8 Best Bank Bonuses and Promotions of October 2020

Alice HolbrookOctober 1, 2020

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

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 0.60%. (The national average for savings accounts is just 0.05%.) A $10,000 balance would earn about $60 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.

HSBC HSBC Advance Checking - $200 Welcome Deposit
NerdWallet rating 

at HSBC, Member FDIC

HSBC Advance Checking: $200 bonus offer

  • Expires Jan. 7, 2021.

  • Direct deposit required: Yes.

  • Minimum deposit required: $1,500 total over three months.

HSBC HSBC Premier Checking - $450 Welcome Deposit
NerdWallet rating 

at HSBC, Member FDIC

HSBC Premier Checking: $450 bonus offer

  • Expires Jan. 7, 2021.

  • Direct deposit required: Yes.

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

Bank of America Bank of America Advantage Plus Banking®
NerdWallet rating 

at Bank of America, Member FDIC

Bank of America Advantage Banking: $100 bonus offer

  • Expires Dec. 31, 2020.

  • Direct deposit required: Yes.

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

Chase Chase Total Checking®
NerdWallet rating 

at Chase, Member FDIC

Chase Total Checking®: $200 bonus offer

  • Expires Jan. 20, 2021.

  • Direct deposit required: Yes.

  • Minimum deposit required: None.

Chase Chase Savings℠
NerdWallet rating 

at Chase, Member FDIC

Chase Savings℠: $150 bonus offer

  • Expires Jan. 20, 2021.

  • Direct deposit required: No.

  • Minimum deposit required: $10,000 within 20 business days.

Aspiration Spend & Save Account
NerdWallet rating 

at Aspiration, Deposits are FDIC Insured

Aspiration Spend & Save bonus offer

  • Ongoing.

  • Direct deposit required: No.

  • Minimum transaction amount required: $1,000 over two months, plus a $10 deposit to open the account.

Citi® Citi® Simple Checking
NerdWallet rating 
Read review

Citibank Basic Banking, Account or Priority Account Package: $200, $400 or $700 bonus offer

  • Expires Jan. 5, 2021.

  • Direct deposit required: No.

  • Minimum deposit required: $5,000-$50,000 within one month.

PNC PNC Virtual Wallet Spend
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Read review

PNC Bank Virtual Wallet Checking Pro bonus offer

  • Expires Oct. 29, 2020.

  • Direct deposit required: Yes.

  • Minimum deposit required: $2,000 within 60 days.

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.

HSBC Advance Checking: $200 bonus offer

HSBC HSBC Advance Checking - $200 Welcome Deposit
NerdWallet rating 

at HSBC, Member FDIC

  • What you’ll get: $200.

  • Expiration: Jan. 7, 2021.

  • How to get it: Get a $200 Welcome Deposit for eligible new customers who open a new HSBC Advance Checking account and complete the following qualifying activities:

    • Open your new HSBC Advance checking account online by Jan. 7, 2021; and

    • Make recurring monthly qualifying direct deposits totaling at least $500 from a third party to your HSBC Advance 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 $40 per month for the first six months, and a maximum of $240 total — for opening an Advance 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 Sept. 30, 2017, through Sept. 30, 2020, 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 $200 Welcome Deposit in your new HSBC Advance checking account approximately eight weeks after completing all qualifying activities. It's that simple.

  • Monthly fee: $25, avoided by having a balance of at least $5,000 between your U.S. personal and qualifying commercial deposit and investment accounts with HSBC, receiving a monthly recurring third-party direct deposits into your account or having an HSBC U.S. residential mortgage loan.

HSBC Premier Checking: $450 bonus offer

HSBC HSBC Premier Checking - $450 Welcome Deposit
NerdWallet rating 

at HSBC, Member FDIC

  • What you’ll get: $450.

  • Expiration: Jan. 7, 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 online by Jan. 7, 2020; 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 Sept. 30, 2017, through Sept. 30, 2020, 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. It's that simple.

  • 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.

Bank of America Advantage Banking: $100 bonus offer

Bank of America Bank of America Advantage Plus Banking®
NerdWallet rating 

at Bank of America, Member FDIC

  • What you'll get: $100.

  • Expiration: Dec. 31, 2020.

  • 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 PSR100CIS 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 six 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.

Chase Total Checking®: $200 bonus offer

Chase Chase Total Checking®
NerdWallet rating 

at Chase, Member FDIC

  • What you'll get: $200.

