The Best Checking Account Offers and Promotions | April 2023

If you are in the market for a new checking account, signing up for one with a sign-up promotion is a great way to earn a little extra cash for your efforts.

All offers have some sort of hoops to jump through in order to qualify. And most, but not all, checking account offers require direct deposits of certain amounts per month in order to qualify for the promotion. That’s just part of the game.

However, if you are willing to meet the requirements you can earn hundreds of dollars just for opening an account with the best checking account offers on the market.

Best Checking Accounts Offers and Promotions

Huntington Bank - Earn up to $600

With Huntington Bank, you can earn either $400 or $600 depending on which checking account you open.

Perks Checking - Earn $400

Huntington Bank’s Perks Checking will reward you with $400 if you open a new account and have your direct deposit hit the account within 90 days of account opening.

There is a $10 monthly service fee unless you meet one of the following requirements:

$1,000 in total monthly deposits
$5,000 in total relationship balances

This account actually earns a little bit of interest at 0.02% APY and they will waive up to five ATM fees per month.

Platinum Perks Checking - Earn $600

Huntington Platinum Perks Checking will give you $600 if you open a new account and deposit at least $25,000 in the account within 90 days of account opening.

If you do not maintain a balance with Huntington Bank of at least $25,000 in one of your accounts there will be a $25 monthly service fee.

You will also receive unlimited withdrawals at non-Huntington ATMs and free checks.

Offer ends 6/7/2023

Get started with Huntington Bank here.

PNC Virtual Wallet - Earn Up to $400

PNC has the largest checking account offer on the list. You can earn up to $400 by opening a checking account. The Virtual Wallet comes in three different levels, Virtual Wallet Performance Select, Virtual Wallet Performance Spend, and Virtual Wallet. Each with their own offer and requirements.

You will receive your bonus 60-90 days after account opening. You aren’t eligible if you have received a PNC promotion bonus within the last 24 months. You also don’t qualify if you’ve had a PNC checking account within the last 60 days.

There is a $25 minimum deposit and you must open the account by 3/31/2023.

Virtual Wallet Performance Select - Earn $400

This checking account comes with a $25 monthly service fee unless you meet one the following requirements:

$5,000+ direct deposit per month
$5,000+ monthly balance requirement (includes checking and savings balance - also can add up to six other PNC checking accounts)
$25,000 monthly balance which can also include up to eight other accounts with PNC and can include accounts such as CDs or investment accounts.

Also, there is no charge for using other bank’s ATMs (domestic or international) and up to $10 per month fee reimbursement if another bank charges an ATM fee.

Virtual Wallet Performance Spend - Earn $200

This checking account comes with a $15 monthly service fee unless you meet one of the following requirements:

$2,000+ direct deposit per month
$2,000+ monthly balance requirement (includes checking and savings balance)
OR $10,000 monthly balance which can also include up to eight other accounts with PNC and can include accounts such as CDs or investment accounts.

If you use another bank’s ATM there is a $3 fee but you will receive two ATM fees reimbursed. You will also receive up to $5 per month for ATM fees charged by other banks. There is no charge to use a PNC ATM.

Virtual Wallet - Earn $50

This checking account has a $7 monthly service fee unless you meet one of the following requirements:

$500+ direct deposit per month
$500+ monthly balance requirement (includes checking and savings balance)
Age 62 or over

There is a $3 fee to use another bank’s ATM but no fee to use a PNC ATM.

Get started with PNC bank here.

Fifth Third Bank Checking – Earn $275

Fifth Third Bank is offering a promotional bonus of $275 if you open a checking account. To qualify, you must enter your email online and you will be sent an offer code. You will need this code when you open the account to receive the bonus.

You will also need to have direct deposits of at least $500 in total hit the account within the first 90 days of opening.

Here are their two most popular checking accounts:

Fifth Third Momentum Checking

This account has no monthly service fees and no minimum balance requirement. You also get your direct deposit up to two days early and Fifth Third Extra Time gives you until midnight to deposit additional funds if you overdraft the account.

