balance to avoid monthly maintenance fee
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Free ATM network
Over 2,600 TD Banks network ATMs along the East Coast
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Overdraft fee
$35 per transaction that overdraws your account balance by more than $50
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Minimum deposit to open
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ATM fee reimbursement
Non-TD ATM fee waived when the primary account holder is aged 17 through 23 only
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Mobile check deposit
Pros
- No minimum deposit to open
- Option to waive monthly fees
- Overdraft assistance
Cons
- No APY
- Reimbursement for out-of-network ATM fees is only for primary account holders aged 17 through 23
- Fewer in-network ATMs than some other brick-and-mortar banks
How to avoid the monthly fee (when you meet ONE of the requirements during each statement cycle):
- Have $500 or more in direct deposits
- Maintain a minimum daily balance of $500
- Have a $5,000 minimum daily combined balance across all personal deposit accounts that you choose to link
- Primary account owner is aged 17 to 23.
Bonus: $200
Expiration: Sept. 30, 2024
How to earn the bonus:
TD Beyond Checking Account
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Monthly maintenance fee
$25, with 3 ways to waive
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Minimum balance
$2,500 daily balance to avoid monthly maintenance fee
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Free ATM network
Over 2,600 TD Banks network ATMs along the East Coast
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Overdraft fee
$35 per transaction that overdraws your account balance by more than $50
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Minimum deposit to open
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ATM fee reimbursement
Non-TD ATM fee waived if you maintain a daily minimum balance of $2,500
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Mobile check deposit
Pros
- No minimum deposit to open
- Option to waive monthly fees
- Overdraft assistance
Cons
- $25 maintenance fee
- Reimbursement for out-of-network ATM fees is only if you maintain daily minimum balance of $2,500
- Fewer in-network ATMs than some other brick-and-mortar banks
How to avoid the monthly fee (when you meet ONE of the requirements during each statement cycle):
- Have $5,000 or more in direct deposits within a statement cycle
- Maintain a minimum daily balance of $2,500
- Have $25,000 minimum daily combined balance of all deposit accounts, all outstanding home equity loan and home equity line of credit accounts, and/or mortgages in good standing (excludes credit cards and personal loans) that you choose to link
Bonus: $300
Expiration: Sept. 30, 2024
How to earn the bonus:
SoFi
SoFi Checking and Savings
SoFi Bank, N.A. is a Member FDIC.
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Annual Percentage Yield (APY)
Members with direct deposit earn 4.50% APY on savings, no minimum balance needed. Members without direct deposit earn 1.20% APY on savings balances, and everyone earns 0.50% APY on checking balances.*
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Welcome bonus
Earn up to $300 when you sign up and set up direct deposit. Wait for direct deposit to hit account (typically 2-4 weeks). Collect cash bonus of $50 to $300 depending on direct deposit amount.*
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Fees
No monthly fee and no excessive transaction fees.*
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No-fee overdraft protection
No-fee Overdraft Coverage up to $50 for SoFi members with $1,000 or more in total monthly direct deposits. Purchases exceeding $50 are declined.*
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Offer ATM card?
Yes, this account offers a debit card that allows purchases and ATM withdrawals. Terms apply.*
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Offer checking account?
Yes, bundled with savings account.
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Maximum transactions
*Click here for important disclaimers and disclosures.
Pros
- A welcome bonus up to $300 when you sign up and set up direct deposit. Wait for direct deposit to hit account (typically 2-4 weeks). Collect cash bonus of $50 to $300 depending on direct deposit amount.
- Strong 4.50% APY with direct deposit
- No minimum balance or deposit needed
- No monthly fees
- Comes with checking account and ATM access
- Receive your paycheck in your account up to 2 days early automatically when you set up direct deposit
- Save change automatically with Roundups and set savings goals with Vaults
- No foreign transaction fees
- FDIC insurance up to $2 million through the SoFi Insured Deposit Program
Cons
- Non-direct deposit APYs are low compared to other high-yield savings accounts
- No reimbursement for out-of-network ATM fees
- No physical branches
Bonus: Up to $300
How to earn the bonus:
- Open a SoFi Checking and Savings account and set up direct deposit
- Earn a $300 bonus when you direct deposit a total of $5,000 or more within 25 days of your first direct deposit
- Or earn a $50 welcome bonus when you direct deposit between $1,000 and $4,999.99 within 25 days of your first direct deposit
M&T Bank
M&T MyChoice Premium Checking Account
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Monthly maintenance fee
$24.95, with options to waive
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Minimum deposit to open
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Minimum balance
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Annual Percentage Yield (APY)
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Free ATM network
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ATM fee reimbursement
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Overdraft fee
$15 per day (maximum of one fee per day); Overdraft protection available
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Mobile check deposit
Pros
- Low minimum deposit to open an account
- Earns interest
- Options to waive monthly maintenance fee
- No out-of-network ATM fee
Cons
- Monthly maintenance fee
- $15 overdraft fee
- Low ATM fee reimbursement
Bonus: Up to $200
Expiration: Nov. 30, 2024
How to earn the bonus:
M&T MyChoice Plus Checking Account
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Monthly maintenance fee
$14.95, with options to waive
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Minimum deposit to open
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Minimum balance
-
Annual Percentage Yield (APY)
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Free ATM network
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ATM fee reimbursement
-
Overdraft fee
$15 per day (maximum of one fee per day); Overdraft protection available
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Mobile check deposit
Pros
- Low minimum deposit to open an account
- Earns interest
- Options to waive monthly maintenance fee
- No out-of-network ATM fee
Cons
- Monthly maintenance fee
- $15 overdraft fee
- Low ATM fee reimbursement
Bonus: Up to $150
Expiration: Nov. 30, 2024
How to earn the bonus:
- Open a MyChoice Plus Checking Account between Sept. 1, 2024 and Nov. 30, 2024.
