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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.
Why you can trust NerdWallet: Our writers and editors follow strict to make sure our coverage is fair and accurate, so you can choose the financial accounts that work best for you. See our criteria for .
For more sustained earnings on balances, consider one of . These accounts are free and have annual percentage yields around 0.40%. (The national average for savings accounts is just .) 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. Some banks have looser rules than others; we’ve outlined those requirements below. Scroll down for more specific details on each bonus.
» Looking for a business banking bonus?
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 to be aware of.) But as long as you do your homework, bank promotions can be an excellent way to make extra cash.
Details on bonus from Discover: "To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online or by phone. Enter Offer Code NW21 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 30 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/15/21, 11:59 PM ET. Offer may be modified or withdrawn without notice."
» Want to see how Chase stacks up? Read
If these bonuses don’t entice you, you may want to look for a different account — see .
Here’s a recap of this month’s best bank bonuses.
Here's a strong bonus offer for a new business account:
Bank promotions can be worth the effort of opening a new account and adding money if the reward is substantial enough and the requirements aren't too difficult to meet.
» Prefer an account that offers rewards beyond a sign-up bonus? Check out
The best bank promotions offer the opportunity to earn a significant cash bonus for signing up for a new account with no fees or fees that are easy to get waived.
If you’ve earned a cash bonus for opening a new bank account, it's usually taxable. You are responsible for covering any tax liability.
It can be helpful to have multiple bank accounts — as long as you can meet the requirements and minimums in order to avoid fees.
The number of checking and/or savings accounts you should have depends on your individual situation. Married or partnered people, for example, might each want to have their own accounts in addition to one or more shared accounts. You might want to consider having accounts at different financial institutions for different purposes — such as having an account with a if you’re frequently abroad, or with the bank that handles your mortgage or other loans for more seamless payment transfers.
» Looking for the right place to keep your savings? Check out NerdWallet's picks for the
We consider bonuses offered by brick-and-mortar and online banks and credit unions in the U.S. 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.