Best Bank Promotions and Bonus Offers for October 2023
Thinking about opening a new personal checking, savings, or business account? Here are the best banking promotions - all in one list. Be sure to read the details to understand the requirements and eligibility.
Bank Promotion Link | Offer | Review |
---|---|---|
BMO Smart Advantage Checking | $400 Cash Bonus | Review |
Chase Total Checking® | $200 Bonus | Review |
BMO Smart Money Checking | $400 Cash Bonus | Review |
BMO Relationship Checking | $600 Cash Bonus | Review |
Chase Secure Banking℠ | $100 Bonus | Review |
TD Beyond Checking | $300 Cash | Review |
TD Convenience Checking℠ | $200 Cash | Review |
Chase College Checking℠ | $100 Bonus | Review |
Chase Private Client | $3,000 | Review |
Discover Online Savings | $200 Bonus | Review |
Discover Online Savings | $150 Bonus | Review |
Discover Bank Online Savings Account | 4.30% APY | Review |
CIT Bank Platinum Savings | 5.05% APY | Review |
CIT Bank Savings Connect | 4.65% APY | Review |
CIT Bank Term CDs | Up to 5.00% APY | Review |
CIT Bank No Penalty CD | 4.90% APY | Review |
U.S. Bank Smartly® Checking and Standard Savings | Up to $1,000 Bonus | Review |
What banks are having promotions? This list is updated monthly to bring you the best bank bonuses and deals. Bookmark it and check back often.
Top New Bank Account Bonuses and Promotions
Many bank deals pay new customers to open an account. You get a cash bonus for opening an account and meeting certain deposit requirements. FDIC-insured bank accounts also protect your money safely.
Checking Account Bonuses
BMO Smart Money Checking - $400 Cash Bonus
Open a new BMO Smart Money Checking online and get a $400 cash bonus when you have a total of at least $4,000 in qualifying direct deposits within the first 120 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.
- Direct Deposit Required: Yes
Citigold® - Earn up to $2,000 Bonus
- Earn up to $2,000 when you open a new eligible Citi checking account and enroll in the offer the same day.
- New to Relationship customers can choose their Relationship Tier.
- Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
- Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
- If your balance falls to a lower Balance Level at any point during the maintenance period, the bonus changes.
- Bonus will be paid within 30 days after you successfully complete all required activities.
- Restrictions apply
- Minimum Deposit to Open: $200k
Chase Total Checking® - $200 Bonus
- New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
- 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*
- Direct Deposit Required: Yes
- Minimum Deposit to Open: $0
- Minimum Deposit Required: None
Rewards Checking - Up to 3.30% APY
- Use promo code SUNNYBONUS and apply by December 31st, to earn up to a $300 bonus!
- Up to 3.30% APY
- Zero monthly maintenance fees
- Zero overdraft or NSF fees
- Zero minimum monthly balance reqs
- Unlimited domestic ATM fee reimbursements
- Online debit card management
- Simple, 3-step process for direct deposit
- Only $50 to open an account
- Minimum Deposit to Open: $50
- Minimum Deposit Required: $50
Chase Secure Banking℠ - $100 Bonus
- New Chase checking customers enjoy a $100 checking account bonus when you open a Chase Secure Banking℠ account with qualifying transactions. Open online or at any Chase branch.
- Set up direct deposit and you may get your money up to two business days early-exclusively for Chase Secure Banking℠ customers.
- No minimum deposit to open an account and get started.
- No overdraft fees with a Chase debit card that helps you stay within your balance.
- Chase Secure Banking℠ customers told us they save an average of $50 a month on fees after opening their account.
- JPMorgan Chase Bank, N.A. Member FDIC.
- Pay bills, cash checks and send money with Zelle® all for a $4.95 monthly service fee.
- Bank from anywhere with access to more than 15,000 Chase ATMs, more than 4,700 Chase branches, the Chase Mobile® app and Chase Online℠.
- Direct Deposit Required: No
- Minimum Deposit to Open: $0
- Minimum Deposit Required: None
BMO Smart Advantage Checking - $400 Cash Bonus
Open a new BMO Smart Advantage Checking online and get a $400 cash bonus when you have a total of at least $4,000 in qualifying direct deposits within the first 120 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.
