Banks that pay you to open an account with no deposit

Uncertain economic times can drive many consumers to find novel ways to earn additional money.

And for those also looking to open a new checking or savings account, current promotions at some banks provide an additional financial incentive to move their funds now to a new home — as much as an extra $200 or $300 (or more).

Compare these bank bonus offers to find the best deal — and check out other incentives, too, like the bonuses offered for opening a brokerage account.

Bankrate’s picks for the best consumer bank account bonuses in October 2022

Best checking account bonuses

• Citibank: up to $2,000 bonus
• BMO Harris: up to $350 bonus
• SoFi: up to $250 bonus
• TD Bank: up to $300 bonus
• M&T Bank: up to $200 bonus
• Chase Bank: $200 bonus; $100 bonus for college students
• Huntington National Bank: up to $300 bonus
• Bank of America: $100 bonus
• Axos Bank: up to $100 bonus

Best savings account bonuses

• TD Bank: $200 bonus
• Alliant Credit Union: $100 bonus after a year
• BMO Harris: Up to $60 bonus in a year

Best referral bonuses

• American Airlines Federal Credit Union: $25 for each family member referral up to $250
• Axos Bank: $20 for a referral and $20 to the referred customer
• Chase Bank: $50 for each referral up to $500
• Chime: $100 for a referral and $100 to the referred customer
• Marcus by Goldman Sachs: 1 percent annual percentage yield (APY) referral bonus for three months – up to five referrals per year.
• TD Bank: $50 for a referral and $50 to the referred customer up to $500

Best business bank account bonuses

• Citibank: up to $2,000 bonus
• Huntington National Bank: $100, $400 or $750 bonus
• PNC Bank: $200 or $500 bonus
• Live Oak Bank: $300 bonus
• Axos Bank: $100 or $200 bonus

A closer look at the top consumer checking account bonuses

Citibank: Up to $2,000 bonus

Citibank is offering up to $2,000 to customers who open a new checking account by Jan. 9, 2023. To qualify for the bonus, funds must be deposited within 20 days after opening the account. The account balance after 20 days determines the bonus amount.

• Making a minimum deposit of $10,000 and maintaining that minimum balance can earn you $200.
• Making a minimum deposit of $30,000 and maintaining that minimum balance can earn you $500.
• Making a minimum deposit of $75,000 and maintaining that minimum balance can earn you $1,000.
• Making a minimum deposit of $200,000 and maintaining that minimum balance can earn you $1,500.
• Making a minimum deposit of $300,000 and maintaining that minimum balance can earn you $2,000.

Other important information about this offer:

• Customers who have closed a Citibank checking account within the last 180 days are ineligible.
• Children under 18 years of age are also ineligible for this offer.
• These offers are not available in all areas.
• Applicants must sign up on Citibank’s website that details the offer.
• Your offer’s balance must be maintained for 60 days after the account has been open for 21 days.
• Offer expires Jan. 9, 2023. Checking accounts must be opened between July 18 and Jan. 9, 2023, to qualify.

Citibank is based in New York. In Bankrate’s review of Citibank’s full suite of products and offerings, it earned 4.3 out of 5 stars.

BMO Harris: up to $350 bonus

Consumers who don’t have a BMO Harris checking account are eligible to earn a $200 to $350 bonus by opening a Smart Advantage Account, Smart Money Account or Premier Account.

• A $200 bonus applies to the Smart Advantage Account and requires a minimum $4,000 in direct deposits within the first 90 days.
• A $200 bonus can be earned for opening a Smart Money Account, with a minimum $4,000 required in certain direct deposits during the first 90 days.
• A $350 bonus can be earned for opening a Premier Account and having a total of $7,500 in certain direct deposits during the first 90 days.
• Qualifying direct deposits include payroll, pension, Social Security or other government payments.

Here are some other details:

• One checking account bonus is permitted per customer.
• Accounts must be opened between Oct. 1-Dec. 30.
• A form on the BMO Harris website must be completed to receive a promotional code, which is required to receive either bonus.

BMO Harris earned 3.4 out of 5 stars in Bankrate’s review.

SoFi Bank: up to $250 bonus

New SoFi Bank customers can earn up to $250 by opening a Checking and Savings account. You’ll need a direct deposit to earn the bonus. And the bonus is based on the amount of your total qualifying direct deposits during the bank’s 30-day evaluation period, according to SoFi Bank’s website.

• A direct deposit between $1,000 and $4,999.99 earns $50.
• A direct deposit of at least $5,000 earns $250.

TD Bank: up to $300 bonus

New customers can earn $300 by opening a TD Bank Beyond Checking account or $200 by opening a TD Convenience Checking account from June 14 to Oct. 31, 2023.

