What to know about bank bonuses

Bank bonuses can be a super easy win, but you’ve gotta follow the fine print.

Most offers require a direct deposit from your paycheck or government benefits, along with a few basic steps like opening an account, making a deposit, or using your debit card. If you skip a requirement, you might miss out on the bonus.

And don’t forget: these bonuses are taxable. Anything over $10 could show up on a 1099-INT. Still, it’s a low-effort way to earn a few hundred bucks, especially if you’re already planning to move your money.

How to qualify for a bank bonus

Each offer is a little different, but most follow a similar pattern. The most common requirement is a qualifying direct deposit — often from an employer or benefits provider — sent to the new account within a set period, like 30 to 90 days.

Some savings bonuses also require a large deposit that you’ll need to maintain for a few months. Other promotions may ask for basic account activity like making a few debit card purchases or paying bills online.

The key is to read the instructions carefully and make sure you can meet the terms without overextending your budget.

What to watch out for

Some banks charge monthly fees (unless you meet certain requirements like direct deposit or a balance minimum), and others won’t give you the bonus if you’ve had an account with them recently. Even when you qualify, the payout can take a little while (sometimes up to 90 days). So just make sure you know the rules before you jump in.

We’ve done our best to only feature the easier bonuses offered from top-tier banks. Nothing too complicated on our list.

Don’t miss out on this week’s top bonus

SoFi Checking and Savings (Member FDIC) makes it easy to earn a cash bonus. New customers can earn up to a $300 bonus with qualifying direct deposits! No hoops, just a strong bonus, a solid annual percentage yield (APY), and early paycheck access for eligible users. If you’re ready to switch banks, this one’s a no-brainer. Apply for a SoFi Checking and Savings account (Member FDIC) today.

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