19 Best Bank Promotions, Bonuses and Offers — December 2022


So, you’re looking for a new bank account.

You’ve got several factors to consider — ATM access, interest rates, monthly account fees, minimum balances, online bill payments and more.

Another factor: sign-up promotions and bonuses. Banks and credit unions frequently run promotions to entice prospective customers to open a new account — and they often come with cash. You have to meet specific criteria, such as making a minimum opening deposit, and generally the account must remain open for a certain amount of time — at least long enough to earn the cash bonus.

Many banks offer such sign-up bonuses, but often, they aren’t advertised. We did some digging to find the best bank promotions currently on offer.

Best Bank Account Bonuses of December 2022

Keep an eye on what each promotion requires, as well as any limitations. Recurring direct deposits and maintaining a minimum balance are common requirements in securing bank bonuses. Also pay attention to any monthly fees the account might carry; over time, these could weigh out the actual cash bonus.

Bank Promotions That Give You Cash

Bank Promo Payoffs Up to $500

Bank Top Feature Promotion
Chime Referral Bonus No monthly fees $100
Alliant Credit Union Ultimate Opportunity Savings High yields $100
Axos Rewards Checking High APY $100
Huntington Perks Checking Quick cash bonus payout $200
Huntington Platinum Perks Checking Account Interest on checking $300
Albert Up to 20% cash back $150
Chase Total Checking Account Fees may be waived $200
TD Convenience Checking Basic checking account $200 or $4000
TD Beyond Checking Free checks $300 or $500
Discover Bank Online Savings HIgh APY $150 or $200
M&T Bank EZChoice Checking Account No monthly fees $200
M&T Bank MyChoice Plus Checking Account Discounted loan rates $200
M&T Bank MyChoice Premium Checking Account Premium CD rates $200
Bank of America Advantage Banking Fees can be waived $100
SoFi Checking and Savings High APY Up to $250
BMO Harris Smart Advantage Account No fee for paperless $200
BMO Harris Smart Money Account No overdraft fees $200
BMO Harris Premier Account Unlimited ATM use $350
PNC Virtual Wallet Combination checking and savings Up to $400

Chase Total Checking

Best for Basic Checking

Key Features

  • $12 monthly fee
  • Fee waived by meeting conditions
  • Basic checking

The Total Checking $12 monthly fee can be waived if you receive monthly direct deposits totaling $500 or more, keep a daily minimum balance of at least $1,500 in your new checking account, or keep a daily minimum balance across all your Chase accounts of at least $5,000. Deposits via person-to-person payments do not qualify. Access to 16,000 fee-free ATMs and more than 4,700 branches. The non-Chase ATM fee is $3 in the U.S., Puerto Rico and U.S. Virgin Islands and $5 outside of those locations.

Chase Total Checking Account

Bonus amount

$200

How to get it

Receive a qualifying direct deposit within 90 days of account opening.

When you get it

Within 15 days of meeting requirements

More information

$12 monthly fee, which can be waived.

Expiration

Jan. 25, 2023

More Information About Chase Total Checking Account

The Total Checking account carries a $12 monthly service fee, but you can have it waived if you receive monthly direct deposits totaling $500 or more, keep a daily minimum balance of at least $1,500 in your new checking account, or keep a daily minimum balance across all your Chase bank accounts of at least $5,000. Direct deposit via person-to-person payment apps do not qualify. Chase offers access to 16,000 ATMs and more than 4,700 branches.

TD Bank Convenience Checking

Best for Young Customers

Key Features

  • Easy to waive monthly fee
  • Easy-to-use mobile app
  • No overdraft fees for 17 to 23 year olds

TD Convenience Checking is not a glamorous checking account. It doesn’t earn interest, and there aren’t any cash back rewards. However, it’s easy to waive the $15 monthly maintenance fee: Just maintain a $100 minimum balance. Customers who are 17 to 23 years of age automatically have the fee waived and don’t have to pay fees for overdrafts. New customers earn $200 by receiving $500 in qualifying direct deposits within 60 days; earn additional $200 when you open a linked savings account (Beyond Savings or Simple Savings) and deposit $10,000+ in the first 20 days.

