9 Best Bank Bonuses and Promotions of May 2021

Ruth SarrealMay 2, 2021
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Bank promotions consist of cash bonuses when you open a new checking or savings account. To qualify for this one-time perk, you’ll likely have to set up direct deposit with the bank and keep the account open for at least a few months. Some banks have looser rules than others; we’ve outlined those requirements below.

For more sustained earnings on your balances, consider one of NerdWallet’s best high-yield online savings accounts. These accounts are free and have annual percentage yields around 0.40%. (The national average for savings accounts is just 0.06%.) A $10,000 balance would earn about $40 per year with one of these accounts.

Here are more details on NerdWallet’s favorite bonuses this month. Then scroll down for more specific details on each bonus.

Alliant Credit Union Ultimate Opportunity Savings Account
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Alliant Credit Union The Ultimate Opportunity Savings: $100 bonus offer

  • Expires Dec. 31, 2021.

  • Direct deposit required: No.

  • Minimum deposit required: $1,200 over 12 consecutive months.

Bank of America Advantage Plus Banking®
NerdWallet rating 

at Bank of America, N.A., Member FDIC

Bank of America Advantage Banking: $100 bonus offer

  • Expires June 30, 2021.

  • Direct deposit required: Yes.

  • Minimum deposit required: See offer page for more details.

HSBC Premier Checking - $450 Welcome Deposit
NerdWallet rating 

at HSBC, Member FDIC

HSBC Premier Checking: $450 bonus offer

  • Expires June 30, 2021.

  • Direct deposit required: Yes.

  • Minimum deposit required: $15,000 total over three months.

TD Bank TD Convenience Checking℠
NerdWallet rating 

at TD Bank, Member FDIC

TD Bank Checking: $150 or $300 bonus offer

  • Expires Aug. 3, 2021.

  • Direct deposit required: Yes.

  • Minimum deposit required: $500 or $2,500, depending on account, within 60 days.

Axos Bank® High Yield Savings
NerdWallet rating 

at Axos Bank®, Member FDIC

Axos High-Yield Savings and Essential Checking: $100 bonus offer

  • Expires May 31, 2021.

  • Direct deposit required: Yes.

  • Minimum deposit required: $1,000.

Wells Fargo Everyday Checking
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Wells Fargo Everyday Checking: $200 bonus offer

  • Expires June 30, 2021.

  • Direct deposit required: Yes.

  • Minimum deposit required: $2,000.

Huntington National Bank Asterisk-Free Checking®
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Huntington Bank Checking: $150 or $200 bonus offer

  • Expires July 7, 2021.

  • Direct deposit required: No.

  • Minimum deposit required: $1,000 within 60 days.

Chase Total Checking®
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Chase Total Checking®: $225 bonus offer

  • Expires July 14, 2021.

  • Direct deposit required: Yes.

  • Minimum deposit required: None.

Citi® Simple Checking
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Citibank Checking: $300 or $700 bonus offer

  • Expires June 30, 2021.

  • Direct deposit required: No.

  • Minimum deposit required: $15,000 or $50,000.

» Looking for a business banking bonus? Click here for our favorite business bonus this month

If you’re set on securing a bank bonus, keep in mind that chasing promotions may cost you in the long run if you’re unable to avoid monthly fees. (Check out a few other bonus-related pitfalls to be aware of.) But as long as you do your homework, bank promotions can be an excellent way to make extra cash.

Alliant Ultimate Opportunity Savings: $100 bonus offer

Alliant Credit Union Ultimate Opportunity Savings Account
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  • What you'll get: $100.

  • Expiration: Dec. 31, 2021.

  • How to get it: Open a new The Ultimate Opportunity Savings account online at the promotional page, or by phone at 800-328-1935 and mention Suze Orman’s The Ultimate Opportunity Savings Account promotion. Then transfer or deposit the first $100 within 30 days, and then make transfers or deposits totaling at least $100 or more each month for the next 11 consecutive months, and keep an average daily balance of at least $100. To receive the bonus, at the end of the 12-month period, your account must be open with a balance of at least $1,200.

  • Where to open: Online or by phone.

  • Who can qualify: New Alliant Credit Union members only. People who have closed an Alliant savings account within 180 days, existing members, and joint owners on Alliant savings accounts are not eligible.

  • When you’ll get it: The bonus will be credited to your account within four weeks of meeting the requirements.

