Best Bank Bonuses and Promotions for December 2024

I remember when banks offered things like t-shirts and other swag to encourage people to sign up for a new bank account. Things have changed over the years.

Today, many banks offer huge cash bonuses to attract new customers. Some banks will require a direct deposit for a checking account bonus or a minimum deposit to qualify for a cash bonus on a savings account. But there is plenty of money to go around if you’re looking for a new account.

To help you find the best bank bonuses and promotions, I’ve spent countless hours digging through banks and credit unions to find the deals worth exploring.

Keep reading as I list out the best bank promotions for December 2024.

17 Best Bank Bonuses and Promotions

This page lists both personal checking accounts and personal savings accounts. I’ve also provided you with the best business bank account bonuses. As you’ll notice, most of these are from national banks or large regional banks. While some great local banks offer promotions, I wanted to make this list applicable to as many people as possible.

Best Checking Account Bonuses

U.S Bank Smartly® Checking Account – Up to $450 bonus offer

For a limited time, you can earn up to a $400 bonus when you sign up for a U.S Bank Smartly® checking account and a Standard Savings account. To get the bonus, you’ll need to complete qualifying activities. This offer is valid through December 30, 2024.

Sign up for a U.S. Bank Smartly® checking account to earn up to a $450 cash bonus after completing the following requirements within 90 days of account opening:

• Make two or more direct deposits totaling $2,000 to $4,999.99 to earn $200, $5,000 to $7,999.99 to earn $350, or $8,000 or more to earn $450
• Enroll in online banking or download the U.S. Bank Mobile App

Make sure you check out the rest of the U.S. Bank promotions that are currently available.

Capital One 360 Checking Account – $250 Bonus Offer

For a limited time, you could earn a $250 cash bonus when you sign up for a new Capital One checking account. Just complete the following requirements.

1. Open a new Capital One 360 checking account
2. Complete two direct deposits of at least $500 each within 75 days of account opening.

Once the requirements have been completed, your bonus will be deposited into your new account within 60 days.

Capital One checking accounts come with no monthly fees or minimums. Plus, with direct deposits set up, you can receive your paycheck up to two days early with Early Paycheck.

Make sure you also check out the rest of the Capital One promotions that are currently available.

BMO Smart Advantage Checking Account – Up to $300 bonus offer

With its recent acquisition of Bank of the West, BMO has enlarged its footprint across the United States. But even if you don’t have a BMO branch nearby, you can still take advantage of their $300 bank account promotion on the BMO Smart Advantage checking account.

To receive the bonus, you must open your account before February 3, 2025, and make at least $4,000 in qualifying direct deposits within the first 90 days.

This account has no monthly service fees. Learn more about other BMO promotions.

Chase Total Checking – $300 bonus offer

Chase was one of the first banks to offer cash bonuses to customers who opened new accounts, and they’re still going strong with their offers.

Open a Chase Total Checking account before January 22, 2025, and you can earn a $300 bonus after setting up direct deposit(s) of at least $500 within the first 90 days. The bonus will then be credited to your account within 15 days.

This account does have a $12 monthly service fee, but you can get it waived by doing any of the following:

• Set up a monthly direct deposit of at least $500
• Maintain a minimum daily balance of at least $1,500
• Keep a combined balance of at least $5,000 in all Chase deposit and investment accounts

SoFi Checking and Savings – Up to $300 bonus offer

SoFi offers a bonus of up to $300 when you open a SoFi checking and savings account by December 31, 2024. Your bonus will be based on your monthly direct deposit amounts.

• $1,000 – $4,999.99 = $50
• $5,000.00 or more = $300

In addition to the bank account bonus you can earn, you’ll also earn up to 4.00% APY when you set up direct deposits. Without direct deposit, the APY will be 1.20%.

Make sure you also check out the other SoFi bonus offers that are available.

Truist One Checking – $400 bonus offer

Through April 30, 2025, you can open a Truist One Checking account and earn a $400 bonus. To receive the bonus, you’ll need to use Truist coupon code AFL2425TR1400.

Plus, within 90 days of opening your account, you’ll need to set up direct deposits totalling at least $500 and complete at least 15 debit card purchases.

