The Best Checking Account Bonuses for 2023

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Are you looking for a checking account with more rewards? You’re in luck as we’ve rounded up the best checking account bonuses, giving you an excellent place to start. If you’re wondering if bank bonuses are worth it, know that banks are willing to reward your loyalty by giving you cash rewards.

The Best Checking Account Bonuses for 2023

It’s easy to solely focus on maximizing credit card bonuses but overlook checking accounts. After all, credit cards tend to be more exciting and are usually advertised more frequently. However, having the right checking account can both pad your wallet and make it easy to access your cash.

However, note that before applying for any bonus, make sure you read the bonus offer details. Look for any potential fees that you may be able to waive. You don’t want to give back your earnings to the bank because of extra fees.

Here are some of the best checking account bonuses:

Chase Bank Sign-Up Offers

So, which bank has the best sign-up bonus offer? Chase is a favorite for many as they offer many bank and credit card signup bonuses and up to $600 on their personal checking accounts. Here are some of Chase’s best bank account bonus offers.

• Chase Private Client
• Chase Total Checking®
• Chase Sapphire℠ Checking
• Plus the Chase Business Complete Banking℠

There’s currently an up to $3,000 welcome bonus (earned after completing the qualifying activities required) for new Chase Private Client customers.

Enjoy up to a $3,000 bonus when you open a new Chase Private Client Checking account with qualifying activities. Within 45 days of coupon enrollment, transfer qualifying new money or securities to a combination of eligible checking, savings, and/or J.P. Morgan Wealth Management non-retirement accounts (excludes Chase Personal and Business CDs, Chase business checking and savings accounts, any J.P. Morgan Self-Directed Investing & Automated Investing, J.P. Morgan Personal Advisors Accounts, and J.P. Morgan Wealth Management retirement accounts). Your bonus will be determined on day 45. Maintain your new money for 90 days from coupon enrollment and enjoy your bonus. Chase will add it to your account within 40 days.

Chase Business Complete Banking®

We’ve looked at Chase Bank’s 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.

Earn $300 when you open a new Chase Business Complete Banking® account. For new Chase business checking customers with qualifying activities.

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, Chase business 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 15,000 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 the 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

Chase Total Checking Bonus

New Chase checking customers enjoy a $200 bonus when they open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.

With Chase Overdraft Assist℠, Chase won’t charge an Overdraft 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.

JPMorgan Chase Bank, N.A. Member FDIC.

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 15,000 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)

There is no minimum deposit required to open an account. Pay bills, cash checks, and send money with Zelle®.

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 accounts.

Account holders won’t have to worry about overdraft fees with a Chase debit card that helps them stay within their balance.

Chase Secure Banking Bonus

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 on 01/18/2024.

Open an account online or in person at any Chase branch. JPMorgan Chase Bank, N.A. Member FDIC.

U.S. Bank Smartly® Checking

Another option is the U.S. Bank Smartly® Checking. You can open an account with an initial deposit as low as $25 and up to $3,000. Then, add money as needed. You can add money in several ways:

• By depositing a check with the U.S. Bank app, visiting a U.S. Bank branch, or through a U.S. Bank ATM
• Through an online transfer into your account
• Or through wiring money from an old account into your new account

Some of the tools that come with your account include money management with account alerts and overdraft protection, mobile deposits, payment with Zelle®, and personalized financial insights.

There is a monthly fee of $6.95. However, it can be waived if you’re a member of the military, meet age requirements, meet certain criteria with a specific monthly direct deposit total, or meet minimum account balance requirements.

Earn up to a $450 Bonus

Earn up to a $450 bonus when you open a new U.S. Bank Smartly® Checking account and a Standard Savings account online and complete qualifying activities. Subject to certain terms and limitations. Offer valid through November 30, 2023. Member FDIC.

Applicant must reside in AZ, AR, CA, CO, ID, IL, IN, IA, KS, KY, MN, MO, MT, NE, NV, NM, NC, ND, OH, OR, SD, TN, UT, WA, WI, WY to be eligible for Checking account.

