If You're Opening a Bank Account, Consider These Banks With Sign-On Bonuses

Banks offer sign-on bonuses as a way to attract new customers. Here are some of the current offers available as sign-up bonuses. Customers can benefit from the offers.

Kathryn Underwood - Author

Oct. 21 2022, Published 2:43 p.m. ET

A woman looking at sign-on bonus information
Source: BMO Harris Facebook

Unless you keep all your money in cash under the mattress, you probably are using a financial institution to store your money. Try these banks with sign-on bonuses and you could receive money for opening a checking or savings account.

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Banks tend to offer bonuses to new customers. The bonuses may be based on an initial deposit, a minimum spend, or direct deposit total, and sometimes minimum usage of a debit card.

Similar to credit card reward bonuses, banking bonuses can give you a decent boost. Be sure to verify all of the requirements to get the expected bonus.

BMO Harris Smart Advantage Account

bmo harris bank sign on bonus
Source: BMO Harris

One of the banks with the best sign-on bonuses is BMO Harris, which offers its Smart Advantage Account and two other levels of reward accounts. To earn a bonus of between $200 and $350, you must make direct deposits totaling a specific amount.

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The Smart Advantage and Smart Money accounts both require at least $4,000 in direct deposits in the first 90 days. Smart Advantage charges no monthly fee if you use paperless statements, while Smart Money is free for those under the age of 25.

BMO Harris’ Premier Account offers a $350 bonus after $7,500 in direct deposits.

Chase Total Checking

With the Chase Total Checking account, customers can get a $200 bonus after signing up for direct deposit within 90 days. There is a $12 monthly fee unless you meet one of the following minimum balance requirements:

  • $1,500 beginning balance daily

  • average beginning daily balance of $5,000 (linked with other Chase accounts)

    • Electronic deposits of $500 or more

    Chase also has Chase Secure Banking with a $100 bonus. You must make 10 qualifying transactions within 60 days.

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    Huntington Bank Checking Accounts

    Huntington Bank offers three checking accounts. Although the first doesn't have a sign-on bonus, the other two offer either $200 or $300. It’s a nice bonus for those who don’t qualify for direct deposit from an employer.

    Perks Checking: $200 bonus with $1,000 minimum deposit. Waive the $10 monthly fee with a minimum of $1,000 in monthly deposits or $5,000 total in checking and savings.

    Platinum Perks Checking: $300 bonus with $25,000 minimum deposit.

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    Citi Priority Account

    New Citibank customers can earn bonuses between $200 and $2,000. A customer must deposit funds within 20 days of account opening and keep the balance steady for 60 more days. The minimum balance is fairly high, though: $10,000 to receive a $200 bonus, a minimum of $30,000 for a $300 bonus, and a minimum of $75,000 for a $500 bonus.

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    Axos Rewards Checking

    axos sign on bonus
    Source: AXOS

    With Axos Bank, users get a $100 bonus after meeting certain requirements. You must have a minimum of $1,500 in direct deposits per month for three months and keep the account open for at least 180 days. Use the promo code "RC100" by Dec. 31, 2022.

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    SoFi Checking and Savings

    SoFi offers sign-on bonuses of $50 to $300 after customers sign up for direct deposit into their SoFi Checking and Savings account. From the first direct deposit until 25 days later, if your total deposited amount is $1,000–$1,999, your bonus is $50.

    You'll get a $100 bonus after deposits of $2,000-$4,999, and a $300 bonus after deposits of at least $5,000.

    If you're wanting to open a checking or savings account, there are options that will qualify you for a sign-on bonus. Make sure you shop around and understand all of the terms before making a final choice.


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