Bank Bonuses
Earn Cash Bonuses by Opening New Bank Accounts
Many banks offer cash bonuses — sometimes $100, $300, or even over $1,000 — simply for opening a new account and completing a few easy steps. These offers are part of promotional campaigns to attract new customers, and with the right strategy, you can take advantage of them with minimal effort.
This process is sometimes referred to as bank bonus hunting, and it’s one of the simplest ways to earn extra income with little risk.
Step-by-Step Guide:
1. Find a Promotional Offer
The first step is to identify active bank bonus promotions. These are typically found on:
Bank websites (look for banners or popups advertising “$200 bonus” or similar)
Flyers in mail or email offers
Online deal forums or websites that track bank bonuses (like Doctor of Credit)
These promos are usually limited-time offers and may be for checking accounts, savings accounts, or both.
2. Open the Account During the Promotional Period
Timing is important — to qualify, you must open the account while the promotion is active. Follow the specific instructions:
Open online or in-branch as directed
Use any required promo code during the application
Choose the right type of account (some banks require “Premier” or “Advantage” accounts for the highest bonuses)
3. Meet the Bonus Conditions
To earn the bonus, banks require you to meet certain criteria. These usually include one or more of the following:
Set up direct deposit: This is the most common condition. You’ll need to have your paycheck, government benefits, or other qualifying deposits sent directly to your new account. Some banks require multiple direct deposits or a specific total amount (e.g., $1,000 in 90 days).
Maintain a minimum balance: For savings accounts or premium checking accounts, the bank may require you to keep a certain balance (e.g., $5,000) for a set period.
Make a certain number of transactions: This could include debit card purchases, bill payments, or transfers within a certain timeframe (e.g., 10 transactions in 60 days).
Make sure to read the fine print carefully — failing to meet even one condition could disqualify you from the bonus.
4. Wait for the Bonus to Post
After meeting the conditions, the bank typically deposits the bonus into your account within 30 to 90 days. Some banks pay out faster, while others require you to keep the account open for a few months first.
Pro Tip: Set a reminder to check your account and ensure the bonus posts on time.
5. Decide Whether to Keep or Close the Account
Once you’ve received the bonus:
Keep the account if it’s useful, has good features, and no monthly fees.
Downgrade to a no-fee option if possible.
Or, close it if you don’t need it — just make sure you’ve met the minimum time requirements to avoid having the bonus clawed back.
Tips for Success
Track your bank bonuses with a spreadsheet: log the bank name, open date, required tasks, and when the bonus is expected.
Watch for early termination fees — some banks require you to keep the account open for 90–180 days.
Avoid multiple applications at once if you’re concerned about credit inquiries (some banks do a soft or hard pull).
Look for low or no-fee accounts to keep your costs down.
Bank bonuses are a low-risk way to earn extra money, especially if you're already comfortable managing your finances. With the right planning, it’s possible to earn hundreds or even thousands per year by cycling through offers from different banks.
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