TD Bank Convenience Checking Account

Bonus amount

$200 or $400

How to get it

Meet direct deposit qualifications ($500 within 60 days) to earn $200; add savings account for additional $200

When you get it

No later than 180 days after account opening.

More information

For savings bonus, you must maintain a daily balance of $10,000+ for 90 days.

Expiration

Oct. 31, 2023

More Information about TD Bank Convenience Checking

The TD Convenience Checking account is a great account for first-time banking customers. There are no monthly fees or overdraft fees for members who are 17 to 23. However, you cannot earn interest on this account. If you are over 23, there is a $15 fee, which you can waive by maintaining a $100 daily balance.

TD Bank Beyond Checking

Best for Overdrafters

Key Features

  • Two overdraft fee forgivenesses
  • Free checks
  • Fee reimbursement for out-of-network ATMs

TD Beyond Checking offers more perks than the Convenience Checking, including two fee-free overdrafts per year, out-of-network ATM fee reimbursements, and free checks. The account does earn interest, but the monthly fee is higher ($25) and harder to waive. Bonus terms for the TD Beyond Checking are similar; coupled with the savings promotion, you could earn $500.

TD Bank Beyond Checking Account

Bonus amount

$300 or $500

How to get it

Meet direct deposit qualifications ($2,500/60 days) to earn $300; add a savings account for additional $200.

When you get it

Within 180 days of opening.

More information

For savings bonus, you must maintain a daily balance of $10,000+ for 90 days.

Expiration

October 31, 2023

More Information About TD Bank Beyond Checking

The TD Beyond Checking account is great for unique perks, like free checks, ATM fee reimbursement, and overdraft fee coverage (two a year). To waive the monthly $25 fee, you’ll need to earn $5,000 in direct deposits each month, maintain a $2,500 minimum balance in the checking account or maintain a $25,000 balance across all TD accounts.

Chime Referral Bonus

Best for Referral Bonus

Key Features

  • Must be current Chime account holder
  • No minimum daily balance
  • Good for first-time banking clients

If you refer a friend and they open a new account and receive a direct deposit of at least $200 in the first 45 days, you will each receive $75. Make sure to use the referral link from your account to get the cash bonus. Chime is great for beginners, offering fee-free overdraft, automatic savings account, early paycheck deposit and 60,000+ fee-free ATMs. Referral bonuses are capped at $1,000 each calendar year.

Chime Referral Bonus Account

Bonus amount

$100 per referral, plus $100 to the friend you refer

How to get it

Referred friend receives $200 direct deposit.

When you get it

Within two business days of account opening.

More information

Be sure to use a unique referral link from your own account.

Expiration

None

More Information About Chime Referral Bonus Account

Though not technically a bank*, Chime is becoming increasingly popular as an online financial institution for banking customers of all ages. Top features include early access to direct deposit, fee-free overdraft, 60,000+ ATMs, a 2.00% APY for the high-yield savings and plenty of features to automatically grow your savings.

Alliant Ultimate Opportunity Savings

Best for Fans of Suze Orman

Key Features

  • $0 monthly fees with eStatements
  • High-yield savings account
  • Easy-to-track bonus criteria

Not only does Alliant Credit Union’s Ultimate Opportunity Savings Account (in partnership with Suze Orman) have one of the best APYs currently available (2.35%), it pays out its bonus pretty easily. No massive balances or monthly direct deposits to think about.

Alliant Opportunity Savings

Bonus amount

$100

How to get it

Deposit at least $100 a month for 12 months.

When you get it

Within four weeks of completion.

More information

Balance must be $1,200 at the end of 12 months.

