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Best Bank Bonuses and Promotions 2023
We’ve compared 62 bonus offers at 16 nationally available banks and credit unions to find some of the best options available. See below to learn more about why we picked each offer, the pros and cons and to access individual bank reviews.
Annual percentage yields (APYs) and other account details are accurate as of Jan. 30, 2023.
FEATURED PARTNER OFFER
BEST CHECKING ACCOUNT BONUS
Citi Basic Banking Checking account
5.0
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Offer
$2,000
Expiration
Apr. 4, 2023
Monthly Maintenance Fee
$12
Offer
$2,000
Expiration
Apr. 4, 2023
Monthly Maintenance Fee
$12
Why We Picked It
This Citibank promotion tops our ranking of the best bank bonuses and is one of the biggest checking account offers on the market.
To qualify for the $2,000, you must open a new Citibank Basic Banking checking account and deposit at least $300,000 in new-to-Citibank funds within the first 20 days. Then, you must maintain that balance for 60 additional days. The account charges a $12 monthly maintenance fee that’s waived when you keep a balance of at least $1,500.
Citibank has several more checking account welcome offers that earn high ratings in our best bank bonuses study. These promotions also require you to deposit $300,000 in a new account within 20 days and maintain that balance for 60 additional days.
- Citigold® Account Package $2,000 offer (Forbes Advisor rating = 4.8 stars): Monthly service fee of $0.
- Citi Priority Account Package $2,000 offer (Forbes Advisor rating = 4.7 stars): Monthly maintenance fee of $30 is waived when you maintain a balance of at least $30,000.
- Citibank® Account Package $2,000 offer (Forbes Advisor rating = 4.6 stars): The $25 monthly fee is dropped when you keep at least $10,000 in the account.
These highly rated Citi bonuses require an opening deposit of $200,000:
- Basic Banking $1,500 offer (Forbes Advisor rating = 4.2 stars)
- Citigold $1,500 offer (Forbes Advisor rating = 4.0 stars)
Read our full Citibank Review.
Pros & Cons
- Among the highest bank bonuses available
- Only need to maintain balance for 60 days to qualify
- Underlying account has no minimums and an easy-to-waive monthly fee
- A large opening deposit is required
- New funds must come from outside of Citibank
Details
New accounts must be opened by Apr. 4, 2023. Citibank’s Basic Banking Checking account has a $12 monthly fee that’s reduced to $10 when you opt out of paper checks or to $0 when you hold a minimum $1,500 balance inside your account.
FEATURED PARTNER OFFER
BEST CHECKING BONUS, DEPOSITS OF $1,000
Bank of America Advantage SafeBalance Banking®
4.2
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Offer
$100
Expiration
Jun. 30, 2023
Monthly Maintenance Fee
$4.95
Learn More
Read Our Full Review
Offer
$100
Expiration
Jun. 30, 2023
Monthly Maintenance Fee
$4.95
Why We Picked It
Bank of America’s $100 offer made our list of best bank bonuses because the requirements to earn the bonus are relatively easy to meet. All you need to do is open a new Bank of America Advantage SafeBalance Banking account and receive at least $1,000 in qualifying direct deposits within 90 days of account opening. This gives you three months to qualify, which is a longer timeline than other bank bonuses on our list.
BofA’s Advantage SafeBalance Banking account has a $25 minimum opening deposit and a $4.95 monthly fee that can easily be waived one of three ways (see Details). As an account holder, you’ll enjoy no overdraft fees and built-in budgeting tools to help you manage your money.
Read our full Bank of America Review.
Pros & Cons
- Waived monthly maintenance fee for active students
- Free debit card
- Highly rated mobile app
- No paper checks
- Pays no interest
- Smaller ATM network than some other banks and credit unions on this list
Details
This offer expires on Jun. 30, 2023. There is a $4.95 monthly maintenance fee that is waived for account holders under the age of 18, students under the age of 25 and members of BofA’s Preferred Rewards program.
