You can earn as much as $5,000 for simply opening a new checking, savings or investment account right now. But while offers like this do indeed exist, just about all of the leading sign-up bonuses today also come with some significant hurdles that must be cleared before you can apply. That’s why it’s key to read the fine print — and know that sometimes, you’ll earn more by opening a high-interest savings account (see some of the highest-paying savings accounts here.)
That said, these sign-up bonuses can work for some of you. Below are the best bank-account sign-up bonuses for December 2023 and details on what’s driving new-account bonuses and how they work.
Why are so many banks offering cash bonuses?
Total deposits at banks insured by the Federal Deposit Insurance Corporation, or FDIC, have decreased for the sixth straight quarter, according to government data. For that reason alone, many financial institutions are taking some significant measures to lure in new customers, says Bankrate consumer banking reporter Matthew Goldberg.
“Bank account bonuses are probably offered due to a need for deposits, and banks are looking to grow their customer base with new accounts,” Goldberg says, adding that while a Bankrate survey published in January 2023 shows the average checking account customer has been with their financial institution for 17 years, “a bonus is one way to get people to open an account — something they might put off doing if there wasn’t a bonus and an expiration date on an offer.”
How do you know if a bonus is worth the effort?
As you might imagine, most financial institutions won’t just hand out a check for $5,000 without some sizable requirements. To know if you do qualify, Goldberg says you’ll first have to look beyond the bold-faced marketing language found on a bank or credit union’s homepage.
“You have to look at all of the fine print and make sure that you fully understand the terms and conditions of the bonus offer — before opening the account,” says Goldberg. “You definitely don’t want to find out that you aren’t eligible or won’t be able to meet the requirements after opening the account.”
Some common restrictions among the biggest offers on the market today include large opening deposit minimums — often exceeding $500,000 or more — as well as those ruled around maintaining a minimum account balance for a set period of time.
The best opportunity for a bank account bonus, adds Goldberg, is if you’re already considering a new bank that has a bonus available that you’re able to easily attain. “That’s a win-win situation, if you can meet the requirements to get the bonus,” he says, adding that “if you won’t pay any fees for having this account because fees can eat away at any bonus you’d earn.”
Top 10 sign-up bonuses for December 2023
If you’re in the market for a new bank account and you have some liquid cash available to make the move, here are some of the best bank account sign-up bonuses available today to help add to your bankroll. Just be sure to read the fine print and ensure you meet all of the requirements.
Tastytrade: Up to $5,000
New Tastytrade customers who fund their investment accounts with at least $5,000 by March 31, 2024 will qualify for a cash bonus. But it takes an account with more than $1 million to be eligible for a maximum bonus of $5,000. Like with all account bonuses, it’s important to read the details before opening. Be sure to use the referral code “MYNEWBONUS” when applying.
M1 retirement account: Up to $5,000
If you currently have a large retirement savings and you’re interested in moving your money over to open a new account, this offer from M1 may be a quick way to earn some extra cash. Roll over a minimum of $50,000 of retirement assets in your 401(k), 403(b) or another employer-sponsored retirement plan within 14 days of opening an account, and you may be eligible for at least some promotional cash. If you add more than $1 million of eligible assets, M1 will sweeten the pot by adding $5,000 to your balance.
Citi Personal Wealth Management account: Up to $5,000
Open a Citi Personal Wealth Management account before Dec. 31 with at least $50,000 in new-to-bank funds, and you stand to earn a relatively high bonus of $500. For new accounts with at least $2 million in new money to the bank, Citi will add $5,000.
BMO Relationship Plus Money Market: Up to $3,500
Make a minimum $500,000 deposit into this money market account from BMO and keep your balance for 30 days and this $3,500 bonus is all yours. If that’s more than you’re willing to deposit, balances from $25,000-$49,999.99 also earn a $300 bonus, while from $50,000-$99,999.99 earn a $500 bonus. That said, these accounts need to be open before Dec. 8 to qualify.
Chase Private Client checking account: Up to $3,000
Open a new checking account by Jan. 24, 2024 and transfer $500,000 or more within the first 45 days in new-to-bank money or securities, and a $3,000 bonus will appear in your account within 40 days. Deposits exclude business checking and savings accounts, any J.P. Morgan Self-Directed Investing & Automated Investing accounts, J.P. Morgan Wealth Management retirement accounts and CDs.
Wells Fargo Premier Checking: Up to $2,500
Open a Wells Fargo Premier Checking account by Jan. 9, 2024 with a minimum deposit of $25, add $250,000 in new money by the 45th day of opening the account, maintain your balance for at least 90 days, and you can qualify for a hefty $2,500 bonus. You’ll also have to bring a bonus offer code to a banker at the time of account opening at a physical branch location to activate the offer, so it’s critical to follow the fine print.
Flushing Bank Complete Checking: Up to $2,500
Maintain a three-month average account balance of at least $10,000 and you are eligible for a bonus at Flushing Bank. For balances above $250,000, the bonus here caps out at $2,500. This offer, however, is only available to new customers and just one account per customer.
CitigoldⓇ Checking Account: Up to $2,000
Checking accounts opened prior to Jan. 9, 2024 can earn a cash bonus of up to $2,000 for making a minimum $300,000 deposit within the first 20 days. If you’re able to maintain that balance for 60 days from the 21st day of account opening, this cash bonus is yours. It should be noted that living trusts, fiduciary, estate, business or retirement accounts — IRAs, SEPs, CESAs, or money purchase pension plans and profit-sharing plans — do not quality. International Personal Bank, Citi Private Bank and Citi Alliance accounts also do not qualify for this offer.
Citi Priority Checking Account: Up to $2,000
Much like the Citigold account offering, enrolling in a Citi Priority Checking account can also qualify you for a sizable sign-up bonus. Just be sure to enroll before Jan. 9, 2024 and you can also earn a cash bonus of up to $2,000, depending on your asset level. Balances from $10,000 to $29,999 earn a cash bonus of $200, while bank accounts with $300,000 or more qualify for a cash bonus of $2,000.
You’ll need to ensure your money is new to the bank in a newly opened account, and that on the 20th day of date from when you opened your account that your deposit balance meets one of the various thresholds, all of which are over $10,000. These accounts must be set up for enhanced direct deposit, or an electronic deposit via the Automated Clearing House (“ACH”) Network of payroll, pension, Social Security, government benefits and other payments to your checking, savings, or MMA account. Read the terms and conditions for more.
Huntington Business Checking Account: Up to $1,000
Make a minimum cumulative deposit of at least $20,000 within 30 days of opening a new Huntington Unlimited Plus Business Checking, Business Analyzed Checking or Non-Profit Analyzed Checking account by Jan. 15, 2024 and you may be eligible for a $1,000 sign-up bonus. You’ll just need to maintain that $20,000 account balance for 60 days after meeting that minimum deposit requirement with new-to-bank money and keep your account open for 90 days before you are eligible.
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