Get Paid To Open A New Bank Account: The Best Cash Bonus Offers

Opening a new bank account might seem like just another chore. Did you know banks offer cash to do it? This article will guide you through the best offers out there. Let’s get started!

Key Takeaways

• Banks offer cash bonuses for opening new accounts to attract customers. Offers can reach up to $2,500, like with Wells Fargo’s premier clients.
• You must meet certain requirements to get a bonus, such as setting up direct deposits or keeping your account open for a specific time. Always read the fine print.
• Bonuses are seen as income by the IRS and will be taxed. You might need to save part of your bonus for tax season and report it on your tax forms.
• Referral programs let you earn more by inviting friends to join the bank. Chase Bank gives up to $500 for referrals.
• Business owners can also benefit from special offers, with banks like Huntington National Bank offering up to $1,000 for opening a new business checking account.

Understanding Bank Account Bonuses

Banks give you extra cash just for opening an account with them. This cool perk can help grow your savings, but remember the IRS sees it as income and will tax it.

Why banks offer sign-up bonuses

Banks give out sign-up bonuses to attract new customers. They want you to open an account and start using their services. These bonuses can be cash or other rewards. Think of them like a special offer to get you through the door.

Getting a bonus for opening a bank account sounds great, right? Well, banks are hoping that once you’re there, you’ll stay and use more of their products, like loans or credit cards.

They also count on many people not meeting all the terms needed to keep the bonus. That way, they don’t have to pay out as much.

How bank account bonuses are taxed

You get a bonus for opening a new bank account, and it’s like earning extra cash. But, the IRS sees this bonus as income. This means you have to pay taxes on it just like your paycheck.

Financial companies might send you a form called 1099-INT or 1099-MISC if they give you more than $10 as a bonus. It’s smart to put some of that bonus money aside for tax time.

Make sure to report any bank perk money when filling out your tax forms. If you don’t, you might hear from the IRS later with questions or even owe more in taxes and penalties. Keeping track can be easy—just remember every reward is part of your earnings for the year.

Preparing ahead will help avoid surprises during tax season, ensuring that enjoying those bonuses doesn’t turn into stress later on.

Top Bank Account Cash Bonus Offers

Finding the best cash bonus offers for new bank accounts can be a smart way to make some extra money. Banks are eager to attract new customers with these promotions. Here’s a list of top offers you should consider:

1. Chase Bank gives up to $900 for opening a checking and savings account. They require a certain amount in your account and regular use of the account to qualify.
2. Wells Fargo offers a huge $2,500 bonus for premier clients. This big reward needs a large balance and comes with certain conditions.
3. U.S. Bank will give you $500 for opening a checking account. Setting up direct deposits is one way to meet their requirements.
4. SoFi has an up to $500 signup bonus for their checking and savings account options. Doing things like direct deposit can help you get this deal.
5. PNC Bank promises up to $400 when you open a checking account. You’ll need to meet some requirements, like certain deposits and payments.
6. Bank of America provides a simpler offer with a $200 checking bonus. Keeping the account active and setting up direct deposits are key.

These bonuses come with rules, like keeping your account open for a certain time or making regular deposits. Always read the fine print so you understand what’s needed to earn these bonuses.

Chase Bank: Up to $900 Checking/Savings Bonus

Chase Bank offers a big chance to earn up to $900 for opening new checking and savings accounts. You can get this bonus by meeting some simple steps and keeping an eye on the requirements.

Features & Description (Chase Bank)

Chase Bank stands out with its offer of up to a $900 bonus for new checking and savings accounts. This deal is one of the best around, making it an attractive choice for anyone looking to boost their finances simply by opening new accounts.

With Chase, customers get access to a wide network of ATMs and branches nationwide. They also benefit from online banking services that make managing money easy and convenient.

To qualify for this bonus, account holders must meet specific requirements, including setting up direct deposits and making transactions within a certain period. Chase Business Complete Checking also provides an opportunity to earn a $400 bonus without the need for direct deposits or credit card funding.

This feature makes Chase an excellent option for both personal and business banking needs, offering valuable bonuses that enhance your banking experience.

