BonusCompass
New to bank bonuses? Start here

Bank bonuses,
explained in five minutes.

Banks pay new customers to open an account and use it for a few months. Here’s how it works, what the words mean, and how to do it safely.

Start with the basicsSkip to common questions

How a bank bonus works

  1. Step 1: Open an accountApply online through the offer link, or with the promo code, so the bank knows you want the bonus.
  2. Step 2: Do what the bank asksUsually a paycheck deposit, or a set amount of money kept in the account, before a deadline.
  3. Step 3: Get paidThe bank deposits the bonus into your new account, often within a few weeks of you finishing.
  4. Step 4: Keep it, or close itWait until the date in the terms, then decide. Close too early and the bank can take the bonus back.
Real exampleFour Leaf FCU Checking: $550 when $500+ in direct deposits lands within 90 days. Paid within 60 days.See the offer →

Is this for me?

A good fit if
  • You get paid by direct deposit, or can send a transfer from your bank
  • You can leave some money in the new account for a few months
  • You're fine with one more bank login and a monthly statement
Maybe wait if
  • You need every dollar in your current account right now
  • You're applying for a big loan soon. A few banks check your credit when you open an account.
  • You'd rather not keep track of dates. (The free tracker can do that part for you.)

Words you’ll see

Direct deposit
Money your employer, pension or a government agency sends straight to your account. Some banks also count transfers from another bank; each offer page says which when the terms do.
Statement cycle
The roughly one-month period each statement covers. Some offers want your deposits to land within one cycle.
Monthly fee waiver
Most account fees go away if you meet one condition, like a minimum deposit each month or a minimum balance.
Early closure
Closing before the date in the terms, often a few months in. The bank can take the bonus back or charge a fee.
New money
Money that wasn't already at that bank. Moving money between your own accounts at the same bank usually doesn't count.
ChexSystems
A report of your banking history, a bit like a credit report for checking accounts. Many banks look at it when you apply.

Safety, credit and taxes

Your money is insuredAt FDIC-insured banks, deposits are covered up to $250,000 per depositor, per bank, for each ownership category. Credit unions get the same through the NCUA.
Your credit scoreMost checking accounts don’t need a hard credit check, so your score usually isn’t touched. When an offer’s terms say there is one, we show it.
Pace yourselfBanks can say no if you’ve opened many accounts in a short time. One or two at a time is a calm pace.
TaxesBonuses count as income. Banks usually send a 1099-INT (sometimes a 1099-MISC) early the next year. Your tracker lists every bonus you received.

General information, not tax or financial advice. Insurance figures are from the FDIC and NCUA.

Common questions

Sometimes. Each bank decides, and some only count paychecks, pensions or government benefits. When an offer's terms say what counts, the offer page shows it; when they don't, we say so instead of guessing.

Ready for your first one?

Answer three questions and we’ll show bonuses that fit. An Easy one is a good place to start.

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