FEATURED PARTNER OFFER
BEST STUDENT CHECKING ACCOUNT BONUS
Citizens Bank Student Checking
3.8
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Offer
$400
Expiration
Mar. 16, 2023
Monthly Maintenance Fee
$0
Offer
$400
Expiration
Mar. 16, 2023
Monthly Maintenance Fee
$0
Why We Picked It
If you’re a college student looking for the best bank bonus, this is it. The Citizens Bank Student Checking account features a $400 offer that strikes an ideal balance between rewards and requirements.
This $400 bonus comes in two parts. First, get $300 when you open a new Citizens Bank Student Checking account and receive at least $500 in direct deposits within 60 days. Then, get an additional $2 every time you make a purchase with your debit card within 60 days of opening—up to $100 max. This brings your total bonus offer up to $400.
The Citizens Bank Student Checking account is a great choice for college students looking for a simple checking account. It has no monthly fees, no overdraft fees and no minimum balance requirements.
Read our full Citizens Bank Review.
Pros & Cons
- Earn $2 back for every debit card purchase made within 60 days (up to $100)
- No monthly fee or minimum requirements
- Student account only available to those under age 25
- Must receive a single direct deposit of at least $500; smaller deposits don’t count
- Debit card bonus limited to $100
Details
This bonus expires Mar. 16, 2023. There’s no monthly fee or minimum deposit required to open a Citizens Bank Student Checking account. However, this account is available only to new account holders under the age of 25.
FEATURED PARTNER OFFER
BEST BUSINESS CHECKING ACCOUNT BONUS
Truist Simple Business Checking
3.3
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Offer
$200
Expiration
Feb. 28, 2023
Monthly Maintenance Fee
$0
Learn More
Read Our Full Review
Offer
$200
Expiration
Feb. 28, 2023
Monthly Maintenance Fee
$0
Why We Picked It
If you’re a business owner, you can snag $200 when you open a new Truist Simple Business Checking account and receive at least $1,500 in cumulative direct deposits within 30 days. The key word here is cumulative. If you typically receive smaller direct deposits throughout the month, that’s OK. You just need to receive a total of at least $1,500 within 30 days to qualify. You must also enroll in online banking.
The Truist Bank Simple Business Checking account is good for smaller businesses with a lower volume of transactions. It has a $100 minimum opening deposit and no monthly maintenance fee when you opt to receive online statements. It comes with 50 no-fee transactions and up to $2,000 in no-fee cash deposits each month. If you reach this limit, you’ll pay $0.50 for each additional transaction and three-tenths of one cent for each additional dollar deposited in cash.
Read our full Truist Business Checking review.
Pros & Cons
- Cumulative direct deposits count toward bonus
- No monthly fee
- Account has a low $100 opening deposit
- Only 30 days to qualify for bonus
- Must also enroll in Truist online banking to qualify
- Limited number of free monthly transactions and cash deposits
Details
This bonus expires on Feb. 28, 2023. You must use offer code SB22NEW2BIZ4 and sign up for Truist Online Banking for Business within 30 days to qualify. This offer is open to new Small Business Checking clients only. Truist Bank’s Simple Business Checking account has no monthly fee, although you will pay $3 for paper statements if you don’t enroll in online statements.
FEATURED PARTNER OFFER
BEST SAVINGS ACCOUNT BONUS
TD Simple Savings
2.5
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Offer
$200
Expiration
Oct. 31, 2023
Monthly Maintenance Fee
$5
Offer
$200
Expiration
Oct. 31, 2023
Monthly Maintenance Fee
$5
Why We Picked It
The TD Bank Simple Savings Account is a no-frills account that features 24/7 customer support, free automatic transfers to help you reach your savings goals and no monthly fee when you meet one of several requirements.
To earn the $200 offer, you must open a new TD Bank Simple Savings Account and deposit at least $10,000 in new-to-TD funds within 20 days of opening. Then, you must hold that balance for 90 more days.
In addition, TD Bank has several checking account bonuses and a savings account bonus you can use to maximize your earnings:
- TD Bank Signature Savings $200 offer (Forbes Advisor rating = 2.2 stars): Monthly maintenance fee of $15 is waived when you maintain a balance of at least $10,000.