Requirements & Restrictions (Chase Bank)

Let’s talk about getting that $900 bonus from Chase Bank. You’ll need to follow some steps and meet certain rules.

1. Keep a certain amount in your account – To get the full $900, your balance has to stay above a set number. This means not dipping below it, even for a day.
2. Complete several transactions – You must use your account for a specific number of payments or purchases. This shows you’re actively using the account.
3. Set up direct deposit – Your paycheck or government benefits need to go directly into this account. Think of Social Security or pension payments.
4. Open the account at the right time – Chase often sets periods when these offers are valid. Miss this window, and you won’t qualify for the bonus.
5. Follow the rules for new customers – Chase defines ‘new’ as someone who hasn’t had an account with them in recent times.
6. Avoid early closure fees – If you close your account too soon after opening, there might be extra charges. Stay open and active to avoid these.
7. Pay attention to monthly fees – Some accounts have fees each month unless you maintain a minimum balance or have enough direct deposits.

Understanding these points helps make sure you can get and keep your bonus without trouble. Follow each step carefully to enjoy that extra cash in your account.

Wells Fargo: Up to $2,500 Premier Bonus

Wells Fargo offers a chance to earn up to $2,500 for joining their Premier program. This big bonus is perfect for those looking at high-end banking perks.

Features & Description (Wells Fargo)

Opening a new account with Wells Fargo can land you up to a $2,500 bonus. This is for their premier account type. To get this bonus, you need to deposit at least $15,000 and keep it there for 60 days.

That’s not all—you also need to make 10 transactions with your new account.

Getting started is easy. Wells Fargo makes the process smooth whether you prefer online banking or visiting in person. The bank uses modern technology like mobile apps and Zelle for quick payments.

With these tools, managing your money and meeting the transaction requirement becomes simple.

Requirements & Restrictions (Wells Fargo)

Getting a bonus for opening a new bank account sounds great, right? Wells Fargo offers up to $2,500 for new business checking customers, but there are some things you need to know first. Here’s a clear list of what you’re looking at:

1. You Must Be New – This deal is only on the table for folks who haven’t had a Wells Fargo business checking account before.
2. Make Big Deposits Quickly – To get your hands on the bonus, you need to deposit $15,000 or more within 30 days of opening your account.
3. Keep Your Account Open – Closing your account too soon can hurt. If you close it within 180 days, Wells Fargo will charge you a $400 fee.
4. Work Fast for Your Bonus – After you meet all the conditions, expect to see your bonus appear in your account within 45 days.
5. One Bonus Per Customer – Even if you open multiple accounts, you’ll only receive one bonus.
6. Employees Are Out of Luck – If you work for Wells Fargo or any of its family companies, this bonus isn’t available to you.

Following these steps and understanding the rules can help make sure that extra cash ends up where it should – in your pocket!

U. S. Bank: $500 Checking Bonus

U.S. Bank offers a $500 bonus for opening a new checking account. To get this money, you need to meet specific conditions they set.

Features & Description (U.S. Bank)

U.S. Bank offers a tempting $500 checking bonus, luring new customers with the promise of easy money for their financial journey. With this promotion, opening an online bank account turns into an opportunity to boost your bank balance just by meeting specific terms and conditions.

The deal stands out not only for its generosity but also because it simplifies boosting personal finance for seniors.

To snag this offer, you’ll need to follow a few straightforward steps outlined by U.S. Bank’s requirements. These include actions like setting up direct deposits from sources such as payroll or government benefits – making the process both accessible and rewarding without hidden complexity.

This approach aligns perfectly with those looking for no-fee bank accounts that won’t eat into their hard-earned bonus through monthly charges, ensuring more of the cash ends up where it belongs: in your pocket.

