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These bank account sign-up bonuses can soften the blow of falling deposit rates

Yahoo Personal Finance · (Getty Images)
Ivana Pino · Senior Writer
Updated 9 min read

The Federal Open Market Committee (FOMC) voted to reduce the federal funds rate for the first time since 2020 — and by a whopping 50 basis points. This change likely marks an end to record-high interest rates for interest-bearing deposit accounts.

That’s unfortunate news for savers. But on the plus side, there are other ways to give your account balance a boost, like taking advantage of valuable bank account bonuses.

Read more: Federal funds rate: What it is and how it affects you

Banks offering new account bonuses

Many banks and credit unions offer limited-time cash bonuses for opening new accounts and meeting certain requirements. Here’s a round-up of personal bank account bonuses you may want to consider if you’re in the market for a new checking or savings account.

Note that bonus details are accurate as of the publication date. Please verify account and bonus requirements directly with the financial institution before opening an account.

Bank of America Advantage Banking: $200 bonus

Bank of America offers a $200 bonus when you open one of its eligible personal checking accounts (Advantage SafeBalance Banking, Bank of America Advantage Plus Banking, or Bank of America Advantage Relationship Banking) using the offer code TWA200CIS.

To receive a bonus, you must set up and receive qualifying direct deposits totaling $2,000 or more into your account within 90 days of account opening. Once the requirements have been satisfied, you will receive your bonus within 60 days. This offer ends Sept. 30, 2024.

BMO Bank Checking Accounts: Up to $500 bonus

BMO Bank is currently offering a new account bonus on three of its checking accounts. The amount of the bonus depends on which account you choose:

  • BMO Smart Advantage Checking or Smart Money Checking: Earn a $250 cash bonus by having at least $4,000 in qualifying direct deposits within the first 90 days.

  • BMO relationship checking: Earn a $500 cash bonus by having at least $7,500 in qualifying direct deposits within the first 90 days.

Additionally, you can earn a $100 digital gift card when you meet with a BMO banker to discuss your financial priorities after opening your account online.

Chase Bank Private Client Checking Account: Up to $3,000 bonus

In order to qualify for this bonus, you must open or upgrade to a new Chase Private Client Checking account by Oct. 16, 2024, in a branch or over the phone. Next, you’ll need to fund your account by transferring a total of $150,000 or more in qualifying new money or securities to an eligible account within 45 days.

Your bonus amount is determined by your balance:

  • $150,000-$249,999.99 qualifies for $1,000

  • $250,000-$499,999.99 qualifies for $2,000

  • $500,000+ qualifies for $3,000

Your bonus amount will be determined on day 45. Next, you must keep that money in your account for 90 days, and your bonus will be deposited within 40 days.

Read more: What is private banking, and how does it work?

Chase Bank Secure Banking Account: $100 bonus

This bonus is available to new Chase checking customers. Open a Secure Banking account by Oct. 16, 2024, and complete 10 qualifying transactions with 60 days of coupon enrollment to qualify for a $100 bonus.

Qualifying transactions include debit card purchases, Zelle transactions, ACH credits, Chase QuickDeposit, and online bill payments. After you meet these qualifications, your bonus will be deposited into your account within 15 days.

Chase Bank Total Checking Account: $300 bonus

New Chase checking customers can qualify for a bonus of $300 by opening a Chase Total Checking account and making direct deposits totaling $500 or more within 90 days of coupon enrollment.

Direct deposits must be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. After you’ve completed the necessary requirements, you’ll receive your bonus within 15 days.

Citibank Checking Accounts: $300 bonus

New Citi checking customers who enroll in enhanced direct deposits can earn a $300 cash bonus. In order to qualify, you must receive at least two enhanced direct deposits into your new checking account totaling $1,500 or more within 90 days of opening your account.

Enhanced direct deposits include Zelle, PayPal, and Venmo transfers; paychecks; pension payments; and Social Security payments. Your bonus will be deposited as a credit within 30 calendar days. This offer is valid until Oct. 8, 2024.

Discover Bank Online Savings Account: Up to $200 bonus

First-time savings customers can earn a bonus of $200 by opening a new online savings account through March 13, 2025, using the offer code GBPE924:

  • Earn a $150 bonus by depositing at least $15,000 within 45 days of account open date

  • Earn a $200 bonus by depositing at least $25,000 within 45 days of account open date

Once these qualifications are met, the bonus will be credited to the account within 60 days. (Read our full review of Discover Bank.)

Fifth Third Bank Checking Account: $325 bonus

Fifth Third Bank is currently offering a bonus of $325 when you open a qualifying checking account by Sept. 30, 2024. To earn the bonus, you must make direct deposits totaling $500 or more within 90 days of account opening. The bonus will be added to your new account within 10 business days of completing qualifying activity requirements.