- Direct Deposit Required: Yes
Citi Priority - Earn up to $2,000 Cash Bonus
Earn up to $2,000 when you open a new eligible Citi checking account and enroll in the offer the same day. New To Relationship customers can choose their Relationship Tier. Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds. Maintain a minimum balance for 60 consecutive calendar days from the 21st day. If your balance falls to a lower Balance Level at any point during the maintenance period, the bonus changes. Bonus will be paid within 30 days after you successfully complete all required activities. Restrictions apply.
Balance Levels | Maximum Bonus |
---|---|
$10,000 - $29,999 | $200 |
$30,000 - $74,999 | $500 |
$75,000 - $199,999 | $1,000 |
$200,000 - $299,999 | $1,500 |
$300,000 and above | $2,000 |
- Minimum Deposit to Open: $30k
Citi Priority - Earn up to $2,000 Cash Bonus
- Earn up to $2,000 when you open a new eligible Citi checking account and enroll in the offer the same day
- New to Relationship customers can choose their Relationship Tier.
- Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
- Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
- If your balance falls to a lower Balance Level at any point during the maintenance period, the bonus changes.
- Bonus will be paid within 30 days after you successfully complete all required activities.
- Restrictions apply.
- Minimum Deposit to Open: $30k
Discover Cashback Checking – Up to $30/Month Cashback
Earn 1% cash back on up to $3,000 in debit card purchases each month, for a total of up to $30 cashback per month. Discover Cashback Debit checking account has no minimum balance requirement, no fees, and free online bill pay. See website for details.
TD Beyond Checking - $300 Cash Bonus
- New customers who apply online for a TD Beyond Checking account can earn a $300 cash bonus after receiving direct deposits of $2,500 or more within 60 days. To qualify for this offer, you must be a U.S. resident and apply for the offer online. Offer is available in these states: CT, DC, DE, FL, MD, ME, MA, NC, NH, NJ, NY, PA, RI, SC, VT, VA
- Three ways to go monthly maintenance fee-free: Monthly Maintenance fee waived when you set up direct deposits of $5,000 or more within a statement cycle, maintain a $2,500 minimum daily balance, or have a $25,000 combined balance across eligible TD accounts.
- ATM perks: TD fees waived at any ATM and non-TD fees reimbursed when you keep at least a $2,500 daily balance
- A little extra time. A lot of extra relief: Avoid fees with Grace Period, which gives you until 11 PM ET the next business day to fix an overdraft. Make sure your available balance is at least $0 by depositing enough to cover the overdrawn balance plus any additional transactions and TD will refund the overdraft fee to your checking account.
- Fast and secure payments: TD Bank debit cards are backed by the Zero Liability guarantee and 24/7 fraud monitoring
- Convenient locations with the longest hours around: We have over 1,100 locations from Maine to Florida that's open early, late, and weekends.
- Get reimbursed for fees including two overdraft fees per year, all Rush Bill Payments, and one outgoing wire per statement cycle (domestic or international).
- Additional TD Bank checking account perks worth talking about: Get 24/7 access to all your TD accounts with Online & Mobile Banking, plus Bill Pay, Send
- Money with Zelle®, Mobile Deposit and Online Statements.
- Direct Deposit Required: Yes
- Minimum Deposit Required: $2,500 within 60 days
BMO Relationship Checking - $600 Cash Bonus
Open a new BMO Relationship Checking and get a $600 cash bonus when you have a total of at least $7,500 in qualifying direct deposits within the first 120 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.
- Direct Deposit Required: Yes
Chase College Checking℠ - $100 Bonus
- Enjoy $100 as a new Chase checking customer when you open a Chase College Checking℠ account and complete 10 qualifying transactions within 60 days of coupon enrollment.
- No Monthly Service Fee for up to 5 years if you're a student between the ages of 17-24 at account opening with proof of student status.
- Students ages 18-24 with a Social Security Number can open an account online or at a Chase branch. Students with no Social Security number or who are 17-year-olds can only open an account at a branch.
- Keep track of your money in the Chase Mobile® app. The app helps you manage your money.
- Zelle® is available in more than 1,000 banking apps in the U.S. So you can send and receive money from almost anyone you know and trust who has a bank account in the U.S.
