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Are you looking for a checking account with the more rewards? The best checking account bonuses 2020 are an excellent starting point. Banks are willing to reward your loyalty by giving you cash rewards.

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You can get up $500 bonus cash with the best checking account bonuses 2020. Photo by Expect Best from Pexels

The Best Checking Account Bonuses for 2020

It’s easy to solely focus on maximizing credit card bonuses but overlook checking accounts. After all, credit cards tend to be more exciting and are usually advertised more frequently. However, having the right checking account can both pad your wallet and make it easy to access your cash.

However, note that before applying for any bonus, make sure you read the bonus offer details. Look for any potential fees. Don’t give back your earnings to the bank because of extra fees.

Chase Bank (Up to $350 Bonus Cash)

Chase is offering up to $350 bonus cash by opening a new Chase Total Checking account and a Chase Savings account. The checking account bonus is only $200 — but it’s easy to earn. You only need to receive at least one direct deposit in the first 90 days.

To receive the remaining $150 cash, you must open a Chase Savings account:

  • $150 Savings bonus by depositing at least $10,000 in new money within 20 business days and maintain the balance for 90 days
  • $350 total cash bonus after completing the checking and savings account bonus

If you’re interested in a business account, check out the Chase Total Business Checking® option. To receive the $200 bonus, you must first request a code on their site. Then, you must open a new Chase Total Business Checking account in person at a branch. Finally, you must complete the qualifying activities which include:

  • Deposit a total of $1,000 or more in new money into your new checking account within 20 business days of account opening
  • Maintain at least $1,000 balance for 60 days from the date of deposit
  • Complete 5 qualifying transactions within 60 days

This offer is available until April 16, 2020.

Learn more: Best Chase Checking Accounts

Citi (Up to $500)

Citi is currently offering a tiered checking account bonus worth up to $500. You will also need to open a Citi savings account to earn the full bonus. Here’s how much you can earn if you complete the following activities:

  • $400 cash bonus: Open a new eligible checking and savings accounts in the Citibank® Account Package during the offer period (01/1/2020 to 3/31/2020); Deposit $15,000 in new funds between the new checking and savings accounts within 30 days of account opening; Maintain a minimum balance of $15,000 between the checking and savings accounts for 60 consecutive calendar days
  • $100 cash bonus: Complete one qualifying direct deposit each month for two consecutive months within 60 days of account opening

This totals to a cash bonus of $500.

Learn more: Best Citi credit cards

Bank of America ($100 Bonus Cash)

The Bank of America has one of the smallest yet easiest bonus offers to earn. Non-BofA customers can earn $100 by opening one of three Advantage Banking checking accounts. It’s possible for current BofA customers to qualify for a targeted bonus as high as $300.

Open an eligible account by June 30, 2020, using this link and make a minimum initial deposit ($25 or $100). Then, set up and receive two direct deposits of at least $250 each.

All three checking account options let you earn Preferred Rewards with select credit cards including the Bank of America Travel Rewards.

Learn more: Best Bank of America credit cards

HSBC (Up to $475 Bonus Cash)

If you have a high net worth, check out the HSBC checking account promotions. It’s possible to get up to $475 bonus cash which is a large checking account bonus.

As a heads up, HSBC bonus offers have some of the strictest terms and conditions. After meeting the initial account setup rules, you may need to maintain minimum activity for several months.

Premier Checking

You will need to open a Premier Checking account to get a $475 cash bonus. The promotion requirements include:

  • Opening an account by March 1, 2020
  • Make recurring direct deposits totaling at least $5,00 for three consecutive calendar months
  • Automatically receive $475 Welcome Deposit in your checking account 8 weeks after completing qualifying activities

Premier Checking benefits include:

  • No fees on everyday banking transactions (includes wire transfers)
  • Unlimited ATM withdrawals
  • Global Premier status at all worldwide HSBC affiliates

Advance Checking

An easier HSBC promotion to qualify for is for an Advance Checking account. You get a $350 cash bonus after these actions:

  • Open an account using this webpage by March 1, 2020
  • Set up qualifying direct deposits into your new HSBC Advance checking account
  • Earn 2% cash back on qualifying direct deposits into your new HSBC Advance checking account, up to $30 per month, during the first 12 calendar months after account opening — up to $350

Santander ($225 Bonus Cash)

Open a Santander Simply Right checking account and you can earn $225 bonus cash:

  • Open a Simply Right checking account by March 31, 2020 using the unique promotion code shown on this page after you provide your name and email address
  • Direct deposits must total $1,000 or more within the first 90 days
  • Keep your account open for at least 90 days

This offer is only available to residents of NH, MA, RI, CT, DE, NY, NJ or PA. If you live in one of these states, this can be one of the easier checking account bonuses to earn.

PNC Bank (Up to $300 Bonus Cash)

You can either earn $200 or $300 by joining PNC Bank. You will need to complete a minimum qualifying direct deposit and make at least 10 qualifying debit card purchases.

  • $300 bonus cash: Open a Performance Select checking account and make $5,000 or more in qualifying direct deposits
  • $200 bonus cash: Open a Performance Spend checking account and make $2,000 or more in direct deposits

This offer expires on March 31, 2020. The direct deposits for either checking account must be made within the first 60 days.

Associated Bank (Up to $500)

Living near an Associated Bank branch lets you earn up to $500.

You will earn the first $400 by:

  • Open an Associated Choice Checking account with a minimum $100 deposit or a minimum $300 direct deposit in the first 45 days
  • Open an Associated Relationship Savings account and make a minimum $25,000 deposit.
  • Maintain a combined minimum account balance of $25,000 for the first 90 days

Then, you can earn the final $100 ($500 bonus cash total) by opening a new Associated Bank American Express Premier Rewards Credit Card. Spending $1,000 in the first 3 months gives you 10,000 bonus points worth $100 in cash.

If you want a larger credit card bonus, you may decide to apply for a credit card directly from American Express.

Learn more: Best American Express credit cards

Summary of Best Checking Account Bonuses 2020

If you live in a region served by one of the brick and mortar banks, this can be a fun way to add some extra cash to your wallet. Banks may only offer these banks to new customers. If you can achieve the bonus offer requirements, it can be worth opening a new bank account.

FAQs

Which banks offer a bonus for opening an account?

Most national banks offer one-time signup bonuses for new bank customers. It’s possible to earn bonuses for opening new checking and savings accounts. How much you can earn depends on which account you open and the bonus requirements.

For instance, offers that require larger initial deposits or direct deposits tend to offer higher bonus payouts.

Some of the banks to consider looking at first include:

  • Chase
  • Citi
  • Bank of America
  • Wells Fargo
  • PNC
  • Fifth Third Bank
  • US Bank
  • HSBC
  • TD Bank

You are less likely to find bonus offers for online-only banks. However, it’s easier to avoid ongoing fees that traditional banks usually charge.

Are checking account bonuses taxable?

Yes, any bonus cash you earn from checking account or savings account signup offers is taxable income. When your bank sends you a Form 1099 tax form to report your taxable interest earned for the calendar year, this form will include your bonus cash too.

Paying income tax is one downside of checking account bonuses. To avoid this tax, you may focus on earning credit card signup bonuses which are not subject to taxes under current tax rules.

Which bank is best to open a checking account?

The best bank to open a checking account mostly depends on where you live. Most brick-and-mortar banks require you to enter your zip code to see your available account options. For example, you may live in an area served by Chase Bank but not by Bank of America.

If possible, try opening a Chase Bank checking account first. They make it easy to avoid the recurring fees with the Total Checking account. If you have a large cash surplus, you may consider opening a Chase Sapphire℠ Checking account. This “ultimate” account gives you complimentary access to most banking services. It can also be a good fit if you own a Chase Sapphire Preferred® Card or Chase Sapphire Reserve®.

To easily avoid fees, consider joining an online bank like Capital One 360 or Discover Bank. If you don’t need local branch access, this is a free way to get a debit card and have a place to enroll in direct deposit.

Josh Patoka

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