Fifth Third Preferred Checking

This account has no minimum balance requirements but does have a monthly service fee of $25 unless you have at least $100,000 combined total in your deposit and investment accounts at any point during the month.

It also has other perks such as free checks, a free 3X5 safe deposit box, access to Fifth Third’s Life360 which allows you to see your whole financial picture in one place.

Offer ends 6/30/2023. You can qualify as long as you’ve opened an eligible checking account by this date.

Get started with Fifth Third Bank here.

Sofi - Earn Up to $250

The Sofi checking account is about as simple as it comes. There are no monthly fees, no overdraft fees, and no minimum balance requirements.

All you have to do to get your promotional offer is to add direct deposit to your Sofi checking account. If your direct deposit is between $1,000 and $4,999.99 per month you will receive $50, if you direct deposit is $5,000 or more per month you will receive $250. If your direct deposit is less than $1,000 you will not receive a bonus.

You can qualify even if you already have a Sofi checking account as long as you’ve never had direct deposit. You can just add direct deposit and you will receive our promotional offer.

Sofi determines your direct deposit amounts by what they call the “evaluation period.” This time period starts when the first direct deposit is received and lasts for 25 days. Your bonus is then paid out within seven business days of the end of the evaluation period.

Offer ends 12/31/23. A qualifying direct deposit must hit your account before this date in order for you to qualify.

Get started with Sofi here.

Chase Total Checking - Earn $200

The Chase Total Checking account comes with a $200 cash bonus for customers who open a new account and meet activity requirements. To qualify, you first need to either sign up through the offer page or enter your email address to receive a coupon, using this when registering your account. Then, you must set up direct deposit within 90 days of coupon enrollment. This direct deposit just needs to be greater than $1 to qualify. You’ll receive the bonus within 15 days of meeting the requirements.

This account has a $12 monthly service fee unless you meet one of the following requirements:

Electronic deposits totaling $500 per month - this could be direct deposit but doesn’t have to be
Beginning daily balance of $1,500 or more
Average daily balance of $5,000 or more in combined balances of checking and savings with Chase

You’ll need to either open this account online or enter your email address on their website to receive a coupon code that you can take to the bank if you want to open the account in person.

Offer expires 7/19/2023

Get started with Chase Total Checking here.

Chase College Checking - Earn $100

You can earn $100 by opening a Chase College Checking account and making 10 qualifying transactions within 60 days. Qualifying transactions are purchases with your debit card, paying bills online from your College Checking Account, sending money with Zelle, ACH credits, or making a Chase QuickDeposit to your account. There are no direct deposit or minimum balance requirements.

Once you’ve made your 10 transactions, the $100 will be deposited into your account within 15 days. You need to sign up through the offer page or provide an email address to receive a coupon in order to qualify for this offer when applying.

There are no monthly service fees for this account while you are in college but it will cost $6 per month after you graduate (unless you meet waiver requirements).

Only college students are eligible for this account. You must be between the ages of 17 and 24 and have a valid student ID or proof of enrollment/acceptance.

Offer expires 7/19/2023.

Get started with the Chase College Checking account here.

Bank of America Checking – Earn $100

You can earn a $100 checking account offer by opening one of three Bank of America checking accounts online. Note that you must open the account online and use promo code DNE100CIS to qualify. Account must be opened by 6/30/2023.

No matter which account you choose, you will have to receive at least $1,000 in direct deposits to qualify for the bonus. These must hit the account within 90 days of opening.

Your account options are as follows:

Bank of America Advantage SafeBalance Banking®

The minimum deposit to open this account is $25. There is a $4.95 monthly service fee unless you meet one of the following requirements:

Student under the age of 25
Under the age of 18
Preferred Rewards client

Bank of America Advantage Plus Banking®

The minimum deposit to open this account is $100. There is a $12 monthly service fee unless you meet one of the following requirements:

Have at $250 in direct deposit per month ($1,000 direct deposit is required to receive the bonus)
Keep an average daily balance of at least $1,500
Preferred Rewards client

Bank of America Advantage Relationship Banking®

The minimum deposit to open this account is $100. There is a $25 monthly service fee unless meet the following requirement:

Keep an average daily balance of at least $10,000 in eligible accounts
Preferred Rewards client

Here’s more information about being a Preferred Rewards client.

