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There is an overwhelming number of choices when looking for new credit cards and bank accounts. Your deciding factor can be choosing the bank with the best signup or welcome bonus. Here are some of the offers to consider first to earn more rewards.
Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more.
Chase
So, which bank has the best signup bonus? Let’s start with Chase, a favorite for many as they offer many bank and credit card signup bonuses. Here are some of their best offers.
Chase Sapphire Preferred Card
The Chase Sapphire Preferred® Card is one of the best travel credit cards for its valuable point redemption options. Each Ultimate Rewards point is worth 25% more (1.25 cents each) when you book award travel on the Chase UIimate Rewards travel portal. You can also redeem your points for cash and gift cards at one cent each or transfer at a 1:1 ratio to airlines and hotels
Also, enjoy Chase Sapphire benefits such as a $50 annual Ultimate Rewards Hotel Credit, 5x points on travel purchased through Chase Ultimate Rewards®, 3x points on dining, and 2x points on all other travel purchases, plus more.
New Chase Sapphire Preferred® Card cardholders can earn 60,000 bonus points after spending $4,000 on purchases in the first 3 months from account opening. That’s $750 when redeemed through Chase Ultimate Rewards®.
The annual fee is a reasonable $95. Get more details in our in-depth Chase Sapphire Preferred review.
Chase Freedom Unlimited
The Chase Freedom Unlimited® earns at least 1.5% back on all purchases, yet, you can pool the points with your Chase Sapphire to find more value (part of the Chase trifecta).
Cardholders earn unlimited:
- 5% cash back on travel purchased through Chase Ultimate Rewards®
- 3% cash back on dining at restaurants, including takeout and eligible delivery services
- 3% cash back on drugstore purchases
- 1.5% cash back on all other purchases
There is no annual fee with the Chase Freedom Unlimited.
New Chase Freedom Unlimited® cardholders can earn an additional 1.5% cash back on everything they buy (on up to $20,000 spent in the first year) – worth up to $300 cash back! That means new cardholders can enjoy:
- 6.5% cash back on travel purchased through Chase Ultimate Rewards® (Chase’s premier rewards program that lets you redeem rewards for cash back, travel, gift cards, and more)
- 4.5% cash back on drugstore purchases
- 4.5% on dining at restaurants (including takeout and eligible delivery service)
- 3% on all other purchases
New cardholders earn this extra 1.5% cash back on up to $20,000 spent in the first year.
Chase Business Complete Banking℠ ($300)
We’ve looked at the Chase bank best signup bonus options on their credit cards. Now, here are some of their banking options. If you need a new business checking account, consider a Chase Business Complete Banking℠ account.
New Chase Business Complete Banking℠ applicants can earn $300 when they open a new Chase Business Complete Checking℠ account. For new Chase business checking customers with qualifying activities. This offer expires on 05/18/2023.
You’ll also get access to more than 16,000 ATMs and more than 4,700 Chase branches. There are also account alerts to help you stay on top of your account activity. You’ll also have access to Chase business specialists at your local Chase branch.
There are also multiple ways to waive the Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card, some of the best Chase business credit cards available.
Additionally, account holders have access to built-in card acceptance which means card payments can be accepted anytime, anywhere in the U.S., and get transparent pricing with Chase QuickAccept. QuickAccept allows for convenient access to payment processing as card payments are accepted virtually anytime, anywhere in the U.S. It also allows for same-day deposits at no additional cost.
Unlimited electronic deposits are at no charge as well as ACH and Chase QuickDeposit℠. This is one of the best Chase business checking accounts.
Chase Total Checking®
Another option is the Chase Total Checking® account. The benefits of a Chase Total Checking account include convenience as you’ll have access to more than 16,000 Chase ATMs and more than 4,700 branches. Additionally, account holders have access to the Chase Mobile app allows users to manage their accounts, deposit checks, transfer money, and more at their convenience from their devices.
However, there is a non-Chase ATM fee ($3.00 for inquiries, transfers, and withdrawals while using a non-Chase ATM in the US, Puerto Rico, and US Virgin Islands. Fees from the ATM owner/network still apply. $5 per withdrawal and $3.00 for any transfers or inquiries at ATMs outside the U.S., Puerto Rico, and the U.S. Virgin Islands. Fees from the ATM owner/network still apply).
There is no minimum balance needed to open the account. However, there is a $12 monthly service fee. But, it can be $0 with one of the following, each monthly statement period:
- Electronic deposits in this account totaling $500 or more OR
- A balance at the beginning of each day of $1,500 or more in this account OR
- An average beginning day balance of $5,000 or more in any combination of this account and linked qualifying Chase checking, savings, and other balances
New Chase Total Checking® customers enjoy a $200 bonus when they Open an Account and set up a direct deposit. This offer expires on 04/19/2023.
With Chase Overdraft Assist℠, we won’t charge an Insufficient Funds Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50, and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.