  • Expiration: Jan. 20, 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 no more than 10 business 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

Chase Savings℠: $150 bonus offer

Chase Chase Savings℠
NerdWallet rating 

at Chase, Member FDIC

  • What you'll get: $150.

  • Expiration: Jan. 20, 2021.

  • How to get it: Open a Chase Savings℠ account online or in person using a coupon emailed to you through the promotional page. Fund with at least $10,000 in money that’s new to Chase within 20 business days of opening the account, and maintain the $10,000 balance for 90 days. The account must remain open for six months, or the bonus will be deducted at 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 savings account within the last 90 days or had one closed with a negative balance. In addition, you may receive only one new savings 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 no more than 10 business days after you’ve met the requirements.

  • Monthly fee: $5, avoided by maintaining an average daily balance of $300 or more, having a repeating automatic transfer of at least $25 from another Chase account you own, linking a premium Chase checking account or having an account owner under 18.

Aspiration Spend & Save: $100 bonus offer

Aspiration Spend & Save Account
NerdWallet rating 

at Aspiration, Deposits are FDIC Insured

  • What you'll get: $100.

  • Expiration: Ongoing.

  • How to get it: Open a new Spend & Save account and fund it with at least $10, and use your Aspiration debit card to make a minimum of $1,000 in transactions within 60 days of opening. Your account must be open and in good standing to receive the bonus.

  • Where to open: Open your account online through the promotional page.

  • Who can qualify: Customers who open a new Spend & Save account.

  • When you’ll get it: The credit will post to your account within 120 days from the account opening.

  • Monthly fee: Aspiration customers pay a monthly fee they think is fair for the use of the account.

Citibank Basic Banking, Account or Priority Account Package: $200, $400 or $700 bonus offer

Citi® Citi® Simple Checking
NerdWallet rating 
Read review
  • What you'll get: $200, $400 or $700.

  • Expiration: Jan. 5, 2021.

  • How to get it: Open a new checking (Basic Banking) or checking and savings (Account and Priority Account) account and deposit $5,000, $15,000 or $50,000, respectively, within 30 days of opening the account or accounts. Maintain that balance for 60 consecutive calendar days. Depositing $5,000 into the Basic Banking package earns you $200, depositing $15,000 into the Account package earns you $400, 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, through the promotional page.

  • 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:

    • Basic Banking: $12, waived with one qualifying direct deposit per statement period and one qualifying bill payment per statement period or a combined average monthly balance or at least $1,500 across eligible linked accounts.

    • 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.

PNC Bank Virtual Wallet Checking Pro with Spend: $200 bonus offer

PNC PNC Virtual Wallet Spend
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Read review
  • What you'll get: $200.

  • Expiration: Oct. 29, 2020.

  • How to get it: Open a new Virtual Wallet Checking Pro with Spend and make qualifying direct deposits totaling at least $2,000 within 60 days. Your Spend account must be open to receive the bonus in it.

  • Where to open: Open your account online through the promotional page, or in-person at a branch.

  • Who can qualify: Anyone who has not had a PNC account within the last 90 days or received a PNC promotional payment within the last 12 months. Availability may vary by your location; you can check your eligibility on the promotional page.

  • When you’ll get it: The bonus will be credited to your account within 60-90 days after you’ve met the requirements.

  • Monthly fee: None.

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

Best bank promotions and bonuses | October 2020

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

Bank

Offer amount

Bonus expiration date

Chase Total Checking®

$200

1/20/2021

Chase Savings℠

$150

1/20/2021

Bank of America Advantage Banking

$100

12/31/2020

HSBC Advance Checking

$200

1/7/2021

HSBC Premier Checking

$450

1/7/2021

Citibank Basic Banking, Account or Priority Account Packages

$200, $400 or $700

1/5/2021

PNC Bank Virtual Wallet Checking Pro

$200

10/29/2020

Aspiration Spend & Save

$100

Ongoing

Checking account offers, savings promotions for October 2020

  • Chase Total Checking®, $200.

  • Chase Savings℠, $150.

  • Bank of America Advantage Banking, $100.

  • HSBC Advance Checking, $200.

  • HSBC Premier Checking, $450.

  • Citibank Basic Banking, Account or Priority Account Packages, $200, $400, $500 or $700.

  • PNC Bank Virtual Wallet Checking Pro, $200.

  • Aspiration Spend & Save, $100.


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.

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