The very best checking account bonuses of October 2024—as much as $700

To save lots of you effort and time, the Fortune Recommends™ editorial staff reviewed greater than 24 checking accounts providing bonuses and put collectively our prime 10 picks. We analyzed elements like bonus quantities, minimal stability necessities, annual share yields (APYs), and customer support choices to convey you the very best provides in the marketplace.

Why belief Fortune Recommends

Our editors are dedicated to bringing you unbiased rankings and knowledge. Our editorial content material isn’t influenced by advertisers. We use data-driven methodologies to judge monetary merchandise and corporations, so all are measured equally. Learn extra about our editorial pointers and the banking methodology for the rankings beneath.

• Greater than 30 establishments in contrast
• Over 275 knowledge factors tracked
• 4 layers of fact-checking
• Guided by over 25 years of banking expertise

The ten finest checking account bonuses of October 2024

Bonuses have been final up to date on October 1, 2024, and are topic to alter. Learn our full methodology right here.

Our picks for the highest 10 checking account bonuses

Notice: The numbers in our record beneath are updated as of October 1, 2024, and are topic to alter. 

Why we picked it

SoFi provides as much as a $300 bonus for any new buyer opening a Higher On-line Financial institution Account who can put not less than $5,000 of direct deposits into the account inside 25 days. SoFi additionally provides a beneficiant 0.50% APY, the very best on our record. There aren’t any month-to-month charges or minimal deposits, making this account an amazing possibility for every-day banking.

This provide expires on December 31, 2024.

Be taught extra: learn our SoFi overview

*New and current Checking and Financial savings members who haven’t beforehand enrolled in Direct Deposit with SoFi are eligible to earn a money bonus after they arrange Direct Deposit of not less than $1,000 in the course of the Direct Deposit Bonus Interval. Money bonus will likely be primarily based on the full quantity of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will likely be obtainable by way of 12/31/24. Full phrases at sofi.com/banking. SoFi Checking and Financial savings is obtainable by way of SoFi Financial institution, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.50% annual share yield (APY) on financial savings balances (together with Vaults) and 0.50% APY on checking balances. There is no such thing as a minimal Direct Deposit quantity required to qualify for the 4.50% APY for financial savings (together with Vaults). Members with out Direct Deposit will earn 1.20% APY on financial savings balances (together with Vaults) and 0.50% APY on checking balances. Rates of interest are variable and topic to alter at any time. These charges are present as of 8/27/2024. There is no such thing as a minimal stability requirement. Further info could be discovered at http://www.sofi.com/authorized/banking-rate-sheet.

Why we picked it

Valley Financial institution provides a bonus of $20 per thirty days for customers who’ve not less than $750 in month-to-month direct deposits, that means you find yourself with a free $240 for banking with the establishment. Qualifying direct deposits embrace payroll, pension, or Social Safety funds and, throughout this primary 12 months, you received’t pay any upkeep fees. After the 12 months, your account will revert to a daily “All Entry Checking” account, which has a $15 month-to-month payment that may be waived so long as the common day by day stability is $99 or larger. 

In case you’re extra inquisitive about incomes steady curiosity as an alternative of a bonus, Valley Financial institution additionally provides an “Curiosity Checking Plus” account. It earns 0.02% APY so long as you retain not less than a penny within the account. 

This provide is ongoing.

Be taught extra: learn our Valley Nationwide Financial institution overview

Why we picked it

Huntington is providing a bonus for 2 of their checking accounts: Perks Checking and Platinum Perks Checking. Neither account has a minimal opening deposit, which makes it a strong possibility in case you’re beginning to construct your financial savings. Nevertheless, to open an account, you’ll must pay a upkeep payment until you meet sure necessities each month. 

To keep away from the $10 month-to-month payment on the Perks Checking account, you need to make deposits totaling $1,000 month-to-month or preserve a complete relationship stability of not less than $5,000 eligible deposits or investments held by way of Huntington Financial institution or Huntington Monetary Advisors.

For the Platinum Perks Checking, the $25 month-to-month payment is waived by having a stability of not less than $25,000 in eligible deposits or investments held by way of Huntington Financial institution or Huntington Monetary Advisors. 

The Perks Checking account has a $400 bonus. To get the bonus, you’ll simply must make not less than one qualifying direct deposit inside 90 days of coupon enrollment after which hold the account open for 90 days. 

In case you go for the Platinum Perks Checking account, you’ll obtain a bigger bonus of $600, however you’ll must obtain a a lot larger quantity in direct deposits. To qualify, you need to make direct deposits totaling not less than $25,000 inside 90 days of account opening, then hold the account open for 90 days. 

This provide expires on October 7, 2024.

