The 12 Best Bank Promotions of July 2024

Bank bonuses and promotions aren't the only reason to choose a bank. But free money to fund your new savings or checking account sure doesn’t hurt.

Reviewed by Molly Moorhead, CFP®
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So, you’re looking for a new bank account.

You’ve got several factors to consider — ATM access, interest rates, monthly account fees, minimum balances, online bill payments and more.

Another factor: sign-up bonuses. Banks and credit unions frequently run promotions to entice prospective customers to open a new account — and they often come with cash. You have to meet specific criteria, such as making a minimum opening deposit, and generally, the account must remain open for a certain amount of time — at least long enough to earn the cash bonus.

Many banks offer such sign-up bonuses, but often, they aren’t advertised. We did some digging to find the best bank promotions currently on offer.

Best Bank Account Bonuses of July 2024

Keep an eye on what each promotion requires and any limitations. Recurring direct deposits and maintaining a minimum balance are common requirements for securing bank bonuses. Also,, pay attention to monthly maintenance fees; over time, these could easily exceed a one-time cash bonus.

12 Bank Promotions That Give You Cash


Bank Promo Payoffs Up to $600

BANK TOP FEATURE BONUS

SoFi Checking and Savings

High APY

Up to $300

PSECU

Overdraft protection

Up to $300

PNC Virtual Wallet

Combination checking and savings

Up to $400

Chase Total Checking Account

Fees may be waived

$300

Chime Referral Bonus

No monthly fees

$100

Huntington Perks Checking

Quick cash bonus payout

$400

Huntington Platinum Perks Checking

Interest on checking

$600

M&T Bank EZChoice Checking

No monthly fees

$200

M&T Bank MyChoice Plus Checking

Discounted loan rates

$200

M&T Bank MyChoice Premium Checking

Premium CD rates

$200

Bank of America Advantage Banking

Fees can be waived

$200

Axos Bank

3.30% APY on checking

Up to $500

SoFi Checking and Savings Account

Best for High APY

5 out of 5 Overall

Key Features
  • Up to 4.60% APY
  • Fee-free overdraft coverage
  • Early access to paycheck
The SoFi bank account currently has the highest APY of any account on our list. Plus, it has one of the highest new customer bank bonus offers: up to $300. Other highlights of this account include early access to your paycheck with direct deposit, no-fee overdraft coverage, automatic saving features and up to 15% cash back when you shop local. Plus, there are no monthly account fees.
SoFi Checking and Savings Account

Bonus amount
Up to $300
How to get it
Earn qualifying direct deposits totaling $5,000+ within 25 days.
When you get it
Within 14 days of the end of the 25-day evaluation period.
The fine print
The SoFi bank account currently has the highest APY of any account on our list. Plus, it has one of the highes
Expiration
December 31, 2024

More Information About SoFi Checkings and Savings

SoFi’s online bank account certainly rewards members for spending and saving. The account, which doubles as a checking and savings account, allows you to organize your savings into vaults so you can work toward your goals. You’ll earn 4.60% APY on money in savings and 0.50% on checking funds, and when you shop local, you can earn up to 15% cash back. The bonus is tiered; to get the full $300 bonus, make sure your qualifying direct deposits total $5,000 or more.

PSECU

Best Credit Union Bonus

4 out of 5 Overall

Key Features
  • 70,000 fee-free ATMs
  • Overdraft protection
PSECU is a credit union — and it doesn't have a waitlist right now. It's free to open an account, and there's no minimum deposit or fees. Plus they have more than 70,000 surcharge-free ATMs and rebates for non-network ATMs. You’ll also get no-fee overdraft protection if you have a backup source of funds.
PSECU

Bonus amount
Up to $300
How to get it
Open a new account with code RIGHTNOTE, set up direct deposit, get direct deposit for three months
When you get it
Within 90 days of opening an account
The fine print
You need $500 in direct deposits in a month and active direct deposit for three months for the bonus
Expiration
None

More Information About PSECU

 

Here’s the deal: If you’re not banking with a credit union called PSECU, you’re missing out on extra cash. And who doesn’t want extra cash right now?

