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13 Best Bank Bonuses and Promotions of October 2022Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money. Bank promotions generally consist of cash bonuses when you open a new checking or savings account. To qualify for this one-time perk, you’ll likely have to set up direct deposit with the bank and keep the account open for at least a few months. Why you can trust NerdWallet: Our writers and editors follow strict editorial guidelines to make sure our coverage is fair and accurate, so you can choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions. For more sustained earnings on balances, consider one of NerdWallet’s best high-yield online savings accounts. These accounts are free and have annual percentage yields around 2.10%. (The national average for savings accounts is just 0.21%.) A $10,000 balance would earn about $210 per year in interest with one of these accounts. Here are the details on NerdWallet’s favorite bonuses this month. Some banks have looser rules than others; we’ve outlined those requirements below. Note that not all products or offers are available in all regions. Scroll down for more specific details on each bonus. Summary of best bank promotions and bonuses Best bank bonus for checking and savings
Best bank bonuses for savings
Best bank bonuses for checking
Best bank bonus for money market accounts
Best bank bonus for business checking
Bank promotions generally consist of cash bonuses when you open a new checking or savings account. To qualify for this one-time perk, you’ll likely have to set up direct deposit with the bank and keep the account open for at least a few months. Why you can trust NerdWallet: Our writers and editors follow strict editorial guidelines to make sure our coverage is fair and accurate, so you can choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions. For more sustained earnings on balances, consider one of NerdWallet’s best high-yield online savings accounts. These accounts are free and have annual percentage yields around 2.10%. (The national average for savings accounts is just 0.21%.) A $10,000 balance would earn about $210 per year in interest with one of these accounts. Here are the details on NerdWallet’s favorite bonuses this month. Some banks have looser rules than others; we’ve outlined those requirements below. Note that not all products or offers are available in all regions. Scroll down for more specific details on each bonus. Summary of best bank promotions and bonuses Best bank bonus for checking and savings
Best bank bonuses for savings
Best bank bonuses for checking
Best bank bonus for money market accounts
Best bank bonus for business checking
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Our pick for Checking and Savings  SoFi Checking and SavingsAPY 2.50% With $0 min. balance for APY Bonus $250 Earn up to $250 with direct deposit. Terms apply. Why we like it What you'll get: $50, $100 or $250. Expiration: Ongoing. How to get it: Open a new SoFi Checking and Savings account (or be an existing SoFi customer who hasn’t made direct deposits before) on the offer page. Make direct deposits within 30 days. Deposit $1,000 to $1,999 to earn a $50 bonus, deposit $2,000 to $4,999 to earn a $100 bonus, or deposit $5,000 or more to earn a $250 bonus. Where to open: Online. Who can qualify: Customers who open a new SoFi Checking and Savings account, or existing SoFi customers who haven’t previously made direct deposits. When you’ll get it: Within two weeks of meeting the requirements. Monthly fee: $0. Read Full Review at Discover Bank, Member FDIC Discover Bank Online SavingsAPY 2.35% With $0 min. balance for APY Bonus $200 Requirements to qualify at Discover Bank, Member FDIC Why we like it What you'll get: $150 or $200. Expiration:12/15/2022. How to get it: Open your first Online Savings Account and use offer code NW922 when applying. Earn a $150 bonus by depositing at least $15,000 or earn a $200 bonus by depositing at least $25,000. Make your deposit within 30 days of account open date. Your account must be open to receive the bonus. Where to open: Online, by phone or in the Discover app. Who can qualify: Customers who are opening their first Discover Online Savings Accounts. People who have a savings account or previously had a savings account, including co-branded or affinity accounts provided by Discover, are not eligible. When you’ll get it: The bonus will be credited to your account within 30 days of meeting the requirements. Monthly fee: $0. Details on bonus from Discover: "To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code NW922 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200. What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 30 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/15/2022, 11:59 PM ET. Offer may be modified or withdrawn without notice." Read Full Review