Get started with Bank of America here.

What Is a Checking Account Promotion?

Checking account offers or promotions are money that you receive for opening an account. Typically there are some fairly simple hoops to jump through but if you are willing to make the effort you could receive a decent amount of money for your efforts.

How Do I Qualify for a Checking Account Offer?

Qualifying for a checking account offer depends on the specific terms and conditions set by the bank offering the bonus. However, there are some common requirements that you may need to meet in order to be eligible for a promotion. These can include:

Opening a new account: Most promotions are offered to customers who open a new checking or savings account.
Meeting a minimum deposit requirement: Banks may require you to deposit a certain amount of money into your new account in order to qualify for the bonus. This amount can vary depending on the bank and the bonus offer.
Completing certain activities: Some banks may require you to complete certain activities, such as setting up direct deposit or making a certain number of debit card purchases, in order to receive the bonus.
Meeting a time requirement: Banks may require you to keep your account open for a certain amount of time, such as 90 days, in order to receive the bonus.
Meeting other eligibility criteria: Banks may have other eligibility criteria that you need to meet in order to qualify for the bonus, such as being a new customer or not having had an account with the bank in a certain amount of time.

It’s important to carefully read the terms and conditions of any bank bonus offer to make sure you understand what you need to do to qualify for the bonus.

What Types of Checking Account Offers Are Available?

Sign-up bonuses are the most common type and what we’ve listed above. However there can also be offers for starting a direct deposit, using your debit card a certain amount of times per month, or referring other customers to the bank.

Checking accounts aren’t the only types of accounts that offer promotions. Credit card sign up bonuses can be very lucrative.

Here’s our list of top credit card offers.

How Much Money Can I Earn From a Checking Account Offer?

The amount of money you can earn from a checking account offer depends on the specific offer and the bank. The bonus amount can vary widely, ranging from as little as $25 to as much as several hundred dollars or more.

In general, larger banks may offer larger bonuses to attract new customers, while smaller banks or credit unions may offer smaller bonuses. The bonus amount may also depend on the type of checking account you open, with some accounts offering higher bonuses than others.

It’s important to carefully read the terms and conditions of any checking account offer to understand how much money you can earn and what you need to do to qualify for the bonus. Some banks may require you to maintain a minimum balance in your account or meet certain activity requirements in order to receive the bonus.

Is There a Catch to Receiving a Checking Account Offer?

In many cases, there may be certain requirements you’ll need to meet in order to receive a checking account bonus. Here are some potential catches to be aware of:

Minimum deposit requirement: Some banks may require you to deposit a certain amount of money into your new checking account in order to qualify for the bonus.
Minimum balance requirement: Some banks may require you to maintain a minimum balance in your account in order to receive the bonus, and if your balance drops below this minimum requirement, you may forfeit the bonus.
Activity requirement: Some banks may require you to perform certain activities, such as setting up direct deposit or making a certain number of debit card purchases, in order to receive the bonus.
Time requirement: Some banks may require you to keep your account open for a certain amount of time, such as 90 days or six months, in order to receive the bonus. If you close your account before this time period is up, you may forfeit the bonus.

Banks don’t want to just give away money. The promotions are intended to bring new customers to the bank so they want you ensure you will stick around once you open the account. So they require you to set up direct deposit and move your money there so it’s not as easy to close the account and move on.

Are Checking Account Promotions Taxable?

Yes, checking account promotions are generally considered taxable income by the IRS. If you receive a bonus for opening a new checking account, the bonus amount may be reported on a Form 1099-INT, which is a statement of interest income that you receive during the year. You’ll need to report the bonus amount as income on your tax return and pay any applicable taxes on it.

