What Counts as a Direct Deposit When It Comes to Bank Sign-Up Bonuses?

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A man taking money from wallet

A lot of bank account sign-up bonuses require a direct deposit, but not all banks have the same view on what counts and what doesn’t count as a direct deposit.

Below I’ll list the best bank sign-up bonuses and what they consider a direct deposit!

This will help those who recently signed up to get $600 bonus from Chase or the $400 bonus from Wells Fargo I wrote about recently.

What is a direct deposit?

Most people think direct deposits are when you electronically deposit your employer’s paycheck or government benefits to your savings or checking account.

While that’s true, you don’t necessarily need to do that when it comes to bank sign-up bonuses. Changing where your paycheck or benefits are deposited can also be time-consuming.

Luckily, banks are more flexible on what they count as a direct deposit when it comes to bonuses. The ones below count as a direct deposit simply by transferring funds from your current bank account to the new bank account with an electronics fund transfer (EFT).

Each bank is different on what counts so be sure to use one of the ones listed under the specific bank you’re applying for.

We’ll keep this post as a running list, so bookmark this page as a future reference to see what banks count as a direct deposit when it comes to bank account opening sign-up bonuses.

List of Banks (in alphabetical order)

Citizens Bank

The following counts as a direct deposit:

  • ACH
  • Alliant
  • Ally Bank
  • Capital One 360
  • Charles Schwab
  • Chase Bank
  • Fidelity Investments
  • Santander Bank
  • Vanguard
  • Venmo transfers

Chase Bank

The following counts as a direct deposit:

  • Amazon Payments
  • Ameritrade
  • Discover Savings
  • Elements Financial
  • Fidelity Investments
  • First Technology Credit Union
  • Goldman Sachs
  • M&T Bank
  • Robinhood
  • Santander Bank
  • SoFi Invest
  • TD Ameritrade
  • Vanguard
  • Wealthfront

Wells Fargo

The following counts as a direct deposit:

  • PayPal
  • PNC Bank
  • Robinhood
  • Santander Bank
  • USAA
  • Venmo transfers

U.S. Bank

The following counts as a direct deposit:

  • ACH
  • Alliant
  • Ally Bank
  • Capital One 360
  • Charles Schwab
  • Chase (YMMV, mixed reports)
  • Discover
  • Fidelity
  • USAA
  • Venmo transfers

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