So, you’re looking for a new bank account.
You’ve got several factors to consider — ATM access, interest rates, monthly account fees, minimum balances, online bill payments and more.
Another factor: sign-up promotions and bonuses. Banks and credit unions frequently run promotions to entice prospective customers to open a new account — and they often come with cash. You have to meet specific criteria, such as making a minimum opening deposit, and generally the account must remain open for a certain amount of time — at least long enough to earn the cash bonus.
Many banks offer such sign-up bonuses, but often, they aren’t advertised. We did some digging to find the best bank promotions currently on offer.
Best Checking and Savings Account Offers of July 2022
Keep an eye on what each promotion requires, as well as any limitations. Recurring direct deposits and maintaining a minimum balance are common requirements in securing bank bonuses. Also pay attention to any monthly fees the account might carry; over time, these could weigh out the actual cash bonus.
17 Bank Promotions That Give you Cash
Bank Promo Payoffs Up to $500
| Bank | Top Feature | Promotion | ||||
|---|---|---|---|---|---|---|
| Aspiration Account | No fees | $150 | GET DETAILS | |||
| Aspiration Plus | Cash back on purchases | $200 | GET DETAILS | |||
| Chase Total Checking Account | Fees may be waived | $200 | GET DETAILS | |||
| Chime Referral Bonus | No monthly fees | $100 | GET DETAILS | |||
| Alliant Credit Union Ultimate Opportunity Savings | High yields | $100 | GET DETAILS | |||
| Huntington Asterisk-Free Checking | Quick cash bonus payout | $150 | GET DETAILS | |||
| Huntington 5 Checking Account | Interest on checking | $200 | GET DETAILS | |||
| Albert | Up to 20% cash back | $150 | GET DETAILS | |||
| M&T Bank EZChoice Checking Account | No monthly fees | $150 | GET DETAILS | |||
| M&T Bank MyChoice Plus Checking Account | Discounted loan rates | $250 | GET DETAILS | |||
| M&T Bank MyChoice Premium Checking Accoun | Premium CD rates | $250 | GET DETAILS | |||
| SoFi Checking and Savings Account | High APY | $50, $100 or $300 | GET DETAILS | |||
| TD Convenience Checking | Basic checking account | $150 or $350 | GET DETAILS | |||
| TD Beyond Checking | Free checks | $300 or $500 | GET DETAILS | |||
| BMO Harris Smart Advantage Account | No fee for paperless | $300 | GET DETAILS | |||
| BMO Harris Smart Money Account, | No overdraft fees | $300 | GET DETAILS | |||
| BMO Harris Premier Account | Unlimited ATM use | $500 | GET DETAILS |
Aspiration Account
Best for Financial Beginners
Key Features
- No monthly service fee
- Save and Spend Account
- 3%-5% cash back on socially conscious
Once you open a new account, Aspiration will send you a debit card. Use it to make at least $1,000 of cumulative transactions within 60 days of account opening. The FDIC-insured account offers up to 3.00% APY on savings accounts and allows fee-free withdrawals at more than 55,000 ATMs. You’ll earn up to 5% cash back when you make debit purchases at socially conscious businesses.
Aspiration Account
Bonus amount
$150
How to get it
Open a new account and spend $1,000 within the first 60 days.
When you get it
Within 120 calendar days of opening.
More information
Monthly fees are on a “Pay What is Fair” policy.
Expiration
None
More Information About Aspiration Account
The Aspiration Account boasts unlimited fee-free ATM withdrawals at all in-network (Allpoint) ATMs, plus up to 5% cash back on Conscience Coalition debit card purchases. You can even opt to plant a tree with every purchase roundup. You can access your paycheck up to two days early and earn up to 3.00% APY on your savings.
Aspiration Plus Account
Best for Socially Conscious Clients
Key Features
- $5.99 monthly fee
- Save and Spend Account
- 10% back/socially conscious purchases
Once you open a new account, Aspiration will send you a debit card. Use it to make at least $1,000 of cumulative transactions within 60 days of account opening. The FDIC-insured account offers up to 1.00% APY on savings accounts and allows fee-free withdrawals at more than 55,000 ATMs. You’ll earn up to 10% cash back when you make debit purchases at socially conscious businesses.
