So, you’re looking for a new bank account.
You’ve got several factors to consider — ATM access, interest rates, monthly fees, minimum balances, mobile app reviews, and more.
Another factor to consider: bank promotions. These are cash bonuses you can earn when opening a new checking or savings account with a bank or credit union during the promotion window, meeting any specific criteria and keeping the account open at least long enough to earn the extra cash.
While a savings or checking bonus shouldn’t be your top reason to choose a bank, don’t rule it out entirely. After all, wouldn’t it be nice to fund your shiny new account with some extra cash?
Many banks offer such sign-up bonuses, but often, these bonuses aren’t advertised, meaning finding the best bank account bonuses can be tricky. That’s why we did some digging for you and found some hefty cash offers.
Best Bank Promotions of May 2021
We’ve researched the best cash bonuses available this month so you don’t have to. Below, you’ll find our favorite checking and savings account bonuses.
Keep an eye on what it takes to qualify, as well as any limitations. Direct deposit and minimum balances are commonly factors in securing these bonuses. Also pay attention to any monthly fees the account might carry; over time, these could weigh out the actual cash bonus. Otherwise, happy bank bonus shopping!
1. Aspiration Account: $150
Bonus amount: $150
How to get the bonus: To earn your $150, here’s all you need to do: Open your Aspiration account and deposit at least $10. Aspiration will send you a debit card associated with the account. Use the Aspiration debit card to make at least $1,000 of cumulative transactions within the first 60 days of opening your account. There’s no need to spend extra money — just use your card to buy groceries and pay your utilities.
Where to sign up: Enter your email address here, and link your bank account.
When you’ll get the bonus: Allow up to 120 calendar days from account opening to receive the bonus; you must have completed the requirements within the first 60 days.
The fine print: With Aspiration, your money is FDIC insured and under a military-grade encryption. The account offers up to 1.00% APY on savings and allows fee-free withdrawals at more than 55,000 ATMs. There are no hidden fees with Aspiration (monthly fees are on a “Pay What is Fair” policy, and that can be zero every month!), and you’ll earn cash back when you spend at socially conscious businesses (up to 5%).
No offer expiration.
2. Aspiration Plus Account: $200
Bonus amount: $200
How to get the bonus: To earn your $200, here’s all you need to do: Open your Aspiration Plus account during signup or within the first 60 days of enrollment in the regular Aspiration Account. Deposit at least $10. Aspiration will send you a debit card associated with the account. Use the Aspiration debit card to make at least $1,000 of cumulative transactions within the first 60 days of opening your account. There’s no need to spend extra money — just use your card to buy groceries and pay your utilities.
Where to sign up: Enter your email address here, and link your bank account.
When you’ll get the bonus: Allow up to 120 calendar days from account opening to receive the bonus; you must have completed the requirements within the first 60 days.
The fine print: With Aspiration, your money is FDIC insured and under a military-grade encryption. The account offers up to 1.00% APY on savings and allows fee-free withdrawals at more than 55,000 ATMs. Unlike the typical Aspiration Account, there is a $15/month fee (or $12.50/month if you pay annually). However, you’ll earn more cash back when you spend at socially conscious businesses (up to 10%), get monthly out-of-network ATM reimbursement and receive carbon offsets for all gas purchases.
No offer expiration.
3. TD Bank Beyond Checking Account: $300
Bonus amount: $300
How to get the bonus: Open a new TD Beyond Checking account. You must receive a total of $2,500 or more via direct deposit within 60 days of opening your new account.
Where to sign up: Visit this TD Checking page. Click the orange “open account” button, and follow the instructions to open a TD Beyond Checking account.
When you’ll get the bonus: The $300 bonus will be deposited into your account within 140 days of opening.
The fine print: While this bonus offer sounds too good to be true, it is definitely attainable. However, only open the account if you regularly get sizable monthly deposits or can maintain a healthy minimum balance. That’s because the account charges a monthly maintenance fee, but TD will waive the fee if you receive monthly direct deposits of $5,000, keep a minimum daily balance of $2,500 or maintain a combined balance across all your TD bank accounts of a whopping $25,000.
