Updated October 10, 2024

Best $500 Checking Account Bonus for October 2024

By Penny Besana
Read more about Checking Account Promotions
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Looking for ways to get $500? Discover these fantastic bank bonus offers that let you score extra cash by opening a new checking account.

Picture this: you open a checking account, fulfill a few requirements, and voila! A cool $500 finds its way into your wallet.

It's an irresistible offer that can put a spring in your finances, making banking a little more exciting.

Check out these banks that are practically giving away $500 checking bonuses.

What banks give $500 bonuses for checking accounts?
Here are some checking accounts to check out:

Other Checking Account Bonus You May Like

How to Get More Than $500 from Banks

Want more rewarding bonuses? See if you qualify for these bank offers with even larger incentives.

What Is a $500 Checking Account Bonus?

A $500 checking account bonus is offered by banks as an incentive to customers for opening a new checking account with them. You have to fulfill certain criteria to earn the bonus, such as:

  • Receive a certain amount in qualifying direct deposits
  • Deposit a certain amount within a specific timeframe
  • Maintain a certain balance

A $500 bonus isn't a small amount, so there are typically higher requirements to earn it. For example, you may need to deposit several thousand dollars (or more) into the new checking account.

These conditions ensure customers engage with the bank's services and maintain an ongoing relationship.

What is a qualifying direct deposit?
Qualifying direct deposits usually include recurring paychecks from an employer, pension, or Social Security/government benefits. Transfer from another bank account or person-to-person transfers do not count.

What to Know About $500 Checking Bonuses

Getting $500 is a great opportunity to earn additional money. But here are some things you should know first:

Bonuses are intended for new customers.
You need to be a new customer to qualify for a checking account bonus. This usually means that you don't have an existing relationship with the bank or you don't have a checking account with them.

If you're an existing bank customer, you may still qualify for a bonus in a different account category. For example, you could apply for a business checking account promo even if you already have a personal checking account.

Requirements can be demanding.
If the bonus offer is $500, it will likely have high deposit requirements. Make sure you can fulfill them.

Eligibility may be limited.
The bonus may not be for everyone. Often banks only extend these bonuses to new customers. If it's a credit union, they usually serve specific states or regions.

It may be for a premium account.
Banks usually offer $500 bonuses on their premium checking accounts to incentivize higher-balance clients. Make sure this type of account fits your needs.

Switching banks is often not necessary.
Typically, these checking account bonuses do not require transferring your entire banking to the new bank. You can keep your existing accounts in other banks as long as you can fulfill the requirements for the bonus.

Can I close the account after receiving the bonus?
Many banks have terms that say you must keep your account open for a certain period after receiving the bonus. If you close it too early, the bank may take back the bonus. This is to prevent people from opening and closing accounts just for the bonus.

How Can I Get a $500 Checking Bonus?

  1. Review the terms and conditions of the $500 offer carefully. Make sure you are qualified to open.
  2. Open the checking account either online or in person based on the offer instructions.
  3. Fulfill requirements, i.e. putting in a minimum deposit, setting up direct deposit, and/or keeping the account open for a period.
  4. Wait for the bank to credit your bonus, which may take several days or weeks.
  5. Keep your account open for the specified duration to avoid forfeiting your bonus.

How are checking account bonuses paid out?
Your checking account bonus will usually be deposited straight into your new account after completing the qualifying requirements. This may take a few days to several weeks.

What Banks Are Paying $500?

  • Citi Checking: $500 Bonus
    Open a new eligible Citi Checking account and enroll in this offer the same day the account was opened. Deposit at least $30,000 of new-to-Citibank funds into your new checking account within 45 days of account opening. Maintain $30,000 or more in the account for an additional 45 days after the first 45 days.

    If you also open a new Citi Savings account, the required minimum balance can be held in your Citi Checking account, or in between your Citi Checking and Citi Savings accounts.