Alliant Credit Union Ultimate Opportunity Savings AccountAPY 2.20% With $100 min. balance for APY Bonus $100 Requirements to qualify Why we like it What you'll get: $100. Expiration:12/31/2022. How to get it: Open a new The Ultimate Opportunity Savings account online at the promotional page, or by phone at 800-328-1935 and mention Suze Orman’s The Ultimate Opportunity Savings Account promotion. Then transfer or deposit the first $100 within 30 days, make transfers or deposits totaling at least $100 or more each month for the next 11 consecutive months, and keep an average daily balance of at least $100. To receive the bonus, at the end of the 12-month period your account must be open with a balance of at least $1,200. Where to open: Online or by phone. Who can qualify: New Alliant Credit Union members only. People who have closed an Alliant savings account within 180 days, existing members and joint owners on Alliant savings accounts are not eligible. When you’ll get it: The bonus will be credited to your account within four weeks of meeting the requirements. Monthly fee: $0 when you opt for eStatements; otherwise, paper statements cost $1 each. Read Full Review Citigold® Checking AccountBonus $200 Requirements to qualify Bonus $200 Requirements to qualify Why we like it What you'll get: $200, $500, $1,000, $1,500 or $2,000. Expiration:01/09/2023. How to get it: Open a Citi checking account and deposit at least $10,000 within 20 days and maintain that daily balance (either in the new checking account only, or across a new checking account and new savings account) for 60 more days. Deposit from $10,000 to $29,999 to earn $200, from $30,000 to $74,999 to earn $500, from $75,000 to $199,999 to earn $1,000, from $200,000 to $299,999 to earn $1,500, or $300,000 or more to earn $2,000. Your balance on the 20th day will determine your bonus earning. Funds must be new to Citibank®. Your account must be open and in good standing to receive the bonus. Where to open: Online. Who can qualify: You must not have had a checking account with Citibank for the last 180 days to take advantage of the offer. When you’ll get it: You’ll receive the bonus within 30 days of meeting the requirements. Monthly fee: Basic Banking Package: $12, waived with a combined average monthly balance of at least $1,500 across eligible linked accounts. Citibank Account Package: $25, waived with an average monthly balance of at least $10,000 across eligible linked accounts. Citi Priority Package: $30, waived with a monthly average balance of at least $30,000 across eligible linked accounts. Citigold Package: $0 with an average monthly balance of at least $200,000 across eligible linked accounts. Read Full Review Chase Total Checking®Monthly fee $12.00 Waived with direct deposit or $1,500 minimum balance Bonus $200 Requirements to qualify Bonus $200 Requirements to qualify Why we like it What you'll get: $200. Expiration:01/25/2023. How to get it: Open a Chase Total Checking® account online or in person using a coupon emailed to you through the promotional page. You must have a qualifying direct deposit into the account within 90 days of opening the account. The account must remain open for six months or the bonus will be deducted at account closing. Who can qualify: New Chase checking customers. You must not have had a Chase checking account within the last 90 days or had one closed with a negative balance. In addition, you may receive only one new checking account opening bonus every two years from the last enrollment date, and you’re limited to one bonus per account. When you’ll get it: The bonus will be deposited into your account within 15 days after your first direct deposit. Monthly fee: $12, avoided by having monthly direct deposits of $500 or more, a minimum daily balance of $1,500, or keeping a daily average balance of $5,000 in your Chase Total Checking® and qualifying linked Chase bank accounts. Read Full Review Citi Priority AccountMonthly fee $30.00 Waived with $30,000 minimum balance Bonus $200 Requirements to qualify Bonus $200 Requirements to qualify Why we like it What you'll get: $200, $500, $1,000, $1,500 or $2,000. Expiration:01/09/2023. How to get it: Open a Citi checking account and deposit at least $10,000 within 20 days and maintain that daily balance (either in the new checking account only, or across a new checking account and new savings account) for 60 more days. Deposit from $10,000 to $29,999 to earn $200, from $30,000 to $74,999 to earn $500, from $75,000 to $199,999 to earn $1,000, from $200,000 to $299,999 to earn $1,500, or $300,000 or more to earn $2,000. Your balance on the 20th day will determine your bonus earning. Funds must be new to Citibank®. Your account must be open and in good standing to receive the bonus. Where to open: Online. Who can qualify: You must not have had a checking account with Citibank for the last 180 days to take advantage of the offer. When you’ll get it: You’ll receive the bonus within 30 days of meeting the requirements. Monthly fee: Basic Banking Package: $12, waived with a combined average monthly balance of at least $1,500 across eligible linked accounts. Citibank Account Package: $25, waived with an average monthly balance of at least $10,000 across eligible linked accounts. Citi Priority Package: $30, waived with a monthly average balance of at least $30,000 across eligible linked accounts. Citigold Package: $0 with an average monthly balance of at least $200,000 across eligible linked accounts. Read Full Review Chase Secure Banking℠Bonus $100 Requirements to qualify Bonus $100 Requirements to qualify Why we like it What you'll get: $100. Expiration:01/25/2023. How to get it: Open a Chase Secure Banking℠ account