Read our full TD Bank review.
Pros & Cons
- Pair this bonus with a TD Bank checking account bonus to earn even more
- Simple, no-frills account with low minimum balance requirements
- Must deposit at least $10,000 to receive the $200 offer
- Can take up to 180 days to receive the bonus once you qualify
- Simple Savings account has low APY of 0.02%
Details
This bonus expires on Oct. 31, 2023. Deposits must come from outside of TD Bank. For new customers only. TD Simple Savings has a $5 monthly fee that’s waived when you meet any of the following conditions:
- You’re under age 18 or over age 62
- You’re under age 24 and link a TD Convenience Checking account
- You maintain a minimum $300 daily balance
- You make recurring transfers of at least $25 from a linked TD Bank checking account
- You link the account to a TD Beyond Checking account
Summary: Best Bank Bonuses and Promotions
| Company | Company - Logo | Forbes Advisor Rating | Forbes Advisor Rating | Offer | Expiration | Learn More CTA text | Learn more CTA below text | Learn More | Monthly Maintenance Fee |
|---|---|---|---|---|---|---|---|---|---|
Citi Basic Banking Checking account |  | 5.0 |  | $2,000 | Apr. 4, 2023 | $12 | |||
Bank of America Advantage SafeBalance Banking® |  | 4.2 |  | $100 | Jun. 30, 2023 | Learn More | Read Our Full Review | $4.95 | |
Citizens Bank Student Checking |  | 3.8 |  | $400 | Mar. 16, 2023 | $0 | |||
| Truist Simple Business Checking |  | 3.3 |  | $200 | Feb. 28, 2023 | Learn More | Read Our Full Review | $0 | |
TD Simple Savings |  | 2.5 |  | $200 | Oct. 31, 2023 | $5 |
Methodology
To create this list, Forbes Advisor analyzed welcome bonus offers covering 62 accounts available from 16 financial institutions, including a mix of traditional brick-and-mortar banks, online banks and credit unions. We ranked each promotion on 31 data points within the categories of fees, access, customer experience, digital experience, minimums and APY.
The following is the weighting assigned to each category:
- Bonus value: 40%
- Actions required to obtain bonus: 20%
- Account minimums: 20%
- Bonus per dollar deposited: 10%
- Fees: 5%
- APY: 5%
What Are Bank Sign-Up Bonuses?
A bank sign-up bonus is a financial incentive offered by banks and credit unions to encourage people to open a new account. Typically, bonuses take the form of cash deposits. To receive a bonus, you’ll usually need to either satisfy a minimum deposit requirement or receive qualifying direct deposits.
Do Any Banks Offer Referral Bonuses If You Bring Them New Business?
Bank referral offers do exist, but they’re rare compared to the widespread welcome bonuses for new customers.
The best bank account referral bonus we’ve seen is offered by Chime®*. You can earn a $100 bonus when a referral opens a new Chime account using your unique link, then receives a qualifying direct deposit—including a paycheck, government benefits or gig payment—of more than $200 within the first 45 days.
You’ll receive your referral bonus within two business days of meeting the requirements. The offer has no expiration date.
Can You Get a Bonus for Opening a New Money Market Account?
Some money market accounts have bank bonuses, though they’re not as common as checking and savings account bonuses.
The best money market account bonus is likely the offer from CIT Bank. When you open a CIT money market account, you can get one full complimentary year of Amazon Prime. That’s a savings of $139.
You must open your account online using code AMZN22, then deposit $15,000 within 15 days and maintain the balance for at least 60 additional days.
You’ll receive an invite to activate your complimentary Amazon Prime membership within 30 days of meeting the bonus requirements. Customers must redeem their one-year Amazon Prime membership by March 23, 2024.
CIT Bank’s money market account has an APY of 1.55% and$0 in monthly service fees.