TD fees—and the bank’s capacity for waiving them—extend to ATMs. You won’t face fees for making withdrawals at TD’s own ATMs, and it’ll reimburse all fees for withdrawing at non-TD ATMs as long as you keep your daily balance at $2,500 or more.
No offer expiration.
4. TD Bank Convenience Checking Account: $150
Bonus amount: $150
How to get the bonus: Open a new TD Convenience Checking account. You must receive a total of $500 or more via direct deposit within 60 days of opening your new account.
Where to sign up: Visit this TD Checking page. Click the orange “open account” button, and follow the instructions to open a TD Beyond Checking account.
When you’ll get the bonus: The $150 bonus will be deposited into your account within 140 days of opening.
The fine print: While this bonus offer sounds too good to be true, it is definitely attainable. Unlike the TD Bank Beyond Checking account, this checking account option is easier for financial beginners to manage. You only need to maintain a minimum balance of $100 to have the monthly maintenance fee waived. And if you are between the age of 17 and 23, there are no minimum balance requirements and no monthly maintenance fee.
However, the Convenience Checking account does not earn interest; the Beyond Checking account does.
No offer expiration.
5. Bank of America Advantage Banking Account: $100
Bonus amount: $100
How to get the bonus: Open a new Bank of American Advantage Banking account online using the offer code DOC100CIS. You must then set up and receive two qualifying direct deposits, each totaling $250 or more, within 90 days of opening the new account. This offer is only available to new Bank of America personal checking account customers.
Where to sign up: Visit the offer page and use the offer code DOC100CIS when opening the account.
When you’ll get the bonus: Bank of America promises to “attempt” to deposit the bonus into the account within 60 days of satisfying all requirements. Though the “attempt” disclosure seems a little suspect, we could not find traces of reviews citing unpaid bonuses.
The fine print: A qualifying direct deposit means the direct deposit must be regular monthly income, whether through salary, pension or Social Security benefits. Deposits through wire transfer, apps like Venmo or ATM transfers will not qualify.
Advantage Banking accounts come in three varieties: SafeBalance, Plus and Relationship. All three carry monthly maintenance fees that can be waived:
- To waive the SafeBalance monthly maintenance fee of $4.95, enroll in Preferred Rewards.
- To waive the Plus monthly maintenance fee of $12, receive a qualifying minimum direct deposit, maintain minimum daily balance requirements or enroll in Preferred Rewards.
- To waive the Relationship monthly maintenance fee of $25, maintain the minimum combined balance in all linked accounts or enroll in Preferred Rewards.
Offer expires June 30, 2021.
6. Associated Bank Access Checking Account: Up to $500
Bonus amount: Up to $500
How to get the bonus: Open a new Associated Access Checking account with a minimum deposit of $25 and receive direct deposits totaling at least $500 within 90 days of opening your account. Bonus values will vary based on the sum of the average daily balance of all Associated Bank deposit accounts from days 61 to 90:
- Average daily balances of $1,000 to $4,999.99 will earn a $200 bonus.
- Average daily balances of $5,000 to $9,999.999 will earn a $300 bonus.
- Average daily balances of $10,000 or more will earn a $500 bonus.
Where to sign up: Visit this Associated Bank account sign-up page and select the appropriate account.
When you’ll get the bonus: You will receive the bonus as a deposit to your account within 120 days of account opening.
The fine print: Must be a new Associated Access Checking customer. If easy access to a physical branch is important to you, note that the bank has locations in Illinois, Minnesota and Wisconsin, but members have free access to MoneyPass ATMs nationwide. Account must remain open for a minimum of 12 months; if you close it early, Associated Bank reserves the right to deduct the paid out bonus before account closure.
The account requires a minimum deposit of $25, charges $4 a month if you require paper statements and does not earn interest.
Offer expires May 31, 2021.