online or in person using a coupon emailed to you through the promotional page. You must complete 10 qualifying transactions within 60 days of opening the account. The account must remain open for six months or the bonus will be deducted at account closing. Who can qualify: New Chase checking customers. You must not have had a Chase checking account within the last 90 days or had one closed with a negative balance in the last three years. In addition, you may receive only one new checking account opening bonus every two years from the last enrollment date, and you’re limited to one bonus per account. When you’ll get it: The bonus will be deposited into your account within 15 days after the 10 qualifying transactions have posted. Monthly fee: $4.95. Read Full Review at Bank of America, N.A., Member FDIC Bank of America Advantage Plus Banking®Monthly fee $12.00 Waived with direct deposit of $250 or more or $1,500 daily minimum balance each statement cycle Bonus $100 See offer page for more details at Bank of America, N.A., Member FDIC Bonus $100 See offer page for more details Why we like it What you'll get: $100. Expiration:12/31/2022. How to get it: Open a Bank of America Advantage SafeBalance Banking®, Bank of America Advantage Plus Banking® or Bank of America Advantage Relationship Banking® checking account on the offer page. Use the code DNB100CIS when enrolling. Deposit $25 to open an Advantage SafeBalance account or $100 to open an Advantage Plus or Advantage Relationship account. Receive qualifying direct deposits of at least $1,000 within the first 90 days of opening the account. Your account must be open and in good standing to receive the bonus. Additional terms and conditions apply. See offer page for more details. Where to open: Online. Who can qualify: This is an online-only offer for new checking customers only. You cannot have held a Bank of America personal checking account within the last 12 months as either an owner or a co-owner. Fiduciary accounts are excluded. When you’ll get it: Within 60 days of meeting all the requirements. Monthly fee: Bank of America Advantage SafeBalance Banking®: $4.95, may be waived as long as you’re enrolled in Preferred Rewards. No monthly maintenance fee for account owners under 18 or students under 25 enrolled in school or an educational or vocational program. Bank of America Advantage Plus Banking®: $12, waived if you're enrolled in Preferred Rewards or with at least one qualifying direct deposit of at least $250 each statement cycle or a $1,500 minimum daily balance. Bank of America Advantage Relationship Banking®: $25, waived if you are enrolled in Preferred Rewards or with at least $10,000 in combined balances each statement cycle across linked checking, savings, IRAs and Merrill® investment accounts. Read Full Review TD Bank TD Convenience Checking℠Monthly fee $15.00 Waived with $100 minimum balance Bonus $200 Requirements to qualify Bonus $200 Requirements to qualify Why we like it What you'll get: $200 or $300. Expiration:10/31/2023. How to get it: Open a new TD Convenience Checking or TD Beyond Checking account online at the promotional page. Receive qualifying direct deposits within 60 days of opening the account, and keep the account open for at least six months. Cumulative direct deposits of at least $500 into the TD Convenience Checking account will earn $200. Cumulative direct deposits of at least $2,500 into the TD Beyond Checking account will earn $300. Where to open: Online. Who can qualify: This offer is for new customers only. You must not have had a TD Bank personal checking account within the last 12 months or have ever received a bonus on a previous account. TD bank is only available on the East Coast in the following states: 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. When you'll get it: You'll receive the bonus within 180 days of opening the account if you've met the requirements. Monthly fee: TD Convenience Checking: $15; waived with a minimum daily balance of $100 and for account holders age 17 through 23. TD Beyond Checking: $25, waived with direct deposits of at least $5,000 per statement cycle, a $2,500 minimum daily balance or a combined balance of $25,000 across eligible TD accounts. Read Full Review BMO Harris Bank Smart Advantage™ AccountBonus $350 *Conditions apply. Click “Learn More” for offer details. Bonus $350 *Conditions apply. Click “Learn More” for offer details. Why we like it What you'll get: $200 or $350. Expiration:12/31/2022. How to get it: Open a BMO Harris Smart Advantage™ or Premier account on the promotional page by phone or at a branch and receive a total of at least $4,000 or $7,500 in qualifying direct deposits, respectively, within 90 days of opening the account. Opening a Smart Advantage™ account and meeting the criteria will earn you $200; opening a Premier account and meeting the criteria will earn you $350. The account type you have at the end of those 90 days will determine the bonus you receive. Where to open: Online, by phone or at a branch. Who can qualify: The Smart Advantage™ account is available in Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri and Wisconsin. You must not have had a BMO Harris personal checking account within the past 12 months. You cannot receive a checking account bonus more than