Expiration

December 31, 2022

More About Alliant Ultimate Opportunity Savings Account

The Ultimate Opportunity Savings Account from Alliant Credit Union has a lot to like: 80,000+ fee-free ATMs, no monthly fees if you opt in to online statements, a leading mobile app, and a strong APY at 2.35%.

Axos Rewards Checking Account

Best for Unlimited ATM Reimbursements

Key Features

  • No monthly balance requirements
  • No overdraft or NSF fees
  • Up to 1.25% APY

Axos continues to land on our roundup of best online checking accounts because of the high APY (up to 1.25% APY), lack of overdraft fees and unlimited domestic ATM fee reimbursement. With Axos, you’ll have zero monthly maintenance fees, and it only takes $50 to open.

Axos Rewards Checking Account

Bonus amount

$100

How to get it

Open new account with code RC100 and set up direct deposits of at least $1,500.

When you get it

Within 30 days of the 90-day waiting period

The fine print

The full 1.25% APY requires additional accounts (loan and investment).

Expiration

December 31, 2022

More Information About Axos Reward Checking

The Axos Reward Checking is one of the accounts on this list that is so good that we would recommend considering it even without the bonus. In fact, it’s ranked one of the best online banks for 2022.

If you are tired of overdraft fees, want real earning potential from your checking account and frequently utilize an ATM, this is the bank to go with, as long as you’re OK with an online-only experience.

Discover Bank Online Savings

Best for Big Savers

Key Features

  • High-yield savings account (2.35% APY)
  • No monthly fees or minimum opening deposit
  • No insufficient funds fees

Discover Bank’s Online Savings Account offers one of the highest APYs on our list. You can also pair the account with the Discover Bank Cashback Debit account (one of the best online checking accounts of 2022). However, the deposit amounts to earn the bonus are quite high, making the bonus offer far less achievable for most.

Discover Bank Online Savings Account

Bonus amount

$150 or $200

How to get it

Open an account using code GBP922 and deposit at least $15,000 for $150 or $25,000 or $200 within 30 days

When you get it

Within 30 days of meeting bonus criteria

More information

Must be a first-time Discover savings account customer; current and prior customers are not eligible.

Expiration

December 15, 2022

More Information About Discover Bank Online Savings Account

The Discover Bank Online Savings Account offers a competitive APY (3.00%) with interest compounded daily instead of monthly. There’s no monthly fee with Discover, no minimum deposit and no insufficient funds fee. All in all, not a bad offer.

Huntington Perks Checking

Best Regional Bonus

Key Features

  • Easily waivable monthly fee
  • Only available in certain states
  • Quick cash bonus payout

This offer is only available to customers who live in CO, IL, IN, KY, MI, MN, OH, PA, SD, WV or WY. The Huntington Perks Checking account earns interest (but only 0.02%) and charges a $10 monthly fee. That fee is easy to waive, however, as long as you receive $1,000 in monthly deposits or maintain $5,000 total across all your Huntington accounts.

Huntington Perks Checking

Bonus amount

$200

How to get it

Open a new account and make cumulative new deposits totaling $1,000 within the first 60 days.

When you get it

Within 14 days of meeting bonus criteria.

More information

Account must remain open for at least 90 days.

Expiration

February 7, 2023

More Information About Huntington Perks

Huntington’s Perks Checking account pays out nominal interest (0.02%), but the easily waivable monthly maintenance fee makes it appealing for an easy checking account. Key features include mobile banking, five fee-free out-of-network ATM withdrawals, the No Overdraft Fee $50 Safety Zone and the 24-Hour Grace Overdraft and Return Fee Relief.

“New account” is defined as money not currently in another Huntington account; money transferred from one account to another does not qualify. The bonus offer cannot be combined with any other checking offer.