Requirements & Restrictions (U.S. Bank)

To get the $500 checking bonus from U.S. Bank, you’ll need to meet a few conditions. Here’s what you need to do:

1. Open a new checking account directly with U.S. Bank or through their website. This means visiting a branch or using their online application form.
2. Set up a direct deposit from your job, pension, or government benefits like Social Security into your new account within 60 days. The bank wants to see regular money coming in.
3. Keep your account open for at least six months. Closing it early can mean you have to give back the bonus.
4. Know that U.S. Bank might check your credit history, but they usually do a soft pull. This type of check won’t hurt your credit score.
5. Be prepared for fees if you don’t maintain a minimum balance or meet other criteria like having a certain number of transactions each month.
6. You cannot already have a U.S. Bank personal checking account in the last two years, making this deal only for new customers or those who haven’t had an account recently.

For an added perk, if you use Swagbucks — an online rewards program — you might grab an extra $60 bonus for opening an account through their platform.

Each step is important if you want to earn this bonus without any trouble!

SoFi Checking & Savings: Up to $500 Signup Bonus

SoFi gives you a chance to get up to $500 when you open a checking and savings account. This bonus can help grow your money faster.

Features & Description (SoFi)

Opening a new account at SoFi Bank can add up to $300 in your pocket, just for starting a checking account. They sweeten the deal if you opt for both a checking and savings account, showing their aim to attract new clients.

This strategy ensures newcomers get a warm welcome with cash rewards. Besides the alluring bonuses, SoFi stands out by offering modern online banking solutions that keep your financial health in check without stepping into a physical bank branch.

The process is straightforward and tailored for ease, guaranteeing that managing your money is hassle-free and efficient. With direct deposit setups and automated saving tools, staying on top of your finances becomes second nature.

The digital platform caters to those who prefer handling their banking needs from any location at any time, promoting a sense of autonomy over one’s financial journey.

Requirements & Restrictions (SoFi)

Getting a signup bonus from SoFi can help you earn extra cash. Before you get started, make sure you understand the rules and requirements.

• You need to open both a checking and savings account with SoFi to be eligible for the signup bonus. This way, you keep your spending and saving separate but still within the same bank.
• A certain amount of money must stay in your accounts for some time. SoFi wants to see that you are using their services actively, not just signing up for the bonus.
• Making a specific number of transactions within a set period is required. This could mean buying groceries, filling up on gas, or paying bills online using your SoFi account.
• Direct deposit requirements might be part of the deal. You’ll have to set up automatic payments from your employer or benefits provider straight into your SoFi account.
• The offer has an expiration date. Make sure to sign up and fulfill all requirements before this date comes around so you don’t miss out on your free cash.
• There are some restrictions based on where you live. Not everyone in every state may qualify for SoFi’s bonuses due to different banking laws.
• Credit card funding might be necessary for meeting some criteria. It means linking a credit card to your account can count towards fulfilling requirements.
• Check all terms and conditions carefully. It’s crucial to read the fine print provided by SoFi. They detail everything you need to do and avoid any surprises later.

Understanding these points will help ensure that getting your bonus goes smoothly without hitches.

PNC Bank: Up to $400 Checking Bonus

PNC Bank offers a tempting deal with its $400 checking bonus. You just need to meet some simple requirements to grab this cash offer.

Features & Description (PNC Bank)

You can get a $400 reward by opening certain types of Virtual Wallet accounts at PNC Bank. To earn this bonus, you need to meet specific direct deposit requirements. This offer makes PNC Bank one of the top places for checking account bonuses in April 2024.

They provide different plan options that cater to various needs, whether you’re looking for basic banking services or something more advanced.

With PNC Bank’s Virtual Wallet, managing your money becomes easier. You can see all your finances in one place and set up saving goals. It also includes tools for tracking spending which helps you stay on budget.

Plus, their online and mobile banking platforms make it convenient to handle your finances from anywhere, anytime—all secure and user-friendly.

Requirements & Restrictions (PNC Bank)

PNC Bank has a great offer for you. If you open certain Virtual Wallet checking accounts, you could earn up to $400. Here’s what you need to do and know:

1. Open a new account type called Virtual Wallet with PNC Bank. This is not just any account but one that meets specific criteria.
2. Make sure your direct deposits hit the mark. PNC requires a certain amount of money to be directly deposited into your new account within a set timeframe.
3. There’s a minimum balance to keep in mind. Your account must have a certain amount of money at all times to qualify for the bonus.
4. Watch out for monthly fees. Some accounts have them, but there are ways around these fees if you meet certain conditions like maintaining the required minimum balance or having enough direct deposits.
5. Be ready for some paperwork when opening your account online or in person at a branch. You’ll need identification like a driver’s license and your Social Security Number.

