Isn’t it time your checking account paid you back? (2024)

To save you time and effort, the Fortune Recommends™ editorial team reviewed more than 24 checking accounts offering bonuses and put together our top 10 picks. We analyzed factors like bonus amounts, minimum balance requirements, annual percentage yields (APYs), and customer service options to bring you the best offers on the market.

Bonuses were last updated on April 26, 2024, and are subject to change. Read our full methodology here.

The 10 best checking account bonuses of May 2024

Note: The numbers in our list below are up to date as of April 26, 2024, and are subject to change.

Why we picked it

SoFi offers a $300 bonus for any new customer opening a Better Online Bank Account who can put at least $5,000 of direct deposits into the account within 25 days. SoFi also offers a generous 0.50% APY, the highest on our list. There are no monthly fees or minimum deposits, making this account a great option for every-day banking.

Why we picked it

U.S. Bank’s Smartly Checking account offers three separate rewards tiers depending on the amount you have directly deposited into the account via qualified direct deposits. You’ll get the highest bonus of if you have at least deposited into the account within 90 days. There’s also a chance to earn $200 more if you bundle and open a savings account, bringing your total potential bonus up to $700.

There’s a minimum opening deposit requirement of just , plus a small monthly fee of $7 on U.S. Banks checking accounts, but that fee can be waived if you keep an account balance of $1,500 or if there’s a combined monthly direct deposit amount of over $1,000.

Why we picked it

Huntington is offering a bonus for two of its checking accounts: Perks Checking and Platinum Perks Checking. The Perks Checking account has a $400 bonus, which requires at least one qualifying direct deposit within 90 days of coupon enrollment and then keeping the account open for 90 days. If you opt for the Platinum Perks Checking account, you may receive a larger bonus of $600. But, you’ll need to direct deposit at least $25,000 within 90 days of account opening and then keep the account open for 90 days.

To avoid the $10 monthly maintenance fee on the Perks Checking account, you must make deposits totaling $1,000 monthly or maintain a total relationship balance of at least $5,000 eligible deposits or investments held through Huntington Bank or Huntington Financial Advisors. For the Platinum Perks Checking, the $25 monthly fee is waived by having a balance of at least $25,000 in eligible deposits or investments held through Huntington Bank or Huntington Financial Advisors.

Why we picked it

While the Axos Rewards Checking account bonus has more requirements than other banks on our list, customers who qualify can score a generous $300 bonus if you apply by June 30th, 2024 and have qualifying direct deposits. However, if you don’t receive at least $5,000 worth of qualifying direct deposits each month, it’s probably not the best choice for you. Those aren’t the only requirements either. You’ll also need to maintain a minimum average daily balance of $7,000.
However, for those who are able to meet those high standards, there’s a generous $300 bonus and no monthly fees.

Why we picked it

Unlike some of the other banks on this list that have high minimum deposit thresholds, the Chase Total Checking account has a pretty reasonable requirement. To earn the $300 bonus, all you’ll need to do is receive qualified direct deposits totaling $500 or more within 90 days of signing up for the bonus. A qualified direct deposit would be an electronic deposit of a paycheck, government benefits, or pension.

While the Chase Total Checking account isn’t an interest-bearing account, it can be a free checking account option as long as you meet at least one of these three requirements every month:

• Receive electronic deposits totaling $500 worth or more
• Maintain a balance of $1,500 or more at the beginning of each day
• Have an average beginning day balance of $5,000 or more in this account and linked qualifying Chase checking, savings and other balances.

Why we picked it

To earn the $300 bonus, you can open one of two Citi checking account options: the Access or Regular checking accounts. The Access account doesn’t offer checks but is more affordable than the Regular account—the monthly service fee is only $5 and fees can be waived if you meet specific requirements. On the other hand, the Regular account offers unlimited check-writing capabilities but will cost you $15 a month.

To earn the bonus, you’ll just need to receive at least two enhanced direct deposits, totaling at least $1,500. Citi considers enhanced direct deposits to be electronic deposits from payroll, Social Security, or other qualifying payments to your account.

Why we picked it

When you sign up for the Wells Fargo Everyday Checking account, you could be eligible to receive a $300 bonus if you receive $1,000 worth of qualifying electronic direct deposits—such as salary or government benefits—within 90 days of account opening.

However, if you’re looking for a checking account that enables you to earn some extra interest, this account probably isn’t the best choice for you because it’s a non-interest-bearing account. You should also be aware of the $10 monthly service fee, which can be waived relatively easily—you just have to maintain a minimum daily balance of $500 or receive $500 or more of qualifying direct deposits each fee period.

Why we picked it

Key Bank’s Key Smart Checking account offers a generous $200 bonus with a low minimum opening deposit of $10. It also made the list because the requirement for the bonus is reasonable, with only one direct deposit of $500 needed within 60 days of opening the account.

Why we picked it

Fifth Third’s Preferred Checking account offers a $200 bonus with a direct deposit amount of $500 within 90 days. While the 0.01% APY isn’t huge, it’s certainly more than nothing—especially since there are no minimums to earn that percentage.

With no fees and no minimum deposit requirements, this could be a great starter option for someone looking to open a new account and make an extra $200 in the process.

Why we picked it

CIBC’s myChoice Checking account gives you the chance to earn $200 if you deposit $500 within 90 days, which should be doable for the average customer. While there is a minimum opening deposit amount of $50, with no monthly fees and a 0.05% APY, CIBC could be a great option for many.