This account is available online nationwide except in Alaska, Hawaii, and Puerto Rico. For branch locations, visit locator.chase.com.
Chase Secure Banking
If you’re looking for a banking option, the Chase Secure Banking℠ option may be right for you. Benefits include:
- Access to more than 16,000 Chase ATMs and more than 4,700 Chase branches
- Access to the Chase Mobile® app and Chase Online℠
- Account alerts to monitor balances and more
- Zero Liability Protection that eases worries about unauthorized card transactions (when reported promptly)
- No paper checks to track
There is no minimum deposit required to open an account. Pay bills, cash checks, and send money with Zelle®. There are also no Chase fees on money orders or cashier’s checks.
However, there is a non-Chase ATM fee ($3.00 for inquiries, transfers and withdrawals while using a non Chase ATM in the US, Puerto Rico and US Virgin Islands. Fees from the ATM owner/network still apply. $5 per withdrawal and $3.00 for any transfers or inquiries at ATMs outside the U.S., Puerto Rico and the U.S. Virgin Islands. Fees from the ATM owner/network still apply).
There is a $4.95 monthly service fee. However, Secure Banking customers reported that they save an average of $50 a month on fees after opening their account.
Account holders won’t have to worry about overdraft fees with a Chase debit card that helps them stay within their balance.
New Chase checking customers can enjoy $100 when opening a Chase Secure Banking℠ account with qualifying transactions. Open an account online or at any Chase branch. This offer expires 04/19/2023.
Open an account online or in person at any Chase branch.
Citi
As we continue looking at the bank with the best signup bonus, let’s take a look at a Citi option.
Citi Premier Credit Card
The Citi Premier® Card earns up to 3 ThankYou points at restaurants, supermarkets, gas stations, air travel, and hotels, and 1x point on all other purchases.
New Citi Premier® Card cardmembers can earn 60,000 bonus ThankYou® Points after spending $4,000 in purchases within the first 3 months of account opening. This bonus is redeemable for $600 in gift cards when redeemed at thankyou.com.
Cardholders can also enjoy $100 off a single hotel stay of $500 or more, excluding taxes and fees, through thankyou.com, once per calendar year. The annual fee is $95 but there are no foreign transaction fees.
American Express
This best bank signup bonus wouldn’t be a true comparison if we didn’t mention Amex. American Express doesn’t offer checking accounts but has a free high-yield savings account you may like. There are credit card welcome bonuses you may appreciate too.
The Platinum Card from American Express – 80,000 Bonus Offer
The Platinum Card® from American Express has been upgraded and has one of the largest welcome bonus offers.
New The Platinum Card® from American Express cardmembers can earn 80,000 Membership Rewards® points after spending $6,000 on purchases on their new Card in the first 6 months of Card Membership.
Learn more: Johnny Jet Recommended Credit Cards
Cardholders earn 5x Membership Rewards® Points for flights booked directly with airlines or with American Express Travel, up to $500,000 on these purchases per calendar year, and earn 5x Membership Rewards® points on prepaid hotels booked with American Express Travel.
Cardholders earn 5x Membership Rewards® Points for flights booked directly with airlines or with American Express Travel, up to $500,000 on these purchases per calendar year, and earn 5x Membership Rewards® points on prepaid hotels booked with American Express Travel.
Cardholders can get $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings with American Express Travel when they pay with your Platinum Card®.
Also, select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees are charged by the airline to your Card.
Plus, American Express has expanded The Centurion® Network to include 40+ Centurion Lounge and Studio locations worldwide. Now there are even more places your Platinum Card® can get you complimentary entry and exclusive perks.
Other Platinum Card from American Express Benefits
There’s also a digital entertainment credit. Cardholders can get up to $20 in statement credits each month when they pay for eligible purchases with the Platinum Card® at your choice of one or more of the following providers: Peacock, Audible, SiriusXM, The New York Times, and other participating providers. Enrollment required.
In addition to enjoying TSA PreCheck or Global Entry access, cardholders can also enjoy CLEAR perks. Breeze through security with CLEAR® Plus at 45+ airports nationwide and get up to $189 back per year on your membership (subject to auto-renewal) when you use your Card.
Another exciting benefit is the ability for cardholders to get up to $300 back each year on an Equinox+ subscription or any Equinox club membership when they pay with their Platinum Card. Enrollment required. Learn more.
Plus, get a $155 Walmart+ credit, which covers the cost of a $12.95 monthly Walmart+ membership with a statement credit after you pay for Walmart+ each month with your Platinum Card. The cost includes $12.95 plus applicable local sales tax.
Get the full details and learn more in our in-depth The Platinum Card from American Express review.
The annual fee is $695 (See Rates & Fees) but can be offset with the perks, which are valued at over $1,400.
Welcome Bonus Offer
New The Platinum Card® from American Express cardmembers can earn 80,000 Membership Rewards® points after spending $6,000 on purchases on their new Card in the first 6 months of Card Membership.