Following these steps can lead to extra cash in your pocket thanks to PNC’s offer. Make sure you understand each requirement so you don’t miss out on this opportunity.

Bank of America: $200 Checking Bonus

Bank of America offers a $200 bonus just for opening a new checking account. You must meet specific requirements, but it’s a straightforward way to earn extra cash.

Features & Description (Bank of America)

Bank of America gives new personal checking account customers a $200 bonus. To get this cash, you have to meet certain requirements. Once you do, expect the money in your account in 60-90 days.

This offer has an end date, so acting fast is a good idea.

Opening a Bank of America checking account also means you can use their debit card for everyday purchases. Their online banking service lets you manage your money easily from home or on the go.

If saving more is your goal, experts at places like NerdWallet suggest looking into high-interest online savings accounts as well.

Requirements & Restrictions (Bank of America)

Getting a $200 bonus for opening a new account sounds great, right? Bank of America offers this deal, but there are some things you need to do first. Here’s what you need to know:

1. Open your account online – You can get this bonus only if you start your account over the internet. This is easy and saves you a trip.
2. Direct deposit is key – You must set up direct deposits into your new account. This means parts of your paycheck or government benefits go directly into this account.
3. There’s a time frame – After opening your account, you have 90 days to meet all requirements. Keep an eye on the calendar.
4. The waiting game – After you’ve done everything needed, wait 60-90 days. That’s when Bank of America puts the bonus in your account.
5. Use it wisely – Once the bonus is yours, think about how to use it best. Maybe add it to your savings or pay down some bills.
6. Act fast – Offers like these don’t last forever. If you’re interested, it’s smart to move quickly before the deal ends.
7. There are rules on funding – With some deals, you can add money with a credit card. Check if this one lets you do that too for extra flexibility.
8. Watch out for fees – Bank accounts sometimes come with monthly charges or fees for closing an account too soon. Know these details to avoid surprises.

With these steps in mind, getting that $200 feels less confusing and more doable. Taking advantage of Bank of America’s offer could be a smart move for your finances.

Best Bank Referral Bonuses

Earning extra cash just got easier with bank referral programs. Invite friends to join your bank, and both of you could earn some great bonuses.

Chase Bank: Up to $500 Referral Bonus

Chase Bank rewards you for inviting friends and family to join their banking family. If you’re a Chase customer, you can earn up to $500 by referring others. Each friend who opens an account through your referral gets a bonus too.

They just need to follow the bank’s guidelines for new accounts.

Referring is simple. Share your unique link with friends. When they use it to start a checking or savings account and meet the criteria, you both get cash bonuses. You can refer multiple people but there’s a yearly cap on how much you can earn from referrals.

This deal involves direct deposits and keeping the account in good standing, important steps for unlocking the bonus.

Axos Bank: $50 Referral Bonus

Axos Bank gives you $50 for every new person you refer who opens a checking account. This deal is great for making some extra cash just by telling friends and family about Axos. You need to make sure the person you refer hasn’t had an Axos account before.

To get your bonus, the new customer must follow all of the bank’s rules for opening an account. Once they do everything required, both of you get $50 each. It’s a simple way to earn money without having to leave your house or do anything complicated.

TD Bank: $50 Referral Bonus

TD Bank makes it easy for you to get extra cash just by telling your friends about their great service. If you refer a friend and they open a new checking account, both of you get $50.

It’s that simple! You don’t need to worry about hidden fees or tricky conditions.

This offer is perfect if you’re looking for an uncomplicated way to earn some money. Just share the good news with your friends, help them sign up, and watch as TD Bank adds an extra $50 to your accounts.

It’s a win-win situation where everyone benefits from high-quality banking services plus a nice bonus on top.

Best Business Bank Account Bonuses

For business owners looking to grow, finding the right bank account is key. Great news – some banks offer cash bonuses just for opening a new business account! Imagine getting up to $1,000 just for choosing where to keep your company’s money.

