Bank bonuses are a bit like the weather: Some days are good; some days are not so good, and things tend to keep changing. Yet, with the ongoing competition among banks to attract new customers and new deposits, bonus opportunities are available. While these promotions usually are offered for finite periods, they also tend to be renewed regularly.
Citibank, HSBC, PNC, TD Bank, and Chase are currently offering up to $225 to $1,500 to win your business. Before you get too excited about opening a new bank account, though, make sure you read the fine print to see if you qualify.
In most cases, both you and the money you’re depositing must be new to the bank offering you the bonus opportunity. You won’t qualify if you’re already a customer or, for example, have closed an account with the bank within the past 90 days.
Some banks give away free money as a sign-up reward, while others ask you to earn the bonus through a series of actions. Be mindful of standard bank fees that may apply. Also, be aware that any compensation received counts as interest paid to you, which will be reported to the IRS.
With those caveats firmly in place, here are five significant banks currently offering sign-up bonuses.
Citibank: Up to $1,500 Bonus
Citibank gives its new customers bonuses of $300, $700, or $1,500 or opening qualifying checking accounts. You may qualify if you open a new checking account, fund it with money new to Citibank within 20 days and maintain that balance for another 60 days.
You can receive $300 for opening an eligible checking account by depositing $15,000 to $49,999 within 20 days of opening the account. The funds must be from an account not with Citibank, and you must maintain a $15,000 balance for 60 consecutive calendar days.
Citi also awards a $700 bonus for depositing $50,000 to $199,999 into an eligible checking account or a $1,500 reward for depositing $200,000 or more and, in either case, meeting the program requirements.
The fine print: The availability of this deal varies by state. As stated on the Citi website, “Opening an account does not guarantee that you meet eligibility requirements.” You can qualify to waive monthly account fees by maintaining individual account balances. You’ll receive the new customer bonus within 90 calendar days after completing all required actions. If you also open and fund a new Citi Savings Account, its balance will meet the minimum requirements.
The offer period extends to Jan. 4, 2022.
HSBC Bank, USA: $450 Bonus
HSBC offers new Premier checking account customers a Welcome Bonus of $450.
To qualify for the $450 bonus, you must make recurring monthly direct deposits—totaling at least $5,000 from a third party to your account “for three consecutive calendar months from the second full calendar month after account opening.” You will receive the Welcome Deposit of $450 in your HSBC checking account within eight weeks after completing all qualifying activities.
Unless certain minimum balance or other requirements are met (such as having a qualifying HSBC mortgage loan), Premier pays a monthly maintenance fee: $50 per month.
The offer period extends to Jan. 5, 2022.
PNC Bank: Up to $400 Bonus
Both the amounts and the expiration dates of the bonuses offered by PNC Bank can vary based on where you live and the bank. For accounts opened online or by phone, the offer is determined by the ZIP code of your primary address. For accounts opened in a PNC Bank location, the request is determined by the branch’s ZIP code.
In New York ZIP code 10001, the current Virtual Wallet new account offers range from $100 to $400. PNC Bank provides one of three deals. You could get $100 for opening a new Virtual Wallet account and establishing qualifying direct deposit(s) of $500 or more within the first 60 days.
The fine print: In both ZIP codes 10001 and 06510, you’ll receive the promo award within 60 to 90 days after all requirements have been met. You only qualify for one reward, depending on which account you choose.
TD Bank: Up to $300 Bonus
TD Bank offers bonuses to new checking account customers of $300 or $150, depending on which checking account you choose.
With TD Beyond Checking, you can earn $300 by having $2,500 in direct deposits within 60 days of opening the account. This checking account earns interest.
You can earn $150 with TD Convenience Checking by having $500 in direct deposits within 60 days of opening the account. TD Convenience Checking does not make interest.
The fine print: Once the offer criteria are met, the bonus will be credited to your account no later than 140 days after account opening. Account must remain open, active, and in good standing through the qualifying period; if the account is closed by the customer or TD Bank within six months of opening, TD Bank reserves the right to deduct the bonus from the account balance at closing.
Chase: Up to $225 Bonus
Earn a $225 bonus when you open a new checking account at Chase. You can qualify for $225 when you open a Chase Total Checking® account and set up direct deposit—in the form of a paycheck, pension, or government benefits check—within 90 days to receive the bonus, which will be deposited into your account within 15 business days.
The fine print: Chase will claw back its bonus if you close your account within six months of opening it. Another thing to consider is its fees. There’s a $12 monthly service fee on Total Checking. You can avoid this fee by maintaining certain balances or taking other actions.