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If you’re like me, you get annoyed that your bank charges you fees to use your money to make them more money (which they do.) So, forget that noise and instead, make the banks pay you for opening a new account. This is called a bank promotion, and we gathered the best bank promotions from popular banks below.
As long as you know how it works — things like minimum balances and deposit amounts, direct deposit requirements, and a minimum length of time to keep a new account open — you stand to reap rewards. You just might have to channel a little patience as you learn how to navigate this. Yep, free money takes some effort, but hey, it’s still free money.
And as always, we’re here to help. Here are the best bank promotions from banks that are making it rain, paying you hundreds for your business. The way it should be.
For more smart shopping tips and savings hacks, text HACKS to 57299 or download the Krazy Coupon Lady app.
The Best Bank Promotions Happening Now
1. Earn up to $500 when you open a new KeyBank account.
KeyBank currently has a bank promotion where you can get $200 or $500 for opening a new Key checking account. The difference between the two is how much you need to deposit in order to open the account. I’ll break it down:
Key Smart Checking Account: Earn $200
- Use offer code ONAT0623.
- Make a $10 minimum deposit.
- Within the first 60 days, set up one direct deposit of at least $500.
Key Select Checking Account: Earn $500
- Use offer code ONTT0623.
- Make a $50 minimum deposit.
- Deposit at least $25,000 into the account within 60 days.
- Maintain a $25,000 minimum balance for at least 60 days.
2. Sign up for a new Bank of America account and earn $100.
To get $100 as a new Bank of America customer, sign up through their offer page before August 31, 2023.
Once you’ve done that, set up a direct deposit in the minimum amount of $1,000 within 90 days.
3. Get $200 – $2,000 with your new Citibank checking account.
Full disclosure here, the only way to earn that higher-tiered cash incentive is to deposit a lot of money in your new Citibank account. Otherwise, it’s pretty easy and earnings depend on how much money you deposit (and that you follow the criteria — namely, maintain that minimum balance for at least 60 days).
- Earn $200 by depositing at least $10,000.
- Earn $500 by depositing at least $30,000.
- Earn $1,000 by depositing at least $75,000.
- Earn $1,500 by depositing at least $200,000.
- Earn $2,000 by depositing at least $300,000.
This promotion is good through July 23, 2023
4. Refer a friend to TD Bank and you both get a $50 checking account bonus (up to 10 friends a year).
If you refer a friend or family member to open a TD Bank personal checking account with some stipulations, you can both get a $50 bonus. You can refer up to 10 friends per year, which shakes out to an extra $500 per year for you.
- Complete the referral form and send it to your friend or family member.
- Once they open a personal checking account with the form and either make a $250 direct deposit or purchase with their debit card 15 times within the first 60 days, you will both receive a $50 bonus.
5. Wells Fargo is giving a $300 bonus for opening a new account for select members.
If you live in Denver, CO; Houston, TX; Miami, FL; Orlando, FL; Phoenix, AZ; Seattle, WA and open a new Wells Fargo Everyday Checking account at a participating branch either online or in-branch, you’re eligible for this offer.
Here are more rules:
- Fund your new checking account with a minimum opening deposit of $25.
- Receive a total of $1,000 or more in qualifying direct deposits to the new checking account within 90 days from account opening (the “qualification period”).
This promotion expires on September 26, 2023.
6. Earn up to $250 when you open a SoFi account.
If you open a SoFi checking account and set up a monthly direct deposit of $1,000 or more, you can get free money.
In the 25 days after you open the account, make sure you set up direct deposits that total $1,000 – $5,000. In order to get the full $250, you need to have direct deposits that reach $5,000. Direct deposits that total $1,000 – $4,999.99 will earn you $50.
This promotion ends on December 31, 2023.
7. Open a new Chase account and get a bonus of up to $600.
In June and July 2023, Chase offered a new checking account bonus as long as you follow a few simple rules.
- Get $200 when you open a Chase savings account.
- Get $300 when you open a Chase checking account.
- Get a $100 bonus when you open both at the same time.
- Set up direct deposit within the first 90 days of opening the account.
- Keep at least $1,500 in the account, or have at least $5,000 in your combined accounts to avoid the $12 per month fee.
This promotion expired on July 19, 2023. We’ll keep this post updated if comes back again.
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BONUS: Get $20 when you set up an Acorns savings account.
Besides sharing the best bank promotions, we wanted to share another way to save money via investing. Acorns is an app designed to simplify investing for people who want to dip their toes into investments without having to learn a lot of information in order to do it. You’ll invest your spare change by linking your debit or credit card to the app. Acorns rounds up your everyday purchases to the nearest dollar and automatically invests the difference in a diverse range of low-cost exchange-traded funds.
Here’s how to get the $20 offer:
- Use KCL’s link to go to Acorns’ website.
- Click the black “Get my $20 bonus” button.
- Create an account with an email and password.
- Link your bank account and invest at least $5 in recurring investments to be eligible for the $20 bonus. (Your bonus will get credited to your account within 10 days of the following month.)