BEST OF

13 Best Bank Bonuses and Promotions of February 2023

Ruth Sarreal
By Ruth Sarreal 

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Bank promotions generally consist of cash bonuses when you open a new checking or savings account. To qualify for this one-time perk, you’ll likely have to set up direct deposit with the bank and keep the account open for at least a few months.

Why you can trust NerdWallet: Our writers and editors follow strict editorial guidelines to make sure our coverage is fair and accurate, so you can choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.

For more sustained earnings on balances, consider one of NerdWallet’s best high-yield online savings accounts. These accounts are free and have annual percentage yields around 3.30%. (The national average for savings accounts is just 0.35%.) A $10,000 balance would earn about $330 per year in interest with one of these high-yield accounts.

Here are the details on NerdWallet’s favorite bonuses this month. Some banks have looser rules than others; we’ve outlined those requirements below. Note that not all products or offers are available in all regions. Scroll down for more specific details on each bonus.

Summary of best bank promotions and bonuses

Best bank bonus for checking and savings

  • SoFi Checking and Savings: Up to $250 bonus offer

  • PNC Bank Virtual Wallet Checking Pro: $200 bonus offer

  • PNC Bank Virtual Wallet: Up to $400 bonus offer

Best bank bonus for savings

  • Discover Online Savings Account: $150 or $200 bonus offer

  • Alliant Credit Union The Ultimate Opportunity Savings: $100 bonus offer

Best bank bonuses for checking

  • Citigold® Checking Account: Up to $2,000 cash bonus offer

  • Chase Total Checking®: $200 bonus offer

  • Citi Priority Account: Up to $2,000 cash bonus offer

  • Chase Secure Banking℠: $100 bonus offer

  • Bank of America Advantage Banking: $100 bonus offer

  • TD Bank Checking: $200 or $300 bonus offer

  • U.S. Bank Smartly Checking: Up to $300 bonus offer

  • Wells Fargo Everyday Checking: $200 bonus offer

  • Axos Rewards Checking: $100 bonus offer

  • BMO Harris Checking: Up to $350 bonus offer

Best bank bonus for business checking

  • Chase business checking: $300 bonus offer

Show best offers available in

Best Bank Bonuses and Promotions

Our pick for

Savings

NerdWallet rating 

5.0

/5
Discover Bank Online Savings
Learn more

at Discover Bank, Member FDIC

APY

3.50%

With $0 min. balance for APY

Bonus

$200

Requirements to qualify

NerdWallet rating 

5.0

/5
Alliant Credit Union Ultimate Opportunity Savings Account

APY

2.95%

With $100 min. balance for APY

Bonus

$100

Requirements to qualify

Our pick for

Checking

NerdWallet rating 

5.0

/5
Axos Bank® Rewards Checking
Learn more

at Axos Bank®, Member FDIC

Monthly fee

$0

APY

1.25%

With $0 min. balance for APY

Bonus

$100

Earn $100 with direct deposit. Terms apply.

NerdWallet rating 

4.0

/5
Citigold® Checking Account
Learn more

at Citibank, N.A.

Monthly fee

$0

APY

N/A

Bonus

$200

Requirements to qualify

NerdWallet rating 

4.0

/5
Chase Total Checking®
Learn more

at Chase, Member FDIC

Monthly fee

$12.00

Waived with direct deposit or $1,500 minimum balance

APY

N/A

Bonus

$200

Requirements to qualify

NerdWallet rating 

2.5

/5
Citi Priority Account
Learn more

at Citibank, N.A.

Monthly fee

$30.00

Waived with $30,000 minimum balance

APY

N/A

Bonus

$200

Requirements to qualify

NerdWallet rating 

3.5

/5
Chase Secure Banking℠
Learn more

at Chase, Member FDIC

Monthly fee

$4.95

APY

0.15%

With $0 min. balance for APY

Bonus

$100

Requirements to qualify

NerdWallet rating 

3.5

/5
Bank of America Advantage Plus Banking®
Learn more

at Bank of America, N.A., Member FDIC

Monthly fee

$12.00

Waived with direct deposit of $250 or more or $1,500 daily minimum balance each statement cycle

APY

N/A

Bonus

$100

See offer page for more details

NerdWallet rating 

3.5

/5
TD Bank TD Convenience Checking℠
Learn more

at TD Bank, Member FDIC

Monthly fee

$15.00

Waived with $100 minimum balance

APY

N/A

Bonus

$200

Requirements to qualify

NerdWallet rating 

3.5

/5
U.S. Bank's Bank Smartly™ Checking
Learn more

at U.S. Bank, Member FDIC

Monthly fee

$6.95

Waived with direct deposit or $1,500 minimum balance

APY

N/A

Bonus

$300

Requirements to qualify

NerdWallet rating 

3.5

/5
Wells Fargo Everyday Checking

Monthly fee

$10.00

Waived with direct deposit or $500 minimum balance

APY

N/A

Bonus

$200

Requirements to qualify

NerdWallet rating 

5.0

/5
BMO Harris Bank Smart Advantage™ Account

Monthly fee

$0

APY

N/A

Bonus

$350

*Conditions apply.

