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

To save lots of you effort and time, the Fortune Recommends™ editorial crew reviewed greater than 24 checking accounts providing bonuses and put collectively our high 10 picks. We analyzed elements like bonus quantities, minimal stability necessities, annual share yields (APYs), and customer support choices to convey you one of the best presents available on the market.

The ten finest checking account bonuses of August 2024

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

Our picks for the highest 10 checking account bonuses

Notice: The numbers in our record under are updated as of August 1, 2024, and are topic to vary. 

FEATURED PARTNER

SoFi Checking & Financial savings

Member FDIC

APY	As much as 4.50%*
Minimal Steadiness Required to Earn APY	$0
Minimal Opening Deposit	$0
Month-to-month Upkeep Payment	None

Why we picked it

SoFi presents 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 presents a beneficiant 0.50% APY, the very best on our record. There are not any month-to-month charges or minimal deposits, making this account an important possibility for every-day banking.

This provide expires on December 31, 2024.

Study extra: learn our SoFi assessment

*New and present Checking and Financial savings members who haven’t beforehand enrolled in Direct Deposit with SoFi are eligible to earn a money bonus once they arrange Direct Deposit of not less than $1,000 through the Direct Deposit Bonus Interval. Money bonus shall be primarily based on the entire quantity of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and shall be accessible by 12/31/24. Full phrases at sofi.com/banking. SoFi Checking and Financial savings is obtainable by 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 vary at any time. These charges are present as of 8/27/2024. There is no such thing as a minimal stability requirement. Further info might be discovered at http://www.sofi.com/authorized/banking-rate-sheet.

Axos Financial institution: Rewards Checking

Greatest for: These on the lookout for a excessive APY

QUALIFYING ACTIVITY

Requires a $5,000 direct deposit inside 30 days of opening the account

Provide expiration date:	8/31/24
Bonus quantity:	As much as $500
Month-to-month payment:	$0

Why we picked it

Whereas the Axos Rewards Checking account bonus has extra necessities than different banks on our record, clients who qualify can rating a beneficiant As much as $500 bonus if you happen to use promo code RC500 earlier than July 31, 2024 and have qualifying direct deposits. Nevertheless, if you happen to don’t obtain not less than $5,000 value of qualifying direct deposits every month, it’s most likely not the only option for you. These aren’t the one necessities both. You’ll additionally want to keep up a minimal common every day stability of $7,000.

Nevertheless, for many who are capable of meet these excessive requirements, there’s a beneficiant As much as $500 bonus and no month-to-month charges.

This provide expires on July 31, 2024.

Study extra: learn our Axos assessment

U.S. Financial institution’s Well Checking account

Greatest for: Bigger accounts

QUALIFYING ACTIVITY

Requires a $10,000 direct deposit inside 90 days of opening the account

Provide expiration date:	9/26/24
Bonus quantity:	$500
Month-to-month payment:	$7

Why we picked it

U.S. Financial institution’s Well Checking account presents three separate rewards tiers relying on the quantity you’ve immediately deposited into the account through certified direct deposits. You’ll get the very best bonus of you probably have not less than deposited into the account inside 90 days. There’s additionally an opportunity to earn $200 extra if you happen to bundle and open a financial savings account, bringing your whole potential bonus as much as $700.

There’s a minimal opening deposit requirement of simply , plus a small month-to-month payment of $7 on U.S. Banks checking accounts, however that payment might be waived if you happen to maintain an account stability of $1,500 or if there’s a mixed month-to-month direct deposit quantity of over $1,000.

This provide expires September 26, 2024

Study extra: Learn our U.S. Financial institution assessment

Huntington Financial institution: Perks Checking

Greatest for: Those that don’t thoughts a small payment to get a pleasant bonus

QUALIFYING ACTIVITY

Requires a direct deposit inside 90 days of opening the account, however the quantity isn’t specified on-line

Provide expiration date:	10/7/24
Bonus quantity:	$400
Month-to-month payment:	$10

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 if you happen to’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 could make deposits totaling $1,000 month-to-month or keep a complete relationship stability of not less than $5,000 eligible deposits or investments held by 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 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 maintain the account open for 90 days. 

