BEST OF - Virginia

13 Best Bank Bonuses and Promotions of March 2024

Ruth Sarreal
By Ruth Sarreal 
Edited by Yuliya Goldshteyn

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Bank promotions generally 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 editorial guidelines 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 evaluating banks and credit unions.

For more sustained earnings on balances, consider one of NerdWallet’s best high-yield online savings accounts. These accounts are free and have annual percentage yields above 4%. (The national average for savings accounts is just 0.46%.) A $10,000 balance would earn more than $400 per year in interest with one of these high-yield accounts.

Here are the details on NerdWallet’s favorite bonuses this month, including checking account promotions and savings account bonuses. Some banks have looser rules than others; we’ve outlined those requirements below. Note that not all products or offers are available in all regions. Scroll down for more specific details on each bonus.

Summary of best bank promotions and bonuses

Best bank bonus for checking and savings

  • PNC Bank Virtual Wallet Checking Pro: $200 bonus offer

  • PNC Bank Virtual Wallet: Up to $400 bonus offer

  • SoFi Checking and Savings: Up to $300 bonus offer

Best bank bonuses for savings

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

  • TD Bank savings: $200 bonus offer

Best bank bonuses for checking

  • Axos Rewards Checking: Up to $300 bonus offer

  • Bank of America Advantage Banking: $200 bonus offer

  • BMO checking: Up to $400 bonus offer

  • Chase Secure Banking℠: $100 bonus offer

  • Chase Total Checking®: $300 bonus offer

  • TD Bank checking: Up to $300 bonus offer

  • U.S. Bank Smartly® Checking: Up to $800 bonus offer

  • Wells Fargo Everyday Checking: $300 bonus offer

Best bank bonus for business checking

  • Chase business checking: $400 bonus offer

Discover the bank accounts that fit your financial goals
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Best Bank Bonuses and Promotions

Our pick for

Checking and Savings

NerdWallet rating 

4.5

/5
SoFi Checking and Savings
Learn more

at SoFi Bank, N.A., Member FDIC

APY

1.20%

Bonus

$300

NerdWallet rating 

5.0

/5
PNC Virtual Wallet® Checking Pro - Spend
Monthly fee

$0

APY

N/A

Bonus

$200

NerdWallet rating 

5.0

/5
PNC Virtual Wallet - Spend
Monthly fee

$7.00

APY

N/A

Bonus

$100

Our pick for

Checking

NerdWallet rating 

5.0

/5
Axos Bank® Rewards Checking
Learn more

at Axos Bank®, Member FDIC

Monthly fee

$0

APY

3.30%

Bonus

$300

NerdWallet rating 

4.5

/5
Chase Total Checking®
Learn more

at Chase, Member FDIC

Monthly fee

$12.00

APY

N/A

Bonus

$300

NerdWallet rating 

3.5

/5
Chase Secure Banking℠
Learn more

at Chase, Member FDIC

Monthly fee

$4.95

APY

N/A

Bonus

$100

NerdWallet rating 

3.5

/5
Bank of America Advantage Plus Banking®
Learn more

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

Monthly fee

$12.00

APY

N/A

Bonus

N/A

NerdWallet rating 

4.5

/5
BMO Smart Advantage Checking
Learn more

at BMO Bank N.A., Member FDIC

Monthly fee

$0

APY

N/A

Bonus

$250

NerdWallet rating 

4.0

/5
Wells Fargo Everyday Checking
Monthly fee

$10.00

APY

N/A

Bonus

$300

NerdWallet rating 

3.5

/5
TD Convenience Checking℠
Learn more

at TD Bank, Member FDIC

Monthly fee

$15.00

APY

N/A

Bonus

$200

Our pick for

Business Checking

NerdWallet rating 

4.5

/5
Chase Business Complete Banking℠
Learn more

at Chase, Member FDIC

Monthly fee

$15.00

APY

N/A

Bonus

$400

Our pick for

Savings

NerdWallet rating 

3.0

/5
TD Bank TD Simple Savings
APY

0.02%

Bonus

$200

NerdWallet rating 

4.5

/5
Alliant Credit Union Ultimate Opportunity Savings Account
APY

3.10%

Bonus

$100

More about bank bonuses

What does the Fed rate announcement mean for bank account bonuses?

In January, the Federal Reserve announced it would not raise the federal funds rate (the rate which commercial banks use to borrow and lend money to one another). The Fed last increased the rate in July 2023, which was the fourth change that year. The Fed also increased the rate seven times in 2022. The changes haven’t directly affected bank bonuses, but it could still be a good time to open a new bank account because previous Fed rate increases have resulted in higher savings account interest rates. So you could take advantage of both a bank bonus and higher APYs in a new savings account.

Are bank account bonuses worth it?

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. Before signing up for a new account to earn a bank bonus, understand the details including what fees might be incurred and how long you might have to wait for the bonus to be paid. Check out more things to look out for when considering a bank sign-up bonus.

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» Prefer an account that offers rewards beyond a sign-up bonus? Check out our favorite rewards checking accounts

What do the best bank bonuses have in common?

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.

Are bank bonuses taxable?

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.

» Churning through accounts to get bonuses? Find out whether closing a bank account hurts your credit

Should I have more than one checking or savings account?

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 bank that works well for international travel if you’re frequently abroad, or with the bank that handles your mortgage or other loans for more seamless payment transfers. (Learn the signs that it's time to choose a new bank.)

» Looking for the right place to keep your savings? Check out NerdWallet's picks for the best savings accounts

Last updated on March 1, 2024

Methodology

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.

To recap our selections...

NerdWallet's Best Bank Bonuses and Promotions of March 2024

Frequently asked questions