How To Use Bank Offers To Open a New Bank Account
If you’re looking to earn some extra cash with bank offers, here’s how to do it:
- Find a bank bonus you can easily qualify for. This list is a good place to start. Make sure you can meet the minimum deposit requirements.
- Open the account and follow the bank’s instructions to qualify for the bonus. This usually means you’ll need to deposit a certain amount of money into the account and maintain that balance for a set period of time, usually between 30 and 90 days.
- Wait to receive your bonus. Once you meet the requirements, the bonus will be deposited into your account, typically within 30 days.
Bank offers are a great way to earn some extra cash. Keep in mind that there are usually strict requirements you must meet to qualify for the bonus. So, be sure to read the terms and conditions carefully before opening a new account.
Bank Bonus Trends in 2023
The best bank bonuses of 2023 are likely to come from established banks you’ve heard of, but you’ll probably see one or two pleasant surprises from banks that haven’t historically offered new customer bonuses.
One bank to keep an eye on if you’re looking for the best bank bonuses of 2023 is American Express. The company launched its first all-digital checking account in 2022 and its business checking account products not long before that. While these products haven’t been marketed as heavily as the company’s credit cards, look for that to change in 2023.
American Express aggressively courts new customers with generous welcome bonuses on the credit card side of the house. The bank has been especially generous with the welcome bonuses offered to business customers, targeting some customers with bonuses as large as 250,000 Membership Rewards points for card sign-ups. If you’re a small business customer looking to find a bank bonus in 2023, you would do well to stay aware of what American Express is doing.
How Many Bank Accounts Should I Have?
A good rule of thumb is to have at least one savings account and one checking account. This will give you the opportunity to save money while also having access to funds for everyday expenses. Depending on your goals, you may want to open additional savings accounts.
For instance, if you’re saving for an emergency fund, a new car and a Hawaiian vacation, you may feel more organized if you have a specific account for each goal. Or—if juggling multiple savings accounts seems overwhelming—you may prefer to keep all your savings in one place.
There’s no right or wrong answer here. It’s ultimately up to you to decide how many bank accounts will work best for your situation.
Frequently Asked Questions
What banks offer free checking accounts?
The best free checking accounts primarily come from online banks like Axos Bank, Quontic Bank and Discover Bank. All of these institutions have lower overhead costs than brick-and-mortar banks, so they’re able to offer free checking accounts.
How to choose a bank account?
Your primary bank account provides the foundation for your other financial choices. With so many types of accounts available from traditional brick-and-mortar banks, online banks and credit unions, it’s important to identify your goals before signing up for an account. Consider these questions before opening a checking account.
The best bank account for you will provide the right balance of APY (annual percentage yield), minimal or low fees and the online and mobile banking features you desire.
How to switch banks?
Switching banks is a fairly simple process. Here’s how to do it:
- Open your new bank account first.
- Transfer your current bank balance to your new account.
- Switch over any automatic payments or direct deposits to your new account.
- Close your old account and request a final statement.
Should I switch banks to claim a new account bonus?
Although the idea of getting paid to open a new bank account is attractive, qualifying for a bank bonus isn’t always a sufficient reason—on its own—to start a new banking relationship. To find out if it’s worth it for you, review any fine print attached to the bonus offer. Also, consider that you’ll have to maintain the account long enough to collect the bonus.
What bank has the best signing bonus?
The banks listed on this page currently have the best sign-up bonuses. This includes Citibank, TD Bank, Truist, Chime and CIT Bank.
FAQs
Which bank gives 7% interest on savings account? ›
Do Banks Offer 7% Interest On Savings Accounts? 7% interest isn't something banks offer in the US, but one credit union, Landmark CU, pays 7.50% interest, though there are major requirements and stipulations.
What bank gives you money just for signing up? ›The Chase Total Checking account has a $225 sign-up bonus, and all you have to do is sign up and set up direct deposit within 90 days. Unlike other banks, Chase doesn't require you to deposit a certain amount. As long as you set up direct deposit, you'll receive a bonus within 15 days.