Huntington Platinum Perks Checking

Best for Quick Bonus Payout

Key Features

  • $25 monthly fee (can be waived)
  • Interest-earning checking
  • Quick cash bonus payout

This offer is only available to customers who live in CO, IL, IN, KY, MI, MN, OH, PA, SD, WV or WY. This account earns interest (currently a 0.03% APY, which is quite low). It also has a monthly maintenance fee of $25, which is waived if you have at least $25,000 across every Huntington bank account.

Huntington Platinum Perks Checking

Bonus amount

$300

How to get it

Open a new account and make deposits totaling $25,000 within the first 60 days.

When you get it

Within 14 days of meeting bonus criteria.

More information

Account must remain open for at least 90 days.

Expiration

Feb. 7, 2023

More Information About Huntington Platinum Perks Checking

While the Huntington Platinum Perks account does have a monthly $25 fee, you can waive it by having $25,000 across accounts with Huntington. By upgrading to this account, you’ll get a higher bonus, get unlimited fee-free ATM withdrawals and earn 0.03% interest on your balance.

“New account” is defined as money not currently in another Huntington account; money transferred from one account to another does not qualify. The bonus offer cannot be combined with any other checking offer.

Albert Accounts

Best for Cash Back

Key Features

  • Up to 20% cash back
  • Geniuses for personal finance questions
  • No fees or investment commissions

Albert is an all-purpose personal finance app that lets you spend, save and invest your money. There are no monthly maintenance fees, no minimum balances and no commissions (if you choose to invest). While you won’t earn a traditional APY, Albert gives users a 0.10% annual cash bonus on funds in savings, plus up to 20% cash back. New members are eligible for a $150 bonus.

Albert Accounts

Bonus

$150

How you get it

Receive a qualifying direct deposit of at least $500 within 45 days and then every 30 days for 90 days

When you get it

Upon meeting requirements over a 90-day period

More information

Must be new to Albert

Expiration

None

More Information About Albert Accounts

Members of Albert don’t have to worry about monthly fees or minimum balances, and they can take advantage of several cool features, like 55,000 fee-free ATMs, early paycheck access, cashback rewards, Smart Savings (automatically analyzes your money and helps you to save), unlimited transfers, annual cash bonuses, the ability to invest, and a cash advance up to $250 (no interest, no credit check) instead of overdraft fees. Perhaps the coolest part is daily access to finance experts called Geniuses; pay what you think is fair for their advice. Just keep in mind that Albert is not a bank but an app (banking services are provided by Sutton Bank, Member FDIC).

M&T Bank EZChoice Checking

Best for Beginners

Key Features

  • No monthly maintenance fees
  • Unlimited check writing
  • Physical branches

The EZChoice Checking account from M&T Bank is the most basic package offered. It’s great for beginners because it has no monthly maintenance charge and no monthly minimum balance requirement. Plus, there’s unlimited check writing. You will need $25 to open the account and have qualifying direct deposits totaling at least $500 within the first 90 days to earn the bonus. This offer is only valid in select states.

M&T Bank EZChoice Checking

Bonus amount

$200

How you get it

Make qualifying direct deposits totaling at least $500 within 90 days of opening the account.

Whey you get it

Within 90 days after the direct deposit.

The fine print

There’s a $50 early close-out fee if you close the account within 180 days of opening.

Expiration

January 31, 2023

More Information About M&T Bank EZChoice Checking

M&T Bank has 700 branches and 1,800 ATMs with operations in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virgina, West Virginia, Vermont, Massachusetts and Washington, DC, but you can also do your banking entirely online.

M&T Bank MyChoice Plus Checking

Best for Loan Seekers

Key Features

  • Discounted loan rates
  • ATM fee reimbursement
  • Interest-bearing options

The MyChoice Plus Checking account from M&T Bank requires extra work to avoid a monthly fee ($14.95): Either maintain an average daily balance of $2,500 or receive $1,500 in direct deposits each month. With this account, you qualify for discounted loan rates with M&T. You will need $25 to open the account and have qualifying direct deposits totaling at least $500 within the first 90 days to earn the bonus. This offer is only valid in select states.