PSECU will give you $300 after just a few months of keeping your money there* That’s $300 just for banking normally.

Opening a checking account is free, and there’s no minimum deposit or fees. Plus, there are more than 70,000 surcharge-free ATMs and rebates for non-network ATMs. You’ll also get no-fee overdraft protection if you have a backup source of funds.

Credit unions sometimes have waitlists, but PSECU doesn’t right now. Apply to join PSECU here and start earning your $300 in free cash (offer ends Dec. 31, 2024 ).

**Your first $200 is available when you sign up with promo code RightNote and set up a direct deposit of at least $500 monthly. You'll get another $100 if you maintain the minimum direct deposit amount for three months in a row. 

PNC Virtual Wallet

Best for ATM Power Users

4 out of 5 Overall

Key Features
  • Geographic based
  • No minimum balance to open
  • Digital financial tools
The PNC Virtual Wallet includes three different Spend accounts: the baseline account, Performance Spend and Performance Select. All three require no minimum balance to open and get access to nearly 60,000 ATMs nationwide; the premium Performance Select account also reimburses fees at out-of-network ATMs.
PNC Virtual Wallet

Bonus amount
Up to $400
How to get it
Qualifying direct deposits must be received within 60 days of account opening.
When you get it
60 to 90 days after meeting bonus conditions.
The fine print
Monthly service fees ranging from $7 to $25 if conditions aren’t met.
Expiration
September 3, 2024

More Information About PNC Virtual Wallet

PNC bonus offers are based on the type of account you open and receipt of qualifying direct deposit. This offer is good in specific states throughout the country. Your ZIP code will be used to determine if you are in a participating state.

You’ll earn:

  • $100 when you open and use a base Virtual Wallet account.
  • $200 when you open and use Virtual Wallet with Performance Spend.
  • $400 when you open and use Virtual Wallet with Performance Select.

To waive the Virtual Wallet monthly maintenance fee ($7), earn $500+ in monthly direct deposits to the Spend account or maintain a $500+ monthly balance across the Spend + Reserve accounts. If you’re 62 or older, the fee is automatically waived. Waiving fees on Performance Spend and Performance Select is also possible, if you meet specific criteria.



Chase Total Checking

Best for Basic Checking

5 out of 5 Overall

Key Features
  • $12 monthly fee
  • Fee waived by meeting conditions
  • Basic checking
The Total Checking account carries a $12 monthly service fee, but you can have it waived if you receive monthly direct deposits totaling $500 or more, keep a daily minimum balance of at least $1,500 in your new checking account, or keep a daily minimum balance across all your Chase bank accounts of at least $5,000. Deposits via person-to-person payment apps do not qualify. Access to 15,000 ATMs* and more than 4,700 branches. The non-Chase ATM fee is $3 in the U.S., Puerto Rico and U.S. Virgin Islands and $5 outside of those locations (see terms).
Chase Total Checking Account

Bonus amount
$300
How to get it
Receive qualifying direct deposits totaling $500 or more within 90 days of account opening.
When you get it
Within 90 days of meeting requirements
More information
$12 monthly fee, which can be waived.
Expiration
10/16/2024

More Information About Chase Total Checking Account

New Chase customers enjoy a $300 welcome bonus when opening a Chase Total Checking account with direct deposit. And you get automatic transfers to a Chase savings account, along with access to 15,000 Chase ATMs* and more than 4,700 branches.

Another plus is this account offers Chase Overdraft Assist to protect you from overdrafts. if you’re overdrawn by $50 or less at the end of the business day or if you’re overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day.

*$3 fee per withdrawal at a non-Chase ATM in the U.S., Puerto Rico and the U.S. Virgin Islands. Surcharge Fees from the ATM owner/network still apply. $5 fee per withdrawal at a non-Chase ATM outside of the U.S., Puerto Rico and the U.S. Virgin Islands. Surcharge Fees from the ATM owner/network still apply.