CIBC also scored the highest when it came to customer service, with options to call, email, or chat with a rep whenever you need to.

What to know about checking account bonuses

Checking account bonuses are usually only available for a limited time and come with eligibility requirements, including making a minimum opening deposit, maintaining a minimum balance, and making a total dollar amount of direct deposits within the first few months of account ownership.

It’s important to carefully read the terms and conditions before signing up, as failure to meet the requirements means you miss out on the bonus. You should take the time to read up on the bank’s reviews—whether it’s on the Better Business Bureau or Trustpilot websites—to make sure it’s the right banking partner for you.

And you should expect to pay taxes on your checking account bonus because it’s considered taxable interest. You should receive a form from the bank and report the bonus amount to the IRS when you file taxes the following year.

How to choose the best checking account

When choosing a checking account, you’ll want to think carefully about the features and perks that matter most, as everyone’s spending and saving habits are different. You might consider these factors:

• APY: Are you hoping to earn interest on your balance? Or do you already have a high-yield savings account that does the job?
• Monthly fees: Do you mind paying monthly account fees in exchange for additional perks, or do you prefer to avoid the added expense with a free checking account?
• Bonus offers: Some banks sweeten the deal for new account holders by offering a bonus for opening a checking account. You shouldn’t open an account solely for the bonus, but it certainly doesn’t hurt to explore bonus offers and consider them when choosing a checking account.
• Minimum balance requirements: Pay attention to any minimum balance requirements highlighted within the terms of your checking account, and think about whether or not those requirements align with your spending habits. If you’re the kind of person who doesn’t let their balance fall below a certain threshold, a higher minimum balance requirement likely won’t be a dealbreaker. However, if you’re a big spender, this kind of stipulation could result in added fees and penalties.

Checking account alternatives

While getting a bonus on a new checking account is always a nice perk, this type of account isn’t ideal for every situation. Checking accounts typically don’t carry high interest rates, so if savings is your primary goal you should likely look elsewhere. Here are some options to consider:

Checking accounts vs. savings accounts

While these are the two most common types of accounts the average depositor holds, there are many differences between the two. Checking accounts allow for frequent withdrawals, at the cost of bearing very low interest rates.

By contrast, savings accounts are best for depositing funds that you won’t need access to for a while. There is typically a limit on the number of times you can withdraw from savings accounts each month, but in return you earn higher interest rates.

Checking accounts vs. money market accounts

Money market accounts are similar to checking accounts as they often come with debit cards or checkbooks, allowing you to withdraw funds easily when needed. However, unlike checking accounts, money market accounts, like savings accounts, may set limits on the number of withdrawals you can make per month.

A money market account may be the best fit for account holders who want to earn a higher APY and have some (but not unlimited) access to their funds. However, if you’re looking for an account that supports your everyday spending and plan to have a separate high-yield savings account for growing your money, a standard checking account might be a better option.

Checking accounts vs. certificates of deposit (CDs)

Certificates of deposit, or CDs, are another form of long-term deposit account. But unlike savings accounts, which limit how many times you can withdraw money each month, a CD “locks up” your funds for a defined period of time. At the end of that time you get back everything you deposited plus the interest, with many CDs earning 5% APY or more.

Our methodology

The Fortune Recommends^TM team compared over 24 checking accounts across major banks, credit unions, and online-only banks to help you find the highest checking account bonus and the best account overall for your financial needs. Our top picks are available to customers across the U.S. no matter where you’re located, subject to the terms of each checking account.

To determine which account offered the best bonus, among other features, we ranked the best accounts in the following categories and weighted each category as outlined in the percentages below:

• Bonus amount (40%): Many banks and credit unions offer a cash bonus for opening a new checking account. In some cases, account holders must meet certain balance requirements, sign up for direct deposit, or make a certain number of qualifying purchases using their debit card to qualify. Bonus offers are for a limited time. We favored checking accounts that offered higher bonuses.
• Direct deposit amount (20%): Most banks require you to set up direct deposit in order to receive a bonus—this guarantees to them that you’re using the account and that they’ll have money coming in regularly. We favored banks that don’t have enormous direct deposit requirements in order to receive the bonus.
• Time frame for direct deposit (10%): Most banks have set time frames in which the customer must set up and receive a certain threshold of direct deposit amounts to get their bonus. We rate smaller time frames as less attractive to the consumer.
• Total potential bonus (10%): Some banks offer extra bonuses if you open up multiple accounts, like a savings account along with a checking account. We’ve rated banks that give you multiple bonus opportunities higher.
• Minimum opening deposit (5%): Some financial institutions require a deposit amount when you open your account. We rate a higher opening deposit as less attractive.
• Monthly fees (5%): Some banks charge monthly maintenance fees. We ranked banks with lower (or zero) monthly fees higher on the list.
• Annual percentage yield (APY) on your account balance (5%): This percentage represents the real rate of return on your balance; the higher the APY, the better.
• Customer service (5%): Top picks offer customers three ways to get in contact: chat support, phone, or even email. Among the three options, we gave phone support the most weight.

We think that the best checking accounts offer a lucrative bonus, low or zero monthly service fees, low or no minimum balance requirements, and the ability to earn interest on your balance. The bonuses, rates, fees, and minimum balance requirements on these checking accounts are available for a limited time. APYs are subject to fluctuation, which could impact how much interest you earn. All the banks and credit unions on this list are insured by the FDIC and NCUA, respectively.

Dig deeper: learn more about our banking methodology.

Frequently asked questions