This move could help cover some costs or boost your budget right from the start. Want to know which banks are doing this? Keep reading and discover how you can make the most out of these offers.

Huntington National Bank: Up to $1,000 Bonus

Huntington National Bank gives you a chance to earn up to $1,000 just for opening a new business checking account. You need to deposit a certain amount and keep it there for some time.

They make this offer available in many places, like CA, WA, IL, MI, TX, PA, OH, NY, FL, MD, ID, OR. This is a great way for senior homeowners who might be thinking about starting or already have their own small venture.

You can open your account either online or by visiting the financial institution directly if you prefer face-to-face interaction. Some promotions even let you use your credit card to add funds when setting up the account.

Just make sure you fit their criteria based on where you live and what kind of account you want. It’s a smart move that could help boost your business finances right from the start without any complex steps.

PNC Bank: Up to $1,000 Bonus

PNC Bank makes an exciting offer to new customers. You can get a reward of up to $1,000 for opening certain types of Virtual Wallet accounts. This deal requires you to meet specific direct deposit conditions.

It’s perfect for anyone looking to switch banks or open a new account.

For business owners, PNC steps up their game with bonuses ranging from $200 to $1,000. These are available when you open new commercial checking accounts or treasury management services, based on your balance and transaction activities.

With these offers, PNC aims to attract a wide range of customers by providing valuable incentives for both personal and business banking needs.

Axos Bank: Up to $400 Bonus

Axos Bank stands out with its $400 incentive for new clients. This reward is part of their initiative to welcome new accountholders. They make starting a Rewards Checking account appealing by offering a $300 bonus.

To get this, one must set up direct deposits totaling at least $5,000 each month for seven months straight. On top of that, Axos doesn’t ask for a minimum opening deposit to begin earning an annual percentage yield of 3.30%, which is quite competitive.

For business owners, Axos has something special too—a chance to earn either $100 or $200 as a bonus. This requires keeping an average balance of over $2,500 in the first two months after opening your account.

It’s a straightforward approach: maintain the necessary average balance and meet the direct deposit conditions within your initial few months, and you secure your bonus—no hidden complications.

Best Savings Account Bonuses

Finding the right savings account with a bonus can feel like hitting a jackpot. Banks offer these bonuses to attract new customers, lining your pockets from the start.

Citi Bank: Up to $2,000 Bonus

Citi Bank is giving away a big bonus of up to $2,000 for new savings accounts. This deal is part of their top offers for high-yield accounts. Opening a new account with them means you could get a hefty sum added to your savings.

This offer is great for those wanting to see their money grow.

To get this bonus, you just need to follow some steps and meet certain conditions. You’ll have to deposit a minimum amount and keep it in your account for a few months. Citi Bank makes sure that getting this bonus fits into the banking needs of senior homeowners looking for safe places to keep their money while earning extra from bonuses.

Wells Fargo: $525 Saving Bonus

Wells Fargo stands out with a generous $525 bonus for opening a new savings account. This offer is higher than what many other financial institutions and member-owned financial cooperatives give.

To get this bonus, you must meet certain conditions that Wells Fargo sets. These might include setting up direct deposits or maintaining a minimum balance.

Earning this bonus involves following specific steps after account setup. You’ll need to keep an eye on the requirements like how much money you should deposit and for how long it needs to stay in your account.

There are no hidden tricks–just clear actions you take to secure that extra cash. It’s an opportunity not just to start saving but also to boost your finances with the sizable lump sum Wells Fargo offers.

Alliant Credit Union: $100 Bonus after a year

Alliant Credit Union gives you a chance to earn a $100 bonus. This offer is for new savings account holders. To get this reward, you must keep the account open for one year. It’s part of their Best Savings Account Bonuses.

This deal is great for anyone looking to grow their savings.

Signing up is easy and can be done online, making it convenient for senior homeowners like you. Once your account has been open and active for 12 months, Alliant will add the $100 bonus to your balance.

This adds a nice boost to your savings without any extra effort on your part.