Chime® Referral Bonus

Best for Helping Out a Friend

4.5 out of 5 Overall

Key Features
  • No minimum daily balance
  • No monthly fees
  • Good for first-time banking clients
If you refer a friend and they open a new account and receive a direct deposit of at least $200 in the first 45 days, you will each receive $100. Make sure to use the referral link from your account to get the cash bonus. Chime is great for beginners, offering fee-free overdraft, an automatic savings account, early paycheck deposit and 60,000+ fee-free ATMs. Referral bonuses are capped at $1,000 each calendar year.
Chime Referral Bonus Account

Bonus amount
$100 per referral, plus $100 to the friend you refer
How to get it
Referred friend receives $200 direct deposit.
When you get it
Upon completion of requirements
The fine print
Be sure to use a unique referral link from your own account.
Expiration
None

More Information About Chime Referral Bonus Account

Though not technically a bank, Chime is becoming increasingly popular as an online financial institution for banking customers of all ages. Top features include early access to direct deposit, fee-free overdraft, 60,000+ ATMs, a 2.00% APY for the high-yield savings and plenty of features to automatically grow your savings.

Huntington Perks Checking

Best for Quick Bonus Payout

4 out of 5 Overall

Key Features
  • Easily waivable monthly fee
  • Only available in certain states
  • Quick cash bonus payout
This offer is only available to customers who live in CO, IL, IN, KY, MI, MN, OH, PA, SD, WV or WI. The Huntington Perks Checking account earns interest (but only 0.02%) and charges a $10 monthly fee. That fee is easy to waive, however, as long as you receive $1,000 in monthly deposits or maintain $5,000 total across all your Huntington accounts.
Huntington Perks Checking

Bonus amount
$400
How to get it
Open a new account and receive a qualifying direct deposit within 90 days of opening.
When you get it
Within 14 days of meeting bonus criteria.
More information
Account must remain open for at least 90 days.
Expiration
October 7, 2024

More Information About Huntington Perks

Huntington’s Perks Checking account pays out nominal interest (0.02%), but the easily waivable monthly maintenance fee makes it appealing for an easy checking account. Key features include mobile banking, five fee-free out-of-network ATM withdrawals, the No Overdraft Fee $50 Safety Zone and the 24-Hour Grace Overdraft and Return Fee Relief.

“New account” is defined as money not currently in another Huntington account; money transferred from one account to another does not qualify. The bonus offer cannot be combined with any other checking offer.

Huntington Platinum Perks Checking

Largest Bonus Payout

4 out of 5 Overall

Key Features
  • $25 monthly fee (can be waived)
  • Interest-earning checking
  • Quick cash bonus payout
This offer is only available to customers who live in CO, IL, IN, KY, MI, MN, OH, PA, SD, WV or WI. This account earns interest (currently 0.03% APY, which is quite low). It also has a monthly maintenance fee of $25, which is waived if you have at least $25,000 across every Huntington bank account.
Huntington Platinum Perks Checking

Bonus amount
$600
How to get it
Open a new account and make deposits totaling $25,000 within the first 90 days.
When you get it
Within 14 days of meeting bonus criteria.
More information
Account must remain open for at least 90 days.
Expiration
October 7, 2024

More Information About Huntington Platinum Perks Checking

While the Huntington Platinum Perks account does have a monthly $25 fee, you can waive it by having $25,000 across accounts with Huntington. By upgrading to this account, you’ll get a higher bonus, get unlimited fee-free ATM withdrawals and earn 0.03% interest on your balance.

“New account” is defined as money not currently in another Huntington account; money transferred from one account to another does not qualify. The bonus offer cannot be combined with any other checking offer.