- Access to more than 15,000 Chase ATMs and more than 4,700 branches.
- JPMorgan Chase Bank, N.A. Member FDIC
- Chase Overdraft Assist℠ - no overdraft fee 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*
- Direct Deposit Required: No
- Minimum Deposit to Open: $0
- Minimum Deposit Required: None
U.S. Bank Smartly® Checking and Standard Savings - Up to $1,000 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 $5,000 to $9,999.99 to earn $300 or $10,000 or more to earn $500
Earn up to $400 with a new Standard Savings account.
- Make new money deposit(s) totaling $25,000 to $49,999.99 to earn $200 or $50,000 or more to earn $400 by November 30, 2023
- Maintain that balance until May 31, 2024
Earn an additional $100 for opening both!
Applicant must reside in AZ, AR, CA, CO, ID, IL, IN, IA, KS, KY, MN, MO, MT, NE, NV, NM, NC, ND, OH, OR, SD, TN, UT, WA, WI, WY to be eligible for Checking account
- Minimum Deposit to Open: $25
TD Convenience Checking℠ - $200 Cash Bonus
- New customers who apply online for a TD Convenience Checking℠ account can earn a $200 cash bonus after receiving direct deposits of $500 or more within 60 days. To qualify for this offer, you must be a U.S. resident and apply for the offer online. Offer is available in these states: CT, DC, DE, FL, MD, ME, MA, NC, NH, NJ, NY, PA, RI, SC, VT, VA
- Waive the $15 monthly maintenance fee with a low minimum daily balance of $100.
- Student perks: No monthly maintenance fee or minimum balance requirements if you're ages 17–23
- A little extra time. A lot of extra relief: Avoid fees with Grace Period, which gives you until 11 PM ET the next business day to fix an overdraft. Make sure your available balance is at least $0 by depositing enough to cover the overdrawn balance plus any additional transactions and TD will refund the overdraft fee to your checking account.
- Convenient locations with the longest hours around: We have over 1,100 locations from Maine to Florida that's open early, late, and weekends.
- Instant-issue debit card replacement: Instantly replace a lost or worn contactless debit card by visiting a TD Bank location near you
- Fast and secure payments: TD Bank debit cards are backed by the Zero Liability guarantee and 24/7 fraud monitoring
- Additional TD Bank checking account perks worth talking about: Get 24/7 access to all your TD accounts with Online & Mobile Banking, plus Bill Pay, Send Money with Zelle®, Mobile Deposit and Online Statements.
- Direct Deposit Required: Yes
- Minimum Deposit Required: $500 within 60 days
Chase Private Client - $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; can be completed online or over the phone.
- Experience a financial relationship that brings you more.
- Deposit products provided by JPMorgan Chase Bank, N.A. Member FDIC. Deposit products are FDIC insured up to the maximum amount allowed by law.
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
Key Select Checking℠ - $200 Bonus
- Earn a $200 cash bonus when you open a Key Select Checking account by 12/8/23 and make one direct deposit of at least $500 within 60 days.
- Convenient banking at 40,000+ KeyBank and Allpoint ATMs.
- Key Select Checking℠ is a premium checking account that earns interest and a $100 annual cash bonus with qualifying activities
- Set custom alerts so you can receive text or email updates about the account information that's important to you.
- Move money easily with Zelle, mobile check deposit, online banking and more.
- Enjoy chip security, Tap & Go technology and all benefits of Mastercard.
- FDIC Insured. Up to the maximum allowable limit.
- Direct Deposit Required: Make the minimum opening deposit, plus one qualified direct deposit of at least $500 within the first 60 days of account opening.
- Minimum Deposit to Open: $50
Key Smart Checking® - $200 Bonus
- Earn a $200 cash bonus when you open a Key Smart Checking account by 12/8/23 and make one direct deposit of at least $500 within 60 days.
- Convenient banking at 40,000+ KeyBank and Allpoint ATMs.
- Key Smart Checking® is a no monthly maintenance fee account
- Set custom alerts so you can receive text or email updates about the account information that's important to you.
- Move money easily with Zelle, mobile check deposit, online banking and more.
- Enjoy chip security, Tap & Go technology and all benefits of Mastercard.
- FDIC Insured. Up to the maximum allowable limit.