Aspiration Plus Account
Bonus amount
$200
How to get it
Open a new account and spend $1,000 within the first 60 days.
When you get it
Within 120 calendar days of opening.
More information
$5.99 monthly fee when you pay annually ($7.99 month-to-month)
Expiration
None
More Information About Aspiration Plus Account
The Aspiration Plus Account boasts unlimited fee-free ATM withdrawals at all in-network (Allpoint) ATMs, plus up to 10% cash back on Conscience Coalition debit card purchases. You can even opt to plant a tree with every purchase roundup and get carbon offsets for your gas purchases with Planet Protection. You can access your paycheck up to two days early and earn up to 5.00% APY on your savings.
Chase Total Checking
Best for Basic Checking
Key Features
- $12 monthly fee
- Fee waived by meeting conditions
- Basic checking
The Total Checking $12 monthly fee can be waived if you receive monthly direct deposits totaling $500 or more, keep a daily minimum balance of at least $1,500 in your new checking account, or keep a daily minimum balance across all your Chase accounts of at least $5,000. Deposits via person-to-person payments do not qualify. Access to 16,000 fee-free ATMs and more than 4,700 branches. The non-Chase ATM fee is $3 in the U.S., Puerto Rico and U.S. Virgin Islands and $5 outside of those locations.
Chase Total Checking Account
Bonus amount
$200
How to get it
Receive a qualifying direct deposit within 90 days of account opening.
When you get it
Within 15 days of meeting requirements
More information
$12 monthly fee, which can be waived.
Expiration
July 20, 2022
More Information About Chase Total Checking Account
The Total Checking account carries a $12 monthly service fee, but you can have it waived if you receive monthly direct deposits totaling $500 or more, keep a daily minimum balance of at least $1,500 in your new checking account, or keep a daily minimum balance across all your Chase bank accounts of at least $5,000. Direct deposit via person-to-person payment apps do not qualify. Chase offers access to 16,000 ATMs and more than 4,700 branches.
TD Bank Convenience Checking
Best for Young Customers
Key Features
- Easy to waive monthly fee
- Easy-to-use mobile app
- No overdraft fees for 17 to 23 year olds
TD Convenience Checking is not a glamorous checking account. It doesn’t earn interest, and there aren’t any cash back rewards. However, it’s easy to waive the $15 monthly maintenance fee: Just maintain a $100 minimum balance. Customers who are 17 to 23 years of age automatically have the fee waived and also don’t have to pay fees for overdrafts.
TD Bank Convenience Checking Account
Bonus amount
$150 or $350
How to get it
Meet direct deposit qualifications within 30 days and and then an additional 20 days for the $500 bonus.
When you get it
No later than 140 days after account opening.
More information
For savings bonus, you must maintain a daily balance of $20,000+ for 90 days.
Expiration
Oct. 31, 2022
More Information about TD Bank Convenience Checking
The TD Convenience Checking account is a great account for first-time banking customers. There are no monthly fees or overdraft fees for members who are 17 to 23. However, you cannot earn interest on this account. If you are over 23, there is a $15 fee, which you can waive by maintaining a $100 daily balance.
TD Bank Beyond Checking
Best for Overdrafters
Key Features
- Two overdraft fee forgivenesses
- Free checks
- Fee reimbursement for out-of-network ATMs
TD Beyond Checking offers more perks than the Convenience Checking, including two fee-free overdrafts per year, out-of-network ATM fee reimbursements, and free checks. The account does earn interest, but the monthly fee is higher ($25) and harder to waive. Bonus terms for the TD Beyond Checking are similar; coupled with the savings promotion, you could earn $500.
TD Bank Beyond Checking Account
Bonus amount
$300 or $500
How to get it
Meet direct deposit qualifications within 30 days and and then an additional 20 days for the $500 bonus.
