Banks make money in all sorts of ways, but one of the main things they want to do is have a lot of cash on hand — so they can loan it out to others, or meet their own legal liquidity requirements. That's why they offer you amazing bank bonus offers!
Because banks need giant piles of cash on hand, they need to offer the rest of us incentives to choose their FDIC-insured bank over someone else's.
Banks compete on their ability to offer personal service to local residents, on the number of their national locations, and on fee levels for basic services like checking and savings. But they also offer cash incentives to use their deposit and checking services! With the economy picking up, and interest rates rising, there seem to be more and more of these on offer.
Here's our list of the best ones!
Note: The banking offers that appear on this site are from companies from which The College Investor receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The College Investor does not include all banking companies or all banking offers available in the marketplace.
Personal Bank Bonus Offers Right Now
If you have a lot of cash that you don't mind having in the bank for a few months, these are the best promotions out there right now:
Up to $600 with HSBC Premier Checking
HSBC is starting the year with a strong bonus offer to entice new customers!
Right now, you can get up to $600 with a 3% Cash Back Checking Offer when you open a new HSBC Premier checking account and complete the following qualifying activities.
You must open your new HSBC Premier checking account by September 30, 2020, and set up Qualifying Direct Deposits into your new HSBC Premier checking account.
You can then enjoy 3% Cash Back, on Qualifying Direct Deposits into your new HSBC Premier checking account, up to $100 per month, during the first 6 calendar months after account opening - up to $600.
You will automatically receive that month's bonus into your HSBC Premier checking account approximately 8 weeks after completing the qualifying activities.
Read our full HSBC Online Banking review here.
Get up to a $600 bonus!
Up to $450 with HSBC Premier Checking
HSBC has a second bonus going on if you don't think you want to do the higher level above.
Right now, you can get up to $450 welcome deposit when you open a new HSBC Premier checking account and complete the following qualifying activities.
You must open your new HSBC Premier checking account by September 30, 2020, and set up Qualifying Direct Deposits into your new HSBC Premier checking account.
To qualify, you must make recurring monthly Direct Deposits totaling at least $5,000 from a third party to your HSBC Premier checking account(s) for 3 consecutive calendar months from the second full calendar month after account opening.
You will automatically receive that month's bonus into your HSBC Premier checking account approximately 8 weeks after completing the qualifying activities.
Read our full HSBC Online Banking review here.
Get up to a $450 bonus!
Up to $250 with BBVA
BBVA is offering an awesome bonus offer combo right now through August 21, 2020.
You can get a $200 bonus by opening an Online Checking account by August 21, 2020 and receiving a qualifying direct deposit of $500+ by October 31, 2020.
You can then get $50 more (making the total $250) by adding an Online Savings account and having a savings balance of at least $1,000 on October 31, 2020.
Read our full BBVA Bank review here.
Get up to a $250 bonus!
Up to $240 with HSBC Advance Checking
If maintaining a Premier relationship is a little too much, check out the HSBC Advance Checking offer.
Right now, you can get up to $240 with a 3% Cash Back Checking Offer when you open a new HSBC Advance checking account and complete the following qualifying activities.
You must open your new HSBC Advance checking account by September 30, 2020, and set up Qualifying Direct Deposits into your new HSBC Advance checking account.
You can then enjoy 3% Cash Back, on Qualifying Direct Deposits into your new HSBC Advance checking account, up to $40 per month, during the first 6 calendar months after account opening - up to $240.
You will automatically receive that month's bonus into your HSBC Advance checking account approximately 8 weeks after completing the qualifying activities.
Read our full HSBC Online Banking review here.
Get up to a $240 bonus!
Up to $200 with HSBC Advance Checking
HSBC has a second bonus going for on Advance Checking as well if you don't think you want to do the higher level above.
Right now, you can get up to $200 welcome deposit when you open a new HSBC Advance checking account and complete the following qualifying activities.
You must open your new HSBC Advance checking account by September 30, 2020, and set up Qualifying Direct Deposits into your new HSBC Advance checking account.
To qualify, you must make recurring monthly Direct Deposits totaling at least $500 from a third party to your HSBC Advance checking account(s) for 3 consecutive calendar months from the second full calendar month after account opening.
