Many financial institutions will try to set themselves apart from the crowd by offering new customers a bonus for opening an account with them. While a bonus shouldnt be the ultimate deciding factor when weighing various checking accounts, it doesnt hurt to know whats available to you and how you might benefit from choosing one financial institution over another.
To help make your decision a little easier, the Fortune RecommendsTM editorial team ranked 18 different checking accounts that are currently offering bonuses and came up with a list of the top 10 picks. We weighed bonus amounts, minimum balance requirements, annual percentage yields (APYs) for interest-earning checking accounts, branch and free ATM access, mobile and online banking platforms, and customer service options. (Read our full methodology here.)
- Citibank: $200$2,000
- SoFi: $250
- Axos Bank: $100
- Citizens Bank: $400
- One Finance: $35
- Citadel Credit Union: $300
- CIBC: $200
- U.S. Bank: $400
- PNC Bank: $200
- M&T Bank: $200
The 10 best checking account bonuses of February, 2023
Heres our rundown of the top 10 checking accounts that offer bonuses, including the key figures you should know before you open an account. (Note: bonus amounts and requirements, APYs and fees are up to date as of Jan. 30, 2023 but are subject to change.)
1. Citibank
About: Citibank was founded in 1812 as the City Bank of New York and is headquartered in New York City. Citi currently offers credit cards, checking and savings accounts, lending services, wealth management services, and more. Citi customers also have access to more than 2,300 ATMs in over 600 Citibank branches and over 60,000 other surcharge-free ATMs in the U.S. including Citi-branded ATMs in retail stores. Customers can get an overview of their account and do most of their banking online or via Citis mobile app.
Bonus: $200$2,000
Minimum opening deposit: $0
Monthly fee: $10 (can be waived if you meet certain requirements)
APY: 0%
Customer support: Citibank offers 24/7 customer support via telephone and live chat.
Our verdict: Good for big spenders and savers. Even though this is not an interest-earning checking account, Citibank took the top spot on our list for its lucrative bonus structure. It is currently offering a bonus of up to $2,000 for new checking account holders who open an eligible checking account between now and April 4, 2023. Beware: only big spenders will qualify as youll need a minimum deposit of $300,000.
If you dont have that amount ready to sock away in a checking account, Citi also offers bonuses starting at $200 for a $10,000 minimum deposit. There is however no minimum opening deposit to open a Citi Access Package checking account and the monthly service fee of $10 can be waived if you make one enhanced direct deposit or one qualifying bill payment per statement period or maintain a combined average monthly balance of $1,500+ in eligible linked accounts.
2. SoFi
About: SoFi is an online bank headquartered in San Francisco that offers checking, savings, investing products, and more. SoFi has three physical locations in the U.S., but customers have access to a network of over 55,000 ATMs nationwide. Customers can pay bills, find ATMs, send money, make mobile deposits, and more via SoFis website and mobile app.
Bonus: $250
Minimum opening deposit: $0
Monthly fee: $0
APY: 2.50%
Customer support: Customers can request assistance by reaching out to SoFi via phone, chat, email, and even sending general questions to the Twitter account at @SoFiSupport.
Our verdict: Good for those who want to earn interest on their checking account balance. SoFis checking account made our list for its short list of requirements to receive a bonus and its APY. For a limited time, the bank is currently offering up to $250 for customers with qualifying direct deposits. If you deposit $5,000 or more, youll qualify for the full $250. For direct deposits between $1,000 and $4,999.99, youll receive a $50 bonus. You can expect to receive payment within seven business days following the 25-day evaluation period.
3. Axos Bank
About: Founded in 2000, Axos Bank is a California-based online bank offering numerous account options for individual and business customers. In addition to multiple types of checking accounts designed including a rewards checking, money market account, a high-yield savings account, and more. Axos customers can make free withdrawals from their checking account at approximately 91,000 locations across the nation, and banking can be done online and via mobile app, which is available for download on the App Store and Google Play.
Bonus: $100
Minimum opening deposit: $50
Monthly fee: $0
APY: 1.25%
Customer support: Personal banking customers can call Axos 24/7. The mobile app provides 24/7 chatting with Evo, a virtual financial assistant thats designed to provide answers to nearly all financial questions. Customers can also send secure messages to the bank through the mobile app.
