Best Bank Account Bonuses – June 2024

Banking is a competitive business. To lure new customers, some banks will pay you hundreds of dollars as a cash bonus to open a checking or savings account. These are the banks offering some of the largest bonuses.

Best Checking Account Bonuses

Chase: Open a Total Checking account and make direct deposits totaling at least $500 within 90 days to receive a $300 bonus. The offer expires July 24, 2024 and you’ll need to use the coupon on Chase’s website to claim the offer.

Citibank: Earn a cash bonus of $300 when you open an eligible checking account by July 8, 2024. Deposit two enhanced direct deposits totaling at least $1,500 within 90 days of account opening.

M&T Bank: Earn bonuses of $100, $150 or $200 when you open an eligible checking account by June 30, 2024 using the promo code. To qualify, make at least $500 in direct deposits within 90 days of opening your account. The account must still be open when the bonus is rewarded. There is a $50 early close-out fee if the account is closed within 180 days of opening.

PNC Bank: Earn bonuses of $100, $200 or $400 for new PNC Virtual Wallet accounts opened before April 30, 2024. The Wallet package must be opened online via links on the bonus offer page. Bonuses require direct deposits into the Spend account that total $500, $2,000 or $5,000, respectively, within the first 60 days.

TD Bank: Open either a TD Complete Checking or TD Beyond Checking account through April 30, 2024, and earn up to $300 with qualifying direct deposits. Make $500 in qualifying deposits within 60 days to your TD Complete Checking account for $200 and make $2,500 in qualifying direct deposits within 60 days to your TD Beyond Checking account for $300. You won’t qualify if you received a previous personal checking account bonus.

Best Checking Account Interest Rates

As of May 20, 2024, the national average rate for checking accounts was 0.08%, according to the FDIC. The best credit unions typically offer higher APYs.

Best Savings Account Bonuses

TD Bank: Open a TD Signature Savings or TD Simple Savings account and earn $200 when you deposit at least $10,000 within 20 days and then maintain that balance for 90 additional days from the initial 20 days. The offer is good through June 30, 2024.

SoFi: Earn bonuses of $50 or $3000 by signing up by June 30, 2024 for a new account and connecting a payroll or benefits direct deposit to the account. Earn a $50 bonus for a direct deposit between $1,000 and $4,999 and earn a $300 bonus for a direct deposit of $5,000 or more. To qualify, the required amount of your direct deposits must be made within the first 25 days.

What Is a Sign-up Bonus?

To encourage potential customers to open a bank account, some financial institutions will offer a cash bonus if certain conditions are met. These include:
Making a minimum initial deposit.
Keeping the account open for a minimum period of time.
Completing a minimum amount of direct deposits each month.
Maintaining a minimum balance.
Waiting weeks or months to receive the bonus.
Opening the account online or at a branch.
Using a promo code.

These bonuses typically only apply to new customers. Be sure to read the terms and conditions of the offer before you start the sign-up process.

What to Look for in a Bank

You want a financial institution that offers the best bank accounts and meets your needs while not making things harder for you. Think about what is most important to you when choosing a bank. Do you prefer online or in-branch banking? Do you prefer a regional bank specializing in your area, or a national bank with branches and ATMs across the country? Other factors to consider include:

Monthly maintenance fee. This is a charge customers may need to pay for just having a checking or savings account, but it can sometimes be waived if specific requirements are met.

Minimum account balance. Usually ranging between $25 to $100, this is a requirement so customers can keep their account open or receive interest.

Minimum opening deposit. This is the amount of money required to open an account with a financial institution.

Annual percentage yield. This is the interest you earn on the money in an account. Mostly all savings accounts have an APY. You could also find checking accounts offering interest. The higher the interest, the faster your money grows. There’s no need to talk yourself into signing up for a new account just to get the bonus. Instead, confirm the account aligns with how you bank. Even if the bank has a really good bonus, if you can’t maintain any of its financial requirements or it lacks the high interest rates you want, it might not be worth it.

Is a Bank Bonus Worth It?

One key factor to consider is whether you’ll get more than you would earn in interest if you leave your funds where they are.”Add up the bonus and interest earned for the required period, and divide (that) by the required balance to get an idea of the percentage rate of return,” says David Wattenbarger, president of DRW Financial in Chattanooga, Tennessee. “If it’s not meaningfully better than the rate in (your) current account, it may not be worth the effort.”The effort involved could include opening the account, depositing funds, setting up new direct deposits and withdrawals, and remembering your new login and password.

Best Bank Account Bonuses FAQs

What Is Bank Account Churning?

Bank account churning involves repeatedly opening new bank accounts to claim sign-up bonuses and then withdrawing your funds from those accounts. While it’s not prohibited by law, it’s frowned upon by banks and could impede your ability to open future accounts.Yes, bank bonuses are taxed. They are typically taxed like the interest earnings you will get for the money you keep in the account. You will get a Form 1099-INT or Form 1099-MISC from the bank to report your bonus to the IRS.

Should I Have More Than One Checking or Savings Account?

It can be helpful to to have multiple checking accounts if you need to keep your finances divided. For example, if you own a small business, you definitely want to keep it separate from your personal finances. Having multiple savings accounts is a good practice, too, because you can set up accounts for different savings goals. Label one account “European vacation” and one account “bathroom remodel” and then make regular monthly transfers to reinforce your future goals.

Best Checking Accounts Methodology

Your checking account plays a vital role in your personal finances, so it is important to choose the right one for your needs. We score more than 200 accounts on a range of factors, from annual percentage yield to account fees to ATM availability, to determine our Best Checking Accounts.