7. Associated Bank Balanced Checking Account: Up to $500
Bonus amount: Up to $500
How to get the bonus: Open a new Associated Balanced Checking account with a minimum deposit of $100 and receive direct deposits totaling at least $500 within 90 days of opening your account. Bonus values will vary based on the sum of the average daily balance of all Associated Bank deposit accounts from days 61 to 90:
- Average daily balances of $1,000 to $4,999.99 will earn a $200 bonus.
- Average daily balances of $5,000 to $9,999.999 will earn a $300 bonus.
- Average daily balances of $10,000 or more will earn a $500 bonus.
Where to sign up: Visit this Associated Bank account sign-up page and select the appropriate account.
When you’ll get the bonus: You will receive the bonus as a deposit to your account within 120 days of account opening.
The fine print: Must be a new Associated Balanced Checking customer. If easy access to a physical branch is important to you, note that the bank has locations in Illinois, Minnesota and Wisconsin, but members have free access to MoneyPass ATMs nationwide. Account must remain open for a minimum of 12 months; if you close it early, Associated Bank reserves the right to deduct the paid out bonus before account closure.
The account requires a minimum deposit of $100 and does not earn interest.
Offer expires May 31, 2021.
8. Associated Bank Choice Checking Account: Up to $500
Bonus amount: Up to $500
How to get the bonus: Open a new Associated Choice Checking account with a minimum deposit of $100 and receive direct deposits totaling at least $500 within 90 days of opening your account. Bonus values will vary based on the sum of the average daily balance of all Associated Bank deposit accounts from days 61 to 90:
- Average daily balances of $1,000 to $4,999.99 will earn a $200 bonus.
- Average daily balances of $5,000 to $9,999.999 will earn a $300 bonus.
- Average daily balances of $10,000 or more will earn a $500 bonus.
Where to sign up: Visit this Associated Bank account sign-up page and select the appropriate account.
When you’ll get the bonus: You will receive the bonus as a deposit to your account within 120 days of account opening.
The fine print: Must be a new Associated Choice Checking customer. If easy access to a physical branch is important to you, note that the bank has locations in Illinois, Minnesota and Wisconsin, but members have free access to MoneyPass ATMs nationwide. Account must remain open for a minimum of 12 months; if you close it early, Associated Bank reserves the right to deduct the paid out bonus before account closure.
The account requires a minimum deposit of $100. This account is the only Associated option that earns interest and offers complimentary checks.
Offer expires May 31, 2021.
9. Citizens Bank Student Checking Account: Up to $400
Bonus amount: Up to $400
How to get the bonus: Open a new Student Checking account with Citizens Bank. Receive a direct deposit of $500 or more within the first 60 days to earn a $300 bonus.
Earn an additional $2 for every debit card purchase you make within the first 60 days, up to $100 total rewards (50 purchases).
Where to sign up: Visit this promotional page for Citizens Bank and choose “Open Your Account” button for the Student Checking account. The promotion only applies when opening the account via this page.
When you’ll get the bonus: If you open the account this month (May 2021), your bonus will be paid by September 30, 2021.
The fine print: Cannot have had a Citizens Bank account in the six months prior. Qualifying debit card transactions must be in person, on an app or on a merchant site; online bill payments and ATM payments do not qualify. While the account advertises a $0 monthly maintenance fee, you must be under 25 for this to apply. This account does not offer an APY.
Offer expires May 13, 2021.
10. Citizens Bank One Deposit Checking from Citizens: Up to $400
Bonus amount: Up to $400
How to get the bonus: Open a new One Deposit Checking from Citizens. Receive a direct deposit of $500 or more within the first 60 days to earn a $300 bonus.
Earn an additional $2 for every debit card purchase you make within the first 60 days, up to $100 total rewards (50 purchases).
Where to sign up: Visit this promotional page for Citizens Bank and choose “Open Your Account” button for One Deposit Checking from Citizens. The promotion only applies when opening the account via this page.
When you’ll get the bonus: If you open the account this month (May 2021), your bonus will be paid by September 30, 2021.