CIT Bank

CIT’s newest savings product, CIT Bank Platinum Savings Account with CIT Member FDIC, gives customers the ability to earn a highly competitive interest rate. It’s a two-tiered savings product that gives customers the ability to earn up to 5.05% APY, though a minimum balance of $5K is required. You will need $100 to open an account. However, you must maintain a $5K daily balance to receive top-tier APY.

The CIT Bank eChecking account doesn’t offer a signup bonus but offers these perks:

• No monthly service fees
• The entire account balance earns interest
• Up to $30 in monthly non-network ATM fee reimbursements
• Online bill pay

The minimum initial deposit is $100. You do not need to enroll in direct deposit or maintain a minimum balance, hassles that some of the other banks require to earn a bonus or waive the monthly service fee. Having an average daily balance of at least $25,000 waives the $10 outgoing wire transfer fee.

An eChecking account can be your best option if you want a (mostly) fee-free checking account or only have a small amount of cash to deposit. Two incidental fees you might pay are a $30 overdraft fee and a 1% fee for international purchases and ATM withdrawals. While CIT Bank is an online-only bank, you have plenty of ways to access your cash. For instance, you can transfer money to friends using Zelle®, Samsung Pay, or Apple Pay.

Savings Options Worth Mentioning

CIT Bank has several savings account options you may like as well. The CIT Bank Money Market Account requires a $100 initial deposit. Unlike other money market products, this one doesn’t come with a debit card or paper checks. But you can enroll in online bill pay and can make up to six free monthly withdrawals. This account can be a good option if you don’t want separate savings and checking accounts.

The CIT Bank Savings Builder High Yield Savings Account can motivate you to save at least $100 each month.

Each account can have higher interest rates and make it easier to waive the monthly service fee than most brick-and-mortar banks.

Related posts: 

• CIT Money Market Account 
• Is Cit  Bank Legitimate

Axos Checking Account Bonuses

Another bank that has the best sign-up bonus offer is Axos. You can earn a $300 welcome bonus with Axos Bank Rewards Checking in a few minutes. Use promo code AXOS300 when applying for an Axos Bank Rewards Checking account by 12/31/2023. Then have qualifying direct deposit(s) to earn up to a $300 bonus!

To begin as a new customer, click the “Get Started” button on the Reward Checking product page. You’ll be asked if you’d like to simultaneously open a fee-free high-yield savings account.

Though optional, having a second account can be helpful for separating your savings and spending funds.

Once you’ve decided on the secondary account, Axos will inquire if you’re a new customer, an existing customer, or a returning applicant.

Link an existing bank account to make an initial $50 deposit. You’ll also receive banking details to share with your employer or benefits provider to route direct deposits to your Axos checking account, making you eligible for the signup bonus and monthly interest earnings.

Rewards checking accounts are relatively rare, as most banks offer these accounts for depositing paychecks and paying monthly bills without withdrawal limits. An Axos Bank Rewards Checking account is worth considering if you receive at least $1,500 in monthly direct deposits, as it allows you to earn interest on your balance without incurring frustrating bank fees.

Quontic Bank Account

More Chase Bank Bonuses

Let’s have a look at what Chase Bank has to offer.

Chase Business Complete Banking

If you’re interested in a business account, check out the Chase Business Complete Banking® option. 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.

Earn $300 when you open a new Chase Business Complete Banking® account. For new Chase business checking customers with qualifying activities.

Chase First Banking

The information for Chase First Banking℠ has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.

Another option worth mentioning is a Chase First Banking℠ account designed with kids 6-12 in mind and available for ages 6-17. It also comes with a debit card for kids and a $0 monthly service fee.

Kids can also learn to spend, save, and earn—all from the Chase Mobile® app.

While it can be used by parents to help teach their teens and kids money management, you must be an existing Chase checking customer to open a Chase First Banking℠ account. There is a $0 minimum balance to open the account and a $0 monthly service fee.

Parents can set limits on where and how money is spent as well as how much can be withdrawn at ATMs.

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).

Additionally, alerts can be set up to keep track of expenses. Parents can also pay allowances through the Chase Mobile app.

