Many banks go beyond the typical free gift these days. If you’re no longer in need of a toaster or coffee, maybe you could better enjoy a bank account bonus. Before opening an account, it’s good to know what to expect and what a bank may offer you in return for your business.
Below, we will discuss the best bank account bonuses for Apr. 2021 and everything they encompass.
What Are Bank Account Bonuses?
Bank account bonuses are incentives that banks offer in return for taking part in a promoted offer. Banks provide the chance for customers to open a new bank account and make a deposit. Customers pledge to maintain a certain bank balance each day for a specific period.
If customers do this, then they are eligible to receive a cash deposit in their bank account. These incentives can help some people earn extra money, provided they qualify for the offer.
So who is eligible for bank account bonuses like these?
Who Are Bank Account Bonuses For?
Most bank account bonuses have strict guidelines for who qualifies. It is essential to always look at the fine print before you try to apply.
Who qualifies for most bank account bonuses?
Before signing up for the best bank account bonus, you’ll need to check a couple of essential things. First, make sure to find out if the bonus only applies to new customers. Some bank account bonuses are only for new customers, while others are only for established customers.
Secondly, some bank account bonuses only apply in individual states. Others are applicable nationwide. Before you sign up, make sure that residents of your state are eligible.
Thirdly, some bank account bonuses require a minimum account balance to qualify.
How to Stay Organized And Benefit
Many bank account bonuses depend on customers sticking to their end of the deal, usually making an initial or regular deposit. Sometimes it also means paying monthly fees.
Do not open a new bank account with a cash incentive unless you are sure that you can maintain the minimum account balance and pay any required fees.
If you can’t do this, you won’t benefit from any potential rewards — and you might end up paying higher fees. Before signing up for any bank account bonuses, read the fine print and make sure it’s a manageable option for you.
The Best Bank Account Bonuses For February 2021
Let’s take a look at our top picks for the best bank account bonuses available now.
1. PNC ($200/$400 Checking Bonus)
PNC Bank has expanded this checking bonus to apply to customers around the country. As of right now, they have extended this offer until March 1, 2021.
Customers who make a direct deposit of between $2,000 and $5,000 can qualify for a bonus of up to $400. They must open a Virtual Wallet Checking Pro with Spend, Reserve & Growth with $2,000 to receive $200.
To receive the $400, customers must open a Virtual Wallet with Performance Select with a deposit of $5,000. These offers are also contingent upon customers making ten debit card transactions.
Only one account per person is eligible for the checking bonus, and customers can only qualify for one of the two bonuses. You will be subject to monthly fees of up to $25, but the bank may waive them under specific circumstances.
If you cancel the account within six months of opening it, you will be subject to a fee of $25.
This Offer in Brief
- Customers who open a Virtual Wallet Checking Pro with Spend, Reserve & Growth with a deposit of $2,000 qualify for a $200 bonus
- Customers who open a Virtual Wallet with Performance Select with a deposit of $5,000 qualify for a $4000 bonus
2. Service Credit Union ($100 Checking Bonus)
The Service Credit Union is an excellent option for a straightforward, no-frills checking account bonus.
All you have to carry out is open a new Everyday or Dividend checking account. You will receive $50 when you open the account. Then you will get another $50 once you have made ten debit card transactions.
There is no direct deposit required. That makes this an excellent choice for someone who doesn’t have the funds for a substantial down payment.
The deal also lets you fund up to $249 with a credit card. There are no monthly fees or early termination fees.
There is one small catch. The deal is only available to Massachusetts and New Hampshire residents unless you join the American Consumer Council.
Even though this is an extra step, it doesn’t add that much hassle. It is free to sign up. If you prove that you are a member of the ACC, the Service Credit Union bonus is available to you no matter where you are in the United States.
This Offer in Brief
- Open a new Everyday or Dividend checking account and receive $50
- Make ten debit card transactions within 30 days and receive another $50
- No direct deposit
3. Chime ($150 Bonus)
Chime offers a bonus for anyone who opens a new checking account. But they are doing things a little differently.
Instead of offering cash, Chime offers 15,000 Swagbucks ($150 value) or 26,000 MyPoints ($165) for new account holders. You can redeem these points at partnering stores, including Amazon, Walmart, Home Depot, Sam’s Club, Macy’s, Kohl’s, and many more.
It might not appeal to everyone, but it is easy to get some extra cash — especially since the requirements are minimal.
Although Chime does require an initial direct deposit, they do not specify a minimum amount. You may be able to make a small deposit to qualify for the bonus.
This offer does not charge any monthly fees. However, it is not clear if Chime charges a fee for early termination.
You may also qualify for a $50 bonus if you refer a friend.
This Offer in Brief
- 15,000 Swagbucks or 26,000 MyPoints for a small initial deposit with no minimum
- No monthly fees
4. Current ($100 Checking Bonus)
Current is offering $100 in Swagbucks for customers who open a new checking account and make an initial direct deposit of $200.
