$200 Checking Account Bonus for April 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.

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.

What bank gives you $200 to open an account?
Here are some checking accounts to check out:

How to Get More Than $200 from Banks

Looking for higher bonuses? Check if you qualify for these bank promotions:

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.

Have you ever received a bonus for opening a checking account?

What counts as a direct deposit?
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.

How do I get free money?
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.

What is your primary concern when opening a new checking account?

How to Get a $200 Checking Bonus?

Generally, here are the steps in earning a $200 checking bonus from a bank:

  1. Review the offer terms and conditions carefully and check if you are qualified.
  2. Open the checking account either online or in person, whichever is applicable.
  3. 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.

What would you do with the $200 bonus from opening a checking account?

Can closing an account after receiving your bonus hurt your credit?
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.

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