M&T Bank MyChoice Plus Checking

Bonus amount

$200

How you get it

Make qualifying direct deposits totaling at least $500 within 90 days of opening the account.

When you get it

Within 90 days after the direct deposit.

The fine print

There’s a $50 early close-out fee if you close the account within 180 days of opening.

Expiration

January 31, 2023

More Information About M&T Bank MyChoice Plus Checking Account

M&T Bank has 700 branches and 1,800 ATMs with operations in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virgina, West Virginia, Vermont, Massachusetts and Washington, DC, but you can also do your banking entirely online.

M&T Bank MyChoice Premium Checking

Best for CD Rates

Key Features

  • Discounted loan and premium CD rates
  • ATM fee reimbursement
  • Interest-bearing checking

The MyChoice Plus Checking account from M&T Bank requires extra work to avoid a monthly fee ($24.95): Either maintain an average daily balance of $7,500 or $25,500 across all M&T accounts. With this account, you qualify for discounted loan rates and premium CD rates with M&T. You will need $25 to open the account and have qualifying direct deposits totaling at least $500 within the first 90 days to earn the bonus. This offer is only valid in select states.

M&T Bank MyChoice Premium Checking

Bonus amount

$250

How to get it

Make qualifying direct deposits totaling at least $500 within 90 days of opening the account.

When you get it

Within 90 days after the direct deposit.

More information

There’s a $50 early close-out fee if you close the account within 180 days of opening.

Expiration

January 31, 2023

More Information About M&T Bank MyChoice Premium Checking

M&T Bank has 700 branches and 1,800 ATMs with operations in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virgina, West Virginia, Vermont, Massachusetts and Washington, DC, but you can also do your banking entirely online.

Bank of America Advantage Banking

Best for Standard Checking

Key Features

  • Monthly maintenance fees (very by account)
  • Standard checking accounts
  • Fees can be waived

Open your new checking account online using the promo code DNB100CIS. Qualifying direct deposit must be regular monthly income, such as salary or pension payments. Advantage Banking checking accounts come in three levels: SafeBalance, Plus and Relationship. All three carry monthly maintenance fees that can be waived by meeting direct deposit and minimum balance requirements.

Bank of America Advantage

Bonus amount

$100

How to get it

Receive direct deposits of at least $1,000 within 90 days.

When you get it

Within 60 days of completing requirements.

More information

Monthly fees can be waived

Expiration

December 31, 2022

More Information About Bank of America Advantage

Bank of America’s Advantage account is broken into three tiers: SafeBalance Banking, Plus Banking, and Relationship Banking. SafeBalance boasts no overdraft fees or non-sufficient funds fees; Plus offers multiple ways to waive the monthly service fee; and Relationship earns interest (though the percentage is quite low).

SoFi Checking and Savings Account

Best for High APY

Key Features

  • 2.50% APY
  • Fee-free overdraft coverage
  • Early access to paycheck

The SoFi bank account currently has the highest APY of any account on our list. Plus, it has one of the highest new customer bank bonus offers: up to $250. Other highlights of this account include early access to your paycheck with direct deposit, no-fee overdraft coverage, automatic saving features and up to 15% cash back when you shop local. Plus, there are no monthly account fees.

SoFi Checking and Savings Account

Bonus amount

Up to $250

How to get it

Earn qualifying direct deposits totaling $5,000+ within 30 days.

When you get it

Within 14 days of the end of the 30-day evaluation period.

More information

Direct deposits totaling $1,000 to $4,999 for $100 bonus; $1,000 to $1,999 for $50 bonus.