When you get it
Within 140 days of opening.
More information
For savings bonus, you must maintain a daily balance of $20,000+ for 90 days.
Expiration
Oct. 31, 2022
More Information About TD Bank Beyond Checking
The TD Beyond Checking account is great for unique perks, like free checks, ATM fee reimbursement, and overdraft fee coverage (two a year). To waive the monthly $25 fee, you’ll need to earn $5,000 in direct deposits each month, maintain a $2,500 minimum balance in the checking account or maintain a $25,000 balance across all TD accounts.
Chime Referral Bonus
Best for Referral Bonus
Key Features
- Must be current Chime account holder
- No minimum daily balance
- Good for first-time banking clients
If you refer a friend and they open a new account and receive a direct deposit of at least $200 in the first 45 days, you will each receive $75. Make sure to use the referral link from your account to get the cash bonus. Chime is great for beginners, offering fee-free overdraft, automatic savings account, early paycheck deposit and 60,000+ fee-free ATMs. Referral bonuses are capped at $1,000 each calendar year.
Chime Referral Bonus Account
Bonus amount
$100 per referral, plus $100 to the friend you refer
How to get it
Referred friend receives $200 direct deposit.
When you get it
Within two business days of account opening.
More information
Be sure to use a unique referral link from your own account.
Expiration
None
More Information About Chime Referral Bonus Account
Though not technically a bank*, Chime is becoming increasingly popular as an online financial institution for banking customers of all ages. Top features include early access to direct deposit, fee-free overdraft, 60,000+ ATMs, a 0.50% APY for the high-yield savings and plenty of features to automatically grow your savings.
Alliant Ultimate Opportunity Savings
Best for Fans of Suze Orman
Key Features
- $0 monthly fees with eStatements
- High-yield savings account
- Easy-to-track bonus criteria
Not only does Alliant Credit Union’s Ultimate Opportunity Savings Account (in partnership with Suze Orman) have one of the best APYs currently available (0.60%), it pays out its bonus pretty easily. No massive balances or monthly direct deposits to think about.
Alliant Opportunity Savings
Bonus amount
$100
How to get it
Deposit at least $100 a month for 12 months.
When you get it
Within four weeks of completion.
More information
Balance must be $1,200 at the end of 12 months.
Expiration
Dec. 31, 2022
More About Alliant Ultimate Opportunity Savings Account
The Ultimate Opportunity Savings Account from Alliant Credit Union has a lot to like: 80,000+ fee-free ATMs, no monthly fees if you opt in to online statements, a leading mobile app, and a strong APY at 0.60%.
Huntington Asterisk-Free Checking
Best Regional Bonus
Key Features
- No monthly fees
- Only available in certain states
- Quick cash bonus payout
This offer is only available to customers who live in CO, IL, IN, KY, MI, MN, OH, WI, SD, PA or WV. This account does not earn interest.
Huntington Asterisk-Free Checking
Bonus amount
$150
How to get it
Open a new account and make cumulative new deposits totaling $1,000 within the first 60 days.
When you get it
Within 14 days of meeting bonus criteria.
More information
Account must remain open for at least 90 days.
Expiration
Oct. 7, 2022
More Information About Huntington Asterisk-Free
Huntington’s Asterisk-Free Checking Account doesn’t pay out any interest, but the lack of a monthly maintenance fee does make it appealing for an easy checking account. Key features include mobile banking, the No Overdraft Fee $50 Safety Zone and the 24-Hour Grace Overdraft and Return Fee Relief.
“New account” is defined as money not currently in another Huntington account; money transferred from one account to another does not qualify. The bonus offer cannot be combined with any other checking offer.
Huntington 5 Checking
Best for Quick Bonus Payout
Key Features
- $5 monthly fee (can be waived)
- Interest-earning checking
- Quick cash bonus payout
This offer is only available to customers who live in CO, IL, IN, KY, MI, MN, OH, WI, SD, PA or WV). This account earns interest (currently a 0.02% APY, which is quite low). It also has a monthly maintenance fee of $5, which is waived if you have at least $5,000 across every Huntington bank account.