Our verdict: Good for those who want a wide range of banking products. Axos Banks checking account made our list for its stellar APY and $50 deposit. At 1.25% its Rewards Checking Account offers up to a 1.25% APY for eligible account holders that is more than 20x the national average. To qualify for the $100 cash bonus, account holders must open a new account by 11:59 p.m. PST on 3/31/2023 and have qualifying direct deposit(s) that total at least $1,500.00 within a single calendar month during the first three (3) calendar months your account is open, including the month in which your account was opened. All eligible awards will be delivered to your Rewards Checking account within 30 days following the 90-day waiting period. And your account must remain open for at least 180 days or an early closure fee of $100 may apply.
4. Citizens Bank
About: Citizens Bank is headquartered in Providence, Rhode Island, and is one of the oldest banks in the U.S. Its product offerings include savings accounts, checking accounts, credit cards, student loans, home loans, auto loans, and investment management services. It also offers small business and corporate banking products. Customers can enjoy free withdrawals at any Citizens Bank ATM, plus access to a network of over 2,700 surcharge-free ATMs. For online and mobile-first customers, Citizens platforms give them the opportunity to deposit checks, transfer funds and pay bills without stepping foot in a branch.
Bonus: $400
Minimum opening deposit: $0
Monthly fee: $5
APY: 0%
Customer support: For questions related to your checking account, representatives are available Monday through Friday 7:00 a.m. to 10:00 p.m. ET, as well as Saturday and Sunday 9:00 a.m. 6:00 p.m. ET. The banks website also offers an automated chat feature.
Our verdict: Good for those who dont frequent the ATM. Citizens checking account made our list for its up to $400 bonus and low monthly fee, despite not having a large ATM network compared to other financial institutions on our list. Customers who open a new checking account can qualify for a $300 bonus when they open their first new personal checking account and make a direct deposit of $500 or more within 60 days. Those customers can get an additional $100 total in bonuses for every debit card purchase they make within the first 60 days after opening their account. Each purchase will earn them $2, up to $100. This offer expires on 3/16/2023.
5. One Finance
About: One Finance is a California-based fintech that offers one primary producta hybrid checking and savings account known as a spend account with pockets for savings. One Finance does not have any physical locations, but ATM cash withdrawals are fee-free at 55,000+ Allpoint ATMs nationwide for eligible direct deposit customers, receiving $500 or more in qualifying direct deposits in a 31 day period. One Finances mobile app is available for download on the App Store and Google Play, although the application has low ratings from Android users.
Bonus: $35
Minimum opening deposit: $0
Monthly fee: $0
APY: 1.00%
Customer support: One offers customer assistance via telephone every day of the week between 6:00 a.m. to 6:00 p.m. PST as well as an automated chat option on the website.
Our verdict: Good for those who want a no-frills checking account and solid APY. One Finance offers a simplified, digital-first approach to banking. Its spend account doesnt charge any monthly fees, has no minimum requirement, and no overdraft fees. While this bank offers one of the lowest bonuses out of all the banks we reviewed, it earned a top spot on this list because you can earn 1.00% APY on balances up to $5,000but if you have eligible direct deposit set up, you can earn that APY on up to $25,000. The current promotion rewards checking account holders with $25 when they receive an eligible direct deposit, and an additional $10 after their first purchase of $10 or more.
6. Citadel Credit Union
About: Citadel Credit Union is headquartered in Pennsylvania and has over 20 physical branches for east-coast customers. Online customers can bank through Citadels website or mobile banking platform which has over 4-stars on the App Store and Google Play. Citadel also has ATMs across the greater-Philadelphia area.
Bonus: $300
Minimum opening deposit: $0
Monthly fee: $10
APY: 0.05%
Customer support: Customer service representatives are available via live chat, email, video connect, and phone Monday through Thursday between 8:30 a.m. and 5:00 p.m., Friday 8:30 a.m. to 6:00 p.m., and Saturday from 9:00 a.m. to 1:00 p.m. ET.