Be taught extra: learn our Huntington Financial institution overview

Laurel Highway: Rewards Checking

Finest for: In case you have $2,500 month-to-month in direct deposit

QUALIFYING ACTIVITY

Requires direct deposits of not less than $2,500 inside 60 days of opening the account. Proceed making $2,500 in direct deposit each month to get a further $20 your first 12 months.

Provide expiration date:	8/29/24
Bonus quantity:	$300
Month-to-month payment:	$0

Whereas it requires a comparatively excessive direct deposit in comparison with a number of the different accounts on this record, Laurel Highway provides you the possibility to earn as much as $540—that’s $300 initially, plus an additional $20 per thirty days for the primary 12 months of the account in case you proceed so as to add not less than $2,500 each month in direct deposits. So, if that is your foremost checking account and you utilize direct deposit for work, this could possibly be a easy technique to get a little bit additional money every month. 

Additionally, whereas it’s not large, the 0.01% APY additionally helps you retain the account rising, and because you solely want a penny within the account to earn that APY, you don’t have to fret about conserving a hefty minimal day by day stability. With no month-to-month payment, no minimal deposit required to open, and a excessive ranking on its cellular apps, this account could possibly be a strong possibility for somebody out there for an on a regular basis checking possibility.

This provide expires on October 15, 2024.

Be taught extra: learn our Laurel Highway overview

Truist: Truist One Checking

Finest for: Common debit card customers

QUALIFYING ACTIVITY

Requires a $500 direct deposit inside 90 days of opening the account, plus 15 debit card purchases

Provide expiration date:	10/30/2024
Bonus quantity:	$400
Month-to-month payment:	$12

About

Truist is a prime 10 U.S. business financial institution, with headquarters in Charlotte, North Carolina. It provides a complete fleet of banking companies, together with checking, financial savings, bank cards, loans, small enterprise, business, and wealth administration companies.

Further particulars

Minimal opening deposit: $500

APY: 0.00%

Dimension of ATM community: Greater than 3,000 fee-free ATMs

Why we picked it

Truist provides a $400 sign-on bonus with solely $500 in direct deposits required inside 90 days of signing up. Notice, nevertheless, that you need to additionally make not less than 15 debit card purchases inside that timeframe to earn the bonus. So, in case you’re a daily debit card consumer, that possible received’t be a problem. 

The account doesn’t earn any curiosity and has a $12 month-to-month payment, although that’s simple to waive in case you meet one of many following {qualifications}: 

• Make $500 or extra in whole qualifying Direct Deposits per assertion cycle
• Keep a mixed month-to-month common stability of $500 or extra throughout all eligible Truist accounts
• Have a private Truist bank card, mortgage, or shopper mortgage
• Have a linked small enterprise checking account
• Are a scholar below age 25

This provide expires October 30, 2024

Be taught extra: learn our Truist overview

Why we picked it

PNC Financial institution provides a $400 for many who can deposit $5,000 inside 60 days of opening the account. Whereas this can be steep for a lot of, it’s one of many larger bonus quantities on our record. Whereas the Digital Pockets with Efficiency Choose account has a $25 month-to-month payment, that may be waived so long as you meet one among these necessities: 

•  $5,000 mixed common month-to-month stability in your Spend and as much as 7 PNC Financial institution shopper checking accounts you’ve chosen to hyperlink (together with Reserve)
• $25,000 mixed common month-to-month stability throughout PNC Financial institution shopper deposit and/or PNCI funding accounts you’ve chosen to hyperlink
• $5,000 in qualifying month-to-month direct deposits to your Spend account in the course of the assertion interval

PNC additionally provides different bonuses for many who can’t meet that $5,000 threshold: 

• $100 in case you join the Digital Pockets and deposit not less than $500 inside 60 days
• $200 in case you join the Digital Pockets with Efficiency Spend and deposit not less than $2,000 inside 60 days

Be taught extra: Learn our PNC Financial institution overview

Why we picked it

The BMO Relationship Checking account provides a $500 bonus for many who can deposit not less than $7,500 inside 90 days. Whereas it’s not a small sum, that timeline is longer than many different banks on this record. 

The Relationship Checking account does have a $25 payment, however it may be waived in case you meet any of those necessities:

• The minimal day by day Ledger Steadiness in your account is $10,000 or extra for the earlier calendar month.
• You have got a Month-to-month Mixed Steadiness of $25,000 for the earlier calendar month.
• You’re a shopper of the worker advantages program, Better of BMO U.S., and have requested a waiver out of your BMO Banker.

This provide expires October 31, 2024.

Be taught extra: learn our BMO Financial institution overview

Why we picked it

Citi stood out due to its beneficiant welcome bonus and comparatively low deposit necessities to attain the bonus. To earn the $300 bonus, you’ll be able to open one among two Citi checking account choices: the Entry or Common checking accounts. 

