I Ranked 9 Checking Account Bonuses Based On Their Welcome Offer

Banks offer sign-up bonuses to attract new customers. For checking accounts, the bonuses can be at least $100. That’s less expensive than launching a TV commercial campaign or buying ads in a magazine. It’s a win-win scenario as it saves them money and gives you an incentive to open an account.

I’ve done this for over 20+ years and have continuously monitored the internet for the latest offers. I compared and analyzed hundreds of personal checking accounts from banks and credit unions that offer a sign-up bonus for new account holders.

To rank the best checking account bonuses, I consider the following: my personal experience, amount of bonus, reasonable bonus requirements, and nationwide availability. All accounts listed here are either FDIC or NCUA-insured up to the maximum limit.

This post may contain affiliate links, meaning I get a commission at no cost to you if you decide to make a purchase through my links. Visit this page for more information. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.

1. Chase Total Checking® Account ($300)

Open a new Chase Total Checking account to earn a $300 welcome bonus, one of the easiest bank account opening bonuses available.

Simply open your account and make direct deposits totaling $500 or more within 90 days of coupon enrollment. You’ll receive your $300 bonus within 15 business days of completing the offer requirements.

This checking account has a $12 monthly fee, but that can be waived if you meet at least one of the following criteria in each monthly statement period:

• Execute direct deposits totaling $500 or more made to the account OR
• Maintain a $1,500 minimum daily balance OR
• Maintain an average daily balance of $5,000 or more in qualifying linked deposits or investments OR
• Pay at least $25 or more in qualifying checking-related services or fees

JPMorgan Chase Bank, N.A. Member FDIC.

2. Key Smart Checking^® Account ($300)

You can get a $300 bonus when you open a Key Smart Checking account by May 16, 2025, make an opening deposit of $10, and have one single eligible direct deposit of at least $1,000 within the first 60 days of account opening.

You’ll receive a $300 cash bonus within 90 days of meeting the offer requirements. Your account must not be closed at the time of gift payment.

Key Smart Checking is a simple checking account with no monthly maintenance fee, no minimum balance requirement, and $0 KeyBank and Allpoint^® ATM access nationwide with your KeyBank Debit Mastercard^®.

This offer is only available if you live in the following 15 states: AK, CO, CT, ID, IN, ME, MA, MI, NY, OH, OR, PA, UT, VT, WA.
KeyBank, Member FDIC.

3. BMO Smart Advantage Checking Account – ($300 Cash Bonus*)

Open a new BMO Smart Advantage Checking account and get a $300 cash bonus* when you make a total of at least $4,000 in qualifying direct deposits within 90 days of account opening. The BMO Smart Advantage Checking account is BMO’s most popular personal checking account with no monthly maintenance fee.

Bonus Amount: $300
Availability: Nationwide
Expiration: February 3, 2025

Bonus Requirements:

1. Open a new BMO Smart Advantage Checking account using the link below.
2. Have qualifying direct deposits totaling $4,000 or more within 90 days of account opening.
3. Receive a $300 cash bonus* approximately 100 days after account opening if requirements are met.

*Conditions apply. Accounts are subject to approval and are provided in the United States by BMO Bank N.A. Member FDIC

4. Chase Private Client Checking℠ ($3,000)

This is the highest welcome bonus on my list. Get up to $3,000 when you open a Chase Private Client Checking account make qualifying transfers of new money or securities. The more you transfer over, the bigger your bonus:

Bonus Requirements:

1. Get a Chase Private Client upgrade code by submitting your email address via the link below.
2. Speak with a Private Client Banker to open a Chase Private Client Checking account at your nearest branch or over the phone.
3. Fund your account with qualifying new money or securities to a combination of eligible checking, savings and/or J.P. Morgan investment accounts within 45 days of coupon enrollment. Your bonus will be determined on day 45.
4. Maintain your new money for 90 days and enjoy your bonus – Chase will add it into your account within 40 days.

Chase Private Client is a program offered to Chase customers that keep a substantial amount of money in Chase banking and investment accounts. I think of it as an account for VIP customers that comes with many perks and benefits.

JPMorgan Chase Bank, N.A. Member FDIC.

5. SoFi Checking and Savings Account ($325)

SoFi has a combo checking and savings account that gives the best of both worlds: a savings component that provides a very competitive APY and a checking account that allows you to pay your bills.