• Offer is valid for new checking customers who haven’t had a checking account with TD Bank in the past 12 months.
• Customers who previously received a checking bonus are ineligible for the offer.

For the $200 Convenience Checking bonus, a qualifying direct deposit of at least $500 during the first 60 days is required.

For the Beyond Checking $300 account bonus, a qualifying direct deposit of at least $2,500 during the first 60 days is required.

TD Bank has its headquarters in Cherry Hill, New Jersey. In Bankrate’s review of TD Bank’s services and product offerings, it earned 3.6 out of 5 stars.

M&T Bank: up to $200 bonus

You can earn up to $200 for opening any personal checking account at M&T Bank from Nov. 1, 2022 to Jan. 31, 2023.

• Within 90 days of the checking account’s opening, a qualifying direct deposit of at least $500 must be made to qualify for the bonus.

M&T Bank earned 3.5 out of 5 stars in Bankrate’s review. M&T Bank is headquartered in Buffalo, New York.

Chase Bank: $200 or $100 bonus

Through Jan. 25, 2023, Chase is offering a bonus on certain new checking accounts.

• To earn $200, open a new Total Checking account and have a direct deposit.

To qualify for the bonus, you must not have an existing Chase checking account (or had one closed with a negative balance in the past three years or closed within the last 90 days).

• College students ages 17-24 can earn $100 by opening the Chase College Checking account.

Ten qualifying transactions (debit card purchases, online bill payments, checks paid, Chase QuickDeposit, Zelle or ACH credit to the account) within 60 days of coupon enrollment are required to earn this bonus. The coupon can be found on Chase’s website.

Our review of Chase’s banking products and services gave the bank 3.4 out of 5 stars. Chase is headquartered in New York.

Huntington National Bank: Up to $300 bonus

Huntington Bank has two checking account bonuses available for both consumers and business owners. Through Feb. 7 you can earn:

• $200 for opening a Perks Checking account and making cumulative deposits of at least $1,000 within 60 days of the account opening.
• $300 for opening a Platinum Perks Checking account and making at least $25,000 in cumulative deposits within 60 days of the account opening.

These offers are valid only for residents of Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Dakota, West Virginia and Wisconsin.

Note that only new money deposits are eligible to meet the cumulative deposit requirement.

Huntington is based in Columbus, Ohio. In the full review of its banking products and offerings, the bank earned 3.4 out of 5 stars.

Bank of America: $100 bonus

New personal checking customers can earn $100 from Bank of America when they open an account online. The offer expires Dec. 31. To get the bonus, you must:

• Not have had a Bank of America personal checking account, or been a co-owner on an account, within the past 12 months.
• Open a new Advantage SafeBalance Banking, Advantage Plus Banking or Advantage Relationship Banking account online.
• Make an opening deposit ($25 opening deposit for the Advantage SafeBalance Banking account and $100 opening deposit for the others).
• Receive qualifying direct deposits of at least $1,000 each within 90 days of your account opening.

Offer code DNA100CIS is required to qualify for the bonus.

Bank of America is headquartered in Charlotte, North Carolina. It earned 3.2 out of 5 stars in Bankrate’s full review of its products and services.

Axos Bank: up to $100 bonus

Axos Bank is offering up to a $100 bonus for new customers who open a Rewards Checking account.

You can earn the bonus by:

• Opening a new Axos Bank Rewards Checking account.
• Using code RC100.
• Receiving cumulative, qualifying direct deposits of at least $1,500 during one of the first three calendar months you have this account.

The direct deposits must be new money to qualify for this offer.

Axos has its headquarters in San Diego and it earned 4.4 out of 5 stars in Bankrate’s review of its personal products and services.

There’s a $50 fee for accounts closed within the first 180 days.

A closer look at the top savings account bonuses

TD Bank: $200 bonus

You can earn $200 by opening a new TD Signature Savings or TD Simple Savings account.

• A deposit of at least $10,000 is required into a new TD Signature Savings or Simple savings account and a balance of $10,000 or more must be maintained for 90 days to earn this bonus.
• Bonus offer ends Oct 31, 2023.
• Customers who’ve had a personal money market account or savings account with TD Bank in the previous calendar year are ineligible for the offer.

TD Bank has its headquarters in Cherry Hill, New Jersey. In Bankrate’s review of TD Bank’s services and product offerings, it earned 3.5 out of 5 stars.

Alliant Credit Union: $100 bonus after a year

New members of Alliant Credit Union who open an Ultimate Opportunity Savings Account can earn $100 after a year by making monthly deposits of $100 or more for 12 consecutive months into that account.