  • Hudson Valley Credit Union: Personal Checking Account - $500 Bonus
    Open your first new HVCU Classic Checking or Premier Checking with an HVCU Visa® Debit Card. Spend at least $1,500 using your HVCU debit card OR set up and receive qualifying direct deposits totaling $1,500 or more within 90 days of account opening. Enroll in internet banking and/or mobile banking, and enroll in eStatements within 90 days of account opening.
  • Flushing Bank: Personal Checking Account - $500 Bonus
    Open a new Complete Checking account. Maintain an average balance of $50,000 - $99,999 in the first 3 months after the month of account opening.
  • Utah First Credit Union: Personal Checking Account - Up to $500 Bonus
    Open a new qualifying checking account. Complete 25 debit card transactions within 60 days of account opening. Set up and receive qualifying direct deposits of $500 or more within 60 days of account opening. Open an Orange Platinum Visa within 60 days of account opening. Keep the account open and in good standing for at least 180 days.
  • Fidelity Bank (PA): Personal Checking and Savings Account - $500
    Open a new qualifying checking account. Set up and receive qualifying direct deposits totaling $2,500 per month for 3 consecutive months. Make 45 point-of-sale debit card transactions for 3 consecutive months. Sign up for online banking with EZ statements.

    Open a new savings account at the same time as the checking account. Deposit $10,000 in new money at account opening. Maintain a balance of $10,000 or more in the savings account for 3 consecutive months.

  • First Fidelity Bank: Personal Checking and Savings Account - $500 Bonus
    Open a new Freestyle Checking, Traditional Checking, Global Checking, Maximizer Checking, and Varsity Checking account. Use promo code Enjoy500 at account opening. Set up and receive two or more monthly direct deposits of at least $250 within 90 days of coupon enrollment. Activate First Fidelity Bank debit card.

    Open a new Traditional Savings, Varsity Savings, Looney Tunes Savings Club, Money Market Account, or Health Savings Account (HSA). Use promo code Enjoy500 at account opening. Deposit a total of $15,000 within 20 business days of coupon enrollment. Maintain an average daily balance of $15,000 for 90 days starting from the day of coupon enrollment.

    The new checking and savings accounts must be opened on the same day to be eligible for the bonus.

  • Clearview Federal Credit Union: Personal Checking and Savings Account - Up to $500 Bonus
    $200/$300: Open a Basic, Simple, Fresh Start, Fresh Start Pro, or Absolute Checking account, and make a recurring electronic deposit of $500 or more within the first 60 days of account opening and sign up for eStatements.

    $100: Open a savings account, money market account, or a certificate with a 12 month or greater term within 7 business days of checking account opening. Deposit a total of $15,000 or more in new money and maintain a $15,000 average daily balance for 90 days.

    $100: Get an automatic additional $100 bonus on the anniversary date of your checking account opening, as long as you maintain a recurring electronic deposit of at least $500 or more.

  • Community Credit Union Florida: Personal Checking and Savings Account - $500 Bonus
    Open a new checking account. Use promo code MK-$300Checking at account opening. Deposit $1,500 within 60 days of account opening. Set up and receive monthly recurring direct deposit of at least $1,500 for 90 days. Sign up for eStatements.

    Open a new savings account. Use promo code MK-$300Checking at account opening. Deposit a total of $15,000 or more into the new CCU Florida Share Savings account within 30 days of account opening. Maintain a balance of $15,000 or more for 90 days.

  • Beverly Bank & Trust: Personal Checking and Savings Account - $500 Bonus
    Open a new Total Access Checking account. Use promo code Echecking300 at account opening. Have monthly occurring direct deposits totaling $500 or more each month made to your new account for 2 consecutive calendar months after the calendar month your new account was opened. Enroll in eStatements and Online Banking.

    Open a new Statement Savings account. Use promo code Esavings300 at account opening. Deposit $15,000 or more of new money, and maintain a minimum balance of at least $15,000 on the last business day of each of the 3 consecutive calendar months following the calendar month your new account is opened.

  • Elgin State Bank: Personal Checking and Savings Account - $500 Bonus
    Earn $300 when you open a new Total Access Checking account. Use promo code Echecking300 at account opening. Have monthly occurring direct deposits totaling $500 or more each month made to your new account for 2 consecutive calendar months after the calendar month your new account was opened. Enroll in online banking and eStatements to qualify for bonus.