  • Monthly fee: $0 when you opt for eStatements; otherwise, paper statements cost $1 each.

If these bonuses don’t entice you, you may want to look for a different account — see our picks for best checking accounts.

Bank of America Advantage Banking: $100 bonus offer

Bank of America Advantage Plus Banking®
NerdWallet rating 

at Bank of America, N.A., Member FDIC

  • What you'll get: $100.

  • Expiration: June 30, 2021.

  • How to get it: Open a Bank of America Advantage SafeBalance Banking®, Bank of America Advantage Plus Banking®, Bank of America Advantage Relationship Banking® checking account through the promotional page. Use the code DOC100CIS when enrolling. Deposit $25 to open an Advantage SafeBalance account or $100 to open an Advantage Plus or Advantage Relationship account. Receive two qualifying direct deposits of at least $250 within the first 90 days of owning the account. Your account must be open and in good standing to receive the bonus. Additional terms and conditions apply. See offer page for more details.

  • Where to open: Online.

  • Who can qualify: This is an online-only offer for new checking customers only. You cannot have held a Bank of America personal checking account within the last 12 months as either an owner or a co-owner. Fiduciary accounts are excluded.

  • When you’ll get it: Within 60 days of meeting all the requirements.

  • Monthly fee: 

    • Bank of America Advantage SafeBalance Banking®: $4.95, may be waived as long as you’re enrolled in Preferred Rewards. Students under 24 who are enrolled in school may also qualify for a waiver.

    • Bank of America Advantage Plus Banking®: $12, waived with at least one qualifying direct deposit of at least $250 each month or a $1,500 minimum daily balance. Preferred Rewards clients or students under 24 who are enrolled in school may also qualify for a waiver.

    • Bank of America Advantage Relationship Banking®: $25, waived with at least $10,000 in combined balances each statement cycle across linked checking, savings, IRAs and Merrill® investment accounts. Preferred Rewards clients don’t have to pay the $25 fee.

HSBC Premier Checking: $450 bonus offer

HSBC Premier Checking - $450 Welcome Deposit
NerdWallet rating 

at HSBC, Member FDIC

  • What you’ll get: $450.

  • Expiration: June 30, 2021.

  • How to get it: Get a $450 Welcome Deposit for eligible new customers who open a new HSBC Premier checking account and complete the following qualifying activities:

    • Open your new HSBC Premier Checking account on the offer page by June 30, 2021; and

    • Make recurring monthly qualifying direct deposits totaling at least $5,000 from a third party to your HSBC Premier Checking account(s) for three consecutive calendar months from the second full calendar month after account opening.

    • Open the account online via the offer page. Your HSBC account must be open and not have been changed to a product with lower balance requirements to receive the bonus. (Instead, you may opt to earn 3% cash back — up to $100 per month for the first six months, and a maximum of $600 total — for opening a Premier account and receiving qualifying direct deposits. You can find more details at HSBC.)

  • Where to open: Online.

  • Who can qualify: You must not have held any HSBC consumer deposit or investment account from March 31, 2018 through March 31, 2021, to be eligible, and consumers who receive this offer cannot receive any other new customer offers provided by HSBC. In addition, you must have been a U.S. resident for the past two years to apply for a deposit account online.

  • When you’ll get it: You will automatically receive the $450 Welcome Deposit in your new HSBC Premier Checking account approximately eight weeks after completing all qualifying activities.

Monthly fee: $50, avoided by having a balance of at least $75,000 between your personal deposit and investment accounts with HSBC, receiving recurring third-party direct deposits of at least $5,000 into your account each calendar month or having an HSBC U.S. residential mortgage loan with an origination amount of at least $500,000.

TD Bank Checking: $150 or $300 bonus offer

TD Bank TD Convenience Checking℠
NerdWallet rating 

at TD Bank, Member FDIC

  • What you'll get: $150 or $300.

  • Expiration: Aug. 3, 2021.

  • How to get it: Open a new TD Convenience Checking or TD Beyond Checking account online at the promotional page. Make direct deposits within 60 days of opening the account, and keep the account open for at least six months. Depositing $500 to the TD Convenience Checking account earns you $150, and depositing $2,500 to the TD Beyond Checking account earns you $300. Your account must be open to receive the bonus.

  • Where to open: Online.

  • Who can qualify: This offer is for new personal checking accounts only. You must not have had a TD Bank personal checking account within the last 12 months. You must also be a resident of Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, North Carolina, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia or Washington, DC.