Huntington 5 Checking Account
Bonus amount
$200
How to get it
Open a new account and make cumulative new deposits totaling $1,000 within the first 60 days.
When you get it
Within 14 days of meeting bonus criteria.
More information
Account must remain open for at least 90 days.
Expiration
Oct. 7, 2022
More Information About Huntington 5 Checking Account
While the Huntington 5 account does have a monthly $5 fee, you can waive it by having $5,000 across accounts with Huntington. By upgrading to this account, you’ll get a higher bonus and earn 0.02% interest on your balance. Plus, you get five free ATM withdrawals. Plus, you get five free ATM withdrawals outside of the Huntington network.
“New account” is defined as money not currently in another Huntington account; money transferred from one account to another does not qualify. The bonus offer cannot be combined with any other checking offer.
SoFi Checking and Savings
Best for High APY
Key Features
- 1.25 % APY
- No monthly fees
- Early paycheck access
SoFi’s Checking and Savings account is attractive enough without the bonus. You can access your paycheck up to two days early, earn cash back when shopping locally, qualify for a 1.25% APY and avoid overdraft fees (up to $50 of coverage). The bonus (up to $300 for qualifying direct deposits) is simply the cherry on top. The qualifying direct deposit amounts for the three bonuses are: $1,000 – $1,999 for $50; $2,000 – $4,999 for $100, or $5,000+ for $300.
SoFi Checking and Savings Account
Bonus amounts
$50, $100 or $300
How you get it
Earn qualifying direct deposits in a 30-day period.
When you get it
Within 14 days after the 30-day evaluation period.
The fine print
High APY depends on monthly direct deposits.
Expiration
July 31, 2022
More Information About SoFi Checking and Savings
The SoFi Checking and Savings Account is one of the best on our list. You can access your paycheck up to two days early, earn up to 15% cash back when shopping locally with your debit card, opt into automatic savings features, and access more than 55,000 fee-free ATMs. You’ll need monthly qualifying direct deposits to earn the 1.25% APY, but there’s no direct deposit minimum to hit. And the best part? The account is fee-free and even includes overdraft coverage up to $50.
M&T Bank EZChoice Checking
Best for Beginners
Key Features
- No monthly maintenance fees
- Unlimited check writing
- Physical branches
The EZChoice Checking account from M&T Bank is the most basic package offered. It’s great for beginners because it has no monthly maintenance charge and no monthly minimum balance requirement. Plus, there’s unlimited check writing. You will need $25 to open the account and have qualifying direct deposits totaling at least $500 within the first 90 days to earn the bonus. This offer is only valid in select states.
M&T Bank EZChoice Checking
Bonus Amount
$150
How you get it
Make qualifying direct deposits totaling at least $500 within 90 days of opening the account.
Whey you get it
Within 90 days after the direct deposit.
The fine print
There’s a $50 early close-out fee if you close the account within 180 days of opening.
Expiration
July 31, 2022
More Information About M&T Bank EZChoice Checking Account
M&T Bank has 700 branches and 1,800 ATMs with operations in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virgina, West Virginia, Vermont, Massachusetts and Washington, DC, but you can also do your banking entirely online.
M&T Bank MyChoice Plus Checking
Best for Loan Seekers
Key Features
- Discounted loan rates
- ATM fee reimbursement
- Interest-bearing options
The MyChoice Plus Checking account from M&T Bank requires extra work to avoid a monthly fee ($14.75): Either maintain an average daily balance of $2,500 or receive $1,500 in direct deposits each month. With this account, you qualify for discounted loan rates with M&T. You will need $25 to open the account and have qualifying direct deposits totaling at least $500 within the first 90 days to earn the bonus. This offer is only valid in select states.
M&T Bank MyChoice Plus Checking
Bonus
$250
How you get it
Make qualifying direct deposits totaling at least $500 within 90 days of opening the account.
When you get it
Within 90 days after the direct deposit.
The fine print
There’s a $50 early close-out fee if you close the account within 180 days of opening.