- Direct Deposit Required: Make the minimum opening deposit, plus one qualified direct deposit of at least $500 within the first 60 days of account opening.
- Minimum Deposit to Open: $10
Personal Checking Account - $200 Bonus NEW
Open an eligible Fifth Third Checking account. Have 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.
Savings Account Offers
Discover Online Savings - $200 Cash Bonus
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY923 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/14/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
Discover Online Savings - $150 Cash Bonus
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY923 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/14/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
High Yield Savings Account - 5.26% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- Deposits are FDIC insured through Third Coast Bank SSB
- Minimum Deposit to Open: $1
CIT Bank Platinum Savings - 5.05% APY
- 5.05% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
- Direct Deposit Required: No
- Minimum Deposit to Open: $100
UFB High Yield Savings - Earn up to 5.25% APY
- Earn up to 5.25% APY*
- No monthly maintenance fees
- No minimum deposit required to open an account
- Access your funds 24/7 with easy-to-use digital banking tools
- Minimum Deposit to Open: $0
Online Savings Account - Earn 4.30% APY
- No fees
- No minimum opening deposit
- No minimum balance required
- Minimum Deposit to Open: $0
High Yield Savings - 4.50% APY
- 4.50% APY
- $100 minimum opening deposit
- No monthly service fees
- Minimum Deposit to Open: $100
High-Yield Savings Account - 5.16% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- NCUA insured
- Minimum Deposit to Open: $1
High Yield Savings Account - 5.15% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- Deposits are FDIC insured through Bank34
- Minimum Deposit to Open: $1
Here are some of the top savings accounts:
- Discover Online Savings:
$200 Cash Bonus - UFB High Yield Savings:
Earn up to 5.25% APY - CIT Bank Platinum Savings:
5.05% APY - Quontic:
High Yield Savings - 4.50% APY - Upgrade:
Premier Savings - Up to 5.07% APY
Business Checking Account Bonuses
Chase Business Complete Banking® - $300 Bonus
- Earn $300 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities.
- Multiple ways to waive the Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card.
- Full-service business banking. Convenient access to all your business banking services in one place -- lending, checking, credit card and payment solutions.
- Your choice of payment types. Choose from a full range of options for accepting payments and making deposits that include Zelle®, Online Bill Pay, wire transfers and ACH payments.
- Convenient access to payment processing. Process all major debit and credit cards with QuickAccept®. It's a built-in feature with your Business Complete Checking account.
- Helping you save money. Multiple ways to waive service fees and unlimited digital transactions helps you keep more of your money.
- Full-featured banking online and on-the-go. Manage your business' finances on your terms with the latest online and mobile banking technology.
- Trusted and secure financial partner. We're committed to helping you grow and protect your business.
- Direct Deposit Required: No
- Minimum Deposit to Open: $0
Bank of America Business Advantage Checking Account - $200 Bonus Offer
- Open a new eligible business checking account by December 31, 2023
- Make Qualifying Deposits* of $5,000 or more in new money within 30 days of opening the new eligible business checking account
- Maintain an average balance of $5,000 for the next 60 days (day 31-90) during the maintenance period**
**The maintenance period begins thirty-one (31) days after account opening and ends ninety (90) calendar days after account opening.
Member FDIC
Silver Business Checking Package - Up to $800 Bonus
Earn up to an $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q3AFL23 and complete qualifying activities, subject to certain terms and limitations. Offer valid through January 8, 2024. Member FDIC. Complete these steps to earn the offer:
Earn your $350.
- Complete $5,000 in new money deposits within 30 days of account opening and maintain for 60 days after account opening.
Earn your $800.
- Complete $25,000 in new money deposits within 30 days of account opening and maintain for 60 days after account opening.