once. When you’ll get it: About 100 days after opening the account. Monthly fee: Smart Advantage™: $0 when you opt into paperless statements; otherwise it’s $2 for a monthly service fee and $3 a month for showing check images. Premier: $25, waived with a $10,000 minimum daily balance or $25,000 in combined balances among BMO Harris accounts, or if you have a BMO Investment Services account or are a client of the Best of BMO U.S. employee benefits program. Read Full Review at U.S. Bank, Member FDIC U.S. Bank's Bank Smartly™ CheckingMonthly fee $6.95 Waived with direct deposit or $1,500 minimum balance Bonus $500 Requirements to qualify at U.S. Bank, Member FDIC Bonus $500 Requirements to qualify Why we like it What you'll get: $300 or $500. Expiration:11/21/2022. How to get it: Open a U.S. Bank Smartly Checking account at the promo page and enroll in online banking or the U.S. Bank mobile app. To earn the $300 bonus, make at least two direct deposits totaling a minimum of $3,000; to earn the $500 bonus, make at least two direct deposits totaling a minimum of $6,000. Enrollment must be completed and the deposits must be made within 60 days of opening the account. Your account must be open and have a positive balance to receive the bonus. Where to open: Online. Who can qualify: Must live in Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina (Charlotte area only), North Dakota, Ohio, Oregon, South Dakota, Tennessee, Utah, Washington, Wisconsin or Wyoming to be eligible for an account. When you’ll get it: Within 60 days of verification that you have met the requirements. Monthly fee: $6.95, waived with monthly direct deposits totaling over $1,000, an average balance of at least $1,500 or by having an eligible U.S. Bank credit card. Read Full Review at Axos Bank®, Member FDIC Axos Bank® Rewards CheckingAPY 1.25% With $0 min. balance for APY Bonus $100 Earn $100 with direct deposit. Terms apply. at Axos Bank®, Member FDIC Bonus $100 Earn $100 with direct deposit. Terms apply. Why we like it What you’ll get: $100 Expiration:12/31/2022. How to get it: Apply for a new Axos Rewards Checking account online at the offer page and use the promo code RC100. Make direct deposits totaling at least $1,500 within a single calendar month during the first three months, including the month your account is opened. Keep the account open for at least 180 days to avoid an early closure fee. Where to open: Online. Who can qualify: This offer is valid for one new account only, with funds that are new to Axos. When you'll get it: The bonus will be deposited into the new checking account within 30 days after a 90-day waiting period. Monthly fee: $0. Read Full Review Our pick for Money Market Account CIT Bank Money Market AccountAPY 1.55% With $100 min. balance for APY Bonus $139 Requirements to qualify Why we like it What you'll get: One year of Prime membership ($139 value). Expiration:12/23/2022. How to get it: Open a new Money Market account and use the code AMZN22. Deposit at least $15,000 with funds from an external account within 15 days. Maintain a daily balance of at least $15,000 for the next 60 days (after the first 15 days allocated to fund your account). Conditions apply. See CIT Bank site for details. Where to open: Online. Who can qualify: Customers who open a new Money Market account. Only one Money Market account bonus is allowed per account and per customer. When you’ll get it: Approximately 30 days after the 60-day period mentioned earlier. Account must be open in order to receive a Prime membership invitation, which will be sent once all requirements are met. Monthly fee: $0. Read Full Review Our pick for Business Checking Chase Business Complete Banking℠Monthly fee $15.00 Waived with $2,000 minimum balance Bonus $300 Requirements to qualify Bonus $300 Requirements to qualify Why we like it What you'll get: $300. Expiration:02/16/2023. How to get it: Open a new Business Complete Checking℠, Performance Business Checking® or Chase Platinum Business Checking℠ account at a branch, using the offer code emailed to you from the promotional page. Then deposit at least $2,000 in new money within 30 days, maintain a $2,000 balance for 60 days and complete five qualifying transactions — such as debit card purchases, QuickAccept℠ deposits, QuickDeposits℠ and ACH or wire transfers — within 90 days. The account must remain open for six months or the bonus will be deducted at account closing. Where to open: Online or in person at a Chase branch (location near you). Who can qualify: Anyone who has not received a bonus related to a new Chase business checking account opening in the last two years. Only one bonus is allowed per account. When you’ll get it: The bonus will be deposited into your new account within 15 days of completing all the requirements. Monthly fee: Chase Business Complete Checking℠: $15, waived with a minimum daily balance of $2,000, by spending at least $2,000 in purchases with your Chase Ink Business Card, by depositing $2,000 into your new account from your QuickAccept℠ or eligible transactions at least one business day before the last day of your statement period, or by maintaining a linked Chase Private Client Checking℠ account. Chase Performance Business Checking®: $30, waived with a minimum combined average daily balance of $35,000 across qualifying business deposit accounts. Chase Platinum Business Checking℠: $95, waived with a minimum combined average daily balance of $100,000 across qualifying business deposit and business investment accounts or with a minimum combined average daily balance of $50,000 and a linked Chase Private Client Checking℠ account. Pros