Expiration
July 31, 2022
More Information About M&T Bank MyChoice Plus Checking Account
M&T Bank has 700 branches and 1,800 ATMs with operations in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virgina, West Virginia, Vermont, Massachusetts and Washington, DC, but you can also do your banking entirely online.
M&T Bank MyChoice Prem. Checking
Best for CD Rates
Key Features
- Discounted loan and premium CD rates
- ATM fee reimbursement
- Interest-bearing checking
The MyChoice Plus Checking account from M&T Bank requires extra work to avoid a monthly fee ($24.95): Either maintain an average daily balance of $7,500 or $25,500 across all M&T accounts. With this account, you qualify for discounted loan rates and premium CD rates with M&T. You will need $25 to open the account and have qualifying direct deposits totaling at least $500 within the first 90 days to earn the bonus. This offer is only valid in select states.
M&T Bank MyChoice Premium Checking
Bonus amount
$250
How to get it
Make qualifying direct deposits totaling at least $500 within 90 days of opening the account.
When you get it
Within 90 days after the direct deposit.
More information
There’s a $50 early close-out fee if you close the account within 180 days of opening.
Expiration
July 31, 2022
More Information About M&T Bank MyChoice Premium Checking
M&T Bank has 700 branches and 1,800 ATMs with operations in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virgina, West Virginia, Vermont, Massachusetts and Washington, DC, but you can also do your banking entirely online.
Albert Accounts
Best for Cash Back
Key Features
- Up to 20% cash back
- Geniuses for personal finance questions
- No fees or investment commissions
Albert is an all-purpose personal finance app that lets you spend, save and invest your money. There are no monthly maintenance fees, no minimum balances and no commissions (if you choose to invest). While you won’t earn a traditional APY, Albert gives users a 0.10% annual cash bonus on funds in savings, plus up to 20% cash back. New members are eligible for a $150 bonus.
Albert Accounts
Bonus
$150
How you get it
Receive a qualifying direct deposit of at least $200 and spend at least $100 every 30 days for 90 days
When you get it
Upon meeting requirements over a 90-day period
More information
Must be new to Albert
Expiration
None
More Information About Albert Accounts
Members of Albert don’t have to worry about monthly fees or minimum balances, and they can take advantage of several cool features, like 55,000 fee-free ATMs, early paycheck access, cashback rewards, Smart Savings (automatically analyzes your money and helps you to save), unlimited transfers, annual cash bonuses, the ability to invest, and a cash advance up to $250 (no interest, no credit check) instead of overdraft fees. Perhaps the coolest part is daily access to finance experts called Geniuses; pay what you think is fair for their advice. Just keep in mind that Albert is not a bank but an app (banking services are provided by Sutton Bank, Member FDIC).
BMO Harris Smart Advantage Account
Best for Fee-Free ATM Network
Key Features
- No monthly fee if you go paperless
- Standard checking account
- Fee-free transactions at 40,000+ ATMs
Get a $300 bonus for opening a new BMO Harris Smart Advantage account and earning at least $4,000 in qualifying direct deposits within 90 days. The bank has physical branches in Indiana and you have to live in IL, IN, MN, WI, MO, KS, AZ or FL to take advantage of this account, which grants you unlimited fee-free transactions at over 40,000 Allpoint network ATMs in the U.S.
BMO Harris Smart Advantage Account
Bonus amount
$300
How you get it
Receive direct deposits of at least $4,000 within 90 days.
When you get it
Approximately 100 days after opening.
More information
Monthly fees can be waived with paperless statements.
Expiration
Sept. 30, 2022
More Information About BMO Harris Smart Advantage
Smart Advantage is BMO Harris’ most popular checking account. It requires no minimum balance, charges no monthly fees when you opt for paperless statements and gets you fee-free access to 40,000+ ATMs nationwide with the Allpoint network.