Expiration

January 31, 2023

More Information About SoFi Checkings and Savings

SoFi’s online bank account certainly rewards members for spending and saving. The account, which doubles as a checking and savings account, allows you to organize your savings into vaults so you can work toward your goals. You’ll earn up to 3.00% APY on everything in the account when you set up direct deposit.* And when you shop local, you can earn up to 15% cash back. The bonus is tiered; to get the full $250 bonus, make sure your qualifying direct deposits total $5,000 or more.

BMO Harris Smart Advantage Account

Best for Fee-Free ATM Network

Key Features

  • No monthly fee if you go paperless
  • Standard checking account
  • Fee-free transactions at 40,000+ ATMs

Get a $200 bonus for opening a new BMO Harris Smart Advantage account and earning at least $4,000 in qualifying direct deposits within 90 days. The bank has physical branches in Indiana and you have to live in IL, IN, MN, WI, MO, KS, AZ or FL to take advantage of this account, which grants you unlimited fee-free transactions at over 40,000 Allpoint network ATMs in the U.S.

BMO Harris Smart Advantage Account

Bonus amount

$200

How you get it

Receive direct deposits of at least $4,000 within 90 days.

When you get it

Approximately 100 days after opening.

More information

Monthly fees can be waived with paperless statements.

Expiration

January 6, 2023

More Information About BMO Harris Smart Advantage

Smart Advantage is BMO Harris’ most popular checking account. It requires no minimum balance, charges no monthly fees when you opt for paperless statements and gets you fee-free access to 40,000+ ATMs nationwide with the Allpoint network.

BMO Harris Smart Money Account

Best for No Minimum Balance

Key Features

  • No monthly maintenance fees if under 25
  • Standard checking account
  • No overdraft or NSF fees

Get a $200 bonus for opening a new BMO Harris Smart Money account and earning at least $4,000 in qualifying direct deposits within 90 days. The bank has physical branches in Indiana and you have to live in IL, IN, MN, WI, MO, KS, AZ or FL to take advantage of this account, which grants you unlimited fee-free transactions at over 40,000 Allpoint network ATMs in the U.S.

BMO Harris Smart Money Account

Bonus amount

$200

How to get it

Receive direct deposits of at least $4,000 within 90 days.

When you get it

Approximately 100 days after opening.

More information

There is a monthly fee if you’re over 25.

Expiration

January 6, 2023

More Information About BMO Harris Smart Money Account

Like Smart Advantage, BMO Harris’ Smart Money has no minimum balance required. It’s also noteworthy for having no overdraft or NSF fees. With this account, you will get unlimited fee-free transactions at in-network ATMs (40,000+ nationwide). However, you’ll pay a monthly fee if you’re 25 or older.

BMO Harris Premier Account

Best for High Interest Possibility

Key Features

  • Interest tied to balance
  • High-yield checking account
  • Unlimited ATM transactions

Get a $350 bonus for opening a BMO Harris Premier account and earning at least $7,500 in qualifying direct deposits within 90 days. You have to live in IL, IN, MN, WI, MO, KS, AZ or FL to take advantage of this account, including its fee-free ATM access. The more you have in the account, the more interest you earn. Monthly maintenance fees can be waived if certain requirements are met.

BMO Harris Premier Account

Bonus amount

$350

How to get it

Receive direct deposits of at least $7,500 within 90 days.

When you get it

Approximately 100 days after opening.

More information

There is a monthly fee.

Expiration

January 6, 2023

More Information About BMO Harris Premier

The highest bonus at BMO Harris comes from the Premier Account with Relationship Packages that reward you with more perks for banking more with BMO. The account earns interest, and the amount you earn increases with the amount of funds in the account. You also get unlimited access to any ATMs, in-network or not.

PNC Virtual Wallet

Best for ATM Power Users

Key Features

  • Geographic based
  • No minimum balance to open
  • Digital financial tools

The PNC Virtual Wallet includes three different Spend accounts: the baseline account, Performance Spend and Performance Select. All three require no minimum balance to open and get access to 60,000 ATMs nationwide; the premium Performance Select account also reimburses fees at out-of-network ATMs.