  • When you'll get it: You'll receive the bonus within 140 days of opening the account if you've met the requirements.

  • Monthly fee: 

    • TD Convenience Checking: $15; waived with a minimum daily balance of $100.

    • TD Beyond Checking: $25, waived with direct deposits of at least $5,000 per statement cycle, a $2,500 minimum daily balance, or a combined balance of $25,000 across eligible TD accounts.

Axos Bank: High-Yield Savings: $100 bonus offer

Axos Bank® High Yield Savings
NerdWallet rating 

at Axos Bank®, Member FDIC

  • What you'll get: $100.

  • Expiration: May 31, 2021

  • How to get it: Open a High-Yield Savings and an Essential Checking account at the same time at Axos Bank using the promotional page and the promo code GET100. (The savings account requires a minimum opening deposit of $250.) Then receive at least $1,000 in qualifying direct deposits into the Essential Checking account within 60 days of opening it. Funds must be new to Axos Bank. The accounts must remain open for 180 days or else you may be charged a $50 fee for early closure.

  • Where to open: Online.

  • Who can qualify: You may not qualify if you've already received a promotional bonus for opening a new account within the calendar year.

  • When you'll get it: You'll receive your bonus within five business days of your third statement cycle date.

  • Monthly fee:

    • High-Yield Savings: $0.

    • Essential Checking: $0.

Wells Fargo Everyday Checking: $200 bonus offer

Wells Fargo Everyday Checking
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  • What you'll get: $200.

  • Expiration: June 30, 2021

  • How to get it: Open a Wells Fargo Everyday Checking account through the promotional page or in a branch with a coupon emailed to you from that page. (The minimum deposit is $25.) Then receive at least $2,000 in qualifying direct deposits into the account within 90 days of opening it. Throughout this time, your account must remain open with a balance greater than $0.

  • Where to open: Online or in branch.

  • Who can qualify: You must not currently have a Wells Fargo consumer checking account or have received a bonus for opening one within the last 12 months. You can also check your eligibility by location by plugging your ZIP code into the promotional page.

  • When you'll get it: You'll receive your bonus within 30 days of completing the 90-day qualification period.

  • Monthly fee: $10, waived with a $500 minimum daily balance, $500 or more in qualifying direct deposits or linking the account to a Wells Fargo Campus ATM or Campus debit card.

Huntington Checking: $150 or $200 bonus offer

Huntington National Bank Asterisk-Free Checking®
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  • What you'll get: $150 or $200.

  • Expiration: July 7, 2021.

  • How to get it: Open a new Huntington Asterisk-Free or Huntington 5 checking account online or in person using a coupon emailed to you through the promotional page. Deposit at least $1,000 within 60 days of opening the account and maintain that amount in the account for 90 days. Depositing $1,000 to the Asterisk-Free checking account earns you $150, and depositing $1,000 to the Huntington 5 checking account earns you $200. The money must be new to Huntington. Your account must be open to receive the bonus.

  • Where to open: Online or at a branch.

  • Who can qualify: This offer is for new personal checking accounts only. You must not have had a Huntington checking account within the last six months, and you must be a resident of Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania or West Virginia.

  • When you'll get it: You'll receive the bonus within 14 days of meeting the requirements.

  • Monthly fee: 

    • Huntington Asterisk-Free Checking: $0.

    • Huntington 5 Checking: $5, waived with $5,000 in total balances across Huntington accounts.

Chase Total Checking®: $225 bonus offer

Chase Total Checking®
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Read review
  • What you'll get: $225.

  • Expiration: July 14, 2021.

  • How to get it: Open a Chase Total Checking® account online or in person using a coupon emailed to you through the promotional page. You must have a qualifying direct deposit into the account within 90 days of opening the account. The account must remain open for six months or the bonus will be deducted at account closing.

  • Where to open: The account can be opened online or at a Chase branch (find a location near you).

  • Who can qualify: You must not have had a Chase checking account within the last 90 days or had one closed with a negative balance. In addition, you may receive only one new checking account opening bonus every two years from the last enrollment date, and you’re limited to one bonus per account.

  • When you’ll get it: The bonus will be deposited into your account within 15 days after your first direct deposit.

  • Monthly fee: $12, avoided by having monthly direct deposits of $500 or more, a minimum daily balance of $1,500, or keeping a daily average balance of $5,000 in your Chase Total Checking® and qualifying linked Chase bank accounts.