Things to Look Out for When Choosing a Bank Account Bonus

Picking the right bank account bonus requires a keen eye. You want to make sure you’re not just jumping at cash offers without reading the fine print. Banks have certain rules like keeping a minimum amount of money in your account or setting up direct paycheck deposits to qualify for these bonuses.

And watch out, some accounts might charge you monthly if you don’t meet their conditions or if you decide to close your account too soon, they could ask for their bonus back. It’s all about finding that sweet spot where the benefits fit just right with your financial habits and needs.

Minimum balance requirements

Banks ask for a certain amount of money to be kept in your account. This is the minimum balance requirement. If you don’t meet this, you might have to pay fees. Each bank has its own rules on how much this should be.

It’s key to check these details before opening an account.

Keeping enough money in your account avoids extra costs and follows the bank’s guidelines. This helps manage your finances better and ensures you get any sign-up bonuses without issues.

Always read the terms about minimum balances to keep your savings safe and growing.

Direct deposit requirements

You’ll need to set up direct deposits to get the cash bonuses from new bank accounts. This means your paychecks, or sometimes parts of them, go straight into your account electronically.

Different banks ask for various amounts to be deposited this way before you can earn your bonus.

Pay attention—each bank has its own rules for how much money needs to move directly into your account and how often it has to happen. For example, some might want a certain sum deposited within the first 60 days.

Keep these requirements in mind because they are key steps in making sure you receive that extra cash without any hitches.

Monthly maintenance fees

Banks often charge a fee each month to keep your account open. This is called a monthly maintenance fee. The amount can vary from bank to bank. Some banks might not charge this if you keep a certain amount of money in your account or use your debit card many times.

To avoid these fees, it helps to read the terms before you open an account. Look for accounts with low or no monthly fees. This way, more of your money stays in your pocket instead of going to the bank every month.

Early account closure fees

Closing a bank account too soon after opening it can cost you. Many banks charge a fee if you close your account within a certain period, often six to twelve months from when you opened it.

These charges are something to keep an eye on because they can eat into the bonus money you just got for signing up.

Make sure to read the fine print or ask at the bank about any fees like this. The specifics can change, and what’s true today may not be tomorrow. Always check the latest details online or talk directly with a bank employee to avoid any surprises with your new account.

Conclusion

Opening a new bank account can now earn you extra cash. With offers from Chase, Wells Fargo, and many more, finding the best bonus is easier than ever. Check each offer’s needs like direct deposits and minimum balances.

Look out for fees too. Happy banking!

FAQs

1. What are new bank account promotions?

Well, these are special deals that banks offer to attract new customers. Think of them as a welcome gift! When you open an online bank account, you might get cash bonuses or other rewards just for signing up.

2. How do I earn money from opening a new bank account?

It’s pretty straightforward—banks often have signup bonuses and reward programs. After meeting certain requirements like making a minimum deposit or setting up direct deposits, the bank gives you a bonus. It’s like getting paid just for joining!

3. Are there any catches to these banking deals?

Yes and no… Banks might ask you to keep your account open for a certain period or make regular deposits to qualify for the bonus. Reading the terms and conditions carefully will help you understand all about bonus qualifications and avoid surprises.

4. Can anyone get these best bank bonuses?

Mostly, yes—but there are some rules around who qualifies. New customer offers mean you can’t already have an account with the bank, and sometimes there’s age restrictions or location-based eligibility.

5. Why do banks give out cash bonuses for opening accounts?

Banks see it as an investment in getting new members on board—it’s their way of saying “Thanks for choosing us!” They hope once you’re in, you’ll love their services (like high-yield checking accounts) so much that you’ll stay—and maybe use more of their products down the line.

6. How long does it take to receive my bonus after I open an account?

Patience is key! After fulfilling all the requirements (like those minimum deposits), it might take anywhere from a few weeks to months before seeing that sweet bonus hit your account—each bank has its own timeline.

Source Links

• https://www.nerdwallet.com/best/banking/best-bank-bonuses-and-promotions
• https://www.bankrate.com/banking/best-bank-account-bonuses
• https://www.doctorofcredit.com/best-bank-account-bonuses