Huntington National Bank Perks or Platinum Perks Checking: Up to $600 bonus

Huntington National Bank customers who open a new checking account can qualify for one of two bonus tiers, depending on the account you open:

  • $400 when you open a Perks Checking account and set up and receive a qualifying direct deposit within 90 days of account opening. You must keep your account open for 90 days.

  • $600 when you make cumulative new money deposits of $25,000 into a new Platinum Perks checking account within 90 days of account opening. You must keep your account open for 90 days.

Once these requirements are met, you’ll receive your bonus within 14 days.

Key Bank Key Smart Checking Account: $300 bonus

Key Bank is currently offering a $300 bonus for customers who open a Key Smart Checking account online by Dec. 20, 2024, using the code KDSA0624. To qualify for the bonus, you must make the $10 minimum opening deposit and one eligible direct deposit of $1,000 or more within 60 days of account opening. Your bonus will be deposited into your account within 60 days of meeting the requirements.

PNC Bank Virtual Wallet: Up to $400 bonus

PNC Bank currently offers a bonus of up to $400 for its combination checking (Spend) and savings account known as Virtual Wallet. This bonus is tiered based on the Virtual Wallet type and qualifying activities:

  • Virtual Wallet: Earn $100 when you establish total qualifying direct deposits of $500 or more to the Spend account

  • Virtual Wallet with Performance Spend: Earn $200 when you establish total qualifying direct deposits of $2,000 or more to the Spend account

  • Virtual Wallet with Performance Select: Earn $400 when you establish total qualifying direct deposits of $5,000 or more to the Spend account

To qualify for the reward, the new Virtual Wallet product must be opened online through Oct. 31, 2024, and a qualifying direct deposit(s) must be received within the first 60 days. Your account must remain open in order for you to receive the reward, which will be credited to the eligible account within 60 to 90 days after all conditions have been met.

SoFi Checking and Savings Account: Up to $300 bonus

Earn a bonus of up to $300 when you open a new SoFi Checking and Savings account. In order to qualify for the bonus, you must receive at least one direct deposit. The amount of your deposit will determine the bonus you will receive:

  • Direct deposits totaling less than $999.99 do not qualify for a bonus

  • Direct deposits totaling $1,000 to $4,999.99 earn $50

  • Direct deposits totaling $5,000 or more earn $300

Once these requirements have been met, account holders will receive their bonus within seven business days of the end of the direct deposit bonus period, which begins when SoFi receives a Direct Deposit of $1 or more within the promotion period and ends 25 calendar days later. (Read our full review of SoFi.)

TD Bank Beyond Checking or Complete Checking: Up to $300 bonus

TD Bank offers a new checking account bonus of $200 or $300, depending on which account you open.

For the TD Beyond Checking account, you can earn a bonus of up to $300 until Sept. 30, 2024. To earn the bonus, you must have $2,500 in qualifying direct deposits posted to the account within 60 days. The bonus will be paid on or before 180 days after account opening.

New TD Complete Checking customers must have $500 in qualifying direct deposits post to the account within 60 days to qualify for a $200 bonus, which will be paid on or before 180 days after account opening.

TD Bank Savings Accounts: $200 bonus

New savings account customers who open a TD Signature Savings account or TD Simple Savings account can earn a $200 bonus. You must deposit at least $10,000 within the first 20 days of account opening and maintain a balance of at least $10,000 for 90 additional days from the 20th day after account opening. Bonuses are paid within 180 days of account opening. This offer is valid through Sept. 22, 2024.

U.S. Bank Smartly Checking Account: Up to $450 bonus

U.S. Bank is currently offering a bonus of up to $450 when you open a new U.S. Bank Smartly Checking account. In order to earn the bonus, you must deposit $25 into your account within 30 days. Then, within 90 days of account opening, enroll in online banking or the U.S. Bank mobile app and make at least two direct deposits:

  • Earn $250 when the combined total of your direct deposits is between $2,000 and $4,999.99

  • Earn $350 when the combined total of your direct deposits is between $5,000 and $7,999.99

  • Earn $450 when the combined total of your direct deposits is $8,000 or more

This offer is valid through Oct. 31, 2024.

Wells Fargo Everyday Checking: $300 bonus

New checking account customers can qualify for a bonus of $300 by opening a new Everyday Checking account online or in a branch with a minimum opening deposit of $25. You must receive a total of $1,000 or more in qualifying electronic deposits to your account within 90 calendar days of account opening. Once these qualifications are met, your bonus will be deposited into your new checking account within 30 days. This offer is valid until Sept. 25, 2024.

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