» Want to see how Chase stacks up? Read NerdWallet’s review of Chase Bank

Citibank Account or Priority Account Package: $300 or $700 bonus offer

Citi® Simple Checking
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Read review
  • What you'll get: $300 or $700.

  • Expiration: June 30, 2021.

  • How to get it: Open new checking and savings accounts in an Account or Priority Account package through the promotional page and deposit $15,000 or $50,000, respectively, within 30 days of opening the account or accounts. Maintain that balance for 60 consecutive calendar days. Depositing $15,000 into the Account package earns you $300, and depositing $50,000 into the Priority Account package earns you $700. Funds must be new to Citibank. Your account must be open and in good standing to receive the bonus.

  • Where to open: Online.

  • Who can qualify: You must not have had a checking account with Citibank for the last 180 days to take advantage of the offer.

  • When you’ll get it: You’ll receive the bonus within 90 days of meeting the requirements.

  • Monthly fee:

    • Account Package: $25, waived with a monthly average balance of at least $10,000 across eligible linked accounts.

    • Priority Account: $30, waived with a monthly average balance of at least $50,000 across eligible linked accounts.

Best bank promotions and bonuses | May 2021

Here’s a recap of this month’s best bank bonuses.

Bank

Offer amount

Bonus expiration date

Bank of America Advantage Banking

$100

6/30/2021

TD Bank Checking

$150 or $300

8/3/21

HSBC Premier Checking

$450

6/30/2021

Alliant Credit Union Ultimate Opportunity Savings

$100

12/31/21

Huntington Checking

$150 or $200

7/7/2021

Chase Total Checking®

$225

7/14/2021

Wells Fargo Everyday Checking

$200

6/30/2021

Citibank Checking

$300 or $700

6/30/2021

Axos Bank High-Yield Savings and Essential Checking

$100

5/31/2021

Best bank promotion for business accounts | May 2021

Here's a strong bonus offer for a new business account:

Chase Business Checking: $300 bonus offer

Chase Business Complete Banking℠

at Chase, Member FDIC

  • What you'll get: $300.

  • Expiration: July 23, 2021.

  • How to get it: Open a new Business Complete Checking℠, Performance Business Checking® or Chase Platinum Business Checking℠ account at a branch, using the offer code emailed to you from the promotional page. Then deposit at least $2,000 in new money within 30 days, maintain a $2,000 balance for 90 days, and complete five qualifying transactions, such as debit card purchases, QuickAccept℠ deposits, QuickDeposits℠, and ACH or wire transfers, within 90 days. The account must remain open for six months or the bonus will be deducted at account closing.

  • Where to open: Online or in person at a Chase branch (find a location near you).

  • Who can qualify: Anyone who has not received a bonus related to a new Chase business checking account opening in the last two years. Only one bonus is allowed per account.

  • When you’ll get it: The bonus will be deposited into your new account within 15 days of completing all the requirements.

  • Monthly fee: 

    • Chase Business Complete Checking℠: $15, waived with a minimum daily balance of $2,000, by spending at least $2,000 in purchases with your Chase Ink Business Card, by depositing $2,000 into your new account from your QuickAccept℠ or eligible transactions at least one business day before the last day of your statement period, or by maintaining a linked Chase Private Client Checking℠ account.

    • Chase Performance Business Checking®: $30, waived with a minimum combined average daily balance of $35,000 across qualifying business deposit accounts.

    • Chase Platinum Business Checking℠: $95, waived with a minimum combined average daily balance of $100,000 across qualifying business deposit and business investment accounts.

Checking account offers, savings promotions for May 2021

  • Bank of America Advantage Banking, $100.

  • TD Bank Checking, $150 or $300.

  • HSBC Premier Checking, $450.

  • Alliant Credit Union Ultimate Opportunity Savings, $100.

  • Huntington Checking, $150 or $200.

  • Chase Total Checking, $225.

  • Wells Fargo Everyday Checking, $200.

  • Citibank Checking, $300 or $700.

  • Axos High-Yield Savings and Essential Checking, $100.

  • Chase Business Checking, $300.


METHODOLOGY

We consider bonuses offered by brick-and-mortar and online banks and credit unions in the United States that NerdWallet has rated. Eligible bonuses are rated for inclusion based primarily on the population eligible and the potential return on money deposited. We also consider factors including bonus requirements, the amount of time the account must remain open and account quality.