M&T Bank EZChoice Checking

Best for Beginners

3.5 out of 5 Overall

Key Features
  • No monthly maintenance fees
  • Unlimited check writing
  • Physical branches
The EZChoice Checking account from M&T Bank is the most basic package offered. It’s great for beginners because it has no monthly maintenance charge and no monthly minimum balance requirement. Plus, there’s unlimited check writing. You will need $25 to open the account and have qualifying direct deposits totaling at least $500 within the first 90 days to earn the bonus. This offer is only valid in select states.
M&T Bank EZChoice Checking

Bonus amount
$200
How you get it
Make qualifying direct deposits totaling at least $500 within 90 days of opening the account.
Whey you get it
Within 90 days after the direct deposit.
The fine print
There’s a $50 early close-out fee if you close the account within 180 days of opening.
Expiration
August 31, 2024

More Information About M&T Bank EZChoice Checking

M&T Bank has more than 700 branches and 1,800 ATMs with operations in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virgina, West Virginia, Vermont, Massachusetts and Washington, DC, but you can also do your banking entirely online.

M&T Bank MyChoice Plus Checking

Best for Loan Seekers

Key Features
  • Discounted loan rates
  • ATM fee reimbursement
  • Interest-bearing options
The MyChoice Plus Checking account from M&T Bank requires extra work to avoid a monthly fee ($14.95): Either maintain an average daily balance of $2,500 or receive $1,500 in direct deposits each month. With this account, you qualify for discounted loan rates with M&T. You will need $25 to open the account and have qualifying direct deposits totaling at least $500 within the first 90 days to earn the bonus. This offer is only valid in select states.
M&T Bank MyChoice Plus Checking

Bonus amount
$200
How you get it
Make qualifying direct deposits totaling at least $500 within 90 days of opening the account.
When you get it
Within 90 days after the direct deposit.
The fine print
There’s a $50 early close-out fee if you close the account within 180 days of opening.
Expiration
August 31, 2024

More Information About M&T Bank MyChoice Plus Checking Account

M&T Bank has more than 700 branches and 1,800 ATMs with operations in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virgina, West Virginia, Vermont, Massachusetts and Washington, DC, but you can also do your banking entirely online.

M&T Bank MyChoice Premium Checking

Best for CD Rates

3 out of 5 Overall

Key Features
  • Discounted loan and premium CD rates
  • ATM fee reimbursement
  • Interest-bearing checking
The MyChoice Premium Checking account from M&T Bank requires extra work to avoid a monthly fee ($24.95): Either maintain an average daily balance of $7,500 or $25,000 across all M&T accounts. With this account, you qualify for discounted loan rates and premium CD rates with M&T. You will need $25 to open the account and have qualifying direct deposits totaling at least $500 within the first 90 days to earn the bonus. This offer is only valid in select states.
M&T Bank MyChoice Premium Checking

Bonus amount
$200
How to get it
Make qualifying direct deposits totaling at least $500 within 90 days of opening the account.
When you get it
Within 90 days after the direct deposit.
More information
There’s a $50 early close-out fee if you close the account within 180 days of opening.
Expiration
August 31, 2024

More Information About M&T Bank MyChoice Premium Checking

M&T Bank has more than 700 branches and 1,800 ATMs with operations in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virgina, West Virginia, Vermont, Massachusetts and Washington, DC, but you can also do your banking entirely online.

Bank of America Advantage Banking

Best for Standard Checking

4 out of 5 Overall

Key Features
  • Monthly maintenance fees (vary by account)
  • Standard checking accounts
  • Fees can be waived
Open your new checking account online using the promo code TWT200CIS. Qualifying direct deposit must be regular monthly income, such as salary or pension payments. Advantage Banking checking accounts come in three levels: SafeBalance, Plus and Relationship. All three carry monthly maintenance fees that can be waived by meeting direct deposit and minimum balance requirements.
Open your new checking account online us

Bonus amount
$200
How to get it
Receive direct deposits of at least $2,000 within 90 days.
When you get it
Within 60 days of completing requirements
The fine print
Monthly fees can be waived.
Expiration
September 30, 2024

More Information About Bank of America Advantage

Bank of America’s Advantage account is broken into three tiers: SafeBalance Banking, Advantage Plus and Advantage Relationship. SafeBalance boasts no overdraft fees or non-sufficient funds fees; Plus offers multiple ways to waive the monthly service fee; and Relationship earns interest (though the percentage is quite low).