So what’s the distinction between the 2 accounts? The Entry account doesn’t provide checks however is extra inexpensive than the Common account—the month-to-month service payment is just $5, however each charges it may be waived in case you meet particular necessities.

However, the Common account provides limitless check-writing capabilities regardless that it’ll value you $15 a month.

To earn the bonus, you’ll simply must obtain not less than two enhanced direct deposits, totaling not less than $1,500. Citi considers enhanced direct deposits as digital deposits by way of the ACH community of payroll, Social Safety, and different funds to your account.

This provide expires October 8, 2024.

Be taught extra: Learn our Citibank overview

Why we picked it

In contrast to a number of the different banks on this record which have excessive minimal deposit thresholds, the Chase Complete Checking account has a fairly cheap requirement.

To earn the $300 bonus, all you’ll must do is obtain certified direct deposits totaling $500 or extra inside 90 days of signing up for the bonus. A professional direct deposit could be an digital deposit of a paycheck, authorities advantages, or a pension.

Whereas the Chase Complete Checking account isn’t an interest-bearing account, it may be a free checking account possibility so long as you meet not less than one among these three necessities each month:

• Obtain digital deposits totaling $500 value or extra
• Keep a stability of $1,500 or extra firstly of every day
• Have a mean starting day stability of $5,000 or extra on this account orand linked qualifying Chase checking, financial savings and different balances.

This provide is offered by way of October 16, 2024.

Be taught extra: Learn our Chase Financial institution overview

TD Financial institution’s checking account bonus of $300 could be earned by depositing not less than $2,500 inside 60 days of opening the TD Past Checking account. 

It additionally provides a $200 bonus when prospects open a TD Full Checking account and deposit not less than $500 inside 60 days, so in case you don’t have $2,500 to place into the account, this could possibly be a strong possibility as an alternative.

Be taught extra: Learn our TD Financial institution overview

What to learn about checking account bonuses 

Checking account bonuses are normally solely obtainable for a restricted time and include eligibility necessities, together with making a minimal opening deposit, sustaining a minimal stability, and making a complete greenback quantity of direct deposits inside the first few months of account possession.

It’s essential to rigorously learn the phrases and circumstances earlier than signing up, as failure to fulfill the necessities means you miss out on the bonus. It is best to take the time to learn up on the financial institution’s opinions—whether or not it’s on the Higher Enterprise Bureau or Trustpilot web sites—to verify it’s the appropriate banking associate for you.

And you must count on to pay taxes in your checking account bonus as a result of it’s thought-about taxable curiosity. It is best to obtain a type from the financial institution and report the bonus quantity to the IRS whenever you file taxes the next 12 months.

How to decide on the very best checking account

When selecting a checking account, you’ll need to think twice concerning the options and perks that matter most, as everybody’s spending and saving habits are completely different. You may contemplate these elements:

• APY: Are you hoping to earn curiosity in your stability? Or do you have already got a high-yield financial savings account that does the job?
• Month-to-month charges: Do you thoughts paying month-to-month account charges in change for added perks, or do you like to keep away from the added expense with a free checking account?
• Bonus provides: Some banks sweeten the deal for brand new account holders by providing a bonus for opening a checking account. You shouldn’t open an account solely for the bonus, however it definitely doesn’t damage to discover bonus provides and contemplate them when selecting a checking account.
• Minimal stability necessities: Take note of any minimal stability necessities highlighted inside the phrases of your checking account, and take into consideration whether or not or not these necessities align along with your spending habits. In case you’re the type of one that doesn’t let their stability fall beneath a sure threshold, a better minimal stability requirement possible received’t be a dealbreaker. Nevertheless, in case you’re an enormous spender, this sort of stipulation might end in added charges and penalties.

Checking account options

Whereas getting a bonus on a brand new checking account is at all times a pleasant perk, such a account isn’t very best for each scenario. Checking accounts usually don’t carry excessive rates of interest, so if financial savings is your major aim you must possible look elsewhere. Listed below are some choices to contemplate:

Checking accounts vs. financial savings accounts

Whereas these are the 2 most typical forms of accounts the common depositor holds, there are a lot of variations between the 2. Checking accounts permit for frequent withdrawals, at the price of bearing very low rates of interest. 

Against this, financial savings accounts are finest for depositing funds that you simply received’t want entry to for some time. There’s usually a restrict on the variety of instances you’ll be able to withdraw from financial savings accounts every month, however in return you earn larger rates of interest.

Checking accounts vs. cash market accounts

Cash market accounts are much like checking accounts as they typically include debit playing cards or checkbooks, permitting you to withdraw funds simply when wanted. Nevertheless, not like checking accounts, cash market accounts, like financial savings accounts, could set limits on the variety of withdrawals you may make per thirty days.

