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- A number of banks are offering cash bonuses of $500 or more to new customers — some bonuses are as high as $3,000.
- To qualify, you may need to deposit money, make a transaction, or meet other criteria.
- Existing customers or customers who have opened the same type of account with the bank in the last few months generally aren't eligible.
Several banks are offering hefty cash bonuses to customers who open a new personal or business bank account.
In most cases, you'll have to be a new customer who hasn't opened the same type of account with the bank in a specific time period (for example, the last 12 months). Each bank also has its own criteria for how to qualify for its bonuses.
Here are seven banks paying $500 or more to open an account. If you don't qualify for these offers or are interested in other cash bonuses, check out our best bank account bonuses guide.
Banks paying $500 or more to open a personal bank account
Chase: up to $3,000
Chase has a cash bonus of up to $3,000 when eligible customers open the Chase Private Client Checking Account by July 19, 2023. The Chase Private Client Checking Account provides access to a private banker but entails a higher monthly service fee than other Chase checking accounts.
To qualify for the bonus, you must have an eligible account — a Chase personal checking account, Chase personal savings account, or J.P. Mortgage Wealth Management non-retirement account. You may also qualify if you already have a Chase Private Client Checking Account.
New Chase Private Client Checking Account customers will have to speak with a banker to upgrade or open an account. Remember to submit your email on the Chase promotional page to receive a code for the bonus.
Once you have a Chase Private Client Checking Account, you'll have to transfer a total of $150,000 or more in new money or securities to qualifying Chase personal checking, qualified Chase personal savings, and J.P. Mortgage Wealth Management non-retirement accounts. You must maintain your account balance for 90 days.
The bonus you earn will depend on the amount of money transferred to the eligible account. You could earn $3,000 with a transfer of $500,000 or more. If you transfer between $250,000 and $499,999 you may get $2,000; with a transfer between $150,000 and $249,999, you'll earn a bonus of $1,000.
If you would rather transfer and maintain a lower account balance, Chase also has cash bonuses for Chase Total Checking, Chase Secure Banking, and Chase College Checking.
Chase is also listed in our US best national banks guide as the best bank if you frequently move, because it has branches in 48 US states and Washington, DC.
Citi: up to $2,000
If you're interested in a premium checking account with Citi, the bank has bank account bonuses for Citi Priority and Citigold packages. New checking customers may earn up to $2,000. Citi defines a new checking account customer as anyone age 18 or older who hasn't owned a Citi checking account for 180 days.
Both Citi bonuses are available until July 23, 2023, and have similar requirements for obtaining cash bonuses. To receive either Citi bonus, customers will have to apply for the package at a branch, by phone, or online through a Citi promotional page. Once you've opened an account, make a qualifying deposit of $10,000 or more in the first 20 days, and maintain your account balance for at least 60 days. Citi Priority and Citigold Packages are offering cash bonuses of $200, $500, $1,000, $1,500, or $2,000, depending on how much money you deposit and maintain. You'll need at least $30,000 to be eligible for a $500 cash bonus.
One of the primary distinctions between the Citi Priority and Citigold Packages is that Citigold offers relationship banking and investing with Citi Personal Wealth Management. You'll need to maintain a $200,000 balance across bank accounts, retirement accounts, and investment accounts to remain a Citigold client.
Huntington Bank: $600
Huntington Bank is a regional financial institution. If you live in Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Dakota, West Virginia, or Wisconsin, you'll be eligible for a checking account bonus at Huntington Bank.
You could get a $600 bonus if you open a new Huntington Bank Platinum Checking Account by October 7, 2023, and deposit a total of $25,000 or more in the first 90 days. You have to use new money — which means funds that haven't been already deposited into another Huntington Bank account. If you aren't eligible for this bonus, you may be able to qualify for a smaller bonus with the Huntington Bank Perks Checking Account.
To be eligible for the $600 checking account bonus, you can't own a Huntington checking account. The offer also isn't available for anyone who has opened a Huntington Bank Platinum Checking Account in the last six months.
Wells Fargo: $525
If you'd like to open a savings account, Wells Fargo has a $525 cash bonus for new customers who open a consumer savings account by June 27, 2023. You can qualify for the bonus with by opening Wells Fargo Way2Save Savings, which is the bank's everyday savings account.
