If you’re going to be opening a new checking account anytime soon, you could end up earning free bonus cash. Many banks offer cash incentives to new customers. To qualify, all you have to do is meet certain direct deposit requirements and be an active customer. Not every bank offers cash bonuses to its members — and some banks are much more generous with their bonuses than others. To find out how much free cash you could earn, start a search online.
Besides cash bonuses, there are other factors to consider when opening a new bank account. Search online to compare what banks are offering in service and various charges.
Here are some of the highest paying checking account bonuses.
1. Citibank
Bonus: Up to $1,500
Opening a new checking account with Citibank could earn you up to $1,500 in bonus cash. To qualify, you’ll have to make a deposit into your new checking account within 20 days of opening the account. You will then have to maintain the minimum balance in your account for an additional 60 days.
Within 90 days of completing all necessary steps, the cash bonus will be deposited into your account. The amount of money you receive will depend on how much money you deposit into the account. There are three bonus cash levels you could be eligible for:
- Earn $300 with a minimum deposit of $15,000.
- Earn $700 with a minimum deposit of $50,000.
- Earn $1,500 with a minimum deposit of $200,000.
2. PNC Bank
Bonus: Up to $400
The Virtual Wallet account by PNC Bank allows you to manage your finances online and on your mobile device. Easily send and receive money to trusted people, pay by tapping your debit card, and take advantage of digital tools to help manage your money.
You could earn up to $400 in bonus cash when you open and use a Virtual Wallet with Performance Select account. Alternatively, you could also earn a bonus of $50 by opening a Virtual Wallet account, or $200 bonus by opening a Virtual Wallet with Performance Spend account.
3. TD Bank
Bonus: Up to $300
This bonus offer comes from TD Bank. By opening a TD Beyond Checking account, you could earn $300 bonus cash. Simply receive direct deposits of $2,500 or more within 60 days of opening your account to qualify.
Secondly, new customers with a TD Convenience Checking account could receive a $150 cash bonus. To qualify, you just have to receive a direct deposit of $500 or more within 60 days of opening the account.
Once you meet the criteria for either account, the bonus will be added to your checking account within 140 days.
4. BMO Harris Bank
Bonus: Up to $350
Open a new BMO Harris Premier account to receive $350 bonus cash. To qualify, you must receive a total of at least $7,500 in direct deposits within the first 90 days of the account being opened. Some worthwhile perks to this account include unlimited transactions and surcharge fee rebates on non-BMO Harris ATMs.
You could also receive a $200 cash bonus by opening either a Smart Advantage Account or Smart Money Account. With this offer, you’ll need to receive a total of $4,000 in qualifying direct deposits within the first few months.
5. Huntington Bank
Bonus: Up to $300
There are three checking accounts at Huntington Bank offering bonus cash to new customers. To earn $300, all you have to do is open a Huntington 25 Checking account and make a minimum deposit of $25,000. You will receive the bonus in your account within 14 days of meeting the requirements.
If you want to earn bonus cash with a smaller deposit amount, consider the other two options. An Asterisk-Free Checking account provides customers with a $150 bonus and a Huntington 5 checking account can earn you $200. Both accounts only require a minimum deposit of $1,000 to receive the corresponding bonus.
6. Wells Fargo
Bonus: $300
New customers could earn a $300 cash bonus by opening a new Everyday Checking account with Wells Fargo. This bonus requires a minimum opening deposit of $25, as well as a total of $1,000 or more in direct deposits within 90 days of the account being opened. Once the qualifications have been met, members will receive the bonus cash deposit in their account within 30 days.
Some benefits to being a Wells Fargo customer include:
- Contactless in-store payments;
- Easy money transfers, and;
- Mobile device banking.
Compare Your Checking Account Options Online
Checking account bonuses are a benefit worth taking advantage of. Signing up for a new account and proceeding with your normal, everyday debit transactions can earn you hundreds of free dollars. All you have to do is make a minimum deposit into your account and meet other necessary requirements.
To get started, search around online for a bank that makes the most sense for you. Try looking for ones that offer cash bonuses to new account holders. Depending on which bank you choose, free cash could be deposited into your account in less than a few months.