It’s also offering a welcome bonus up to $325 for first-time customers that open an account and set up direct deposits. You’ll get $25 of the bonus as soon as you open the account and fund it with $50 or more.

Then receive up to $300 based on your total direct deposit amount made within the Direct Deposit Bonus Period, which begins when SoFi receives a direct deposit and ends 25 calendar days later:

6. Current.com Checking Account ($50)

Get a $50 bonus when you open a Current.com checking account using referral code GLWWNT964 and make a qualifying direct deposit of $200. Plus, earn up to a 4.00% bonus on the savings balance in your account.

While it’s not the biggest welcome bonus available, it’s one of the easier offers available and the only one on this list that you can earn a competitive interest rate from with your money. Additonally, there are no monthly maintenance fees or minimum balance requirements.

Forgot to enter a referral code during registration? No problem. You can still add one by clicking on the “Account” icon at the bottom right-corner of the app, scrolling to the bottom and selecting “Add a Code“, and then entering a Current code here. Tap “Confirm“ and you’re all set!

7. Axos Bank ($500 – Expired)

Open a new Axos Rewards Checking account by August 31, 2024 and get a $100 cash bonus each calendar month (up to $500) when you make a total of at least $1,500 in qualifying direct deposits each calendar month during the first six (6) calendar months your account is open.

Bonus Requirements:

1. Open a new Axos Rewards Checking account using the link below.
2. Apply the promo code RC500 during account sign-up.
3. Make one or more direct deposits totaling $1,500 each calendar month during the first six (6) calendar months your account is open.
4. Maintain a minimum average daily balance of $3,000 in your Rewards Checking account.
5. Receive a bonus payout deposited into your checking account within 15 business days following the end of the statement cycle in which the requirements were met.

A unique feature of this checking account is the ability to earn up to a 3.30% APY (rate as of 8/1/24) that’s based on the products and services you use during the month. For example, you can enjoy an APY boost for actions like making a direct deposit of at least $1,500 or for using your debit card 10 times (min. $3 per transaction).

Axos Bank, Member FDIC.

8. Wells Fargo Everyday Checking ($325)

Wells Fargo is offering a $325 bonus when you open a new Wells Fargo Everyday Checking account with a minimum opening deposit of $25 and make qualifying electronic direct deposits totaling $1,000 or more within 90 days of account opening.

This account is Wells Fargo’s most popular consumer checking product. While there’s a $10 monthly service fee, it can be avoided with one of the following during each fee period:

• $500 minimum daily balance
• $500 or more in total qualifying direct deposits
• primary account owner is 17-24 years old
• link to a Wells Fargo Campus ATM Card or Campus Debit Card
• qualifying monthly non-civilian military direct deposit

Wells Fargo Bank, N.A. Member FDIC.

9. U.S. Bank Smartly® Checking Account ($450)

You can earn up to $450 when you open a new U.S. Bank Smartly® Checking account and complete the following qualifying activities.

1. Open your checking account with an opening deposit of $25 within 30 days.
2. Enroll in online banking or the U.S. Bank Mobile App.
3. Make two or more direct deposits that combine for a total at least $2,000 to earn a $250 bonus. Make two or more direct deposits that combine for a total at least $5,000 to earn a $350 bonus. Make two or more direct deposits that combine for a total at least $8,000 to earn a $450 bonus.

Subject to certain terms and limitations. Member FDIC. Offer may not be available if you live outside of the U.S. Bank footprint or are an existing client of U.S. Bank or State Farm.

The Bottom Line

These are several hand-picked selections by me, but there are a lot more offers from other banks, credit unions, and financial institutions.

It’s nice that many banks are willing to provide a welcome bonus to try out a new account, but remember that you shouldn’t choose a bank account based solely on a bonus. Review its features and benefits to see if it’s the right one for you.

For example, while it’s nice if a savings account has a sign-up offer, you could end up losing money in the long-term by saving your money in an account with a low interest rate. This is even more important if you’re planning to save a sizeable amount of money in it.

Take my real life situation. I have $250,000 that I’m using to purchase an investment property with next year. I can put that money into a savings account that offers a $200 bonus, but the yield is only 0.50%. After one year, I’d earn just $1,250 in interest.

Instead, I opened an account with UFB Direct that earns 4.31% APY. That will pay me $10,775 in interest the first year. That’s a difference of $9,325 ($200 bonus + $1,250 interest compared to $9,325 in interest)!