You must open the account at a Wells Fargo branch and provide a promotional code. You can get a code by signing up on the Wells Fargo promotion page. After you've opened an account, you'll have to deposit $25,000 or more in new money during the first 30 days, and then maintain your account balance for the first 90 days.
BMO Harris: $500
BMO Harris is offering a $500 cash bonus to new customers who open the BMO Harris Premier Account by September 15, 2023, and make qualifying direct deposits of $7,500 or more during the first 90 days.
You can open the Premier Account online, by phone, or at a BMO branch, using a promotional code when you apply for the account. The code will automatically be applied if you sign up for the account online, but if you prefer speaking with a customer representative to open the account, you'll need to fill out a form on the website promotional page first to receive the code.
The Premier Account is the bank's premium checking account option, which is a type of account that offers special perks as long as you maintain a high account balance or pay a higher monthly service fee. BMO Harris also has $300 cash bonuses for the BMO Harris Smart Advantage Checking Account and Smart Money Account.
Banks paying $500 or more to open a business bank account
Huntington Bank: $1,000
In addition to its personal checking account cash bonuses, Huntington Bank also has three business checking account promotions. With Unlimited Plus Business Checking, you could earn a $1,000 cash bonus if you meet certain requirements. Unlimited Plus Checking is the bank's most robust business checking account.
You must be a new business checking account customer to qualify for the Huntington Bank Unlimited Plus Business Checking Account bonus by September 7, 2023. To get a $1,000 cash bonus, you'll have to apply online or through a branch. If you apply at a branch, keep in mind you still have to get a promo code by signing up through the bank's promotional page. Then you'll need to deposit $20,000 or more in the first 30 days and maintain your account balance for 60 days.
If you don't qualify for the $1,000 bonus, you may be eligible for smaller bonuses through the Huntington Bank Unlimited Business or Business Checking 100 accounts.
U.S. Bank: up to $750
U.S. Bank is offering a cash bonus of up to $750 to new U.S. Bank business checking account customers who open an account by June 30, 2023. Bear in mind you won't be eligible if you have already opened a U.S. business checking account in the last 24 months.
You'll need to use the promo code Q2BUS23 when opening the account.
The amount you'll earn for the cash bonus will depend on how much you deposit. To earn a $500 bonus, you'll deposit at least $5,000 of new money. Meanwhile, to earn a $750 bonus, you'll need a minimum of $15,000 in new money.
Also, you'll have to complete the following steps to receive the bonus:
- Make your deposit within the first 30 days of opening your account
- Maintain your account balance during the first 60 days of account opening
- Enroll in U.S. Bank Online Bank or U.S. Bank Mobile Banking during the first 60 days of account opening
You'll get the money within 45 days of U.S. Bank verifying that you've met the qualifications.
PNC Bank: $500
PNC Bank has a $500 promotion for its Treasury Enterprise Plan and Analysis Business Checking. These two business checking accounts are specifically for businesses that require higher average account balances and transaction needs.
You won't be eligible for have already have a PNC Bank business checking account, you closed an account in the last 90 days, or you received a PNC cash bonus in the last year. To qualify for the bonus, your business must have an annual revenue of under $5 million.
To earn the cash bonus, you need to open an account before June 30, 2023, using a coupon code that you'll get through the PNC promotional page. Afterward, you'll need to maintain a $30,000 average ledger balance for the first three monthly statement cycles.
Chase: up to $500
Chase also is offering a business bank account bonus of up to $500 for new business customers who open the Chase Business Complete Checking account. Chase Business Complete Checking is the bank's small business checking option.
You won't be eligible for the bonus if you are already a signer on a Chase business checking account, local, state, or federal government entities or agencies, not-for-profit organizations, political action committees, or campaign accounts. You also won't qualify if you have closed a Chase account in the last 90 days, had your Chase account closed in the last three years with a negative account balance, or earned a Chase bonus in the last two years.
New customers may apply for the account on the Chase promotional page or apply through a branch by August 3, 2023. If you apply through a branch, make sure to request a promo code online through the promotional page beforehand.
After you've opened the account, deposit $2,000 in new money during the first 30 days. You'll also have to maintain your account balance for the first 60 days and make five qualifying transactions during the first 90 days. Debit card purchases, ACH transfers, wire transfers, and payments through Chase Online Bill Pay are all qualifying transactions.
You'll earn a $300 bonus if you deposit between $2,000 and $14,999 in new money to your account. To earn a $500 bonus, deposit $15,000 or more in new money to your account.