- Receive $500 total in qualifying direct deposits within 90 days of account opening.
M&T EZChoice Checking Account
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Monthly maintenance fee
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Minimum deposit to open
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Minimum balance
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Free ATM network
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ATM fee reimbursement
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Overdraft fee
$15 per day (maximum of one fee per day); Overdraft protection available
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Mobile check deposit
Pros
- No monthly maintenance fee
- No minimum balance requirement
- Low minimum deposit requirement
- No out-of-network ATM fee
Cons
- Doesn’t earn interest
- $15 overdraft fee
- Low ATM fee reimbursement
Bonus: Up to $100
Expiration: Nov. 30, 2024
How to earn the bonus:
- Open an EZChoice Checking Account between Sept. 1, 2024 and Nov. 30, 2024.
- Receive $500 total in qualifying direct deposits within 90 days of account opening.
Why banks have sign-up bonuses
Banks offer sign-up bonuses to attract new customers to open a bank account and foster long-term loyalty. These bonuses can be worth upwards of $100 and usually require specific conditions to qualify, such as making a minimum deposit or signing up for direct deposit.
How to choose a sign-up bonus
Before choosing a sign-up bonus, there are a few things you should consider:
- Minimum deposit requirements: Check how much you need to deposit to qualify for the bonus and ensure the amount is feasible for you.
- Direct deposit requirements: See if you need to set up direct deposit and what the terms are. Make sure you can easily arrange this with your employer or source of income.
- Timeframe: Make sure you can comfortably meet the deadline for the bonus without rushing or missing out.
- Fees: Consider any monthly maintenance fees or other charges that could potentially offset the bonus.
FAQs
Should I open a bank account just for the bonus?
While a sign-up offer is an incentivizing reason to open a new bank account, before taking advantage of a bonus you should figure out how much money you have available to transfer to a new account. Then, select the bonus that best fits your budget. Bonus offer amounts can range, and higher-end bonuses tend to require a higher deposit of cash.
Do you get taxed on bank bonuses?
Because the IRS considers bank sign-up bonuses additional income — similar to prize winnings or jury duty pay — you do have to pay taxes on this extra cash. Bank bonuses are usually taxed at the same rate as your income. Tax filing software will often ask about additional income and will inform you how much you owe.
Keep in mind that this differs from credit card bonuses, where cardholders usually have to meet a spending requirement to earn the bonus — therefore qualifying this extra cash as rebates on purchases, not income.
What is bank account churning?
Bank account churning is opening new bank accounts to earn their sign-up offers and then often moving your money or closing the account. Yet opening many bank accounts in a short period can backfire and raise suspicion among banks. You may be denied an offer from a bank you’ve applied to multiple times, have the bonus deducted if your account is closed within a certain time frame after account opening or closure fees could eat away at any bonus you do receive.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every checking account review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best bank bonuses.
Our methodology
To determine which consumer checking accounts provide the best place to deposit your money and earn a bonus, CNBC Select analyzed dozens of U.S. checking accounts offered by the largest national banks and credit unions. We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.
While the accounts we chose in this article all have bonus offers, we also compared each checking account on a range of features, including:
- Reasonable bonus requirements
- Available nationwide
- Physical branch locations and/or online accessibility
- Large ATM network
- NCUA- or FDIC-insured up to $250,000
All of the accounts included on this list are NCUA or FDIC-insured up to $250,000. This insurance protects and reimburses you up to your balance and the legal limit in the event your bank or credit union fails.
Product and feature availability vary by market so these accounts may not be offered depending on where you live. Most brick-and-mortar banks require you to enter your zip code online for the correct account offerings. The rates and fee structures for checking accounts are subject to change without notice. Any return on your checking depends on any associated fees and the balance you have in your checking account. To open a checking account, some banks and institutions may require a deposit of new money, meaning you can’t transfer money you already had in an account at that bank.
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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