    Earn $200 when you open a new Statement Savings account. Use promo code Esavings200 at account opening. Deposit at least $15,000. Maintain a minimum balance of at least $15,000 on the last business day of each of the 3 consecutive calendar months following the calendar month your new account is opened.

  • Wintrust Bank: Personal Checking and Savings Account - $500 Bonus
    Open a new Total Access Checking account. Use offer code Echecking300 at account opening. Set up and receive monthly occurring direct deposits totaling $500 or more each month for 2 consecutive calendar months after the calendar month your new checking account was opened. Enroll in eStatements and Online Banking.

    Open a new Statement Savings account. Use offer code Esavings200 at account opening. Deposit $15,000 or more of new money, and maintain a minimum balance of at least $15,000 on the last business day of each of the 3 consecutive calendar months following the calendar month your new account is opened.

  • Wheaton Bank & Trust Company: Personal Checking and Savings Account - Up to $500 Bonus
    Earn $300 when you open a new Total Access Checking account. Use promo code Echecking300 at account opening. Have monthly occurring direct deposits totaling $500 or more each month made to your new account for 2 consecutive calendar months after the calendar month your new account was opened. Enroll in online banking and eStatements to qualify for bonus.

    Earn $200 when you open a new Statement Savings account. Use Esavings200 at account opening. Deposit at least $15,000. Maintain a minimum balance of at least $15,000 on the last business day of each of the 3 consecutive calendar months following the calendar month your new account is opened.

  • Town Bank: Personal Checking and Savings Account - Up to $500 Bonus
    Earn $300 when you open a new Total Access Checking account. Use promo code Echecking300 at account opening. Have monthly direct deposits totaling $500 or more each month made to your new account for 2 consecutive calendar months after the calendar month your new account was opened. Enroll in online banking and eStatements to qualify for bonus.

    Earn $200 when you open a new Statement Savings account. Use promo code Esavings200 at account opening. Deposit at least $15,000. Maintain a minimum balance of at least $15,000 on the last business day of each of the 3 consecutive calendar months following the calendar month your new account is opened.

  • Arizona Central Credit Union: Personal Checking Account - $500 Bonus
    Open a new qualifying checking account. Sign up for eStatements. Complete 10 qualifying debit card transactions within 60 days of account opening. Set up qualifying direct deposits of $1,000 or more per month.
  • Texas Trust Credit Union: Personal Checking Account - $500 Bonus
    Open a new checking account. Set up and receive 2 or more qualifying direct deposits totaling $10,000 or more within 90 days of account opening.
  • Banner Bank: Personal Checking and Savings Account - $500 Bonus
    Open a new personal checking account. Use offer code 24BU at account opening. Set up and receive at least $1,000 in direct deposits, and have a minimum daily balance of $25,000 or more within 30 days of account opening and maintain for 90 days.

    Open a new savings or money market account the same time as the checking account. Use offer code 24BU at account opening. Deposit a total of $1,000 or more in new money within 30 days of account opening. Maintain a minimum daily balance of $1,000 or more for 90 days. Set up monthly recurring auto transfers of $25 or more from your Banner Bank checking account to your Banner Bank savings or money market account.

  • Community Financial Credit Union: Personal Checking Account - $500 Bonus
    Open a new CloseEnuff™ account. Set up and receive qualifying direct deposits totaling $5,001 to $10,000 within 8 weeks of account opening. Maintain your monthly direct deposit activity until the end of February 2025. This offer is available to new and existing clients who do not have a Community Financial Credit Union checking or CloseEnuff™ account.
  • Wings Credit Union: Personal Checking and Savings Account - $500 Bonus
    Open a new checking account. Use promo code OWNIT24 at account opening. Set up and receive recurring direct deposits totaling $3,500 or more within 60 days of account opening. Complete at least 5 qualifying debit or credit card transactions over $25 each within 60 days of account opening. Enroll in digital banking and eDocuments.

    Open a new savings account or certificate account at the same time as the checking account. Deposit $25,000 within 60 days of membership opening date. Maintain a minimum available balance of $25,000 until 01/31/2025.

Compare Checking Account Promotions

$500 Business Checking Offers

  • PNC Bank: Business Checking Account - $500 Bonus
    Open a new PNC Treasury Enterprise Plan or Analysis Business Checking account. Maintain an average ledger balance of $30,000 - $99,999 in your new checking account for each of the first three statement cycles.

