Unlock December 2024’s Top Checking Account Bonuses You Can’t Miss!
Unlock Your Financial Future: Best Checking Account Bonuses in 2023!
Looking to boost your financial game? Many banks are rolling out the red carpet with enticing sign-up bonuses when you open a new checking account. How does a bonus of at least $100 sound? Exciting, right?
Qualifying for these bonuses is often a breeze — you typically just need to make a minimum deposit or set up direct deposit. We’ve scoured the landscape of consumer checking accounts across online banks, traditional brick-and-mortar banks, and credit unions to find the cream of the crop offering sign-up bonuses for new account holders. (Curious about our selection process? Check our methodology below!)
Discover the Best Checking Account Bonuses
Comparing the Hottest Offers Out There!
Bank of America
Bank of America Advantage SafeBalance Banking®
- Monthly Maintenance Fee: $0 for eligible students under 25
- Minimum Deposit to Open: $25
- Free ATM Network: Access to a large network of ATMs
- Mobile Check Deposit: Yes, easy and convenient!
Pros
- Highly rated mobile app experience
- No overdraft fees
- Smart savings program that rounds up debit purchases to save more!
Cons
- $25 minimum deposit to open
- No interest rates
- No reimbursement for out-of-network ATM fees
BMO Bank
BMO Smart Advantage Checking
- Free ATM Network: 40,000+ BMO and Allpoint® ATMs
- Online Banking: Manage your finances on the go!
Pros
- No monthly maintenance fee
- No minimum balance requirements
- Wide ATM access
Cons
- $15 overdraft fee
- $3 out-of-network ATM fee
Bonus: $300 (Expires: Feb. 3, 2025)
How to Earn: Open an account online and set up direct deposits totaling $4,000 or more within 90 days.
Capital One
Capital One 360 Checking®
- Annual Percentage Yield (APY): 0.10% on all balances
- Free ATM Network: 70,000+ ATMs available
Pros
- No minimum deposit required
- No foreign transaction fees
- Free overdraft transfers available
Cons
- No reimbursement for out-of-network ATM fees
Bonus: $250 with promo code “CHECKING250”
How to Earn: Open a 360 Checking account and receive at least two qualifying direct deposits each of $500 or more within 75 days.
Chase Bank
Chase Private Client Checking℠
- Network of ATMs: Over 15,000 ATMs
- Reimbursement: Chase refunds ATM fees charged by non-network ATMs if requirements are met
Pros
- Option to waive monthly fees
- Top-rated mobile app
Cons
- Low APY
- Requires a significant cash deposit
Bonus: $1,000 to $3,000 (Expires: Jan. 22, 2025)
How to Earn: Earn bonuses based on your deposit range when opening a checking account.
Why Do Banks Offer These Sweet Bonuses?
Banks are eager to lure in new customers with sign-up bonuses as an incentive to open accounts. These attractive offers can exceed $100 but usually come with specific conditions, such as making a minimum deposit or setting up direct deposits.
How to Select the Right Sign-Up Bonus for You
Before diving into a bank account just for the bonus, consider these factors:
- Minimum Deposit Requirements: Ensure the required deposit is feasible for you.
- Direct Deposit Terms: Check if setting up direct deposits is a requirement and if it aligns with your income source.
- Timeframe: Confirm that you can comfortably meet the bonus deadline without stress.
- Fees: Keep an eye out for monthly maintenance fees that could eat into your bonus.
Frequently Asked Questions
Should I Open a Bank Account Just for the Bonus?
While a sign-up offer is tempting, consider how much money you can transfer to a new account. Choose the bonus that suits your budget.
Do You Get Taxed on Bank Bonuses?
Yes, the IRS treats bank bonuses as additional income, which means you must report it on your taxes.
What is Bank Account Churning?
This refers to opening multiple bank accounts to earn sign-up bonuses, followed by transferring funds or closing accounts. Beware: excessive openings can raise flags with banks.
Why Trust CNBC Select?
At CNBC Select, our commitment is to present our readers with top-notch service journalism and comprehensive consumer advice, empowering them to make savvy financial decisions. Each review is based on thorough reporting by our expert team, ensuring integrity and transparency in our recommendations.
Our Methodology
To identify the best consumer checking accounts and bonuses, we analyzed numerous options provided by major U.S. banks and credit unions. Each account was evaluated based on:
- Feasible bonus requirements
- Accessibility nationwide
- Physical branches and online presence
- Robust ATM network
- Insurance up to $250,000 by FDIC or NCUA
We also considered audience engagement metrics to ensure relevance and value to our readers.
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Notes:
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