Our verdict: Good for those who prefer a credit union over a bank. Citadel was the only credit union that made our list and it took the 8th spot for its generous bonus, even though its not the highest on our list. Customers who open a free checking or Cashback Rewards checking account can get a $300 cash bonus for qualifying direct deposit(s) totaling $500 or more posting to the new checking account within 60 days of the account opening. Customers must not have closed a Citadel checking account within the last 12 months and/or previously received a checking new account bonus.
7. CIBC
About: CIBCs roots can be traced back to the 1800s when the Canadian Bank of Commerce and the Imperial Bank of Canada were both founded. In the 1960s the two banks merged to form the Canadian Imperial Bank of Commerce (CIBC). CIBC, which has its U.S. headquarters in Chicago, offers commercial, wealth management, personal, and small business financial solutions, among other products and services. CIBC currently only has ATMs in three U.S. states, but customers can still deposit checks, transfer funds, automate bill payments and more, all from their computer or mobile device.
Bonus: $200
Minimum opening deposit: $50
Monthly fee: $0
APY: 0%
Customer support: CIBC offers customer support 24/7 via telephone and chat 24/7, as well as email support.
Our verdict: Good for those who hate monthly fees. CIBC took a spot on our list for its 0$ monthly fees and numerous customer service avenues. Currently, new customers who open a new CIBC iCan or myChoice Checking account can earn a $200 bonus. The minimum account balance to open the account, without a bonus, is $50. To qualify for the $200 bonus, you must open the account with a minimum balance of $500 and make one direct deposit or ACH transaction and elect to receive eStatements through CIBC NetBanking within 90 days of opening the account.
8. U.S. Bank
About: U.S. Banks parent companyU.S. Bancorp is headquartered in Minneapolis, Minnesota and has physical branches in 26 states. The bank offers checking and savings accounts, CDs, loans, and more. Customers who bank with U.S. Bank have access to a wide network of ATMs across the nation, as well as the banks online and mobile banking platforms. The U.S. Bank app is available for download on the App Store and Google Play and has over 4-stars on both digital storefronts.
Bonus: $400
Minimum opening deposit: $25
Monthly fee: $6.95
APY: 0.001%
Customer support: U.S. Bank representatives are available 24/7 via telephone.
Our verdict: Good for those who prefer to bank online or from their phones. U.S. banks Smartly Checking account made our list for its low monthly maintenance fee, high bonus, and mobile and online banking tools. For a limited time, customers can earn up to $400 when they open a U.S. Bank Smartly checking account online, in a branch or over the phone with an opening deposit of $25. To receive the bonus, they must enroll in the U.S. Bank Mobile App or online banking and complete two or more direct deposits within 90 days.
Account holders can also save on the monthly maintenance fee by having combined monthly direct deposits totaling $1,000 or more, keeping an average account balance of $1,500 or greater or owning an eligible U.S. Bank credit card. Plusyou can earn interest on your balance starting at a 0.001% APY and increasing depending on your how much you keep in your checking account.
9. PNC Bank
About: PNC Bank is headquartered in Pittsburgh, Pennsylvania and offers a wide range of services for individuals, small businesses, corporations, and government entities. Its product offerings include checking and savings accounts, credit cards, loans, and investment management services. PNC has over 2,600 branches and offers customers access to 60,000 fee-free ATMs. Customers can also do most of their banking via the banks online platform and mobile app, which has over 4-stars and is available for download on the Apple App Store and Google Play.
Bonus: $200
Minimum opening deposit: $0
Monthly fee: $0
APY: 0%
Customer support: Customer support representatives are available via telephone Monday through Friday from 7:00 a.m. to 10:00 p.m. ET, and Saturday through Sunday from 8:00 a.m. to 5:00 p.m. ET.
Our verdict: Good for those who dont have a lot of money to put in their checking account yet. PNCs Virtual Wallet Checking Pro gives you the opportunity to earn $200 when you open and use your new checking account. Its checking account doesnt charge a monthly service fee or minimum deposit to get started. The current checking account bonus is available for accounts opened by 3/31/2023 and account holders must receive a qualifying direct deposit(s) within the first 60 days of the account being opened.
10. M&T Bank
About: M&T Bank is headquartered in Buffalo, New York, and has a network of over 1,000 branches and 2,200 ATMs that span 12 states from Maine to Virginia and Washington, D.C. The bank offers checking and savings accounts, insurance, credit cards, and investment services for personal, business, and commercial customers. M&T also has mobile and online banking platforms that allow customers to deposit checks, monitor their spending habits, and more.
