$300 Checking Account Bonus for April 2024

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A checking account bonus can be a tempting boost to your finances. Check if you can earn free money from these banks.

Looking for a new checking account?

The opportunity to get a cash reward for opening a checking account couldn't come at a better time. Check out these current $300+ bonuses for new applicants.

What banks give $300 bonuses for checking accounts?
Here are some checking accounts to check out:

How to Get More Than $300 from Banks

Discover even more rewarding checking bonuses exceeding $300.

Keep in mind that some of these offers have stricter criteria to qualify. See if you meet their requirements.

How to Get a $300 Checking Bonus

  1. Review the terms and conditions of the $300 offer carefully.
  2. Follow the instructions to open a new checking account, either online or in-person at a branch.
  3. Fulfill all qualifying activities for the bonus (deposit the required amount, etc.).
  4. Receive your $300 bonus, typically in a few days or weeks after completing the requirements.
  5. Keep your account open for the specified period to avoid forfeiting the bonus.

How do I claim my checking account bonus?
Generally, you must open a checking account with a qualifying bank and fulfill their bonus requirements. Once you have accomplished this, you can expect your bonus to be deposited into your account according to the promotion's terms.

What Is a Checking Account Bonus?

A checking account bonus is a promotional offer by banks and financial institutions to incentivize individuals to open a new checking account.

It typically involves a cash reward if you meet certain requirements outlined by the bank, such as:

  • Maintain a minimum account balance
  • Set up direct deposits
  • Fulfill specific transaction criteria

The bonus amount varies by bank and offer terms, ranging from a hundred to a few thousand dollars. Typically, the larger the bonus, the higher the requirements to get it.

Have you ever taken advantage of a checking account bonus offer?

Why Do Banks Offer Account Bonuses?

Here are some reasons banks offer checking account bonuses:

  • Gain new customers
    By offering a cash bonus, banks aim to entice you to open an account with them rather than with a competitor.

  • Build lasting relationships
    Once you're a customer with the bank, you may also use their other services, such as credit cards and loans.

  • Increase deposits and transactions
    When you fulfill bank bonus requirements like maintaining a balance or completing a specific number of transactions, these actions contribute to the bank's performance.

Ultimately, checking account bonuses can be a great way for the bank to get new customers and remain competitive. And you get a nice little reward for opening a new account. It's a win-win.

Can I still qualify for the bonus even if I already have another account in the bank?
Usually, promotions require you to be a new customer of the bank. If you already have an account with the bank, you may not be eligible for a bonus. But you may qualify for a bonus if you open a different account type (for example, a personal checking customer may be able to get a business checking account bonus).

Does the $300 Bonus Make Sense for You?

An extra $300 is attractive, but not all offers may work for you. Here's some things to consider to choose the best bonus deal:

  • Compare offers
    There may be banks offering the same bonus amount. Look closely at the overall value of the checking account.

    Maybe Bank A offers better features and services than Bank B. Examine potential fees and other account requirements.

  • Qualifications
    What does it take to earn the $300? Review the eligibility criteria and see if you can meet them comfortably. It shouldn't be super inconvenient or cost you money to earn the bonus.

  • Account monthly fees
    Does the bank account have a monthly fee? If so, can you meet the criteria to waive it? Otherwise, it doesn't make sense to get a bonus, but pay fees that eat into it.

  • Potential for a long-term relationship
    Assess whether the bank's overall offerings align with your long-term banking needs. After all, building a positive relationship with a reliable bank is sometimes more important than a one-time bonus.

  • Weigh opportunity cost
    Consider what else you can do with the funds that would be required to fulfill the bonus criteria.

    If you need to put in a high amount, consider alternative investments or financial options that could provide a better return on your money.

What matters to you the most when considering banking bonuses?

How Are Checking Account Bonuses Paid Out?

Checking account bonuses are typically deposited straight into your new account after you've completed the qualifying requirements. This may take a few days to several weeks.

Generally, your account must be open and in good standing when the bonus is paid out.

Is There a Catch?

Bank promotions usually have no catch as long as you fulfill the requirements. It's a legit cash reward for you to keep.

However, check if the eligibility criteria are doable. If the promo requires you to receive a certain amount in direct deposit, would you be willing to switch over your direct deposit to the new bank?

You also have to keep in mind the time commitment that may be involved in claiming the checking account bonus.

You may be required to keep the account open for a certain amount of time. Sometimes, if you close the account sooner, your bonus will be taken back. This is to prevent people from opening and closing accounts just for bonuses.

Should you just open the checking account for the bonus?
You may open a checking account for its bonus offer. However, check the terms before deciding based on this reason. And make sure the checking account makes sense for you and fits your needs.

Have you ever switched banks or opened a new account to take advantage of a bank bonus before?

What Is Bank Account Churning?

Bank account churning is when you open multiple bank accounts to take advantage of the different bonus offers.

It usually involves repeatedly opening and closing accounts to meet the requirements for earning bonuses.

However, many banks have specific rules and limitations on account churning. These may include:

  • Restricting the number of times to open and close accounts
  • Imposing fees for early account closures
  • Disqualifying individuals from joining future promotions

In addition, repeated account openings and closures can impact your ChexSystems report. Banks may hesitate to approve your application if you have this behavior pattern.

Checking Account Bonus FAQs

Are checking bonuses taxable?
Yes, checking bonuses are taxable. When you receive your bonus, the bank usually issues a Form 1099-INT to report to the Internal Revenue Service. Whether you receive one or not, you are required to include it in your tax return.

Are checking account promotions a good deal?
Yes, checking account promotions could be worth it if you can easily meet the requirements and the bank fits your needs. If maintaining the account will be a hassle, it probably doesn't make sense to open just for the bonus.

Can I sign up for multiple checking accounts to earn their bonuses?
Yes, you can sign up with more than one checking account to collect bonuses. But, if you often engage in this practice, it may negatively impact your ChexSystems report.

Can I close the account after receiving the bonus?
Many banks don't allow you to close your account for a certain period after receiving the bonus. If you do, you will be required to return the amount to the bank. Other penalties may also be charged.

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Checking Account Promotions

February 5, 2019 - Reviews for Bank Promotions
Score up to $4,000 with the best checking account bonuses.
Have you ever taken advantage of a checking account bonus offer?
What matters to you the most when considering banking bonuses?
29% Amount of the bonus
29% Requirements to qualify for the bonus
29% The reputation of the bank
6% Long-term benefits after getting the bonus
6% Fees associated with the account
Source: CreditDonkey. Totals may not add to 100% due to rounding.
Have you ever switched banks or opened a new account to take advantage of a bank bonus before?

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Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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