While this doesn’t come with a specific bonus, it is still worth mentioning in our best checking account bonuses list due to the option to teach younger generations the importance of financial responsibility.

Chime Bank

The information for Chime Bank has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.

Unfortunately, this doesn’t have a specific bonus but it is worth considering in your options for the best checking account bonuses. Chime Bank offers a free Spending Account that’s similar to checking accounts that banks offer. There are no monthly account fees, and you get a free Visa debit card. You cannot get a paper checkbook, but Chime will mail checks of up to $5,000 for free within the 50 states and Washington, D.C.

Chime Spending Account includes these perks:

• Free-free SpotMe overdraft protection
• Receive direct deposits up to two days early
• Over 38,000 fee-free ATMs (MoneyPass and Visa Plus Alliance networks)
• Instant money transfers to other Chime members
• $0 initial deposit
• No minimum balance requirement

You can qualify for free SpotMe overdraft protection when you receive at least $500 in monthly direct deposits. Your overdraft protection limit is between $20 and $100. Chime uses your next deposit to repay the negative payment balance.

Your Chime Visa debit card can make fee-free withdrawals at MoneyPass and Visa Plus Alliance ATMs across the United States. If you forget your card, the Chime App lets you instantly freeze and unfreeze your card.

Savings Accounts Worth Mentioning

One downside of opening a Chime Bank Spending Account is no signup bonus. Chime Bank is a good option if you’re new to banking or want a simple fee-free account. If you transfer money to friends often, Chime Bank has fewer instant transfer capabilities than other banks. You can make instant transfers to other Chime members using Chime’s Pay Friends mobile app. Chime supports other third-party payment apps including Apple Pay and Google Pay.

It’s possible to make up for the lack of a Spending Account bonus by stashing your extra cash into a High Yield Chime Savings Account. You won’t pay a monthly account fee with this savings account either.

You can optimize your spending and savings accounts by enabling savings round-ups with your Chime debit card. Chime can round up your debit card purchases and transfer the round-up to your savings account. It’s also possible to schedule recurring transfers from each Spending Account direct deposit.

SoFi Bank

With a SoFi Checking & Savings account, you can enjoy several benefits, including getting paid up to 2 days early and earning up to 4.20% APY and up to $250 with direct deposit. Plus, you won’t have to worry about monthly account fees, minimum balance fees, or overdraft fees.

Account holders have access to 55,000+ fee-free ATMs within the Allpoint Network. Other perks include no-fee overdraft coverage of up to $50 with qualifying direct deposits. Plus, you can get up to 15% cash back at local businesses when you pay with your SoFi debit card.

Earning APY

Additionally, SoFi members with direct deposit can earn up to 4.20% APY on savings balances (including Vaults) and 1.20% APY on checking balances. There is no minimum balance requirement.

You don’t have to have a minimum direct deposit amount required to qualify for the 4.20% APY for savings. However, if you don’t have direct deposit, you will only earn 1.20% APY on all account balances in checking and savings (including Vaults).

Get Up To a $250 Cash Bonus

You can also get up to a $250 cash bonus by depositing $5,000 or more total qualifying direct deposit amount during the 25-day evaluation period with the SoFi Checking & Savings. Depositing $1,000-$4,999.99 in total qualifying direct deposits during the 25-day evaluation period will get you a $50 cash bonus.

U.S. Bank

Now, let’s see what U.S. Bank has to offer, including its latest promotions.

U.S. Bank Business Checking

If you’re interested in business options, there are the U.S. Bank Business Checking accounts. There are several accounts available to fit a variety of needs. Accounts can be opened with a deposit as low as $100 or as much as $3,000. After you’ve got your account, you can add funds in several ways, including a check deposit at a U.S. Bank branch, ATM, or through the U.S. Bank app. Funds can also be added by completing an online transfer from another account or wiring money into your account. 

All U.S. Bank Payment Solutions Products

An additional banking option to consider is U.S. Bank Payment Solutions products, including U.S. Bank Merchant Services. With one of these accounts, you may accept payments easily and quickly and improve business operations. Additionally, these accounts allow you to manage your account receivables while providing your customers with a choice of secure payment methods: onsite, online, mobile, and invoicing.