- Minimum Deposit to Open: $100
Axos Bank: Basic Business Checking - Up to $400 Bonus
- Business owners get up to $400 welcome bonus!*
- Open a business checking account by Dec. 31 and get up to $400 when you use promo code NEW400 on your application and maintain a minimum average daily balance of $50,000.*
- Zero opening deposit and cash deposits accepted
- Zero minimum monthly balance requirements
- Two domestic wire reimbursements monthly
- Unlimited domestic ATM fee reimbursements
- Enhanced Visa benefits and first 50 checks free
- Dedicated relationship manager and more
- Direct Deposit Required: No
- Minimum Deposit to Open: $0
Bluevine: Business Checking - Up to 2.0% APY
- 2.0% APY on your balance up to $250,000 for customers that meet monthly eligibility requirements
- $0 minimum opening deposit
- $0 monthly service fee
- Minimum Deposit to Open: $0
Lili: Free Checking Account for Sole Proprietors and Single-Member LLC
- Sign up in 3 minutes; no credit check
- No account fees - $0 monthly fee, overdraft fee, foreign transaction fee, or ATM fees at 38,000+ locations
- Automatic Savings
- Get paid up to 2 days early
- Minimum Deposit to Open: $0
Relay: No-Fee Business Checking
- $0 monthly service fee
- $0 minimum opening deposit
- Open up to 20 individual business checking accounts
- Earn up to 3% APY with automated savings
- Issue up to 50 Visa® debit cards to your team
- Minimum Deposit to Open: $0
Novo: Free Business Checking
- $0 monthly service fee
- $50 deposit to unlock all features
- Unlimited ATM fee rebates
- Minimum Deposit to Open: $50
Found: Free Business Banking for the Self-Employed
- $0 monthly service fees or minimums
- Automatically find tax write-offs and track expenses
- Auto-save for taxes
- Photo receipt capture
- Free unlimited custom invoices
- Easy sign up; no credit check
- Minimum Deposit to Open: $0
High Interest Rates
- Discover Online Savings:
$200 Cash Bonus - UFB High Yield Savings:
Earn up to 5.25% APY - CIT Bank Platinum Savings:
5.05% APY - Quontic:
High Yield Savings - 4.50% APY - Adda Bank:
High Yield Savings Account - 5.15% APY - Liberty Savings Bank:
High Yield Savings Account - 4.60% APY - Continental Bank:
High Yield Savings Account - 4.41% APY - American First Credit Union:
Money Market Deposit Account - 5.26% APY - SkyOne Federal Credit Union:
Money Market Deposit Account - 5.24% APY - Patriot Bank:
Money Market Account - 5.22% APY
CreditDonkey Survey Results
Would you open a new bank account for a $100 bonus?
How much do you save a month?
What are you saving money for?
How do Bank Promotions Work?
Bank promotions are incentives for new customers to open a new checking or savings account. Typically, you'll have to make qualifying deposits and keep the account open for a certain amount of time to get the bonus.
Banks benefit by getting new customers. Because when you deposit money with them, they can earn profits by loaning out your cash. That's why banks will typically require some kind of deposit in order to earn a bonus.
You also benefit by getting free money for switching to a new bank. A win-win!
How Can I Qualify for a Bank Account Bonus?
Banks have criteria you must meet to earn an account bonus. To qualify, you usually need to deposit a certain amount of money (in either direct deposits or transfers) within a certain timeframe. You also must keep your account open for a few months or the bonus will be taken back.
Sometimes, the bank may also require that you complete some activities. This can range from making a certain number of debit card purchases, enrolling in mobile banking, or using online bill pay.
Depending on the bank promotion, they may have just one requirement or a combination of a few.
Also, to qualify, you need to be a new customer. Some banks are more strict and say that you cannot have ever received a bonus from them before. Some say that you just can't have closed an account or received a bonus in the past 1 or 2 years. This is to prevent people from opening and closing accounts just to get bonuses.
What's the Best Bank for Me?
The best bank for you depends on what you want out of a bank. Do you want convenience, low fees, or high interest? Here are the different types of banks and why you may pick each one.
- National banks: best accessibility. These are the big traditional banks such as Bank of America, Wells Fargo, etc. These banks typically have physical locations and ATMs throughout the country. So you can get in-person help and do your banking no matter where you are. However, these banks usually offer very low interest and have fees and/or balance requirements.
- Regional or community banks: best local service. Regional banks are usually limited to one geographical area, whether it be several states or a single city. They usually offer higher interest and less fees. But you may need to switch banks if you move.
- Credit unions: best personalized service. These can be thought of mom-and-pop banks. The locations may be very limited (sometimes only one branch), but credit unions offer higher interest, competitive loan rates, and great personalized service.
