$200 Checking Account Bonus for May 2024
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Did you know you can earn $200 by simply opening a checking account? But first, you need to find out if you are qualified.
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Opening a checking account doesn't have to be a chore. In fact, it can even be a rewarding experience. How? You can sometimes get $200 when you open your account!
See which banks currently offer this bonus. But more importantly, learn all the information you need to help you land the right offer.
Bank of America Advantage Banking - $200 Bonus Offer
- The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 5/31/2024.
- To qualify, open a Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new account within 90 days of opening.
- Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- Bank of America, N.A. Member FDIC.
Personal Checking Account - $200 Bonus
Open an eligible Fifth Third checking account. Make direct deposits totaling $500 or more within 90 days of account opening to qualify for bonus. The cash bonus will be deposited into your new checking account within 10 business days of completing qualifying activity requirements.
Key Select Checking® - $200 Bonus
- Open a Key Select Checking® account online by July 19, 2024.
- Make the minimum opening deposit of $50, plus one direct deposit of at least $500 within the first 60 days of account opening.
- Your $200 cash bonus will be deposited into your account within 90 days of meeting requirements. Account must not be closed or restricted during the time of promotional period.
Key Select Checking® is a premium checking account that earns interest and a $100 cash bonus year after year with qualifying activities and has a waivable monthly maintenance fee.
- Minimum Deposit to Open: $50
- Direct Deposit Required: Make the minimum opening deposit of $50, plus one direct deposit of at least $500 within the first 60 days of account opening.
Key Smart Checking® - $200 Bonus
- Open a Key Smart Checking® account online by July 19, 2024.
- Make the minimum opening deposit of $10, plus one direct deposit of at least $500 within the first 60 days of account opening.
- Your $200 cash bonus will be deposited into your account within 90 days of meeting requirements. Account must not be closed or restricted during the time of promotional period.
- Minimum Deposit to Open: $10
- Direct Deposit Required: Make the minimum opening deposit of $10, plus one direct deposit of at least $500 within the first 60 days of account opening.
OneCard with Rewards Checking - $200 Bonus
- 3% cash back on everyday expenses (up to $500 in rewards per calendar year); 2% on everything else
- No annual fee
- Choose to Pay Now with no interest, or Pay Later
- $200 bonus when you also open and fund a new Upgrade Rewards Checking Plus account and make 3 qualifying purchases on your Upgrade OneCard and/or Rewards Checking Plus debit card within 60 days
Fifth Third Momentum® Checking - $200 Bonus
Open an eligible Fifth Third checking account. Make direct deposits totaling $500 or more within 90 days of account opening to qualify for bonus. The cash bonus will be deposited into your new checking account within 10 business days of completing qualifying activity requirements.
- Minimum Deposit to Open: $0
- Direct Deposit Required: Yes
- Minimum Deposit Required: $500 or more within 90 days of account opening to qualify for bonus
Here are some checking accounts to check out:
- Bank of America Advantage Banking:
$200 Bonus Offer - PNC Bank:
Virtual Wallet Checking Pro - $200 Bonus - Fifth Third Bank:
Personal Checking Account - $200 Bonus - KeyBank:
Key Select Checking® - $200 Bonus - Upgrade:
OneCard with Rewards Checking - $200 Bonus - M&T Bank:
Personal Checking Account - Up to $200 Bonus - Teachers Federal Credit Union:
Deposit and Earn $200 Bonus - Everwise Credit Union:
Personal Checking Account - $200 Bonus - Equity Bank:
Personal Checking Account - $200 Bonus - Hometown Bank:
Personal Checking Account - $200 Bonus - CIBC Bank:
Personal Checking Account - $200 Bonus - Arizona Financial Credit Union:
Personal Checking Account - $200 Bonus - North State Bank:
Personal Checking Account - $200 Bonus - East Wisconsin Savings Bank:
Personal Checking Account - $200 Bonus - Clearview Federal Credit Union:
Personal Checking Account - $200 Bonus - Spokane Teachers Credit Union:
Personal Checking Account - $200 Bonus - MIDFLORIDA Credit Union:
Personal Checking Account - $200 Bonus - Vantage West Credit Union:
Personal Checking Account - $200 Bonus - Mid-Hudson Valley Credit Union:
Personal Checking Account - $200 Bonus - Fulton Bank:
Personal Checking Account - $200 Bonus - TBK Bank:
Personal Checking Account - $200 Bonus - Notre Dame Federal Credit Union:
Personal Checking Account - $200 Bonus - Fidelity Bank:
Personal Checking Account - $200 Bonus - Simplicity Credit Union:
Personal Checking Account - $200 Bonus - American United Federal Credit Union:
Personal Checking Account - Up to $200 Bonus - APG Federal Credit Union:
Personal Checking and Savings Account - $200 Bonus - CommunityAmerica Credit Union:
Personal Checking Account - $200 Bonus - Banner Bank:
Personal Checking and Savings Account - $200 Bonus - Pennsylvania State Employees Credit Union:
Personal Savings and Checking Account - $200 Bonus - Old Second Bank:
Personal Checking Account - $200 Bonus - BMI Federal Credit Union:
Personal Checking Account - $200 Bonus - Star One Credit Union:
Personal Checking Account - $200 Bonus - Bar Harbor Bank & Trust:
Personal Checking Account - $200 Bonus - Sunflower Bank:
Personal Checking Account - $200 Bonus - First National 1870:
Personal Checking Account - $200 Bonus - Hancock Whitney Bank:
Personal Checking Account - $200 Bonus - TD Complete Checking:
$200 Cash Bonus
How to Get More Than $200 from Banks
Looking for higher bonuses? Check if you qualify for these bank promotions:
U.S. Bank Smartly® Checking and Standard Savings - Up to $700 Bonus
Earn up to $500 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposit(s) totaling $3,000 to $4,999.99 to earn $100, $5,000 to $9,999.99 to earn $300 or $10,000 or more to earn $500
Earn up to $200 with a new Standard Savings account.
