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 1%. (The national average for savings accounts is just 0.06%.) A $10,000 balance would earn about $100 per year with one of these accounts.
Here are more details on NerdWallet’s favorite bonuses this month.
Checking account offers and savings promotions
| HSBC Bank: $200 |
| HSBC Advance Checking
|
| HSBC Bank: $450 |
| HSBC Premier Checking
|
| Bank of America: $100 |
|
Bank of America Advantage Banking
|
| Chase Bank: $200 |
| Chase Total Checking®
|
| Chase Bank: $300 |
| Chase Premier Plus Checking℠
|
| Wells Fargo: $400 |
|
Wells Fargo Everyday Checking
|
| Citibank: $200, $400 or $700 |
|
Citibank Basic Banking, Account or Priority Account Package
|
| SunTrust (now Truist): $200 |
| SunTrust Essential Checking
|
| PNC Bank: $50, $200 or $300 |
|
PNC Checking
|
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
Through September 30, 2020
- What you’ll get: $200.
- How to get it: Open a new HSBC Advance Checking account online through the promotional page and make recurring, qualifying direct deposits totaling at least $500 into the account for three consecutive calendar months from the second full calendar month after account opening. 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 a Advance account and receiving qualifying direct deposits. You can find more details at HSBC.)
- Where to open: Online.
- How to qualify: You must not have held any HSBC consumer deposit or investment account from June 29, 2017, through June 29, 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: The bonus will be deposited into your account within eight weeks after you’ve met the qualifications.
- 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
Through September 30, 2020
- What you’ll get: $450.
- How to get it: Open a new HSBC Premier Checking account online through the promotional page and make recurring, qualifying direct deposits totaling at least $5,000 into the account for three consecutive calendar months from the second full calendar month after account opening. 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.
- How to qualify: You must not have held any HSBC consumer deposit or investment account from June 29, 2017, through June 29, 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: The bonus will be deposited into your account within eight weeks after you’ve met the qualifications.
- 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
Through December 31, 2020
- What you’ll get: $100.
- How to get it: Open a Bank of America Advantage SafeBalance, Plus or Relationship Banking checking account through the promotional page. Use the code PSR100CIS when enrolling. Deposit $25 to open a SafeBalance account or $100 to open a Plus or Relationship account. Receive at least 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.
- Where to open: Online.
- How to qualify: 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: You’ll get your bonus within 60 days of meeting the requirements.
- Monthly fee:
- Bank of America Advantage SafeBalance Banking checking: $4.95, may be waived as long as you’re enrolled in Preferred Rewards or are under the age of 24 and are enrolled in school.
- Bank of America Advantage Plus Banking checking: $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 may also qualify for a waiver.
- Bank of America Advantage Relationship Banking checking: $25, waived with at least $10,000 in combined balances each statement cycle across linked checking, savings, IRAs and Merrill Edge and Merrill Lynch investment accounts. Preferred Rewards clients don’t have to pay the $25 fee.
Chase Total Checking®: $200 bonus
Through October 14, 2020
- What you’ll get: $200.
- 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).
- How to 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 Premier Plus Checking℠: $300 bonus
Through October 14, 2020
- What you’ll get: $300.
- How to get it: Open a Chase Premier Plus 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 amount will be deducted at closing.
- Where to open: The account can be opened online or at a Chase branch (find a location near you).
- How to 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 and 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 your direct deposit.
- Monthly fee: $25, avoided by maintaining an average daily balance of $15,000 between this and other linked Chase accounts or making automatic payments on a qualifying Chase mortgage from this account.
Wells Fargo Everyday Checking: $400 bonus
Through July 31, 2020
- What you’ll get: $400.
- 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 $4,000 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. Opportunity Checking also qualifies for this offer.
- Where to open: Online or in branch.
- How to 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 $1,500 minimum daily balance, $500 or more in qualifying direct deposits or 10 or more debit transactions during the fee period.
Citibank Basic Banking, Account or Priority Account Package: $200, $400 or $700 bonus
Through January 5, 2021
- What you’ll get: $200, $400 or $700.
- 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.
- How to 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.
SunTrust Essential Checking: $200 bonus
Through September 30, 2020
- What you’ll get: $200.
- How to get it: Earn $200 for opening an Essential Checking account with SunTrust (now Truist) and receiving at least $500 in monthly direct deposits into the account for two consecutive statement cycles within the first three full statement cycles of having the account. Be sure to use the code Q320ESSENTIAL when signing up. Keep in mind that Essential accounts linked to another personal checking account are ineligible for the offer, and your account must be open and have at least $0.01 to receive the bonus. If the account is closed within 180 days of opening, SunTrust may deduct the bonus at closing.
- Where to open: You can open online through the promotional page, or have a coupon emailed to yourself through the page, and open at a branch.
- How to qualify: You must not have closed a personal checking account with SunTrust on or after January 3, 2019. You must also have a mailing address in Alabama, Arkansas, Georgia, Florida, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia or the District of Columbia.
- When you’ll get it: You’ll receive the bonus up to eight weeks after your qualification has been verified.
- Monthly fee: $7, waived with 10 or more client-initiated transactions per statement cycle, $500 or more in qualifying direct deposits each statement cycle, having a $500 minimum daily collected balance or qualifying for a student waiver.
PNC Bank Virtual Wallet Checking: $50, $200 or $300 bonus
Through July 10, 2020
- What you’ll get: $50, $200 or $300.
- How to get it: Your bonus amount depends on the type of account you open. Options include a Virtual Wallet account, a Virtual Wallet With Performance Spend account or a Virtual Wallet With Performance Select account. Qualifying direct deposits must total at least $500, $2,000 or $5,000, depending on which account you’ve signed up for, within 60 days of opening.
- How to qualify: To qualify, you must not have had a PNC account within the last 90 days or received a PNC promotional payment within the last 12 months.
- When you’ll get it: Your bonus will be deposited within 60-90 days after all criteria have been met.
- Where to open: Online.
- Monthly fee:
- Virtual Wallet: $7, waived with $500 in qualifying direct deposits each month or a monthly average balance of at least $500 in your Spend and Reserve. Also waived with Virtual Wallet Student or if the account holder is 62 or older.
- Performance Spend: $15, waived with $2,000 in qualifying direct deposits each month, a monthly average balance of at least $2,000 in your Spend and Reserve or a $10,000 combined average monthly balance between deposits, investments and loans.
- Performance Select: $25, waived with $5,000 in qualifying direct deposits each month; a monthly average balance of at least $5,000 between your Spend, Reserve and other linked checking accounts; or a $25,000 combined average monthly balance between deposits, investments and loans.
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 | July 2020
Here’s a recap of this month’s best bank bonuses.
| Bank | Offer amount | Bonus expiration date |
|---|---|---|
| Chase Total Checking® | $200 | 10/14/2020 |
| Chase Premier Plus Checking℠ | $300 | 10/14/2020 |
| Wells Fargo Everyday Checking | $400 | 7/31/2020 |
| Bank of America Advantage Banking | $100 | 12/31/2020 |
| HSBC Advance Checking | $200 | 9/30/2020 |
| HSBC Premier Checking | $450 | 9/30/2020 |
| Citibank Basic Banking, Account or Priority Account Packages | $200, $400 or $700 | 1/5/2021 |
| SunTrust (now Truist) Essential Checking | $200 | 9/30/2020 |
| PNC Virtual Wallet Checking | $50, $200 or $300 | 7/10/2020 |
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.