You will automatically receive that month's bonus into your HSBC Advance checking account approximately 8 weeks after completing the qualifying activities.
Read our full HSBC Online Banking review here.
Get up to a $200 bonus!
$200 with Chase Total Checking®
Chase Total Checking® is a solid checking account at one of the largest brick and mortar banks in the country.
And right now, you can get up to a $200 bonus when you open an account and setup direct deposit! That's awesome!
Chase Total Checking® has a $12 per month fee that's easily waived if you simply do ONE of the following:
- Keep a minimum daily balance of $1,500 or more in your account
- Have monthly direct deposits totaling $500 or more into your account
- Keep an average daily balance of $5,000 across qualifying Chase accounts
Read our full Chase Bank review here.
Get a $200 bonus!
$150 with Chase SavingsSM
Chase Savings℠ is a savings account at one of the largest brick and mortar banks in the country.
And right now, you can get up to a $150 bonus when you open a new savings account and deposit a total of $10,000 or more in new money within 20 days & maintain a $10,000 balance for 90 days!
Chase Savings℠ has a $5 per month service fee that's easily waived if you simply do ONE of the following:
- Have a balance at the beginning of each day of $300 or more in this account.
- Maintain $25 or more in total Autosave or other repeating automatic transfers from your personal Chase checking account or Chase Liquid® Card (available only through chase.com or Chase Mobile®).
- Have a Chase College CheckingSM account linked to this account for Overdraft Protection.
- Have a linked Chase Better Banking® Checking, Chase Premier CheckingSM, Chase Premier Plus CheckingSM, Chase SapphireSM Checking, or Chase Private Client CheckingSM account.
- Be an account owner who is an individual younger than 18.
Read our full Chase Bank review here.
Get a $150 bonus!
Up to $300 with PNC Bank
PNC bank has tiered offers ranging from $50 to $300. You cannot have had a PNC account open within the last 90 days, and you have to be a resident of: Alabama, Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Michigan, Missouri, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Virginia, West Virginia, Wisconsin, or the District of Columbia.
The $50 level is, in my opinion, not really worth it unless you have another reason to open a PNC account; you need to set up a direct deposit of $500/monthly and make 10 purchases with your debit card to receive a free $50.
If you can set up direct deposit of $2,000/month or $5,000/month, though, you can receive $200 or $300, respectively. (You also need to use the debit card at least 10 times a month.) That makes it a much better deal if you're looking for a new main debit/checking account and you live in one of the states where PNC is authorized to operate.
Get up to a $300 bonus!
$100 With Bank of America Advantage Plus Banking®
The Bank of America Advantage Plus Banking® account setting isn’t truly free, but we list it as a top account because it’s available nationwide online, has thousands of locations, and offers some solid options including ways to waive the monthly maintenance fee. Plus, the minimum requirements are easy to meet – check it out.
And right now you can get a $100 bonus offer. See offer page for details. That’s awesome!
Bank of America Advantage Plus Banking® has a $12 per month maintenance fee that's easily waived if you simply do ONE of the following:
- Be an eligible student under 24
- Have at least one qualifying direct deposits totaling $250 or more into your account, each statement cycle
- Maintain a minimum daily balance of $1,500 each statement cycle
Read our full Bank of America review here.
Why I Like It: A great account opening bonus, with one of the largest, most well known banks in the United States.
Learn more about Bank of America Advantage Plus Banking® here.
Bank of America Advantage Plus Banking® | |
|---|---|
Min Opening Deposit | $100 |
Min Balance Requirement | $0 |
Monthly Maintenance Fee | $12* (waived when requirements met) |
Earns Interest | No |
ATM Access | Thousands of ATMs |
Availability | Nationwide |
Promotions | $100 Bonus Offer |
Get a $100 bonus offer! See offer page for details. At Bank of America, N.A. Member FDIC.
$100 With Bank of America Advantage SafeBalance Banking®
The Bank of America Advantage SafeBalance Banking® account is a great account for college students because the monthly maintenance fee is waived for students under 24 who are enrolled in high school, college, university, or vocational program!
