What to know before chasing a bank bonus

Bank bonuses can be an easy way to pad your cash pile, but the details matter. Most offers come with a short checklist. That usually includes opening a new account, setting up a qualifying direct deposit, and keeping the account active for a set amount of time. Miss one step, and the bonus can slip away.

It’s also worth remembering that bonuses count as income. If you earn more than $10, the bank may send a 1099-INT at tax time. Even so, earning a few hundred dollars with minimal effort can be a solid move — especially if you’re already thinking about switching banks.

How these bonuses usually work

Every promotion has its own rules, but the structure is often similar. Many checking account bonuses require a direct deposit from your job or benefits provider within a certain window, like 30, 60, or 90 days.

Savings bonuses can look a little different. Some ask you to deposit a larger amount and leave it there for a few months. Others require light activity, such as a few debit card purchases or online bill payments. The goal is simple: read the requirements closely and make sure they fit your normal money habits.

Things to double-check first

Watch for monthly fees and balance requirements, especially if the account charges unless you meet certain conditions. Some banks also exclude recent customers, meaning you won’t qualify if you’ve had an account with them in the past year or two. And don’t expect instant cash — bonuses often take weeks, or even a couple of months, to hit your account.

We focus on promotions that are straightforward and realistic to earn. No hoops. No gimmicks. Just solid offers from well-known banks that make sense for most people.

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