Once you’ve completed the requirements, the bonus will be deposited into your new checking account within four weeks.

This is only available to residents of AL, AR, GA, FL, IN, KY, MD, MS, NC, NJ, OH, PA, SC, TN, TX, VA, WV or DC.

Check out the rest of the available Truist Bank promotions.

Bank of America Advantage Checking Account – $300 bonus offer

Through January 31, 2025, you can earn a $300 bonus when you sign up for a Bank of America Advantage checking account.

Before you’ll earn the bonus, you’ll need to complete the following requirements:

1. Open a new Bank of America Advantage Checking account through the promotion page
2. Establish direct deposits of at least $2,000 within the first 90 days.

This offer is only available for new checking account customers.

Make sure you also check out the other Bank of America promotions that are currently available.

PNC Virtual Wallet – Up to $400 bonus offer

Through January 2, 2025, PNC Bank is offering up to a $400 bonus when you open a PNC Virtual Wallet and set up qualifying direct deposits. The bonus you’ll receive depends on your direct deposit amounts. Below is a guide on what you can earn.

• Open a PNC Virtual Wallet and set up direct deposits of $500 or more to earn $100
• Open a PNC Virtual Wallet with Performance Spend and set up direct deposits of $2,000 or more to earn $200
• Open a PNC Virtual Wallet with Performance Select and set up direct deposits of $5,000 or more to earn $400

This is only available to residents of CA, TX, AZ, NM, CO, PA, FL, OH, WV, DE, NJ, SC, NC, GA, KY, IN, MI, IL, MD, DC, WV, and WI.

Make sure you also check out the other PNC Bank promotions that are available.

Citi® Enhanced Direct Deposits – $325 bonus offer

Sign up for a Citi® Enhanced Direct Deposits account by January 7, 2025, and you could earn a $325 bonus. To receive the bonus, you’ll need to complete the following requirements:

1. Open a new Citi® Enhanced Direct Deposits account
2. Make two or more Enhanced direct deposits of at least $3,000 within 90 days of opening your account

There is a monthly service fee, but you can have it waived when you have $250 or more in monthly Enhance Direct deposits.

KeyBank Checking Account – $300 bonus offer

When you open a Key Smart Checking® account, you can earn a $300 bonus after completing the following requirements.

• Open a new Key Smart Checking® account before May 16, 2025.
• Make an initial deposit of at least $10 within 60 days of account opening.
• Set up one qualified direct deposit of at least $1,000 within the first 60 days of account opening.

This bonus is only available if you live in AK, CO, CT, ID, IN, ME, MA, MI, NY, OH, OR, PA, UT, VT, WA.

Make sure you also learn about other KeyBank promotions that are currently available.

Fifth Third Bank Momentum Checking – $300 bonus offer

Through December 31, 2024, you can earn a $300 bonus when you sign up for a Fifth Third Bank Momentum checking account. To earn the bonus, you’ll need to complete the following requirements.

• Open your new Fifth Third Bank Momentum Checking account on or before December 31, 2024.
• Make qualifying direct deposits of at least $2,000 within 90 days of account opening.

Once you’ve completed the requirements, the bonus will be added to your account within ten business days.

Make sure you check out all the available Fifth Third Bank promotions.

Best Savings Account Bonuses

Capital One 360 Performance Savings – up to $1,500 bonus offer

For a limited time, you can earn up to $1,500 when you sign up for a new Capital One 360 Performance Savings account. To get your bonus, you’ll need to complete the following requirements.

1. Open a new 360 Performance Savings Account and use code BONUS1500.
2. Deposit between $20,000 and $49,999.99 to earn a $300 bonus; deposit between $50,000 and $99,999.99 to earn $750; deposit anything over $100,000 to earn $1,500. Deposits must be made within 15 of opening your account.
3. You must maintain your account balance for at least 60 days after the initial funding period.

Once these requirements have been completed, your cash bonus will be deposited into your account within 60 days.

Wells Fargo Savings – $525 bonus offer

Through January 7, 2025, you can earn a $525 cash bonus when you sign up for a new Wells Fargo savings account and complete the following steps.