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

This provide expires on October 7, 2024.

Study extra: learn our Huntington Financial institution assessment

Laurel Street: Rewards Checking

Greatest for: When you’ve got $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 yr.

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 Street provides you the possibility to earn as much as $540—that’s $300 initially, plus an additional $20 per 30 days for the primary yr of the account if you happen to proceed so as to add not less than $2,500 each month in direct deposits. So, if that is your predominant checking account and you utilize direct deposit for work, this might be a easy technique to get somewhat further money every month. 

Additionally, whereas it’s not big, 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 preserving a hefty minimal every day stability. With no month-to-month payment, no minimal deposit required to open, and a excessive score on its cell apps, this account might be a strong possibility for somebody out there for an on a regular basis checking possibility.

This provide expires on August 29, 2024.

Study extra: learn our Laurel Street assessment

Truist: Truist One Checking

Greatest 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 high 10 U.S. industrial financial institution, with headquarters in Charlotte, North Carolina. It presents a complete fleet of banking companies, together with checking, financial savings, bank cards, loans, small enterprise, industrial, and wealth administration companies.

Further particulars

Minimal opening deposit: $500

APY: 0.00%

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

Why we picked it

Truist presents a $400 sign-on bonus with solely $500 in direct deposits required inside 90 days of signing up. Notice, nevertheless, that you could additionally make not less than 15 debit card purchases inside that time-frame to earn the bonus. So, if you happen to’re an everyday debit card consumer, that seemingly received’t be a difficulty. 

The account doesn’t earn any curiosity and has a $12 month-to-month payment, although that’s straightforward to waive if you happen to 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 client mortgage
• Have a linked small enterprise checking account
• Are a scholar below age 25

This provide expires October 30, 2024

Study extra: learn our Truist assessment

PNC Financial institution: Digital Pockets with Efficiency Choose

Greatest for: Those that can deposit $5k inside 60 days

QUALIFYING ACTIVITY

Requires a $5,000 direct deposit inside 60 days of opening the account

Provide expiration date:	9/3/24
Bonus quantity:	$400
Month-to-month payment:	$25

Why we picked it

PNC Financial institution presents 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 greater 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 in every of these necessities: 

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

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

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

This provide expires September 3, 2024

Study extra: Learn our PNC Financial institution assessment

Valley Financial institution: All Entry Rewards Checking

Greatest for: Full-service on-line banking

QUALIFYING ACTIVITY

Requires a $750/month direct deposit to obtain $20 per 30 days

Provide expiration date:	Ongoing
Bonus quantity:	$240 ($20/month for first yr)
Month-to-month payment:	$0

Why we picked it

Valley Financial institution presents a bonus of $20 per 30 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 yr, you received’t pay any upkeep fees. After the 12 months, your account will revert to an everyday “All Entry Checking” account, which has a $15 month-to-month payment that may be waived so long as the typical every day stability is $99 or greater. 

When you’re extra occupied with incomes steady curiosity as an alternative of a bonus, Valley Financial institution additionally presents 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.

Study extra: learn our Valley Nationwide Financial institution assessment

Citibank: All Checking accounts

Greatest for: These on the lookout for no minimal deposit

QUALIFYING ACTIVITY

Requires a $1,500 direct deposit inside 90 days of opening the account

Provide expiration date:	10/8/24
Bonus quantity:	$300
Month-to-month payment:	$5

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 in every of 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 barely $5, however each charges it may be waived if you happen to meet particular necessities.

Alternatively, the Common account presents limitless check-writing capabilities despite the fact 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 the ACH community of payroll, Social Safety, and different funds to your account.

Study extra: Learn our Citibank assessment

Chase Financial institution: Chase Whole Checking

Greatest for: The common client who doesn’t thoughts a small payment

QUALIFYING ACTIVITY

Requires a $500 direct deposit inside 90 days of opening the account

Provide expiration date:	10/16/24
Bonus quantity:	$300
Month-to-month payment:	$12

Why we picked it

In contrast to a number of the different banks on this record which have excessive minimal deposit thresholds, the Chase Whole 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 certified direct deposit could be an digital deposit of a paycheck, authorities advantages, or a pension.