- Online banks: best interest rates. If you're comfortable with doing your banking completely on the web or via mobile app, online banks will offer the highest interest rates (in exchange for no physical locations). Many online banks have no account fees and no balance requirements.
Credit unions generally offer higher interest rates, better loan rates, lower fees, and better personalized customer service than traditional banks. Credit unions are nonprofit, whereas banks are for-profit. Banks have more nationwide accessibility, but the interest rate is usually low and they charge more fees.
Bonus Promotions FAQs
What banks give instant bonuses for opening accounts?
Banks won't give instant bonuses just for opening a new account. They want you to use their account by depositing money, setting up direct deposit, or making purchases. After you complete the qualifying activities, you'll receive your bonus.
How are bank bonuses paid?
After you've met the requirements for the bonus, banks will deposit the cash into your account. Usually, it'll take several business days. The bonus offer should give a timeframe for when they will deposit the bonus.
Does a bank bonus count as income?
Yes, welcome cash bonuses for opening a bank account are considered income. You will get a 1099-INT from the bank and you'll need to report it as interest income on your taxes. It'll be taxed at your ordinary income tax rate.
Does switching banks hurt your credit?
No, switching banks will not hurt your credit. Opening a new bank account is only a soft pull, which doesn't impact your credit score. But, don't forget to switch over automated payments. If payments fail because they're still going to your old bank account, that will harm your credit.
Can you have 2 bank accounts?
There's no limit to how many bank accounts you can have legally. Many people find it helpful to have more than one bank account to stay organized (like a primary account and one for paying bills).
If you're in the market for a 2nd account, it's a great chance to take advantage of bank bonuses.
Methodology: How We Picked the Best Bank Bonuses
First, we picked larger banks that are offering at least $100 bonus. Most of the promotions on our list offer $200 or even more. We chose banks that serve a wide area, so they're available to more people.
We also picked offers that are available to apply for online, since that's more convenient for most people. And you can take advantage of the offer even if you don't live super close to a branch.
The requirements to earn the sign-up bonus offers must be reasonable and relatively easy to meet. There are also some larger bonuses targeted towards premium checking customers with higher criteria.
Finally, we picked bank accounts that we truly feel offer good features and benefits. So that even after you receive your bonus, you'll still find value in being a customer. Hopefully, the sign-up bonus is just an added perk over the long-term benefits.
What Experts Say
CreditDonkey assembled a panel of industry experts to answer readers' most pressing questions. Here's what they said:
Top Banks with Promotions
- Chase: Only bank in the US with branches in all 48 contiguous states; over 4,700 branches and 15,000 ATMs; many checking options including free accounts for students and kids.
- Bank of America: There are thousands of ATMs and financial centers; good customer service with extended hours.
- Wells Fargo: Over 4,500 locations and 12,000 ATMs; many checking options including a second chance account for those who had financial troubles.
- Ally Bank: Online bank with wide array of services, high interest rates, no fees, and great 24/7 customer service.
- Discover Bank: Online bank with high interest savings & CDs.
- Capital One: Hybrid brick-and-mortar and online bank; all banking products have no monthly service fees or minimum opening deposits.
- CIT Bank Bonus Offers: Online bank with one of the highest interest rates for online savings account.
- PNC Bank: Unique Virtual Wallet feature and financial tools that help you reach your goals; account fee is easily waived.
- TD Bank: Extended banking hours and 24/7 customer service; checking account fees waived with low account minimums.
- Alliant Credit Union: A credit union with high interest rates, ATM fee rebates, and large network of over 80,000 fee-free ATMs. Anyone can join with simple qualifications.
Chase
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Our Review: (4.1) Chase has new customer bonuses and a strong nationwide presence. But there are drawbacks. Read this review to see if Chase is a good bank for you...
Bank of America
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Our Review: Bank of America is a national bank with many account options and user-friendly online banking. But does this convenience come at a cost? Read on...
Wells Fargo
Wells Fargo offers nationwide access with thousands of ATMs and branch locations. But are their checkings and savings accounts right for you? Read on to see the best options...
Citibank
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Our Review: Citibank, a CreditDonkey partner, offers banking services and credit cards. But service fees and balance requirements are on the high side. Is it the right bank for you?...