1. Click the link below to request your Wells Fargo promo code.
2. Open a new Wells Fargo Savings Account at any branch location and make a minimum opening deposit of at least $25.
3. Deposit at least $25,000 of new money into your account within 30 days of account opening.
4. Maintain the $25,000 balance for at least 90 days after account opening.

Once the requirements have been completed, your bonus will be deposited into your account within 30 days.

TD Bank Savings – $200 bonus offer

In addition to their generous checking account bonuses, TD Bank is also offering $200 when you sign up for the TD Bank Savings before March 25, 2025 and complete the following requirements.

• Open a TD Signature Savings account or TD Simple Savings account
• Deposit at least $10,000 within the first 20 days
• Maintain at least a $10,000 balance for a total of 110 days after account opening

Both accounts have a monthly fee, but they offer multiple ways to waive it. This is only available to customers in CT, DC, DE, FL, MD, ME, MA, NC, NH, NJ, NY, PA, RI, SC, VT, and VA.

View all the other TD Bank promotions.

Discover Bank Online Savings Account – up to $200 bonus offer

Through March 13, 2025, you could earn up to $200 when you sign up for a new Discover Bank savings account. You’ll just need to complete the following requirements.

• Earn a $150 bonus when you sign up for a new account and deposit at least $15,000 into your account within 45 days of account opening.
• Earn a $200 bonus when you sign up for a new account and deposit at least $25,000 into your account within 45 days of account opening.

Once you complete your requirements, your bonus will be deposited into your savings account within 60 days.

Make sure you also check out the rest of the Discover Bank promotions that are available.

Best Business Bank Account Promotions

U.S. Bank Business Checking Account – Up to $900 bonus offer

If you have a small business, you can sign up for the U.S Bank Business checking account through January 15, 2025, and earn up to $900. All you need to do is complete the following requirements.

Silver Business Checking Account package

1. Open a new U.S Silver Business Checking Package online with the promo code Q4AFL24.
2. Deposit $5,000 in new money within 30 days of account opening and maintain that balance for at least 60 days to earn $400.

Platinum Business Checking Account package

1. Open a new U.S Platinum Business Checking Package online with the promo code Q4AFL24.
2. Deposit $30,000 in new money within 30 days of account opening and maintain that balance for at least 60 days to earn $900.

Once you complete the necessary requirements, your bonus will be deposited into your account within 45 days.

This offer is available nationwide.

Chase Business Complete Checking® – $300 bonus offer

The Chase Business Complete Checking® is another great option if you’re looking for a small business checking account. Through January 16, 2024, you can open a new Chase Business account and earn a $300 bonus.

To qualify for this bank promotion, you’ll need to follow these instructions.

• Open a new Chase Business Complete checking account.
• Deposit at least $2,000 into the account within 30 days of account opening.
• Maintain that balance for at least 60 days.
• Complete at least five qualifying transactions within 90 days of account opening. This can include debit card purchases or fund deposits.

Once you’ve completed all the requirements, you should receive the bonus within 15 days.

Axos Bank Business Interest Checking – Up to $400 bonus offer

Through January 2, 2025, you could earn a $400 bonus when you sign up for an Axos Bank Business Interest Checking account and complete the following requirements.

• Apply for the Axos business checking account and use the coupon code NEW400.
• Deposit new money into the account within 30 days.
• During each of the first five statement cycles, you can earn $75 ($300 total) when your average daily balance is between $25,000 and $49,999.99. Or you can earn $100 for each statement cycle when your average daily balance is more than $50,000.
• Complete at least 10 debit card transactions of at least $3 each.
• Set up bill pay on the account.

The Axos website states you’re only allowed one bonus offer per 12-month period.

Bank of America® Business Advantage – $200 bonus offer

Through December 31, 2024, you can earn a $200 bonus when you sign up for a Bank of America® Business Advantage account. To get your bonus, you’ll need to follow these steps.

• Open a new Bank of America® Business Advantage account.
• Make new money deposit(s) of at least $5,000 within 30 days of opening your account.
• Maintain an average daily balance of at least $5,000 during the classified maintenance period (this starts on day 31 and ends 90 days after opening your account).

Once you’ve completed the required activities, your bank account bonus will be deposited into your account within 60 days.