Current Alliant members are ineligible for the offer.

Chicago-based Alliant earned 4.7 out of 5 stars in Bankrate’s review.

BMO Harris: up to $60 bonus in a year ($5 maximum monthly)

Customers can earn up to $5 a month ($60 a year) by depositing at least $200 each month for a year in a new Savings Builder account. Existing accounts aren’t eligible, and the initial deposit must be received in the month the account was opened to be eligible for all 12 savings rewards.

• Customers who opened a BMO Harris statement savings account and earned a savings reward from Feb. 3, 2020 to Oct. 18, 2021, are ineligible for the offer.

BMO Harris earned a 3.4 overall rating in Bankrate’s review.

A closer look at the top consumer bank account referral bonuses

American Airlines Federal Credit Union: $25 for a family member referral

American Airlines Federal Credit Union members can earn $25 for each family member referred. The number of referrals is capped at 10 for 2022.

• The family member receiving the referral must open an account by Dec. 31.
• “REFER25” must be entered as the promo code.

Axos Bank: $20 for a referral and $20 to the person you referred

Current Axos customers have the opportunity to earn and give $20 for referring a friend to the Essential Checking account.

To qualify for the bonus, your friend must:

• Use your referral link from Axos Bank’s website and open an Essential Checking account.
• Not have owned an Axos Bank account.
• Use your personalized referral link.
• Receive a direct deposit of at least $500 within the first 90 days.

If all requirements are met, both parties will receive $20 in their bank accounts.

Axos is headquartered in San Diego. It earned 4.4 out of 5 stars in Bankrate’s full review of its products and services.

Accounts closed within 90 days may be charged an early closure fee.

Chase Bank: $50 for each referral up to $500

Current Chase customers can earn $50, up to $500 per calendar year, for each friend who opens a qualifying checking or savings account.

For you to qualify, your friend must:

• Use your personalized referral link.
• Open a Chase Total Checking, Chase College Checking account or another eligible account.
• Be in good standing at the time of payout.

The bonus your friend receives depends on the type of account she opens and whether she completes the qualifying activities outlined in the bonus.

Our review of Chase’s banking products and services gave the bank 3.4 out of 5 stars. Chase is headquartered in Columbus, Ohio.

Chime: $100 for a referral and $100 to the person you referred

Current Chime customers can get $100 for each friend they refer. To qualify for the bonus, you must:

• Be a new Chime customer.
• Use your personalized referral link.
• Receive a single qualifying direct deposit of $200 or more from a payroll provider within 45 days of opening the account.

If the terms are met, both parties will receive $100.

Chime is based in San Francisco and is a neobank, meaning it strictly operates online and partners with a bank to hold your deposits.

Marcus by Goldman Sachs: 1 percent APY referral bonus for a current customer and a friend

Current Marcus by Goldman Sachs customers and their referred friends can receive a 1 percent APY bonus for three months when a friend opens a Marcus savings account using a current Marcus customer’s referral link.

Only customers who haven’t had a Marcus savings account or a CD in the last one-year period are eligible to be referred.

• The maximum amount on deposit cannot exceed $1 million in an account and each account owner can’t have more than $3 million.
• You can refer five friends per year for a yield bonus.
• You can only receive a bonus on your Marcus savings account.

Marcus by Goldman Sachs has its headquarters in New York. In Bankrate’s review of Marcus by Goldman Sachs’ banking products, it earned 4.2 out of 5 stars.

TD Bank: $50 for a referral and $50 to the person you referred

TD Bank customers can earn and give $50 when they refer a friend to a TD Bank personal checking account. To qualify for the bonus, your friend must:

• Bring in a referral form with your information.
• Be a new TD Bank checking customer.
• Receive a direct deposit of at least $250 or make at least 15 debit card purchases within 60 days of opening the account.

You can refer up to 10 friends per calendar year, meaning you could earn up to $500.

TD Bank has its headquarters in Cherry Hill, New Jersey. In Bankrate’s review of TD Bank’s services and product offerings, it earned 3.5 out of 5 stars.

A closer look at the top business checking account bonus

Citi: up to $2,000 bonus

You can earn up to $2,000 by opening a new business checking account at Citi. The bonus will depend on your balance after making deposits during the first 30 calendar days and then maintaining that balance for 60 calendar days after that:

• A balance of $5,000 earns $200.
• A balance of $15,000 earns $500.
• A balance of $25,000 earns $700.
• A balance of $50,000 earns $1,000.
• A balance of $100,000 earns $1,500.
• A balance of $200,000 or more earns $2,000.

