Bank account sign-up bonuses

Chase's offer page pays $400 to new Total Checking customers who receive $1,000 in direct deposits within 90 days, and says the bonus posts within 15 days after that. The account costs $15 a month unless you meet a waiver. Capital One pays $250 within 135 days of opening, with a debit-card route that needs no direct deposit. SoFi pays $400 for $5,000 in direct deposits, within 7 business days of completing requirements.

Chase allows one bonus every two years, and Capital One excludes people who had its checking on or after January 1, 2024.

How bank bonuses pay out

The bank pays you, not a platform, after you open an account and meet its requirement. Chase and SoFi require direct deposits. Capital One's offer page has a debit route that instead needs 20 transactions of $10 or more within 75 days.

Referral bonuses work separately. Chime's help center says a referred friend must get a single $200 or larger direct deposit within 45 days and activate a physical card within 14 days. It caps rewards at 10 successful referrals per calendar year, and the referrer's bonus varies.

What a bank bonus is worth

These are the advertised bonuses on each bank's offer page, plus Chase's referral reward.

Each figure is a one-time payment before fees and taxes.

Where the hours go

The unpaid time is the application and identity checks, asking your employer to change where your pay goes, and the wait for the bonus to post. Hours spent on one offer don't build into steady income.

What it costs to start

Most people already have a paycheck to redirect. Chase's $15 monthly fee is waived each statement period if you meet one option, such as $500 or more in electronic deposits. Citi's checking page says its waiver threshold changes on 1/1/2027.

Where to find offers

Capital One also runs a student-branded offer on its student page, open to anyone 18 or older for accounts opened on or after Sept. 8, 2026, subject to approval. That page says the bonus pays within 60 days after the offer ends, while the main offer page says within 135 days of opening. Confirm timing on the page you apply through. Chase's referral reward is $50 per account, up to $500 per calendar year.

Taxes, insurance and eligibility rules

Taxes. IRS Topic 403 says bank account interest is taxable and must be reported even if you get no Form 1099, and that a 1099-INT is expected at $10 or more. The IRS's Form 1099-INT page gives the same $10 filing threshold for payers. Banks classify bonuses differently: Chase and Capital One say Form 1099-INT, while SoFi calls its bonus taxable miscellaneous income that may be reported on Form 1099-MISC. Chase says referral bonuses may be reported as miscellaneous income.

Deposit insurance. The FDIC says standard coverage is $250,000 per depositor, per insured bank, per ownership category, and that coverage is automatic at insured banks with nothing to buy.

Eligibility. Offers are for new customers, as each bank's terms define them. Online applicants to Citi must be 18 or older, a U.S. citizen or resident alien, with a U.S. physical address.

Risks and red flags

Open at payout. Chase, Capital One and SoFi all require the account to be open, and in good standing or unrestricted, when the bonus posts. Wells Fargo's terms say it may close or restrict the account and reverse the bonus if it suspects promotional abuse.

Screening records. The CFPB says an unpaid negative balance that leads to involuntary closure, or suspected fraud, can put negative information in checking screening files such as ChexSystems and Early Warning.

Offers change. TD Bank says it may withdraw its offer at any time and shows an end date of November 30, 2026. Wells Fargo may change or discontinue its offer without notice. Chase's page lists an expiration of 01/27/2027. Confirm the terms on the day you open.

Who this fits, and who should skip it

Good fit

• Your pay or benefits can be sent to a new account by direct deposit, which most offers require.
• You haven't held checking at the bank: Capital One excludes earlier customers, and SoFi wants members who have never set up direct deposit with it.
• You can wait weeks for a one-time payment.

Skip it if

• You need cash this week. Paid online surveys and paid research studies need no new account or direct deposit.
• Your income arrives by check, P2P app or bank transfer. SoFi doesn't count those toward its bonus.
• You want repeatable income. Chase pays one bonus every two years, while paid website and app user testing pays per test.
• You might leave a negative balance unpaid, which the CFPB links to screening-file problems.

How to start

1. Open the bank's own offer page and note the requirement, deadline and expiration: Chase, Capital One or SoFi.
2. Check that you count as a new customer under that bank's terms, including SoFi's rule about never having set up direct deposit with it.
3. Confirm the bank is insured on the FDIC's deposit insurance page.
4. Read how the bank defines a qualifying deposit before you change payroll. Capital One's offer page excludes self-initiated transfers.
5. If you choose Chase, pick the fee waiver you will meet every statement period, using Chase's fee terms.
6. Set a reminder to check that the bonus posted, and keep any tax form for filing. IRS Topic 403 explains how interest is reported.