It might seem like a comparatively low offer. But it is easy to qualify for since there are no additional requirements.
You may also qualify for up to 10,000 Swagbucks points if you open a new personal checking account and make a direct deposit of $200 in the first 30 days.
One caveat is that there are monthly fees of $4.95. Other banks also have associated costs for account holders, so if you like banking with Current and want the bonus, you might decide it is worth it.
Bottom line: if you are looking to open a new bank account, this offer is an easy way to get an extra incentive.
This Offer in Brief
- $100 in Swagbucks points for anyone who opens a new account and makes an initial direct deposit of $200
- You may qualify for up to 10,000 Swagbucks points if you open a new personal checking account and connect a direct payroll deposit of $200
5. Charles Schwab (Up to $500)
Charles Schwab’s bank account bonus might be a pricier initial deposit than most people can handle. It is also a higher cash incentive if you do have the funds.
There are no complicated requirements for this bank account bonus. Instead, it is all about the money.
Customers who open a new checking account and deposit a minimum of $1,000 can qualify for a bonus of $100. Deposit a minimum of $25,000, and you can qualify for $200.
If you deposit between $50,000 and $99,999, you can get a bonus of $300. And lastly, if you deposit $100,000 or more, you may qualify for a $500 bonus.
These deposits are pretty high for a bank account bonus totaling a few hundred dollars. However, if you have been looking to move your money to a new bank, Charles Schwab might be worth considering.
After all, a bonus for opening a bank account is better than no bonus!
There are no fees or complex requirements associated with this deal. The only caveat is that the account holder has to maintain their deposit amount for a minimum of a year after opening the account. That takes into account any market fluctuations.
It’s also worth noting that this is a referral bonus, meaning that a friend must refer you for you to qualify.
This Offer in Brief
- $100 for customers who deposit $1,000-$24,999
- $200 for customers who deposit $25,000-$49,999
- $300 for customers who deposit up to $99,999
- $500 for customers who deposit $100,000 or more
- Customers must maintain their deposit for a minimum of a year.
6. Citi ($300/$700 Checking Bonus)
Citi offers a bank account bonus for new customers. The deal requires you to sign up for a Citi Account Package, which will open both checking and savings accounts.
There are two offers here. Customers can qualify for a $300 bank account bonus if they open these accounts and deposit $15,000 within 30 days.
You will need to split these funds between the two accounts. In other words, neither account can have a $0 balance after the first 30 days to qualify for the bonus.
The second offer stipulates the same conditions. Customers qualify for a bonus of $700 when they deposit $50,000 between the two accounts.
The requirements also stipulate that you must maintain this initial balance in your accounts for a minimum of 60 days.
While there are monthly fees of between $25 and $30, this may be avoidable. There is no early termination fee. This offer is available until April 1, 2021.
This Offer in Brief
- $300 bonus for customers who open a Citi Account Package and deposit $15,000 within 30 days
- $700 bonus for customers who open a Citi Account Package and deposit $50,000 within 30 days
- Maintain balance for a minimum of 60 days
7. Marcus by Goldman Sachs ($100 Savings Bonus)
Marcus by Goldman Sachs is offering $100 for both new and existing customers. The bonus is contingent on them opening a new savings account and depositing at least $10,000 in new funds.
What does “new funds” mean?
It means that you transfer new money into the savings account even if you are an existing customer. In other words, you can’t move $10,000 out of a different Goldman Sachs account.
There are no monthly fees associated with this bank account bonus. After opening the account and depositing the funds, all customers have to do is maintain the account amount for a minimum of 90 days.
Customers interested in this bank account bonus must enroll by February 12, 2021, and deposit the funds within 10 days.
This Offer in Brief
- $100 for new and existing customers who open a new savings account and deposit $10,000 in the first ten days
- Funds must remain for a minimum of 90 days.
8. Alliant Credit Union ($100 Savings Bonus)
Alliant Credit Union offers a bank account bonus of $100 for any new customers who open an Ultimate Opportunity Savings Account.
This opportunity is available until March 31, 2021.
This offer is a bit more involved than some other bank account bonuses. To be eligible for the bonus, you must make an initial deposit of $100.
You also have to make a $100 deposit for a minimum of 12 subsequent months. In other words, you have to possess a balance of $1200 at the end of the first year. At that point, you will qualify for a $100 savings bonus.
This offer isn’t as immediately gratifying as some other offers. Still, it is a good incentive for building small savings while also receiving a reward for it.
This Offer in Brief
- $100 for new customers who open an Ultimate Opportunity Savings Account and make a $100 deposit each month for 12 months
The Bottom Line
Not every bank account bonus will make sense for you. If you won’t benefit from it, there is no need to sign up. However, many bank account bonuses are manageable for most people.
These provide a nice extra incentive for opening a new account or building up savings.