It’s important to keep in mind that not all bank bonuses are taxable. For example, if you receive a cashback reward for using your debit card or credit card, that reward may not be taxable because it’s considered a discount rather than income. However, if you receive a bonus for opening a new account, that bonus is generally considered taxable income.

If you’re not sure whether a bank bonus is taxable or how to report it on your tax return, it’s a good idea to consult with a tax professional or use tax preparation software to ensure that you’re reporting your income correctly.

How Long Does It Take To Receive a Checking Account Offer?

It will typically take between seven and 90 days to receive your checking account promotion.

For example, some banks may require you to make a certain number of debit card purchases or set up direct deposit in order to receive the bonus, and it may take a few weeks or months for these activities to be completed and the bonus to be credited to your account.

In general, it’s a good idea to carefully read the terms and conditions of any checking account offer to understand what you need to do and by when - and don’t delay. For example if you need to have your direct deposit hit within 90 days it may take your company several weeks to process your request for the change. It would be a shame to miss out on several hundred dollars because of poor timing.

Can I Receive a Checking Account Offer More Than Once?

Probably not. Most checking account promotions are for new customers only. Now, what the bank considers a new customer will depend on the bank.

If you haven’t had an account with the bank for several years then you may qualify -- or you may not. If you aren’t sure if you’ll qualify you can call the bank’s customer service department and ask.

What Happens If I Close My Checking Account Before Receiving the Promotion?

If you close your account before receiving a promotion for opening the account, you likely forfeit the promotion.

Many checking account promotions require you to meet certain requirements, such as maintaining a minimum balance or making a certain number of debit card transactions, for a specific period of time (e.g. 60 or 90 days). If you close your account before meeting these requirements or before the end of the required time period, you may not be eligible to receive the promotion.

You’ll want to make sure you’ve received the promotion before closing the account.

Are Checking Account Offers Worth It?

If you are willing to jump through the hoops to qualify for the offer then they can certainly be worth the effort. It might take you an hour or two to open the account and set up your direct deposit or transfer some money into the new account. If you look a the checking account promotion as wage, you could be earning hundreds of dollars an hour.

However, it’s important to consider any potential fees or charges associated with the checking account, such as monthly maintenance fees or early account closure fees, which could outweigh any benefits you may receive.

What Are Some Tips for Maximizing Checking Account Offers?

Read the terms and conditions carefully: Before opening a checking account to take advantage of an offer, make sure you fully understand the requirements you need to meet in order to qualify for the bonus. Check for any potential fees or charges that could eat into your earnings, such as monthly maintenance fees.

Ensure you can meet the requirements: To qualify for the bonus, you may need to meet certain requirements such as making a certain number of transactions or setting up direct deposit. If you can’t maintain the minimum balance or don’t receive direct deposit then you’ll be spending time on a bonus you can’t qualify for.

Consider multiple offers: If you are in the market for a new checking account, consider multiple offers from different banks to compare the potential earnings and benefits. If the requirements are fairly easy to meet you may even consider taking advantage of a few different offers. But make sure you keep track of where your accounts are.

Be mindful of taxes: Remember that any bonus you receive is considered taxable income, so be prepared to pay taxes on the bonus amount when you file your tax return.

Do I Need To Maintain a Minimum Balance in My Account to Receive the Checking Account Offer?

Do I Need To Maintain a Minimum Balance in My Account To Receive the Checking Account Offer?id a monthly maintenance fee. There are sometimes also minimum deposits in order to open the account.T

Of course, it’s important to carefully read the terms and conditions of any checking account offer to understand the requirements for receiving the bonus. If there is a minimum balance requirement, make sure you can meet it and consider any potential fees associated with maintaining the balance, such as monthly maintenance fees.

If you’re unsure whether you can maintain the required balance or you don’t want to be subject to any potential fees, you may want to look for a checking account offer that does not require a minimum balance. There are many offers available that do not have this requirement, so it’s worth shopping around to find the right offer for your needs.