Here’s what you should know about this offer:

• You need to open a Citi Small Business checking account during the time of July 6 through Jan. 4, 2023.
• Only non-retail business banking Citi customers or customers who haven’t had a business checking account during the 180-day period prior to account opening qualify for this offer.
• Accounts must be opened at a Citi location with a Citibank business specialist.

Huntington National Bank: $100, $400 or $750 bonus

You can earn up to $750 by opening the following new business checking accounts at Huntington National Bank:

• Business Checking 100: Get a $100 bonus with a minimum deposit of $2,000.
• Unlimited Business Checking: Get a $400 bonus with a minimum deposit of $5,000.
• Unlimited Plus Business Checking: Get a $750 bonus with a minimum deposit of $20,000.

Here’s what you should know about these offers:

• Open one of the accounts listed by Feb. 5, 2023.
• Make the aggregate deposits needed within 60 days of account opening and keep the account open for at least 90 days. Deposits must be from outside of Huntington National Bank.

PNC Bank: $200 or $500 bonus

Opening a new PNC business checking account, business checking plus account, analysis business checking account or treasury enterprise plan can help your business earn a bonus.

Opening a new business checking account or business checking account can earn you a $200 bonus if you meet certain requirements.

• Maintain an average ledger balance of at least $5,000 during all of the first three statement cycles.
• Complete 20 or more eligible debit card purchases during the first three statement periods.

Getting a new analysis business checking account or treasury enterprise plan can earn you a $500 bonus if you maintain an average ledger balance of $30,000 during your first three statement periods.

New business checking accounts must be opened between Oct. 1-Dec. 31 to qualify for a bonus.

Live Oak Bank: $300 bonus

Live Oak Bank is offering a $300 bonus if you open a Live Oak Bank checking account for your business.

You’ll need to:

• Put $2,500 or more into the account during the first 90 days that you have the new business checking account.
• Have 15 eligible transactions on your account during the first 90 days with your account.

This offer is only for people who have never had a Live Oak Bank business checking account before. A business is only eligible for one bonus offer.

Axos Bank: $100 or $200 bonus

New small business owners (with a business established after June 1, 2020) have the opportunity to earn a $200 bonus when they open a Basic Business Checking Account or a Business Interest Checking Account with Axos Bank. Business owners with a business established prior to June 1, 2020, are eligible for a $100 bonus for opening either business checking account.

Either bonus requires customers to:

• Maintain a daily balance of at least $2,500 for two months after the date of account opening.
• Deposit new money.
• Submit an account opening application by the Dec. 31 deadline.
• Pay a $50 fee for closing your account less than 180 days after opening the account.

In addition, the $200 bonus requires that you:

• Have incorporated your business after June 1, 2020
• Use offer code (NEWBIZ200) when applying.

The $100 bonus is for businesses incorporated before June 1, 2020.

•  Use the NEWAXOSBIZ code to earn that $100 bonus.

Offer ends Dec. 31 at 11:59 p.m.

Axos is headquartered in San Diego. It earned 4.4 out of 5 stars in Bankrate’s full review of its products and services.

Why banks have sign-up bonuses

Banks use sign-up bonuses to distinguish themselves from others in the industry. Cash bonuses also help financial institutions bring in new customers and new deposits. Banks are particularly inclined to offer bonuses in a rising interest rate environment, when the spread between the interest rate they offer customers for deposits versus the interest rate they can get by lending money widens.

While they could pay account holders a higher yield, for some banks, offering a bonus is preferable.

“It’s much easier to quantify the bonus than it is to raise the rate on what you’re paying out on deposits,” says Greg McBride, CFA, Bankrate chief financial analyst.

Some banks offer more than one sign-up bonus. But qualifying for multiple bonuses at the same time at the same bank usually isn’t possible. Bank account bonuses are typically available only to new checking or savings account holders.

What to watch out for

Not every bank account bonus is a good deal. Before signing up, read the fine print and be realistic about your ability to meet the requirements. Watch out for sky-high minimum balance requirements and monthly fees that could eat into your earnings.

If you’re applying for a checking account, make sure it’s a good match that meets your needs. For example, if you need to use branches and ATMs, double-check that there are plenty of them in your area. That way, you’re not driving miles to meet with a banker or wasting money on out-of-network ATM fees. And with online banking becoming more popular and convenient, look for a bank or credit union that offers a solid set of digital tools.

If you’re looking for a new savings account, consider whether you’re better off finding another bank that pays more interest.

For instance, one-time bonuses are typically offered on accounts that pay minimal interest. So while the bonus is great initially, you may be sacrificing the long-term return.

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