Why bank bonuses are worth a look

Thinking about switching banks? It could pay off — literally. Many banks are offering cash or travel rewards just for opening a new account and completing a few simple tasks. Depending on the offer, you could earn a few hundred dollars with minimal effort.

Typically, you’ll need to set up a direct deposit, make a few debit card purchases, or keep a certain balance in the account. But don’t overlook the details — missing one step could mean missing the bonus. Also, keep in mind that these rewards are considered taxable income. If you earn more than $10, expect a 1099-INT when tax season rolls around.

If you’re already planning to move your money, these bonuses can be a smart way to get a little extra for making the change.

How to snag a bonus

Qualifying for a bank bonus usually isn’t complicated — as long as you follow the instructions. Here’s what most deals look like:

  • You’ll likely need to make a qualifying direct deposit within 30 to 90 days of opening the account.
  • For savings bonuses, banks might require a large deposit that stays untouched for a while.
  • Some of the easiest offers only ask for a few purchases with your debit card or an online bill payment.

Before you apply, take a moment to read the fine print. Make sure the requirements fit your financial habits so you don’t run into any surprises.

What to keep in mind

While many bank offers seem simple, there can be a few strings attached. Some accounts charge monthly fees unless you meet specific conditions — like keeping a minimum balance or scheduling a direct deposit. Others might exclude you from the bonus if you’ve had an account with that bank in the past year.

And even after you’ve done everything right, the reward isn’t instant. It can take up to 90 days for the bonus to hit your account. That’s why we’ve rounded up this week’s top deals — ones that are easy to qualify for and don’t come with unnecessary headaches.

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