A cash market account could also be the very best match for account holders who need to earn a better APY and have some (however not limitless) entry to their funds. Nevertheless, in case you’re searching for an account that helps your on a regular basis spending and plan to have a separate high-yield financial savings account for rising your cash, a typical checking account may be a greater possibility.

Checking accounts vs. certificates of deposit (CDs)

Certificates of deposit, or CDs, are one other type of long-term deposit account. However not like financial savings accounts, which restrict what number of instances you’ll be able to withdraw cash every month, a CD “locks up” your funds for an outlined time frame. On the finish of that point you get again every little thing you deposited plus the curiosity, with many CDs incomes 5% APY or extra.

Our methodology 

The Fortune Recommends^TM staff in contrast over 24 checking accounts throughout main banks, credit score unions, and online-only banks that will help you discover the very best checking account bonus and the very best account total on your monetary wants. Our prime picks can be found to prospects throughout the U.S. irrespective of the place you’re situated, topic to the phrases of every checking account. 

To find out which account provided the very best bonus, amongst different options, we ranked the very best accounts within the following classes and weighted every class as outlined within the percentages beneath:

• Bonus quantity (40%): Many banks and credit score unions provide a money bonus for opening a brand new checking account. In some instances, account holders should meet sure stability necessities, join direct deposit, or make a sure variety of qualifying purchases utilizing their debit card to qualify. Bonus provides are for a restricted time. We favored checking accounts that provided larger bonuses. 
• Direct deposit quantity (20%): Most banks require you to arrange direct deposit to be able to obtain a bonus—this ensures to them that you simply’re utilizing the account and that they’ll have cash coming in frequently. We favored banks that don’t have monumental direct deposit necessities to be able to obtain the bonus.
• Timeframe for direct deposit (10%): Most banks have set time frames through which the client should arrange and obtain a sure threshold of direct deposit quantities to get their bonus. We price smaller time frames as much less engaging to the patron.
• Complete potential bonus (10%): Some banks provide additional bonuses in case you open up a number of accounts, like a financial savings account together with a checking account. We’ve rated banks that offer you a number of bonus alternatives larger.
• Minimal opening deposit (5%): Some monetary establishments require a deposit quantity whenever you open your account. We price a better opening deposit as much less engaging. 
• Month-to-month charges (5%): Some banks cost month-to-month upkeep charges. We ranked banks with decrease (or zero) month-to-month charges larger on the record.  
• Annual share yield (APY) in your account stability (5%): This share represents the actual price of return in your stability; the upper the APY, the higher. 
• Customer support (5%): Prime picks provide prospects 3 ways to get involved: chat help, telephone, and even electronic mail. Among the many three choices, we gave telephone help probably the most weight. 

We predict that the very best checking accounts provide a profitable bonus, low or zero month-to-month service charges, low or no minimal stability necessities, and the flexibility to earn curiosity in your stability. The bonuses, charges, charges, and minimal stability necessities on these checking accounts can be found for a restricted time. APYs are topic to fluctuation, which might affect how a lot curiosity you earn. All of the banks and credit score unions on this record are insured by the FDIC and NCUA, respectively.

Dig deeper: study extra about our banking methodology.

Steadily requested questions

Are checking accounts secure?

So long as you open a checking account with a monetary establishment that’s FDIC-insured or NCUA-insured, your deposits are protected as much as $250,000 per depositor, per account possession class, in case of financial institution failure.

Ought to I’ve each checking and financial savings accounts with the identical financial institution?

Having your whole monetary accounts below one roof could be handy and make it simpler to handle your funds, however it isn’t needed. Do your analysis and evaluate choices throughout monetary establishments to pick the finest accounts on your wants.

Can I shut a checking account after receiving a bonus? 

Many banks require you to maintain your account open for a sure size of time. Closing your account earlier than you attain that threshold might imply paying an account closure payment or forfeiting your bonus. 

Do you pay taxes on checking account bonuses?

Sure, financial institution bonuses rely as taxable earnings. The IRS considers bonuses taxable curiosity and can possible ship you a Kind 1099-INT or Kind 1099-OID reporting curiosity funds and/or tax-exempt curiosity of $10 or extra. 

How do checking account bonuses work?

Some monetary establishments provide checking account bonuses to incentivize new prospects to open an account, usually for a restricted period of time. Bonuses are usually money deposited straight into your account after assembly a minimal stability requirement or direct deposit threshold.

Is it essential {that a} checking account has a excessive APY?

A excessive APY isn’t needed; nevertheless, it could enable you develop your checking account stability over time. In case you hope to spice up your stability, choosing an account with a better APY will help velocity issues alongside.