Axos Bank Rewards Checking Account

Best for Checking Interest

4 out of 5 Overall

Key Features
  • Up to 3.30% APY on checking balance
  • Easy online application
Axos is an FDIC-insured online banking institution. Its Rewards Checking account has no monthly fees or minimum deposits, but to get the bonus, there are some conditions that you’ll need to meet.
Axos Bank

Bonus amount
Up to $500
How to get it
Set up direct deposit and receive at least $1,500 a month for five months, maintain $3K balance
When you get it
In $100 monthly increments for five months so long as conditions are met
The fine print
Must use code RC500
Expiration
July 31, 2024

More About Axos Bank Rewards Checking

If you keep money in a checking account, chances are it’s not doing much for you. The average checking account pays 0.08% interest, according to the FDIC. That means if you have $1,000 in a checking account, you’re earning less than $1 a year.

Whoopee! And that doesn’t even include the fees you’ll likely encounter.

But there are other, nicer banks that want to help you grow your money. Like Axos Bank.

Axos will pay you up to 3.30% interest on your balance — that’s more than 4 times the national average. Plus, it won’t charge you any monthly maintenance, minimum balance, overdraft or ATM fees.

And switching checking accounts doesn’t have to be a huge hassle either. It only takes a couple minutes to fill out an online application and deposit your first $50.

How to Search for Bank Account Bonuses on Your Own

Instead of listing approximately 193 bank promotions, we kept this list short and sweet — only highlighting the best bank promotions for checking and savings accounts.

But maybe you’re interested in banking with your local credit union, opening a small business checking account, or exploring investment accounts. These accounts often offer cash bonuses.

Banks don’t always make finding these promotions easy, so here are a few tips to help you get your hands on that cash bonus.

  • Check the bank website first. Sometimes, it advertises its offers with a blaring promo code. This is rare, but it’s worth a quick check—it could save you a ton of time.
  • Reach out to customer service. Let them know you’re shopping for a new account, and you’d like to know if the bank is running any promotions. More often than not, the nice representative will send you a special link.
  • Google the best bank account bonuses. You’ll likely dig up some offers from third-party sites, so make sure the offer:
  • Hasn’t expired.
  • Is legitimate. Make sure the bank is FDIC-insured and has a positive Better Business Bureau rating. Read some online reviews.
  • Doesn’t require outrageous qualifying activities. For example, it might not be realistic for you to maintain an average daily balance of $50,000.
  • Reach out to your own network to crowdsource bank recommendations. Sometimes banks have impressive referral programs, so both you and your friend could benefit from you signing up.

Overall, be smart. Don’t let the promise of a cash bonus blind you. Read the fine print so you don’t get stuck paying high monthly fees, interest rates or closing penalties.

Will Opening a Bank Account Hurt Your Credit Score?

If you’re worried that opening a new bank account or closing an old one will hurt your credit score, don’t be. Your bank accounts are not included in your credit report and, therefore, have no effect on your credit score unless you have an outstanding negative balance that the bank turns over to a collection agency.

Sometimes when you go to open a new bank account, banks will do a soft credit check. However, that won’t affect your credit score.

If you open a new credit card with a sign-up bonus, however, the application alone can impact your score. And, of course, spending with the card can help or hurt your credit score, depending on how you use it.

Timothy Moore covers bank accounts for The Penny Hoarder from his home base in Cincinnati. He has worked in editing and graphic design for a marketing agency, a global research firm and a major print publication. He covers a variety of other topics, including insurance, taxes, retirement and budgeting and has worked in the field since 2012.

Editorial Disclosure: This content is not provided by the bank advertiser. Opinions expressed here are the author’s alone, not those of the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program.