Discover Bank
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Our Review: (4.6) Discover offers high interest rates on its online savings and CD accounts. But there are downsides. Here's what you need to know before you open an account...
PNC Bank
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Our Review: (3.5) PNC Bank has relatively low requirements to waive fees and offers many financial tools to help you meet savings goals. Read on to see if this East Coast bank is right for you...
CIT Bank
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Our Review: (4.4) CIT Bank offers a high interest rate. But how reliable is this online bank? Read this review to find out if what you heard is true...
Capital One
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Our Review: (4.3) Capital One 360 checking and savings accounts are free to open and offer higher-than-average APY rates. Does this popular web bank live up to its claims? Find out if it's right for you...
Regions Bank
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Our Review: (3.4) Regions Bank offers a variety of deposit products, easy account opening requirements, and special reward programs. Read on to see if this bank is right for you...
Bluevine
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Our Review: (4.4) Bluevine offers free business checking with a high interest rate. But what's the catch? Is it right for your business? Read on for the full review...
M&T Bank
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Our Review: (3.4) If you are on the upper East Coast, you probably see M&T Bank frequently. With a free checking option and a range of deposit accounts, does it meet your needs?...
TD Bank
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Our Review: (3.9) TD Bank offers extended customer hours and easy online banking. Are these perks worth it? Find out what makes TD Bank a great choice for you and some reasons to look elsewhere...
Citizens Bank
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Our Review: (3.8) Are you looking for a bank that will not only keep your money, but also help push you to meet your financial goals? If so, you may want to consider Citizens Bank...
Lili
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Our Review: (4.4) Lili offers a free business checking account with tax planning and expense tracking tools. Review the features to find out if Lili is worth it...
Ally Bank
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Our Review: (4.4) Ally Bank offers good interest rates and no account minimums. But is this popular online bank good for you? Learn the benefits (and drawbacks) here...
Associated Bank
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Our Review: (3.6) If you live in the Midwest, you've likely heard of Associated Bank. Its account offerings are basic with higher fees, but is it a good fit for you? Read on...
BMO Bank
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Our Review: (3.5) BMO offers low fees and a large ATM network. But savings rates are low. However, the strong features can still make it a good bank for you. Read on...
goHenry
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Our Review: (3.8) GoHenry offers kids a debit card and fun money lessons. But is it worth the monthly fee? Find out the pros, cons, and whether it's safe for your child...
Relay
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Our Review: (4.6) Relay Financial offers online banking services for businesses. Yes, it is free. But, is it the right platform for you? Find out...
Synchrony Bank
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Our Review: (4.3) Synchrony offers some of the highest savings and CD rates. But there are downsides. Read this review before you open an account...
Copper
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Our Review: (4.1) Copper Banking is a banking and investing platform to teach kids and teens financial literacy. Discover its features, pros, and cons in this review...
Greenlight
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Our Review: (3.8) Looking to teach your kids or tweens how banks and debit cards really work? Greenlight may be for you. Learn the pros, cons, fees, and more in this review...
HSBC Bank
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Our Review: (3.7) HSBC Bank offers a global banking account ideal for those who live and work overseas. Is it right for your needs? Read on for the pros and cons...
Novo
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Our Review: (3.3) Novo provides digital banking services for entrepreneurs and small businesses. Explore Novo's features, business perks, and fees in this review...
UFB Direct
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Our Review: (4.3) UFB Direct offers high interest rates. But is it a safe choice? Find out in this review...
Axos Bank
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Our Review: (4.0) Axos Bank offers full-service banking completely online with no fees. Find out below whether they can replace your traditional bank account...
Charles Schwab Bank
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Our Review: (4.1) Charles Schwab is more than a brokerage. It also offers high yield checking and savings interest rates that might far surpass your local bank. Read on to learn the pros and cons...
First Citizens Bank
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Our Review: (2.9) First Citizens Bank offers many account options with low opening deposits and fees. But there are downsides. Find out if First Citizens is a good bank for you...
Quontic
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Our Review: (4.3) Quontic Bank aims to provide a better experience (and rewards) for those underserved by traditional banks. Review the rates, fees, and customer reviews...
