Top Bank Account Bonuses

Updated: January 6, 2021

Earning Bank Account Bonuses is one of my Favorite Travel Hacking Strategies (besides credit card bonuses). Typically Banks will provide a Cash Bonus for Opening a New Checking or Savings Account. I’ll take those Cash Bonuses and add them to my Travel Fund for a Future Trip. That extra cash comes in handy for a fancy dinner out or covering the cost of a unique excursion. Since I started tracking my Bank Account Bonuses back in January of 2018, I’ve earned $3,600! 

Basic Approach to Bank Account Bonuses

Most Bank Account Bonuses follow the same guidelines. There will be a cash bonus offered for opening the account which will be credited after one or more requirements are met. These requirements certainly vary from bank to bank. 

Basic List of Typical Bank Requirements for Earning a Cash Bonus

• Depositing New Money Into the Account
  • Often Required to Leave it in the Account for a Set Period of Time
• Direct Deposit from a Payroll 
  • Often multiple Direct Deposits equalling a certain amount of money in a set period of time
• Using a Debit Card 
  • Often a Set Number of Debit Swipes Required
• Account Remaining Open 
  • Some banks state that if the account is closed early they can take the Bonus Back or enforce a Penalty Fee
• Eligibility 
  • Often ineligible if already earned the bonus within the last 6-12 Months 

Key to Success

My number Key to Successfully Earning Bank Account Bonuses is staying organized! I’ve created a Basic Spreadsheet that you can find by clicking HERE. Feel free to make a copy to use for yourself. (Click File once you open the spreadsheet, then make a copy). The information that I’ve found to be crucial includes the opening/closing dates, Terms of Direct Deposit/Funding, and the Date I can close the Account without being Penalized. 

Top Checking Account Offers

Each month I review and revise the Top Checking Account offers based on the how easy it is to get the bonus. If a bank account bonus doesn’t require a direct deposit, it goes higher on my list even if it has a lower bonus amount.

1. HSBC $600 Bank Bonus– Testing a theory but not sure this actually requires a direct deposit…
2. Capital One $400 Bonus– 2 direct deposits totaling $1000 or more within 60 days
3. Capital One up to $250 Bonus– NO direct deposit required. $500 or $1500 spending on the debit card gets you $150 or $250 bonus. Use promo code UPTO250
4. Citizens $400 Bonus ($500 Direct Deposit to earn $300 + $2 back on every purchase up to $100)
5. Citizens $300 Bonus ($500 Direct Deposit within 60 Days of Opening)
6. Chase $200 Bonus (1 Direct Deposit within 90 Days of Opening)
7. M&T Bank $250 Bonus ($500 Direct Deposit within 90 Days of Opening) Expiring January 11th, 2021
8. PNC Bank $200/400 Bonus ($2,000/$5,000 Direct Deposit within 60 Days of Opening)
9. TD Bank $300 Bonus ($2,500 Direct Deposit within 60 Days of Opening)
10. Service Credit Union– Easy $100 bonus- Immediately get $50, then complete 10 debit card transactions within 90 days to get another $50. *Must also have a savings account with at least $5 in it and open a new checking account to receive a bonus.

Honorable Mentions ~ Business and Savings Account Offers

1. Chase $150 Savings Account Bonus (Deposit $15,000 within 20 Days of Opening)

Easy “App” bonuses

1. Aspiration $50 Bonus (Transfer and spend $250 Easy $50 in my opinion)
2. SoFi Bank Money $50 Account Bonus (Direct Deposit of $500)
   • SoFi Money Account Article for more information
   • My Favorite Travel Account due to No ATM Fees Worldwide for members who opened prior to June 8th, 2020
   • New accounts receive ATM fee reimbursement from 55,000+ ATM’s included in the Allpoint Network.
3. Oxygen Bank ($25 after deposit $200 or more)

Basic Review

We typically each will open 2-6 accounts per year. Remember to read the terms and conditions of each account. I like to keep track of which ones will have a monthly fee and determine if it is worth that account opening. There are usually many ways to make extra cash back and you can see some other articles below.

Are there any bank account bonuses we’ve missed? What has been your favorite?

More Basic Reading

• Free Travel Hacking eBook
• How I earned $1000 from my last round of Checking Account Bonuses
• Top Travel Hacks of 2019
• How having COVID can make you money
• How to earn an extra $1,000 this month
• Save money on everyday purchases
• Grocery savings with 5 basic hacks
• 16 easy ways to earn extra money