- Make new money deposit(s) totaling $15,000 or more by July 17, 2024
- Maintain that balance until October 31, 2024
Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
- Minimum Deposit to Open: $25
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- Access to more than 15,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
- Minimum Deposit to Open: $0
- Direct Deposit Required: Yes
- Minimum Deposit Required: None
Chase Private Client - Up to $3,000 Bonus
- You're eligible for up to a $3,000 bonus when you open a new Chase Private Client Checking℠ account with qualifying activities.
- Speak with a Private Client Banker to open your Chase Private Client Checking℠ account today. Schedule your meeting at your nearest branch or over the phone.
- Priority service for everyday banking. Receive personalized attention from a dedicated Chase Private Client Banker who is ready to help you.
Earn $1,000 when you deposit $150,000 or earn $2,000 when you deposit $250,000 or earn $3,000 when you deposit $500,000. - No ATM fees worldwide.
- No Chase fee on incoming or outgoing wire transfers.
- Enjoy higher limits on Chase Private Client debit card purchases and ATM withdrawals, as well as higher Zelle® and Chase QuickDeposit℠ limits.
- Deposit products provided by JPMorgan Chase Bank, N.A. Member FDIC. Deposit products are FDIC insured up to the maximum amount allowed by law.
What is a $200 Checking Account Bonus?
Banks offer a $200 checking account bonus as an incentive for customers to open a new checking account.
Such a bonus is fairly easy to get. To earn one, you'll need to fulfill certain criteria like:
- Receive X amount in qualifying direct deposits
- Deposit X amount within a specific timeframe
- Make an X number of debit card purchases
The whole idea is to make sure that customers actually use their services, which ends up being a win-win for everyone.
Direct deposits usually include recurring paychecks from an employer, pension, or Social Security/government benefits. Although they are considered ACH transfers, not all transfers, such as person-to-person are direct deposits.
More about $200 Checking Bonuses
Getting $200 is a great opportunity to earn extra money. But here are some things you should know first:
You have to be a new customer.
This usually means you don't have that specific checking account with the bank offering the bonus. Other banks even allow those who have closed their checking account for two years or more.
You'll have to work for it.
A $200 bonus will not be handed over to you without doing your part. It's either setting up a direct deposit, holding a minimum balance, or both.
You won't have to switch banks.
Although banks are courting you to do business with them, they don't typically require you to ditch your current bank. It shouldn't be a problem as long as you can manage accounts with multiple banks.
You can't close your account right away.
Note that banks often require you to keep your account active for up to 90 days or more from the opening date. Otherwise, your bonus may be forfeited.
Your bonus is taxable.
Just like earned interest, bonuses are considered income. As such, the bank may provide you with a corresponding tax form to complete and submit to the IRS during tax filing season.
You may still fall short of qualifications.
You may be able to meet the most demanding criteria, yet you can still be disqualified due to a technicality. If it's a credit union promo, keep in mind that you usually have to reside in the community or state they operate in.
You can get free money by opening a promotional bank account with a $200 sign-on bonus. However, you must meet its qualifications first and typically wait a few days to several weeks to claim the bonus amount.
How to Get a $200 Checking Bonus?
Generally, here are the steps in earning a $200 checking bonus from a bank:
- Review the offer terms and conditions carefully and check if you are qualified.
- Open the checking account either online or in person, whichever is applicable.
- Fulfill requirements, i.e. holding a minimum deposit for a given period, setting up a direct deposit, etc.
Note that your bank may credit your bonus several days or weeks after you have fulfilled all requirements. Thus, it is crucial to keep your account open not only while waiting for your bonus to be credited but also up to its specified minimum period at the very least.
Is it worth it?
Checking account bonuses are not the be-all and end-all of banking. Because once you've claimed your $200 bonus, your account should still be worthwhile to have since the buck doesn't stop there.
If your checking account has transaction fees at every turn, they can easily eat into your $200 bonus. You may be better off with another bank account with no promotions yet no fees for the most part.
In the long run, it's the account features that will hold up for you, not a one-time upfront money. Aside from bank fees, make sure the account can provide functionality for your financial needs and goals.
No, your credit is generally not affected by a bank account closure. However, if you have an unsettled negative balance in a closed account, that's when your credit will likely take a hit.
Bottom Line
A $200 bonus can be a fantastic boost for your checking account, especially with all the expenses you will likely make along the way.
Keep in mind that opening an account should extend beyond the monetary gain. It should also help you lay the groundwork for a potentially beneficial banking relationship, which is more important long-term.
Write to Penny Besana at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
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