The fine print: Cannot have had a Citizens Bank account in the six months prior. Qualifying debit card transactions must be in person, on an app or on a merchant site; online bill payments and ATM payments do not qualify. There is a monthly maintenance fee of $9.99; to waive it, make one deposit each statement period. This account does not offer an APY.
Offer expires May 13, 2021.
11. Citizens Bank Platinum Checking: Up to $400
Bonus amount: Up to $400
How to get the bonus: Open a new Citizens Platinum Checking account. Receive a direct deposit of $500 or more within the first 60 days to earn a $300 bonus.
Earn an additional $2 for every debit card purchase you make within the first 60 days, up to $100 total rewards (50 purchases).
Where to sign up: Visit this promotional page for Citizens Bank and choose “Open Your Account” button for the Platinum Checking account. The promotion only applies when opening the account via this page.
When you’ll get the bonus: If you open the account this month (May 2021), your bonus will be paid by September 30, 2021.
The fine print: Cannot have had a Citizens Bank account in the six months prior. Qualifying debit card transactions must be in person, on an app or on a merchant site; online bill payments and ATM payments do not qualify. There is a monthly maintenance fee of $25; to waive it, you must have a combined monthly balance (across all Citizens deposit and investment accounts) of $25,000 or more. This account offers an APY with a variable rate, but it is quite low compared to typical online bank APYs.
Offer expires May 13, 2021.
12. Citizens Bank Platinum Plus Checking: Up to $400
Bonus amount: Up to $400
How to get the bonus: Open a new Citizens Platinum Plus Checking account. Receive a direct deposit of $500 or more within the first 60 days to earn a $300 bonus.
Earn an additional $2 for every debit card purchase you make within the first 60 days, up to $100 total rewards (50 purchases).
Where to sign up: Visit this promotional page for Citizens Bank and choose “Open Your Account” button for the Platinum Plus Checking account. The promotion only applies when opening the account via this page.
When you’ll get the bonus: If you open the account this month (May 2021), your bonus will be paid by September 30, 2021.
The fine print: Cannot have had a Citizens Bank account in the six months prior. Qualifying debit card transactions must be in person, on an app or on a merchant site; online bill payments and ATM payments do not qualify. There is a monthly maintenance fee of $25; to waive it, you must have a combined monthly balance (across all Citizens deposit and investment accounts) of $25,000 or more and make a deposit of at least $5,000 in your checking account each statement period OR maintain an average daily balance in the checking account of $10,000 or more. This account offers an APY with a variable rate, but it is quite low compared to typical online bank APYs.
Offer expires May 13, 2021.
13. PNC Virtual Wallet Account: $50
Bonus amount: $50
How to get the bonus: Open a new PNC Virtual Wallet account online or in a branch. Receive qualifying direct deposits of $500 within the first 60 days.
Where to sign up: Visit this promotional page for PNC and choose “Apply Now” for the Virtual Wallet account (either with Spend, Reserve and Growth or just Spend).
When you’ll get the bonus: After meeting the bonus criteria, you will receive the bonus (labeled “Cash Trans Promo Reward” on your monthly statement) within 60 to 90 days.
The fine print: Cannot have a current PNC account or have closed an account within the previous 90 days. Qualifying direct deposits include paychecks, Social Security, pension or other recurring monthly income that is electronically deposited by your employer or an outside agency into your account. The account carries a $7 monthly service charge that can be waived if 1) you have $500 or more in monthly direct deposits in the associated Spend account, 2) you maintain $500 or more between associated Spend and Reserve accounts, or 3) are 62 or older. This account does not earn interest.
Offer expires June 30, 2021.
14. PNC Virtual Wallet with Performance Spend Account: $200
Bonus amount: $200
How to get the bonus: Open a new PNC Virtual Wallet with a Performance Spend account online or in a branch. Receive qualifying direct deposits of $2,000 within the first 60 days.
Where to sign up: Visit this promotional page for PNC and choose “Apply Now” for the Virtual Wallet with Performance Spend account (either with Spend, Reserve and Growth or just Spend).
When you’ll get the bonus: After meeting the bonus criteria, you will receive the bonus (labeled “Cash Trans Promo Reward” on your monthly statement) within 60 to 90 days.