Our pick for

Business Checking

NerdWallet rating 

5.0

/5
Chase Business Complete Banking℠
Learn more

at Chase, Member FDIC

Monthly fee

$15.00

Waived with $2,000 minimum balance

APY

N/A

Bonus

$300

Requirements to qualify

Our pick for

Checking and Savings

NerdWallet rating 

5.0

/5
SoFi Checking and Savings

APY

3.75%

With $0 min. balance for APY

Bonus

$250

Earn up to $250 with direct deposit. Terms apply.

NerdWallet rating 

5.0

/5
PNC Virtual Wallet® Checking Pro

Monthly fee

$0

APY

0.40%

With $1 min. balance for APY

Bonus

$200

Requirements to qualify

NerdWallet rating 

4.0

/5
PNC Virtual Wallet Spend

Monthly fee

$7.00

Waived with direct deposit or $500 minimum balance

APY

N/A

Bonus

$400

Requirements to qualify

More about bank bonuses

What does the Fed rate increase mean for bank account bonuses?

The Federal Reserve increased the federal funds rate (the rate which commercial banks use to borrow and lend money to one another) seven times in 2022 and once so far in 2023. The changes haven’t directly affected bank bonuses, but it could be a good time to open a new bank account because Fed rate increases have resulted in higher savings account interest rates. So you could take advantage of both a bank bonus and higher APYs in a new savings account.

Are bank account bonuses worth it?

Bank promotions can be worth the effort of opening a new account and adding money if the reward is substantial enough and the requirements aren't too difficult to meet.

» Prefer an account that offers rewards beyond a sign-up bonus? Check out our favorite rewards checking accounts

What do the best bank bonuses have in common?

The best bank promotions offer the opportunity to earn a significant cash bonus for signing up for a new account with no fees or fees that are easy to get waived.

Are bank bonuses taxable?

If you’ve earned a cash bonus for opening a new bank account, it's usually taxable. You are responsible for covering any tax liability.

» Churning through accounts to get bonuses? Find out whether closing a bank account hurts your credit

Should I have more than one checking or savings account?

It can be helpful to have multiple bank accounts — as long as you can meet the requirements and minimums in order to avoid fees.

The number of checking and/or savings accounts you should have depends on your individual situation. Married or partnered people, for example, might each want to have their own accounts in addition to one or more shared accounts. You might want to consider having accounts at different financial institutions for different purposes — such as having an account with a bank that works well for international travel if you’re frequently abroad, or with the bank that handles your mortgage or other loans for more seamless payment transfers. (Learn the signs that it's time to choose a new bank.)

» Looking for the right place to keep your savings? Check out NerdWallet's picks for the best savings accounts

Last updated on February 1, 2023

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People often identify opening a checking account as their next money move.

Citigold® Checking Account

4.0

NerdWallet rating 
Citigold® Checking Account

Monthly fee

$0

Bonus

$200

Requirements to qualify

at Citibank, N.A.

SoFi Checking and Savings

5.0

NerdWallet rating 
SoFi Checking and Savings

Monthly fee

$0

APY

2.50%

With $0 min. balance for APY

Bonus

$250

Earn up to $250 with direct deposit. Terms apply.

Chase Total Checking®

4.0

NerdWallet rating 
Chase Total Checking®

Monthly fee

$12.00

Waived with direct deposit or $1,500 minimum balance

Bonus

$200

Requirements to qualify

at Chase, Member FDIC

Methodology

We consider bonuses offered by brick-and-mortar and online banks and credit unions in the U.S. that NerdWallet has rated. Eligible bonuses are rated for inclusion based primarily on the population eligible and the potential return on money deposited. We also consider factors including bonus requirements, the amount of time the account must remain open and account quality.

To recap our selections...

NerdWallet's Best Bank Bonuses and Promotions of February 2023

Frequently asked questions