    This offer is only available to businesses with an annual revenue of less than $5 million. All existing business checking customers, including those who have closed an account in the past 90 days or has been paid a promotional premium in the past 12 months are not eligible for this offer. $500 bonus will be credited to your new business checking account within 90 days after all conditions have been met.

  • M&T Tailored Business Checking Account: $500 Bonus
    Open a new M&T Tailored Business checking account. Use promo code BD at account opening. Maintain an average ledger balance of $15,000 - $29,999.99 in the third full calendar month after opening the account.
  • Broadway Bank: Business Checking Account - $500 Bonus
    Open a new Advantage, Preferred or Essentials Business Checking account. Deposit at least $2,000 in new money within 30 days of account opening. Maintain an average monthly balance of $50,000 or more for 120 days. Complete 10 qualifying transactions and enroll in Business Online Banking within 90 days of account opening. Business address must be in Texas to be eligible for this offer.
  • Flushing Bank: Business Checking Account - $500 Bonus
    Open a new Complete Business Checking account. Maintain a monthly average balance of $50,000 - $99,999 for three consecutive months.
  • WesBanco: Business Checking Account - $500 Bonus
    Open a new qualifying business checking account. Use promo code WSBCBiz500 at account opening. Maintain an average daily balance of at least $15,000 in the first 60 days after account opening.
  • Santander Bank: Business Checking Account - $500 Bonus
    Open a new Santander Bank Business Checking or Business Checking Plus account. Use promo code BUS500Q324GEN at account opening. Maintain an average daily balance of $500,000 or more for the first 90 days of account opening.

Compare Business Checking Promotions

Things To Look For In a Checking Account

Aside from the cash bonus, it's important to consider if the checking account makes sense for your needs.

Here are some important factors to think about:

  • Monthly fee & balance requirements
    Some accounts may require a minimum balance to avoid a monthly fee or qualify for perks. This will help you determine if the account aligns with your financial situation.

  • Other fees
    Also, look at if there are other fees, like for ATM withdrawals, overdrafts, and other transactions.

  • ATM network
    Consider the size and reach of the bank's ATM network to ensure convenient access to cash withdrawals and other services. If you plan on depositing cash, consider a big national bank.

  • Mobile app features
    A robust and user-friendly mobile app can make things easier. Make sure it has the functions you need, such as mobile check deposit, bill payment options, and other account management tools.

Configure account alerts to receive notifications about important events, such as large withdrawals, low balances, or incoming deposits. These can help you stay informed and take timely actions in your checking account when necessary.

FAQs

How to get $500 from Chase?
If you have a Chase checking account, you can earn up to $500 every calendar year with 10 successful referrals. You will be credited $50 for each referral, provided you and your referral's account remain open at the time of payout.

Will you earn two bonuses if you open a joint checking account?
No, banks and credit unions generally provide one bonus per account, regardless of whether it's an individual or joint account.

Are $500 bank bonuses a good deal?
Yes, a $500 bank bonus can be worth it if you can comfortably meet the requirements and the bank account aligns with your needs. Don't go for a bank bonus if it will stretch your finances or if the account will be too much hassle to maintain.

Do you have to pay taxes on checking bonuses?
Yes, checking account bonuses are typically classified as interest income and, therefore, are taxable. The bank may issue a Form 1099-INT, but even if they don't, you're required to report it on your tax return. [1][2]

References

  1. ^ IRS. Interest Income, Retrieved 01/21/2024
  2. ^ IRS. About Form 1099-INT, Interest Income, Retrieved 01/21/2024

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Bank of America
Member FDIC

Bank of America Advantage Banking - $300 Bonus Offer

Learn More
Expires 1/31/2025
  • The $300 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 01/31/2025.
  • To qualify, open a new eligible 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 eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
  • Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
  • Additional terms and conditions apply. See offer page for more details.
  • *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
  • Bank of America, N.A. Member FDIC.

Checking Account Promotions

February 5, 2019 - Reviews for Bank Promotions
Score up to $4,000 with the best checking account bonuses.

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