The fine print: Cannot have a current PNC account or have closed an account within the previous 90 days. Qualifying direct deposits include paychecks, Social Security, pension or other recurring monthly income that is electronically deposited by your employer or an outside agency into your account. The account carries a $15 monthly service charge that can be waived if 1) you have $2,000 or more in monthly direct deposits in the associated Spend account, 2) you maintain $2,000 or more between associated Spend and Reserve accounts, or 3) have at least $10,000 across all consumer PNC accounts.
Offer expires June 30, 2021.
15. PNC Virtual Wallet with Performance Select Account: $300
Bonus amount: $300
How to get the bonus: Open a new PNC Virtual Wallet with Performance Select account online or in a branch. Make qualifying direct deposits of $5,000 within the first 60 days.
Where to sign up: Visit this promotional page for PNC and choose “Apply Now” for the Virtual Wallet with Performance Select account (either with Spend, Reserve and Growth or just Spend).
When you’ll get the bonus: After meeting the bonus criteria, you will receive the bonus (labeled “Cash Trans Promo Reward” on your monthly statement) within 60 to 90 days.
The fine print: Cannot have a current PNC account or have closed an account within the previous 90 days. Qualifying direct deposits include paychecks, Social Security, pension or other recurring monthly income that is electronically deposited by your employer or an outside agency into your account. The account carries a $25 monthly service charge that can be waived if 1) you have $5,000 or more in monthly direct deposits in the associated Spend account, 2) you maintain $5,000 or more between associated Spend and Reserve accounts, or 3) have at least $25,000 across all consumer PNC accounts.
Offer expires June 30, 2021.
How to Search for Bank Bonuses on Your Own
In the spirit of not listing approximately 193 bank promotions, we kept this list short and sweet — only highlighting the best bank promotions for checking and savings accounts.
But maybe you’re interested in banking with your local credit union, opening up a small business checking account or finding the perfect investment account? There are often bonus offers attached to these account openings, too.
The banks don’t always make finding these promotions easy, so here are a few tips to help you get your hands on that cash bonus.
- Check the bank’s website first. Sometimes it’ll advertise its promotions right there. This is rare, but it’s worth a quick check — it could save you a ton of time.
- If you don’t have any luck, reach out to the bank’s customer service team through phone, email or chat. Let them know you’re shopping for a new account, and you’d like to know if it’s running any promotions. More often than not, the nice representative will send you a special link.
- If this doesn’t work, turn to your trusty friend Google. Look for the best bank account bonuses. Because you’ll likely dig up some offers from third-party sites, you’ll want to take a few minutes to make sure the offer:
- Hasn’t expired.
- Is legitimate. Make sure the bank is FDIC-insured and has a positive Better Business Bureau rating. You can even read some online reviews.
- Doesn’t require outrageous qualifying activities. For example, it might not be realistic for you to maintain an average daily balance of $50,000 and carry out 60 qualifying debit card purchases or receive five direct deposits before the end of your first 30-day statement cycle.
- You can also reach out to your family, friends and social network to crowdsource bank recommendations. Sometimes banks have impressive referral programs, so both you and your friend could benefit from you signing up.
Overall, be smart. Don’t let that promise of an account bonus blind you. Also, read the fine print so you don’t get stuck paying high monthly fees, interest rates or closing penalties.
Will Opening a Bank Account Hurt Your Credit Score?
If you’re worried that opening a new bank account or closing an old one will hurt your credit score, don’t be. Your bank accounts are not included in your credit report and therefore have no effect on your credit score, unless you have an outstanding negative balance that the bank turns over to a collection agency.
Sometimes when you go to open a new bank account, banks will do a soft credit check. However, that won’t affect your credit score.
Now, go enjoy your fresh new bank account and that nice cash bonus you’re about to pocket. Add it to your savings account, put it toward student loan payments or, heck, treat yourself!
Editorial Disclosure: This content is not provided by the bank advertiser. Opinions expressed here are the author’s alone, not those of the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
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