Which banks are paying you to switch? ›Top-paying bank switching offers
Currently, NatWest, Lloyds, TSB and First Direct are offering cash switching bonuses.
Bank of America, Citibank, Union Bank, and HSBC, among others, have created accounts that come with special perquisites for the ultrarich, such as personal bankers, waived fees, and the option of placing trades. The ultrarich are considered to be those with more than $30 million in assets.
Which bank is the negotiating bank? ›Negotiating Bank: The Negotiating Bank is the beneficiary's bank. The beneficiary in an LC transaction would be the seller or exporter. The negotiating bank would claim payment from the issuing bank or the opening bank.
What banks give you a bonus for opening an account without direct deposit? ›- Citi®: up to $2000 bonus.
- J.P. Morgan: up to $700 bonus.
- U.S. Bank: $400 bonus.
- Axos: $250 bonus.
- Upgrade: $200 bonus.
- Live Oak: $150 bonus.
- NorthOne: $30 bonus.
- Found: $20 bonus.
- 27 Months: Sallie Mae CD – Up to 5.00% APY.
- 3 Years: Oceanview Fixed Annuity – Up to 5.10% APY.
- 5 Years: American National Fixed Annuity – Up to 5.40% APY.
- 7 Years: Aspida Fixed Annuity – Up to 5.50% APY.
- 10 Years: Corebridge Fixed Annuity – Up to 5.15% APY.
- Switch to a high-interest savings account. ...
- Consider a rewards checking account. ...
- Take advantage of bank bonuses. ...
- Try a money market account. ...
- Check with your local credit union.
Cash savings are always popular with people who want to put away a lump sum and earn interest over a long period of time. This can be a very good way to save for things, without taking on bigger levels of risk. Savings accounts are much safer, but how much interest you earn will come down to your bank's interest rate.
Where can I get free money? ›- Join a focus group.
- Start some freelance work.
- Review a mock trial.
- Earn while you shop.
- Sign up for surveys.
- Watch videos.
- Listen to music.
- Play games.
What bank is free monthly? ›
Discover Cashback Debit Checking has no monthly maintenance fee—and no minimum balance or activity requirement to maintain a fee-free account.
What is the easiest bank to get? ›- Ally Bank. ...
- Juno. ...
- Synchrony. ...
- Current. ...
- Wells Fargo. ...
- United Bank. ...
- Axos Bank. Axos Bank is an online-only bank that doesn't charge fees and offers rewards checking, savings, CDs, MMAs, and IRAs. ...
- Wise. Wise is a money transfer service that makes sending or receiving money from international countries easy.
Most of the time, changing banks won't affect your credit score. Which is a good thing, because during your banking life, you might consider a switch if you're looking for a better rate on savings or want to pay fewer fees. The facts are, opening new accounts generally doesn't trigger a hard check of your credit.
How many bank accounts should I have? ›Some experts suggest you should have four bank accounts -- two checking and two savings. You'll use one checking account to pay bills and the other for spending money. One savings account will be dedicated to your emergency fund and the other to miscellaneous goals.
Is it smart to switch banks? ›“Switching banks can help you save money by finding better deals like lower interest rates on loans and higher interest rates on savings accounts, as well as additional offerings and products,” said Brett Sohns, co-founder of LifeGoal Investments.
What bank is offering $1,500 bonus? ›For a limited time, Citibank is offering a cash bonus of $200, $500, $1,000, $1,500, or even $2,000 to new customers who open a Citibank, Citi Priority, Citigold, or Basic Banking checking account between now and Apr. 4, 2023.
Which company gives highest signing bonus? ›- Apple.
- Twitter.
- Fitbit.
- Linkedin | Facebook.
- Airbnb.
- Bloomberg | Getty Images.
- Microsoft Life | Facebook.
- Tesla.
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- Bursaries, scholarships and grants. ...
- Sign-up offers. ...
- Money for switching bank or utility supplier. ...
- Free money for referring friends. ...
- Get a Student Loan refund. ...
- Check if you're owed a tax rebate. ...
- Earn interest with savings and current accounts.