PNC Virtual Wallet

Bonus amount

Up to $400

How to get it

Qualifying direct deposits must be received within 60 days of account opening

When you get it

60 to 90 days after meeting bonus conditions

The fine print

Monthly service fees ranging from $7 to $25 if conditions aren’t met

Expiration

Jan. 2, 2023

More Information About PNC Virtual Wallet

PNC bonus offers are based on the type of account you open and receipt of qualifying direct deposit. This offer is good in specific states throughout the country. Your ZIP Code will be used to determine if you are in a participating state.

You’ll earn:

  • $50 when you open and use a base Virtual Wallet account.
  • $200 when you open and use Virtual Wallet with Performance Spend.
  • $400 when you open and use Virtual Wallet with Performance Select.

To waive the Virtual Wallet monthly maintenance fee ($7), earn $500+ in monthly direct deposits to the Spend account or maintain a $500+ monthly balance across the Spend + Reserve accounts. If you’re 62 or older, the fee is automatically waived. Waiving fees on Performance Spend and Performance Select is also possible, if you meet specific criteria.

This offer is only available to residents of select states. Use the ZIP Code resource when entering the site to determine eligibility.

How to Search for a Checking Account Bonus on Your Own

Instead of listing approximately 193 bank promotions, we kept this list short and sweet — only highlighting the best bank promotions for checking and savings accounts.

But maybe you’re interested in banking with your local credit union, opening a small business checking account or exploring what investment accounts are available. There are often cash bonuses attached to these accounts too.

Banks don’t always make finding these promotions easy, so here are a few tips to help you get your hands on that cash bonus.

  • Check the bank website first. Sometimes it’ll advertise its offers with a blaring promo code. This is rare, but it’s worth a quick check — it could save you a ton of time.
  • Reach out to customer service. Let them know you’re shopping for a new account, and you’d like to know if the bank is running any promotions. More often than not, the nice representative will send you a special link.
  • Google the best bank account bonuses. You’ll likely dig up some offers from third-party sites, so make sure the offer:
    • Hasn’t expired.
    • Is legitimate. Make sure the bank is FDIC-insured and has a positive Better Business Bureau rating. Read some online reviews.
    • Doesn’t require outrageous qualifying activities. For example, it might not be realistic for you to maintain an average daily balance of $50,000.
  • Reach out to your own network to crowdsource bank recommendations. Sometimes banks have impressive referral programs, so both you and your friend could benefit from you signing up.

Overall, be smart. Don’t let the promise of a cash bonus blind you. Read the fine print so you don’t get stuck paying high monthly fees, interest rates or closing penalties. With the proper due diligence, you can earn a checking account bonus — or any other bank promotion — while also choosing the best bank for you.

Will Opening a Bank Account Hurt Your Credit Score?

If you’re worried that opening a new bank account or closing an old one will hurt your credit score, don’t be. Your bank accounts are not included in your credit report and therefore have no effect on your credit score, unless you have an outstanding negative balance that the bank turns over to a collection agency.

Sometimes when you go to open a new account, banks will do a soft credit check. However, that won’t affect your credit score.

Timothy Moore covers bank accounts for The Penny Hoarder from his home base in Cincinnati. He has worked in editing and graphic design for a marketing agency, a global research firm and a major print publication. He covers a variety of other topics, including insurance, taxes, retirement and budgeting and has worked in the field since 2012.

Editorial Disclosure: This content is not provided by the bank advertiser. Opinions expressed here are the author’s alone, not those of the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program.

*Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.

¹The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of November 1, 2021. No minimum balance required. Must have $0.01 in savings to earn interest.

2The average national savings account interest rate of 0.06% is determined by FDIC as of November 1, 2021 based on a simple average of rates paid (uses annual percentage yield) by all insured depository institutions and branches for which data are available. Visit https://www.fdic.gov/regulations/resources/rates/ to learn more.






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