Bonus: $200
Minimum opening deposit: $25
Monthly fee: $0
APY: 0.01%
Customer support: Customers can speak with a representative from M&T 24/7 via telephone.
Our verdict: Good for those who want to keep their personal and business products under one roof. M&T offers a wide range of products for the everyday consumer that can meet their personal financial needs and business needs. Its current bonus promotion offers $200 for personal customers who open an EZChoice, MyChoice Plus, or MyChoice Premium checking account. The most affordable account (EZChoice), has a low minimum deposit of $25 and no monthly minimum balance requirement. To receive the bonus, you must open a new M&T EZChoice Checking by 3/31/2023 and make at least $500 in qualifying direct deposits within 90 days of opening your account.
What to know about checking account bonuses
Checking account bonuses are usually only available for a limited time and tend to come with its own set of requirements that can range from meeting certain opening deposit requirements, maintaining a minimum a higher minimum balance in your account, having a number of direct deposits into your checking account within the first few months of opening your account and more.
When selecting a checking account and reviewing any current or ongoing bonus promotions, its important to make a mental note of the parameters the bank or credit union has set forth to ensure that you are eligible to receive the bonus.
You should also expect to receive a tax form if you receive a bonus because that money is considered taxable interest.
Frequently asked questions
How do checking account bonuses work?
Checking account bonuses are offered by some financial institutions (usually for a limited time) to incentivize new customers to open an account. This usually comes in the form of a cash bonus deposited directly into your account after meeting certain minimum balance, direct deposit, or qualifying purchase requirements.
Do you pay taxes on bank account bonuses?
Yes. Bank bonuses are taxed. The IRS considers bonuses as taxable interest and will likely send you a Form 1099-INT or Form 1099-OID reporting payments of interest and/or tax-exempt interest of $10 or more.
Can I close a checking account after receiving a bonus?
This will depend on your financial institution. Many banks will require that you keep your account open for a certain amount of time. Closing your account early could mean paying an account closure fee or forfeiting your bonus.
Our methodology
The Fortune RecommendsTM team compared 18 checking accounts across major banks, credit unions, and online-only banks to help you find the highest checking account bonus and the right checking account overall for your financial needs. Our top picks are available to customers across the U.S. no matter where youre located, subject to the terms of each checking account.
To determine which account offered the best bonus, among other features, we ranked the best accounts on the following categories and weighted each category as set forth in the percentages below:
- Bonus amount (50%): Many banks and credit unions offer a cash bonus for opening a new checking account. In some cases, account holders must meet certain balance requirements, sign-up for direct deposit, or make a certain number of qualifying purchases using their debit card to qualify. Bonuses are offered for a limited time. We favored checking accounts that offered higher bonuses.
- Minimum opening deposit (15%): Some financial institutions require a deposit amount when you open your account. We rate a higher opening deposit as less attractive.
- Monthly fees (10%): Some banks charge monthly maintenance fees. We ranked banks with lower (or zero) monthly fees higher on the list.
- Annual percentage yield (APY) on your account balance (10%): This percentage represents the real rate of return on your balance; the higher the APY, the better.
- Branch and free ATM access (5%): Accounts belonging to financial institutions that have physical branches and a vast ATM network ranked higher on our list than alternatives that were online-only and did not offer ATM access.
- Mobile and online banking platforms (5%): Accounts that can be accessed and managed via online or mobile banking platforms scored higher on our list than accounts that did not have digital banking platforms.
- Customer service (5%): Top picks offer customers three ways to get in contact: chat support, by phone, or even email. Among the three options, we gave phone support the most weight.
We think that the best checking accounts offer a lucrative bonus, low or zero monthly service fee, minimum balance requirements, and earn interest on your balance, among other perks. We also ranked accounts with physical branches and free ATM access higher on our list. The bonuses, rates, fees, and minimum balance requirements on these checking accounts are available for limited time periods, and APYs are subject to fluctuation, which could impact how much interest you earn. All the banks and credit unions on this list are insured by the FDIC and NCUA respectively.
