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

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

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. Transferring money electronically from one of your existing bank accounts to the new bank account will work in a lot of cases.

The list below shows what banks count as a direct deposit simply by transferring funds with an electronics fund transfer (EFT). Just be sure you’re making a push transfer and not a pull transfer – more on this below.

Each bank is different on what counts so be sure to use one that’s 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.

What Is The Difference Between A Push Or Pull Transfer?

You should always do a push transfer and not a pull transfer in order to qualify bank bonuses. What’s the difference between the two?

  • Push Transfer: You’re logging on to an existing bank account and transferring money to your new bank account (pushing a deposit)
  • Pull Transfer: You’re logging into your new bank account and transferring money to it from another bank account you have (pulling a deposit)

For all other intents and purposes, there really isn’t a difference between to two, but for triggering bank bonuses, banks see a push transfer as something that qualifies as a direct deposit.

Ninja Note: Looking for the best bank account bonuses? See the entire list on this page.

List Of Banks (in alphabetical order)

BBVA

$250 Checking + Savings Bonus

The following counts as a direct deposit:

  • Capital One 360
  • Charles Schwab
  • Fidelity
  • First Tech Credit Union
  • Merrill Edge
  • PayPal (seems to no longer work as of 2/2020)
  • Provident Credit Union
  • TD Ameritrade

Capital One 360

$1,000 Savings Bonus | $400 Checking Bonus | $250 Checking Bonus

The following counts as a direct deposit:

  • Ally
  • Charles Schwab
  • Clearview
  • Discover Savings
  • E*Trade
  • Fidelity
  • Fifth Third
  • First Tennessee
  • Goldman Sachs
  • Robinhood
  • TD Ameritrade
  • Vanguard

Chase Bank

$600 Checking + Savings Bonus | $500 Checking + Savings Bonus

For Chase, if your transfer has the description “PPD ID/ACH Transfer”, most likely that means it’s a valid transfer that will trigger the bonus. Anything with a “P2P” in it will no longer work.

The following counts as a direct deposit:

  • Ameritrade
  • CBC Federal Credit Union
  • Circle Pay
  • CIT Bank
  • Connexus Federal Credit Union
  • Consumers Credit Union
  • DoorDash
  • Elements Financial
  • Fidelity Investments (doesn’t seem to be working anymore)
  • First Technology Credit Union
  • Firstrade
  • Freshbooks WePay
  • Goldman Sachs
  • Google Adsense
  • Gulf Winds Federal Credit Union
  • Gusto
  • Keesler Federal
  • M1 Finance
  • MarketForce Payroll
  • Mercari
  • M&T Bank
  • Northern Bank
  • Orion Federal Credit Union
  • PenFed
  • Provident Credit Union
  • Robinhood (doesn’t seem to be working anymore)
  • Santander Bank (mixed reports since 2020)
  • SoFi Invest
  • SoFi Money
  • Stanford Federal Credit Union
  • TD Ameritrade
  • T-Mobile Money
  • Transferwise
  • Uber
  • Uber Eats
  • University Federal Credit Union
  • Vanguard (doesn’t seem to be working anymore)
  • Wealthfront
  • Wisebanyan

Chime

$75 Sign Up Bonus

The following counts as a direct deposit:

  • Ally
  • American Express Serve
  • Cash app
  • Charles Schwab
  • Chase
  • Circle Pay
  • Discover
  • TD Bank
  • Wells Fargo
  • USAA
  • U.S. Bank

Citizens Bank

$600 Checking + Savings Bonus | $400 Checking Bonus

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

Discover

The following counts as a direct deposit:

  • Amazon Seller Disbursements
  • American Express Serve
  • Bank of America Business ACH
  • Capital One 360
  • Fidelity
  • Paypal
  • TD Ameritrade

HSBC

The following counts as a direct deposit:

  • Ally
  • American Express Bluebird
  • Chase
  • Discover
  • PNC Checking
  • Robinhood
  • Santander
  • SoFi Money
  • Wells Fargo

KeyBank

$200 Checking Bonus

The following counts as a direct deposit:

  • ACH
  • American Express Serve
  • Capital One 360
  • Chase (but instant transfers)
  • Discover (but not savings)
  • E*Trade
  • Huntington
  • Navy Federal Credit Union
  • Paypal
  • Stripe Transfer
  • TD Ameritrade
  • Transferwise
  • USAA
  • Wells Fargo
  • Venmo

PNC Bank

$300 Checking Bonus

The following counts as a direct deposit:

  • Alliant
  • Ally
  • American Express
  • Bank of America
  • Capital One 360
  • Chase
  • Fidelity
  • PayPal
  • PenFed
  • Transferwise
  • Venmo transfers
  • Wells Fargo (mixed reports)

Santander Bank

$400 Checking Bonus | $225 Checking Bonus

The following counts as a direct deposit:

  • Alliant
  • American Express
  • Capital One 360 (mixed reports, I wouldn’t depend on this method alone)
  • BMO Harris
  • Chase
  • Charles Schwab
  • Fidelity
  • PayPal (no longer valid)
  • Wells Fargo
  • Venmo transfers

SunTrust

The following counts as a direct deposit for SunTrust bonus offers:

  • Ally
  • Alliant
  • Capital One 360
  • Charles Schwab
  • Chase
  • Discover
  • Fidelity
  • Goldman Sachs
  • Navy Federal Credit Union
  • Wells Fargo

Wells Fargo

$400 Checking Bonus

The following counts as a direct deposit:

  • Bank of America
  • E*Trade
  • Fidelity
  • HSBC
  • KeyBank
  • PayPal
  • PNC Bank
  • Robinhood
  • Santander Bank
  • SoFi Money
  • USAA
  • Venmo transfers

U.S. Bank

$500 Checking + Savings Bonus | $300 Checking Bonus

The following counts as a direct deposit:

  • ACH
  • All America Bank
  • Alliant
  • Ally Bank
  • American Express Serve
  • Apple Cash
  • Capital One 360
  • Cash App
  • Charles Schwab
  • Chase
  • Discover
  • DCFU
  • Fidelity
  • Goldman Sachs
  • Marcus
  • PayPal
  • PNC
  • School’s First Credit Union
  • Simple
  • SoFi Money
  • Tech Credit Union
  • Unify FCU
  • USAA
  • Wealthfront
  • Wells Fargo
  • Western Vista Federal Credit Union

46 COMMENTS

  1. Hi Money Ninja,

    Under Capitol One 360 you have listed “Clearview”. Is that referencing Clearview FCU in PA? I assumed it had to be something else but I’ve searched “Clearview Bank” and all I can find is Clearview FCU. I have an account with them but it’s so small scale I would be surprised to see it listed of all places.

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