First Horizon BizEssentials Checking Account – Up to $800 bonus offer

Through December 31, 2024, you can earn up to $800 when you sign up for a new First Horizon Bank BizEssentials checking account and complete the following requirements.

• Sign up for a BizEssentials Checking account and deposit $5,000 within 15 days to earn a $400 bonus. You must maintain your $5,000 balance for at least three full statement cycles.
• Sign up for a BizEssentials Checking Account and deposit $25,000 or more within 15 days to earn an $800 bonus. You must maintain your $25,000 balance for at least three statement cycles.
• You must also make at least 20 qualifying transactions within the first three statement cycles.

Once you’ve completed the requirements, your bonus will be added to your account within ten business days.

Make sure you also check out the other current First Horizon Bank promotions that are available.

Methodology

When choosing which banks to include in our list of the best bank account bonuses, I considered several factors.

• Bonus: The most important factor was the bonus itself. Was the bonus worth it for consumers?
• Difficulty to qualify: I looked at how difficult it was for people to qualify for the bonus. Accounts should have a reasonable minimum opening deposit requirement and shouldn’t require dozens of steps before earning the bonus.
• Days to qualify: While it’s reasonable for banks to require customers to keep their money in the account for a certain period of time, it shouldn’t be over the top. In other words, banks shouldn’t require customers to keep the money deposited for 12 months before receiving the bonus.
• Fees: Everyone hates fees. While many banks still charge them, I wanted to see accounts that give you a reasonable opportunity to have the fees waived.

Why Banks Offer Cash Bonuses

Cash bonuses are a great way for banks to attract new customers. Because most banks offer many of the same features, they need to find a way to differentiate themselves from the competition.

While some banks attempt to attract new customers by offering higher yields, many have found that bank account bonuses are the best way to get customers’ attention.

How To Qualify For a Bank Bonus?

Qualifying for a bank bonus can vary from one bank or credit union to the next. However, here are a few of the biggest requirements.

• Opening an account: Opening an account is the first step to getting a bonus, whether for a checking or savings account.
• Promotion code: Some banks require a promo code when signing up for an account.
• Initial deposit: Once you’ve signed up and been approved for your new account, you’ll have a certain number of days to make an initial deposit. Most banks will require a certain minimum deposit before earning the bonus.
• Complete activity requirements: Most banks will also require some activity once you’ve made your initial deposit. This could be establishing a direct deposit(s) or making a certain number of debit card transactions.
• Maintain balance requirements: Most savings accounts require you to meet specific balance requirements. You’ll need to keep your money deposited in your account for a certain number of days, or the bonus payment can be taken back.

How are Bank Bonuses Taxed?

Bank bonuses are taxed the same as regular income. Your individual tax bracket will determine the amount you’ll be taxed. At the beginning of the year, the bank will send you a 1099-INT or a 1099-MISC if you earned more than $10.

How Many Bank Accounts Should You Have?

The number of bank accounts you should have is a personal decision. If you’re a business owner, you could at least have a business checking account to go along with your personal accounts (checking and savings). However, depending on savings goals, some people choose to open a second savings account as well.

Are Bank Account Bonuses Worth It?

Yes, they can be extremely valuable, especially if you’re already planning to open a new account. However, you still need to research to ensure the account is a good fit for your situation and goals.

Frequently Asked Questions

Which bank has the best checking account bonus?

There are a lot of great bonuses available for a new checking account. However, our favorites right now are BMO and U.S. Bank.

What are the best savings account promotions?

The number of savings accounts offering bonuses is somewhat limited, but we like the bonus from TD Bank.

Should I switch banks to claim a new account bonus?

You should only switch banks if you were planning to do so already. If you see a generous cash bonus being offered and you want to switch banks, then it’s a great opportunity.

What bank has the best signing bonus?

There are a lot of great bank sign-up bonuses available, but a couple of the most lucrative are from U.S. Bank and BMO.

What counts as a direct deposit for bank bonuses?

When you sign up for a new bank account, it’s common to need to set up a direct deposit as well. This is done electronically through an ACH payment. A direct deposit can usually come from an employer’s payroll or for government benefits like social security.

Are bank bonuses taxable?

Yes, they are taxed like normal income. You will receive a 1099 form at the beginning of each year.