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10 Best Bank Promotions and Bonuses January 2020

Jan. 2, 2020
Banking, Checking Accounts, Savings Accounts
At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t 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 2%. (The national average for savings accounts is just 0.09%.) A $10,000 balance would earn about $200 per year with one of these accounts.

Here are more details on NerdWallet’s favorite bonuses this month.

Checking account offers and savings promotions

Chase Bank: $200
Chase

at Chase,

Member, FDIC

Chase Total Checking®

3.5 NerdWallet rating

 

Chase Bank: $150
Chase

at Chase,

Member, FDIC

Chase Savings℠

3.5 NerdWallet rating

 

Chase Bank: $300
Chase

at Chase,

Member, FDIC

Chase Premier Plus Checking℠

3.5 NerdWallet rating

 

Discover: $150 or $200
Discover Bank

at Discover Bank,

Member, FDIC

Discover Online Savings

4.5 NerdWallet rating

 

TD Bank: $150 or $300
TD Bank

at TD Bank,

Member, FDIC

TD Bank checking

3.5 NerdWallet rating

 

Bank of America: $100

Bank of America Advantage Banking

3.5 NerdWallet rating

 

Citibank: $200, $400, $500 or $700

Citibank Basic Banking, Account or Priority Account Package

3.5 NerdWallet rating

 

SunTrust (now Truist): $200
SunTrust

at SunTrust,

Member, FDIC

SunTrust Essential Checking

3.0 NerdWallet rating

 

PNC Bank: $50, $200 or $300

PNC checking

3.5 NerdWallet rating

 

Fifth Third Bank: $250

Fifth Third Bank

at Fifth Third Bank,

Member, FDIC

Fifth Third checking

3.0 NerdWallet rating

 

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.

Chase Total Checking®: $200 bonus

3.5 NerdWallet rating

Through April 20, 2020

Chase

at Chase,

Member, FDIC

  • 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, had one closed with a negative balance, or have a fiduciary 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

3.5 NerdWallet rating

Through April 20, 2020

Chase

at Chase,

Member, FDIC

  • What you’ll get: $150.
  • 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.
  • 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, had one closed with a negative balance, or have a fiduciary 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.

Chase Premier Plus Checking℠: $300 bonus

3.5 NerdWallet rating

Through April 20, 2020

Chase

at Chase,

Member, FDIC

  • 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, had one closed with a negative balance or have a fiduciary 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.

Discover Online Savings: $150 or $200 bonus

4.5 NerdWallet rating

Through Feb. 3, 2020

Discover Bank

at Discover Bank,

Member, FDIC

  • What you’ll get:  $150 or $200 and a 1.70% annual percentage yield.
  • How to get it: First-time savings customers can open a Discover Online Savings Account using offer code NW120 by 11:59 p.m. ET on Feb. 3, 2020. Deposit at least $15,000 for a $150 bonus, or $25,000 for $200. Your deposit must post by 11:59 p.m. ET on Feb. 17, 2020.
  • Where to open: Online or by phone.
  • How to qualify: You cannot have previously opened a Discover savings account, or any savings account that is co-branded or is an affinity account provided by Discover.
  • When you’ll get it: You’ll get your bonus by March 2, 2020, provided your account is still open.
  • Monthly fee: None.

TD Bank Convenience Checking℠ or TD Beyond Checking: $150 or $300 bonus

3.5 NerdWallet rating

No expiration date listed

TD Bank

at TD Bank,

Member, FDIC

  • What you’ll get: $150 or $300.
  • How to get it: 
    • To earn $150, open a TD Convenience account and receive cumulative direct deposits of at least $500 within 60 days of opening the account.
    • To earn $300, open a TD Beyond account and receive cumulative direct deposits of at least $2,500 within 60 days of opening the account.
  • Where to open: Online, via the bank’s promotional page. You must be a resident of Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia or Washington, D.C.
  • How to qualify: To qualify, you must not have or have had an existing or prior personal checking account at TD Bank.
  • When you’ll get it: Your bonus will be paid no later than 95 days after you open the account.
  • Monthly fee: 
    • TD Convenience Checking℠$15, waived with a minimum daily balance of $100.
    • TD Beyond Checking: $25, waived with monthly direct deposits of $5,000 or more, a daily balance of $2,500, or a combined balance of $25,000 across your eligible TD accounts.