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Read Full Review Want to compare more options? Here are our other top picks: More about bank bonusesWhat does the Fed rate increase mean for bank account bonuses?The Federal Reserve has increased the federal funds rate (the rate which commercial banks use to borrow and lend money to one another) several times in 2022, including a 0.75% increase on Sept. 22. The changes haven’t directly affected bank bonuses, but it could be a good time to open a new bank account because Fed rate increases have resulted in higher savings account interest rates. So you could take advantage of both a bank bonus and higher APYs in a new savings account. Are bank account bonuses worth it?Bank promotions can be worth the effort of opening a new account and adding money if the reward is substantial enough and the requirements aren't too difficult to meet. What do the best bank bonuses have in common?The best bank promotions offer the opportunity to earn a significant cash bonus for signing up for a new account with no fees or fees that are easy to get waived. Are bank bonuses taxable?If you’ve earned a cash bonus for opening a new bank account, it's usually taxable. You are responsible for covering any tax liability. Should I have more than one checking or savings account?It can be helpful to have multiple bank accounts — as long as you can meet the requirements and minimums in order to avoid fees. The number of checking and/or savings accounts you should have depends on your individual situation. Married or partnered people, for example, might each want to have their own accounts in addition to one or more shared accounts. You might want to consider having accounts at different financial institutions for different purposes — such as having an account with a bank that works well for international travel if you’re frequently abroad, or with the bank that handles your mortgage or other loans for more seamless payment transfers. (Learn the signs that it's time to choose a new bank.) » Looking for the right place to keep your savings? Check out NerdWallet's picks for the best savings accounts Last updated on October 3, 2022 You may also like thesePeople often identify opening a checking account as their next money move. Chase Total Checking®Monthly fee $12.00 Waived with direct deposit or $1,500 minimum balance Bonus $200 Requirements to qualify Citigold® Checking AccountBonus $200 Requirements to qualify SoFi Checking and SavingsAPY 2.50% With $0 min. balance for APY Bonus $250 Earn up to $250 with direct deposit. Terms apply. MethodologyWe consider bonuses offered by brick-and-mortar and online banks and credit unions in the U.S. that NerdWallet has rated. Eligible bonuses are rated for inclusion based primarily on the population eligible and the potential return on money deposited. We also consider factors including bonus requirements, the amount of time the account must remain open and account quality. To recap our selections... NerdWallet's Best Bank Bonuses and Promotions of October 2022
Frequently asked questionsVarious banks and credit unions offer cash bonuses for signing up for a new account. You can find the best opportunities available by checking out our list of the best bank bonuses and promotions, updated monthly. New checking customers can earn a $200 Chase checking account bonus by opening a Total Checking® account and meeting requirements. Both online and traditional banks offer strong savings and checking account bonus offers. This month’s best bank promotions come from Alliant Credit Union, Axos Bank, Bank of America, BMO Harris, Chase, CIT Bank, Citibank, Discover, PNC Bank, SoFi, TD Bank and U.S. Bank. How can I get $100 from Bank of America?Open a new Bank of America Advantage Banking personal checking account online, using offer code DNA100CIS. Then, set up and receive qualifying direct deposits totaling $1,000 or more into the account within 90 days of account opening to receive a $100 bonus.
How do I get $300 from Bank of America?Earn $300 from Bank of America for opening a new Advantage Banking personal checking account.. Have at least one qualifying direct deposit of $250.. OR, maintain a minimum daily balance of $1,500.. OR, be a high school or college student under age 24.. Does Bank of America give you a bonus for opening an account?Bank of America: $100 bonus
To get the bonus, you must: Not have had a Bank of America personal checking account, or been a co-owner on an account, within the past 12 months. Open a new Advantage SafeBalance Banking, Advantage Plus Banking or Advantage Relationship Banking account online.
How much do you need to open a Bank of America account?Applicable only to Bank of America Relationship Banking™, which is a variable rate account. Rates may change at any time without prior notice. Fees could reduce earnings on the account. The minimum opening deposit for this account is $100.
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