What to know about bank account bonuses

Bank account bonuses offer an easy way to pocket some extra cash — sometimes a few hundred dollars with very little work. But earning the bonus means carefully following the offer’s requirements. Most promotions involve setting up a direct deposit, usually from your paycheck or government benefits, along with simple tasks like making a deposit or using your debit card a few times.

Missing any of these steps could cost you the bonus. Also, remember that these bonuses count as taxable income; if you earn more than $10, you’ll likely receive a 1099-INT for tax reporting. If you’re already planning to switch banks, taking advantage of a bonus offer can make the move even more worthwhile.

How to qualify for a bank account bonus

Earning a bank bonus is usually pretty simple, but you’ll need to follow the requirements closely. Most offers begin by having you set up a direct deposit — often from your paycheck or government benefits — within 30 to 90 days of opening the account.

Some savings account bonuses may ask for a larger deposit that stays in the account for several months. Other offers might only require a few debit card purchases or online bill payments per month from the account.

Every offer is slightly different, so be sure to review the terms carefully and make sure the requirements fit your budget and spending habits.

Things to watch out for

Before pulling the trigger on a bank bonus offer, take a moment to read the fine print associated with the account. Some banks charge monthly fees unless you meet specific conditions, such as setting up direct deposit or maintaining a minimum balance. Others may exclude you from earning the bonus if you’ve recently had an account with that bank.

Upon meeting all the requirements, it can still take up to 90 days for the bonus to show up. That’s why it’s important to fully understand the offer upfront. To help, we’ve focused on simple, no-hassle bonuses from trusted banks — so you can avoid unnecessary complications.

SoFi® is awesome for banking. (And I’m not just saying that because SoFi® Stadium is around the corner from me in LA and a crazy fun place). Its app is really slick, there are no annoying account fees, and the combo of cash bonus + boosted savings rate is a sweet deal if you’re already setting up direct deposit. My favorite part is simply getting rewarded just for keeping your money somewhere safe.

Ready to give it a shot? Open a SoFi Checking and Savings account (Member FDIC), set up your direct deposit, and start stacking that bonus + extra interest while the offer lasts.

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