Learn more: Johnny Jet Recommended Credit Cards
The Blue Cash Preferred Card from American Express
One of the best cards for everyday spending is the Blue Cash Preferred® Card from American Express. Cardholders earn:
- 6% cash back at U.S. supermarkets, up to $6,000 per year in purchases (then 1%)
- 6% cash back on select U.S. streaming subscriptions
- 3% cash back on transit, including taxis/rideshare, parking, tolls, trains, buses, and more
- 3% cash back at U.S. gas stations
- 1% cash back on other purchases
Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit.
Cardholders can also enjoy $7/month back in the form of a statement credit after spending $12.99 or more each month on an eligible The Disney Bundle package (which includes Disney+, Hulu, and ESPN+) subscription with the Blue Cash Preferred Card. Enrollment required.
The welcome bonus is the ability to earn a $250 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months. There is a $0 intro annual fee for the first year, then $95 (See Rates & Fees).
Learn more: Cash Back Credit Cards
U.S. Bank
Moving on in our bank best signup bonus comparison is a look at U.S. Bank. This bank also has some exciting credit card promotions that are easy to use and earn on.
U.S. Bank Altitude Go (20,000 Bonus Points)
The U.S. Bank Altitude® Go Visa Signature® Card is a no-annual-fee card (See Rates & Fees) that earns up to 4x on purchases. Cardholders earn:
- 4x points on dining, takeout, and restaurant delivery
- 2x points on streaming services, at grocery stores, grocery delivery, gas stations, and EV charging stations
- 1x point on all other eligible purchases
Points never expire so long as your account is open and active.
Cardholders can also enjoy a $15 credit for annual streaming services purchases such as Netflix and Spotify. So, that means you’ll receive a $15 streaming service credit after 11 months of streaming service purchases on your card.
New U.S. Bank Altitude® Go Visa Signature® Card cardholders can earn 20,000 bonus points by spending $1,000 on eligible purchases within the first 90 days of account opening, a $200 value when redeemed towards merchandise, gift cards, cash back, travel, and more.
Earning up to 4x points on a no-annual-fee card can be worthwhile if you can enjoy the redemption options. Plus, as the rewards categories are common purchases for many, those rewards can add up quickly.
There are also no foreign transaction fees on this contactless card.
Bank of America
Last but not least in our bank best signup bonus comparison is BofA. Bank of America has some of the easier signup bonuses to earn. If you only have a small amount of free cash, you may appreciate this bonus offer.
Bank of America Customized Cash Rewards credit card ($200)
The Bank of America® Customized Cash Rewards credit card earns up to 3% back on purchases in the category of your choice* (choices include gas, online shopping, dining, travel, drug stores, or home improvement/furnishings). Cardholders also earn 2% cash back at grocery stores and wholesale clubs.
*You’ll earn 3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1%.
All other purchases earn unlimited 1% cash back.
You can also get a $200 signup bonus by making at least $1,000 in purchases during the first 90 days. There is no annual fee.
Learn more: Cash Back Credit Cards
Summary
Bank and credit card signup or welcome bonuses help you get more value from your new accounts. Once you find the bank option with the best signup bonus offer you can earn, you can apply and put your money to work. You might also develop a longstanding bank relationship that can yield bigger rewards in the future.
FAQs
Do banks give you money for opening an account?
It’s possible to earn a signup bonus for opening new checking and savings accounts. However, the promotions vary by bank and certain conditions apply. For example, you may have to enroll in direct deposit, maintain a minimum balance for several months, and complete a number of debit card purchases.
National banks like Chase, Citi, and Bank of America are more likely to offer signup bonuses. Online-only banks are unlikely to offer bonuses but can offer more perks and higher interest rates, such as CIT Bank.
Are bank bonuses worth it?
Bank bonuses can be worth it have you have enough spare cash and can use the account enough to justify any monthly service fees. For instance, you may not pursue the bonus if you cannot waive the monthly service fee that erodes even the best signup bonus.
It’s possible to close the account after earning the bonus, but you will need to take the time to close your account and transfer your assets. Note that if you close an account too soon, you may not be able to keep the bonus. Always check the terms and conditions before making a decision.
Credit card signup bonuses can be better as the spending requirements can be lower than the bank account deposit requirements. Also, credit card bonuses are non-taxable and bank account bonuses are taxable income.
What is the easiest bank to open a checking account?
Chime Bank can be the easiest bank to open a checking account with. One reason why is that Chime doesn’t check your personal banking history when you apply for an account.
Also, their Spending Account (i.e., checking account) has no monthly service fees or overdraft fees. It’s online-only so you can apply from anywhere in the United States. You get a free Visa debit card for purchases and access to over 50,000 fee-free ATMs.
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- The Best No Annual Fee Travel Credit Cards
For rates and fees of The Platinum Card® from American Express, please click here.
For rates and fees of The Blue Cash Preferred® Card from American Express, please click here.
