Budgeting & Saving

Opening a Bank Account? Some Banks Offer Cash Bonuses When You Do

Each of these offers was active at the time of publication. Offers have different expiration dates and for more information, consult each individual site.

What if you heard there are certain banks that actually give you money to open accounts with them? You might think that's too good to be true, right? It's not.

How Does It Work?

Competition for new customers has driven banks to offer new and attractive benefits, like low fees and high yielding accounts. Some banks have taken it a step further, offering new applicants cash bonuses just for opening an account. The payoffs range from $100 to over $700. For people already in the market for a new bank account, this could be a no-brainer.

What's the Catch?

To qualify for these bonuses, you may first have to apply for the account using a unique online link that contains the specific offer. (Some offers are only available online, but others may be redeemed at the branch.) Applicants also typically have to be new customers to the bank and not already have the account that they are applying for. New applicants also must follow the banks' guidelines for how much you have to deposit initially; the method through which you deposit it; and how long you keep it in the account, each of which will be specified in the offer.

What You Need to Know

Make sure to read and follow all of the fine print for the specific offer you're applying for. Bank account cash bonuses are contingent upon you following the terms of the promotional agreement, and if you slip up, it could mean you won't get your sign-up bonus.

If you're in the market for a new checking or savings account, check out this list of cash offers. This list is not exhaustive. To find other offers, search the name of your preferred bank along with "promotional offer" to see if it has anything available.

Chase: Chase Total Checking ($200), Chase Savings ($150)

HSBC: Premier Checking ($750), Advance Checking ($350), Choice Checking ($200)

TD Bank: TD Premier Checking ($300)

Citibank: Citi Account Package ($500), Citi Basic Banking Package ($200)

Wells Fargo: Everyday Checking Account ($400)

SunTrust: Advantage Checking ($250), Advantage Checking $25,000 deposit ($500), Advantage Checking $100,000 deposit ($750)

Again, read through each of these unique offers to see which one best suits you. Some require that you hold your money in the account for a certain period of time, which might not be the best option for someone on a tight budget.

Also, be mindful of reading all disclosures before completing any of these applications. Most checking and savings account applications do not involve a credit check, but this might not be true for all cases. If you're interested in learning more about your credit score, get a free copy of your report and FICO® Score* from Experian.