Whereas the Chase Whole 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 in every of these three necessities each month:

• Obtain digital deposits totaling $500 value or extra
• Keep a stability of $1,500 or extra in the beginning 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 on the market by October 16, 2024.

Study extra: Learn our Chase Financial institution assessment

What to find out about checking account bonuses 

Checking account bonuses are normally solely accessible 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 throughout the first few months of account possession.

It’s essential to rigorously learn the phrases and situations earlier than signing up, as failure to satisfy the necessities means you miss out on the bonus. You must take the time to learn up on the financial institution’s critiques—whether or not it’s on the Higher Enterprise Bureau or Trustpilot web sites—to ensure it’s the proper banking associate for you.

And you must count on to pay taxes in your checking account bonus as a result of it’s thought of taxable curiosity. You must obtain a kind from the financial institution and report the bonus quantity to the IRS while you file taxes the next yr.

How to decide on one of the best checking account

When selecting a checking account, you’ll need to think twice in regards to the options and perks that matter most, as everybody’s spending and saving habits are totally different. You would possibly take into account 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 trade for extra perks, or do you favor to keep away from the added expense with a free checking account?
• Bonus presents: 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, but it surely actually doesn’t harm to discover bonus presents and take into account them when selecting a checking account.
• Minimal stability necessities: Take note of any minimal stability necessities highlighted throughout the phrases of your checking account, and take into consideration whether or not or not these necessities align together with your spending habits. When you’re the form of one that doesn’t let their stability fall under a sure threshold, a better minimal stability requirement seemingly received’t be a dealbreaker. Nevertheless, if you happen to’re an enormous spender, this sort of stipulation may lead to added charges and penalties.

Checking account options

Whereas getting a bonus on a brand new checking account is all the time a pleasant perk, this kind of account isn’t superb for each scenario. Checking accounts usually don’t carry excessive rates of interest, so if financial savings is your major objective you must seemingly look elsewhere. Listed below are some choices to think about:

Checking accounts vs. financial savings accounts

Whereas these are the 2 most typical sorts of accounts the typical depositor holds, there are numerous 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 just received’t want entry to for some time. There’s usually a restrict on the variety of occasions you’ll be able to withdraw from financial savings accounts every month, however in return you earn greater 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 can also make per 30 days.

A cash market account could also be one of the best match for account holders who need to earn a better APY and have some (however not limitless) entry to their funds. Nevertheless, if you happen to’re on the lookout 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, an ordinary checking account is perhaps 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 occasions 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 all the things you deposited plus the curiosity, with many CDs incomes 5% APY or extra.

Our methodology 

The Fortune Recommends^TM crew in contrast over 24 checking accounts throughout main banks, credit score unions, and online-only banks that can assist you discover the very best checking account bonus and one of the best account total in your monetary wants. Our high picks can be found to clients throughout the U.S. regardless of the place you’re positioned, topic to the phrases of every checking account. 

To find out which account supplied one of the best bonus, amongst different options, we ranked one of the best accounts within the following classes and weighted every class as outlined within the percentages under:

• 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 presents are for a restricted time. We favored checking accounts that supplied greater bonuses. 
• Direct deposit quantity (20%): Most banks require you to arrange direct deposit as a way to obtain a bonus—this ensures to them that you just’re utilizing the account and that they’ll have cash coming in usually. We favored banks that don’t have monumental direct deposit necessities as a way to obtain the bonus.
• Timeframe for direct deposit (10%): Most banks have set time frames through which the shopper 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.
• Whole potential bonus (10%): Some banks provide further bonuses if you happen to open up a number of accounts, like a financial savings account together with a checking account. We’ve rated banks that provide you with a number of bonus alternatives greater.
• Minimal opening deposit (5%): Some monetary establishments require a deposit quantity while 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 greater on the record.  
• Annual share yield (APY) in your account stability (5%): This share represents the true price of return in your stability; the upper the APY, the higher. 
• Customer support (5%): High picks provide clients 3 ways to get involved: chat help, cellphone, and even electronic mail. Among the many three choices, we gave cellphone help probably the most weight. 

We expect that one of the 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 may 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: be taught extra about our banking methodology.

Regularly requested questions