Find Bank Bonuses That Actually Pay

A bank account bonus is a cash incentive offered by banks to attract new customers. When you open a qualifying checking or savings account and meet certain requirements (like setting up direct deposit), the bank credits your account with bonus cash, typically ranging from $100 to $500 or more.

Yes, bank bonuses are generally considered taxable income by the IRS. If you receive $600 or more in bonuses from a single bank in a calendar year, they will typically issue you a 1099-INT or 1099-MISC form. We recommend consulting a tax professional and setting aside approximately 25% of any bonus for taxes.

There is no legal limit to how many bank bonuses you can earn. Many experienced "bonus hunters" earn $2,000-$5,000+ annually from bank bonuses. However, each bank typically has eligibility rules (like being a new customer or not having an account in the past 12-24 months), so plan accordingly.

A direct deposit requirement means you must have your paycheck or government benefits deposited directly into the new bank account. Banks specify either a minimum amount (e.g., $500/month) or just require "any" direct deposit. Some users successfully use ACH transfers from other banks, but this varies by bank.

After meeting all requirements, most bank bonuses are credited within 30-90 days. Some banks are faster (7-14 days), while others may take up to 120 days. Check the specific terms for each offer. Our listings include estimated payout timelines when available.

Bank churning is the practice of repeatedly opening bank accounts to earn sign-up bonuses, then closing them after receiving the bonus and waiting until you become eligible again. While legal, be aware of early closure fees and keep accounts open for the required minimum period (typically 6-12 months).