BMO Harris Smart Money Account
Best for No Minimum Balance
Key Features
- No monthly maintenance fees if under 25
- Standard checking account
- No overdraft or NSF fees
Get a $300 bonus for opening a new BMO Harris Smart Money account and earning at least $4,000 in qualifying direct deposits within 90 days. The bank has physical branches in Indiana and you have to live in IL, IN, MN, WI, MO, KS, AZ or FL to take advantage of this account, which grants you unlimited fee-free transactions at over 40,000 Allpoint network ATMs in the U.S.
BMO Harris Smart Money Account
Bonus amount
$300
How to get it
Receive direct deposits of at least $4,000 within 90 days.
When you get it
Approximately 100 days after opening.
More information
There is a monthly fee if you’re over 25.
Expiration
Sept. 30, 2022
More Information About BMO Harris Smart Money Account
Like Smart Advantage, BMO Harris’ Smart Money has no minimum balance required. It’s also noteworthy for having no overdraft or NSF fees. With this account, you will get unlimited fee-free transactions at in-network ATMs (40,000+ nationwide). However, you’ll pay a monthly fee if you’re 25 or older.
BMO Harris Premier Account
Best for High Interest Possibility
Key Features
- Interest tied to balance
- High-yield checking account
- Unlimited ATM transactions
The highest bonus at BMO Harris comes from the Premier Account with Relationship Packages that reward you with more perks for banking more with BMO. The account earns interest, and the amount you earn increases with the amount of funds in the account. You also get unlimited access to any ATMs, in-network or not.
BMO Harris Premier Account
Bonus amount
$500
How to get it
Receive direct deposits of at least $7,500 within 90 days.
When you get it
Approximately 100 days after opening.
More information
There is a monthly fee.
Expiration
Sept. 30, 2022
How to Search for a Checking Account Bonus on Your Own
Instead of listing approximately 193 bank promotions, we kept this list short and sweet — only highlighting the best bank promotions for checking and savings accounts.
But maybe you’re interested in banking with your local credit union, opening a small business checking account or exploring what investment accounts are available. There are often cash bonuses attached to these accounts too.
Banks don’t always make finding these promotions easy, so here are a few tips to help you get your hands on that cash bonus.
- Check the bank website first. Sometimes it’ll advertise its offers with a blaring promo code. This is rare, but it’s worth a quick check — it could save you a ton of time.
- Reach out to customer service. Let them know you’re shopping for a new account, and you’d like to know if the bank is running any promotions. More often than not, the nice representative will send you a special link.
- Google the best bank account bonuses. You’ll likely dig up some offers from third-party sites, so make sure the offer:
- Hasn’t expired.
- Is legitimate. Make sure the bank is FDIC-insured and has a positive Better Business Bureau rating. Read some online reviews.
- Doesn’t require outrageous qualifying activities. For example, it might not be realistic for you to maintain an average daily balance of $50,000.
- Reach out to your own network to crowdsource bank recommendations. Sometimes banks have impressive referral programs, so both you and your friend could benefit from you signing up.
Overall, be smart. Don’t let the promise of a cash bonus blind you. Read the fine print so you don’t get stuck paying high monthly fees, interest rates or closing penalties. With the proper due diligence, you can earn a checking account bonus — or any other bank promotion — while also choosing the best bank for you.
Will Opening a Bank Account Hurt Your Credit Score?
If you’re worried that opening a new bank account or closing an old one will hurt your credit score, don’t be. Your bank accounts are not included in your credit report and therefore have no effect on your credit score, unless you have an outstanding negative balance that the bank turns over to a collection agency.
Sometimes when you go to open a new account, banks will do a soft credit check. However, that won’t affect your credit score.
Timothy Moore covers bank accounts for The Penny Hoarder from his home base in Cincinnati. He has worked in editing and graphic design for a marketing agency, a global research firm and a major print publication. He covers a variety of other topics, including insurance, taxes, retirement and budgeting and has worked in the field since 2012.
Editorial Disclosure: This content is not provided by the bank advertiser. Opinions expressed here are the author’s alone, not those of the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program.
*Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
¹The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of November 1, 2021. No minimum balance required. Must have $0.01 in savings to earn interest.