Alliant Credit Union
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Our Review: (3.8) Looking for a good checking account for teenagers? Find out if Alliant Teen Checking is safe and legit for your child...
Aspiration
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Our Review: (3.3) Aspiration offers socially-responsible banking services and investment products with a unique "Pay What Is Fair" approach. Is it too good to be true? Read on...
Chime
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Our Review: (4.5) Chime has no monthly fees, so what's the catch with the app? Find out how you can get paid two days early and grow your savings...
Comerica Bank
Do you look for a wide range of account options at banks? Do you want a bank that offers free savings accounts with any checking account? Comerica Bank may provide what you need...
Current
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Our Review: (4.4) Is Current a good fit for you? Discover its benefits and drawbacks, and see how it sizes up against apps like Chime in this review...
Dollar Bank
What do you look for in a bank? If it's more than the interest rates you earn and more about the service you receive, you might want to put Dollar Bank on your radar...
Empower Finance
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Our Review: (3.0) Find out how Empower, a new innovative banking platform, uses AI to help you better manage your finances and savings, and more...
FirstBank
What do you look for in a bank account? Do you prefer simple, no-frills accounts or do you need all of the bells and whistles? If simple bank accounts are your cup of tea, you may find that FirstBank has just what you need...
Flagstar Bank
You might know Flagstar Bank as a mortgage lender, but they pack quite a punch when it comes to the banking side of things. If you live in Michigan, you may want to check out what Flagstar Bank has to offer...
Found
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Our Review: (4.3) Found Business Banking offers helpful tax and invoicing tools for self-employed people. But it lacks other basic features. Here's what you need to know...
Frost Bank
Is local customer service important to you when you bank? Do you live in Texas? If so, you may want to put Frost Bank on your list of possible banks. As one of the larger banks in Texas, Frost Bank offers "human" customer service and personal touches that you won't see anywhere else...
GO2bank
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Our Review: (4.0) Get the real deal about GO2bank. Is it legit? Find out in this in-depth review...
LendingClub Bank
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Our Review: (4.0) LendingClub Bank (formerly Radius Bank) offers high yield savings and checking accounts. So what's the catch? Read on to see if this online bank is worth it...
Marcus by Goldman Sachs
Marcus by Goldman Sachs offers savings accounts and CDs at high interest rates. But don't expect accounts with a lot of bells and whistles. Read on for the pros and cons...
NorthOne
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Our Review: (4.3) NorthOne is a banking platform for small businesses. But is it right for you? Find out the unique features it offers and how it compares...
Raisin (formerly SaveBetter)
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Our Review: (4.1) Unravel the truth about Raisin's safety and legitimacy in this review...
Santander Bank
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Our Review: (3.8) If you're in the Northeast, Santander Bank offers solid basic checking and savings options, as well as competitive rates for CDs. Read on to see if it fits your needs...
Till
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Our Review: (3.9) Is Till Financial legit and safe for kids? Find out how a Till debit card compares to competitors like Greenlight and GoHenry...
Union Bank
If you are in the market for a simple bank account that allows you to pick and choose the features that you pay for, Union Bank may be the bank for you...
Upgrade
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Our Review: (4.5) Upgrade Premier Savings gives a really high APY for savings. But what do you need to get it? Read on to learn how to earn their highest APY...
Webster Bank
Webster Bank offers bank accounts for those just starting out as well as those looking for a "premier" bank account. Do their services live up to your needs? Keep reading to find out...
Western Alliance Bank
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Our Review: (3.6) Western Alliance offers savings products with competitive APYs for people looking to grow their money. Is there a catch? Read on to find out...
US Bank
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Our Review: (3.7) Weighing up on banking with U.S. Bank? This comprehensive review covers its pros, cons and how it stacks up against other banks...
Fifth Third Bank
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Our Review: (3.3) Fifth Third Bank has higher balance requirements and high service fees if they're not met. But it offers some unique programs. Read on to see if Fifth Third Bank is a good fit for you...
Huntington Bank
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Our Review: (3.9) Huntington Bank provides great accounts benefits like free Overdraft Protection Transfers. Read on to see if this bank is right for you...
KeyBank
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Our Review: (3.3) Are you looking for a no-frills checking account or maybe a bank that offers relationship banking services/interest rates? You may have found your fit with KeyBank...