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Find a Bank That Pays You to Open an Account

March 24, 2020
Banking, Banking Basics
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Banks are always on the hunt for new customers, and if you qualify, some will pay you $200 or more to open an account. You may have to meet certain qualifications, such as receiving direct deposit or maintaining a minimum balance. But if you follow the rules, you can typically get the bonus money within a few months.

» Want to compare bank bonuses? Skip ahead to see three current offers.

You can maximize your earnings by choosing an account with a strong interest rate. Online banks tend to offer higher rates because they don’t have as many operating expenses as traditional brick and mortar banks. The average savings account earns 0.06% APY, while a high-rate account typically earns a 1% APY or more. Depending on your balance, earning the higher rate could be like earning a double bonus.

» Looking for online savings accounts with the best rates? Read NerdWallet’s list of the best high-yield online savings accounts.

How to sign up with banks that pay you to open an account

Here’s how to find bank promotions that could be a good fit for you.

Make sure you qualify. It is not hard to find bonus offers online, but some expire quickly. If you find an offer that interests you, check that it’s still available before starting an application. Some banks consistently offer promotions each month, but there is no guarantee they’ll be there in the future.

In addition, many bonuses are limited to those who meet certain criteria, such as living in a certain geographic area, and many are reserved for new customers. If you have a current account at the bank, or had one within the last six months, you may not qualify.

If you are planning to close an account after you receive a bonus, you might want to think twice. Some banks may deduct the bonus if an account is closed too quickly after you receive it.

For recent offers, you can check out NerdWallet’s list of current bank promotions and bonuses.

Consider any rules or conditions. Read the fine print for the bonus before you apply for an account. For example, you may be required to have a minimum amount in direct deposits each month, typically around $500. Other promotions require you to make a minimum deposit — generally around $5,000 or $10,000 — and maintain the balance in your account for a few months.

Note that if you are eligible, any funds you receive are probably considered taxable income.

Here’s a comparison of three banks that offer new customer sign-up bonuses and their qualifications.

How three banks compare

Chase

at Chase,

Member, FDIC

3.5 NerdWallet rating




3.5 NerdWallet rating


TD Bank

at TD Bank,

Member, FDIC

3.5 NerdWallet rating



Chase Total Checking Bonus $200






Minimum qualifying deposit $0






When you'll get it

Within 10 business days of first direct deposit
(Expires 10/14/2020)



Citibank Basic Banking Bonus

$200





Minimum qualifying deposit

$5,000





When you'll get it

Within 90 days of meeting the requirements
(Expires 1/5/2021)


TD Beyond Checking Bonus

$300





Minimum qualifying deposit

$2,500





When you'll get it

Within 14 weeks of account opening
(No expiration date listed)



Get more details on how to qualify for this bonus.
Get more details on how to qualify for this bonus.
Get more details on how to qualify for this bonus.

Avoid future fees. Many checking and savings accounts require a minimum balance or activity level, or they’ll charge a monthly service fee — typically around $10. Make sure you can meet the requirements on an ongoing basis to avoid the fee. And if you tend to overdraft, look out for those fees as well. Large banks charge an average of $35 per overdraft item, so a few of these charges could easily erase any bonus.

» Listen: NerdWallet’s SmartMoney Podcast explores how to score a bank bonus

Give your account a boost

Bank promotion offers can give your bank balance a nice lift. The funds could go toward building an emergency fund or providing extra cushion in your budget. If you’re searching for a new checking or savings account, or are willing to start, getting one with a sign-up offer can be a financially smart move.

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