Whether you’re an up-and-comer or an established pro, U.S. Bank Payment Solutions offers merchant card processing services that adjust to the way your business operates. Plus, customer service is available 24/7, 365 days per year.

Get a point-of-sale (POS) system customized for your business through U.S. Bank. With a POS system, you can accept credit, debit, and contactless payments through a range of in-store, on-the-go, and online solutions.

With Everyday Funding, available at no charge with a U.S. Bank Business checking account, you can receive funds within hours of a batch settlement seven days a week, including holidays and weekends.

It’s the convenience and expertise you can expect when you open a U.S. Bank Merchant Services account.

Contract lengths have no minimum term with the ability to cancel at any time. There are also no early termination fees.

U.S. Bank Smartly® Checking

Another option is the U.S. Bank Smartly® Checking. You can open an account with an initial deposit as low as $25 and up to $3,000. Then, add money as needed. You can add money in several ways:

• By depositing a check with the U.S. Bank app, visiting a U.S. Bank branch, or through a U.S. Bank ATM
• Through an online transfer into your account
• Or through wiring money from an old account into your new account

Some of the tools that come with your account include money management with account alerts and overdraft protection, mobile deposits, payment with Zelle®, and personalized financial insights.

There is a monthly fee of $6.95. However, it can be waived if you’re a member of the military, meet age requirements, meet certain criteria with a specific monthly direct deposit total, or meet minimum account balance requirements.

Earn up to a $450 Bonus

Earn up to a $450 bonus when you open a new U.S. Bank Smartly® Checking account and a Standard Savings account online and complete qualifying activities. Subject to certain terms and limitations. Offer valid through November 30, 2023. Member FDIC.

Applicant must reside in AZ, AR, CA, CO, ID, IL, IN, IA, KS, KY, MN, MO, MT, NE, NV, NM, NC, ND, OH, OR, SD, TN, UT, WA, WI, WY to be eligible for Checking account.

Summary of Best Checking Account Bonuses

If you live in a region served by one of the brick-and-mortar banks, this can be a fun way to add some extra cash to your wallet. Banks may only offer these banks to new customers. If you can achieve the bonus offer requirements, it can be worth opening a new bank account. Hopefully one of these best checking account bonus options works for you.

Best Checking Account Bonus?

• Chase Private Client
• CIT Bank
• Chase Total Checking®
• US Smartly
• Chase Sapphire℠ Checking
• Plus the Chase Business Complete Banking℠

FAQs

Which banks offer a bonus for opening an account?

Most national banks offer one-time signup bonuses for new bank customers. It’s possible to earn bonuses for opening new checking and savings accounts. How much you can earn depends on which account you open and the bonus requirements.

For instance, offers that require larger initial deposits or direct deposits tend to offer higher bonus payouts.

Some of the banks to consider looking at first include:

• Chase
• Citi
• Bank of America
• Wells Fargo
• PNC
• Fifth Third Bank
• US Bank
• HSBC
• TD Bank
• SoFi

You are less likely to find bonus offers for online-only banks. However, it’s easier to avoid the ongoing fees that traditional banks usually charge.

Are the best checking account bonuses taxable?

Yes, any bonus cash you earn from a checking account or savings account signup offers is taxable income. When your bank sends you a Form 1099 tax form to report your taxable interest earned for the calendar year, this form will include your bonus cash too.

Paying income tax is one downside of checking account bonuses. To avoid this tax, you may focus on earning credit card signup bonuses which are not subject to taxes under current tax rules.

Which bank is best to open a checking account?

The best bank to open a checking account mostly depends on where you live. Most brick-and-mortar banks require you to enter your zip code to see your available account options. For example, you may live in an area served by Chase Bank but not by Bank of America.

To easily avoid fees, consider joining an online bank like Capital One 360 or Discover Bank. If you don’t need local branch access, this is a free way to get a debit card and have a place to enroll in direct deposit.

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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