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

Bank of America Advantage Banking: $100 bonus

3.5 NerdWallet rating

Through June 30, 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. 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 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.
  • 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.

Citibank Basic Banking, Account or Priority Account Package: $200, $500 or $700 bonus

3.5 NerdWallet rating

Through March 31, 2020

  • What you’ll get: $200, $400, $500 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. Earn an additional $100, on top of the $400 bonus, by receiving one qualifying direct deposit per months for two consecutive months within 60 days of opening the accounts. 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. Fees are also waived if the primary account holder is 62 or older.
    • 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

3.0 NerdWallet rating

Through March 31, 2020

SunTrust

at SunTrust,

Member, FDIC

  • What you’ll get: $200.
  • How to get it: Earn $200 for opening an Essential Checking account with SunTrust (now Truist) and receive at least $500 in monthly direct deposits into the account for two consecutive months within the first three full months of having the account. Be sure to use the code Q120ESSENTIAL 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 July 7, 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

3.5 NerdWallet rating

Through March 31, 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.

Fifth Third Bank checking: $250 bonus

Fifth Third Bank

at Fifth Third Bank,

Member, FDIC

3.0 NerdWallet rating

Through April 30, 2020

  • What you’ll get: $250.
  • How to get it: Enter your email on Fifth Third’s promotional page and bring the code you receive into any Fifth Third branch and open an eligible account. Essential, Enhanced, Preferred, Free and Free plus Extra Time accounts (where available) all qualify. Reach a balance of $500 within the account within 45 days of opening, and then maintain $500 as a minimum daily balance for 60 days.
  • Where to open: Account must be opened at a Fifth Third branch. The bank has branches in Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, Tennessee and West Virginia.
  • How to qualify: You must not have an existing checking account with Fifth Third or have had one in the last 12 months.
  • When you’ll get it: Within 10 business days of completing the requirements.
  • Monthly fee:
    • Essential Checking: $11, waived with a balance of $1,500 across Fifth Third deposit and investment accounts, by spending at least $500 on a Fifth Third credit card or by having another qualifying Fifth Third product. Charge reduced to $8 if you have monthly direct deposits of $500 or more.
    • Enhanced Checking: $20, waived with a balance of at least $20,000 across Fifth Third deposit and investment accounts or monthly direct deposits totaling at least $5,000.
    • Preferred Checking: $25, waived with a balance of at least $100,000 across Fifth Third deposit and investment accounts.

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 | January 2020

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

BankOffer amountBonus expiration date
Chase Total Checking®$2004/20/2020
Chase Savings℠$1504/20/2020
Discover Online Savings$150 or $2002/3/2020
Chase Premier Plus Checking℠$3004/20/2020
Bank of America Advantage Banking$1006/30/2020
TD Bank Convenience or Beyond Checking$150 or $300None listed
Citibank Basic Banking, Account or Priority Account Packages$200, $400, $500 or $7003/31/2020
SunTrust (now Truist) Essential Checking$2003/31/2020
Fifth Third Bank checking$2504/30/2020
PNC Virtual Wallet checking$50, $200 or $3003/31/2020

Checking account offers, savings promotions for January 2020

  • Chase Total Checking®, $200
  • Chase Savings℠, $150
  • Chase Premier Plus Checking℠, $300
  • Bank of America checking, $100
  • Discover Online Savings, $150 or $200
  • TD Bank Convenience or Beyond Checking, $150 or $300
  • Citibank Basic Banking, Account or Priority Account Packages, $200, $400, $500 or $700
  • SunTrust (now Truist) Essential Checking, $200
  • PNC Bank Virtual Wallet checking, $50, $200 or $300
  • Fifth Third Bank checking, $250 or $500


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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