This account is great because it helps build good banking habits, while also not charging any overdraft or non-sufficient fund (NSF) fees.
And right now you can get a $100 bonus offer. See offer page for details. That’s awesome!
Bank of America Advantage SafeBalance Banking® has a $4.95 per month maintenance fee that's easily waived if you simply do ONE of the following:
- Be an eligible student under 24
- Be enrolled in preferred rewards
Read our full Bank of America review here.
Why I Like It: A great account opening bonus for college students at a full-service bank.
Learn more about Bank of America Advantage SafeBalance Banking® here.
Bank of America Advantage SafeBalance Banking® | |
|---|---|
Min Opening Deposit | $25 |
Min Balance Requirement | $0 |
Monthly Maintenance Fee | $4.95* (waived when requirements met) |
Earns Interest | No |
ATM Access | Thousands of ATMs |
Availability | Nationwide |
Promotions | $100 Bonus Offer |
Get a $100 bonus offer! See offer page for details. At Bank of America, N.A. Member FDIC.
Up to $500 with TD Bank
You can open this account online, but to qualify for the bonus you must be a resident of Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, or Washington, D.C.
If you meet that requirement, and also are a new customer of TD Bank, you can open an account at one of two bonus levels:
- Open a TD Bank Premier Checking account and direct-deposit $2,500 within the first 60 days the account is open, and receive $300 — ta-da! There is a $25 monthly fee, but it can be waived with a minimum daily balance of $2,500, which is pretty minimal.
- Open a TD Bank Preferred Savings account with $20,000 within the first 20 days. (This is cumulative, not on a single deposit, so multiple deposits during that period are fine as long as they add up.) You must then maintain this for 90 days. Then, you receive $200.
Get up to a $500 bonus!
Business Banking Bonus Offers Right Now
The offers below are for business banking products. They are typically a bit higher than personal bonus banking offers given the nature of business banking.
$300 with Chase Total Business Checking®
Chase Total Business Checking® is one of the more popular business checking account options because Chase has a huge number of branches and great service. It isn't truly free unless you meet the minimum monthly requirements to make it so, but we list it as a top business checking account because it's available nationwide, has branches nearly everywhere, and is one of the most robust banking products out there currently. Plus, the minimum requirements are super easy to meet - check it out.
Chase Total Business Checking® has a $12 per month fee when you're enrolled in paperless statements (or $15 if you're not) that's easily waived if you simply do the following:
- Keep a minimum daily balance of $1,500 or more in your account
To qualify for the bonus, you must:
- Deposit a total of $1,000 in new money within 20 business days of account opening.
- Maintain a $1,000 balance for 60 days.
- Complete 5 qualifying transactions within 60 days of account opening. Qualifying transactions are: debit card purchases, Chase QuickDepositSM, ACH (Credits), wires (Credits and Debits).
Read our full Chase Bank review here.
Get up to a $300 bonus!
Other Great Savings Accounts
These accounts don't always have bank bonus offers, but they do have some amazing interest rates!
Things To Remember
Done right, switching banks for bonuses can be a great way to make some extra side cash. But you do need to be careful: look at the terms and conditions and be sure you can avoid monthly fees, account closing fees, and so on. Also, remember that you'll have to pay income tax on this cash, so you might want to set some of it aside for that.
That said, if you pay careful attention to the terms of these offers, you can make much more than you make even by parking your money in a high-interest savings account. You might want to just do this once for a few hundred dollars, but if you invest a little more time, you can make thousands of dollars a year treating it as a regular side hustle.
And who among us doesn't like free money?
These offers change every month, but right now here's the best of the best on offer, divided into offers that require you to begin with large amounts of cash on hand, and offers that let you start with very little money.
Final Thoughts
Overall, there are some great bank bonus offers out there right now. I'd advise you to decide what kind of bonus hustler you are: do you want to do this once while you're switching to a new account permanently? Or do you need a complex calendar to keep track of your multiple bonus accounts?
You should also read in depth about certain bank bonus offers:
Be careful, but also, take advantage of free money if you're sure you can follow the rules! If this is all too much, check out our list of the best online banks and just park your cash there!
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him here and here.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.