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Best Bank Bonuses and Promotions of 2020

| Money Rates Columnist.

cash-dollarIf you're planning to open a bank account, one thing to consider is whether there are any bonuses being offered to new customers.

Getting a bank bonus or a bonus from a credit union could be an easy way to make some extra money when you're opening a personal checking account or savings account.

But which checking and savings account options are the most rewarding for 2020 if you're interested in receiving cash bonuses? We've done the research for you to find the best bank offers and promotions for 2020.


Bank of America Advantage Banking: $100 Bonus

Bank of America offers a $100 bonus when you open a new Advantage SafeBalance, Plus or Relationship checking account. This bonus is available only when you open a new account online.

How to qualify:

  • Open an eligible Advantage Banking account with the minimum deposit ($25 for SafeBalance; $100 for Plus and Relationship checking) by June 30, 2020
  • Set up and receive two qualifying direct deposits of $250 or more each within 90 days of opening your account

Offer terms and conditions:

  • $100 bonus is deposited to your account within 60 days of meeting the qualification requirements
  • This offer is not available if you were the owner or co-owner of a Bank of America personal checking account within the last six months

Capital One Performance Savings: $500 Bonus

Capital One offers a bonus of up to $500 when you open a new 360 Performance Savings Account. On top of the bonus, you can also enjoy one of the most competitive APYs around for online savings accounts - and it applies to all balances.

This offer applies to new savings accounts only and can't be combined with other promotional offers. There are no monthly maintenance fees or minimum balance requirements to open an account, but there is a minimum balance requirement to qualify for the $500 cash bonus.

How to qualify:

  • Open a new 360 Performance Savings Account through the Capital One website by June 10, 2020
  • Earn a $100 cash bonus for every $10,000 you deposit (up to $500) by June 10, 2020

Offer terms and conditions:

  • Bonus cash will be deposited to your account within 60 days of completing the offer requirements
  • You will not qualify for a cash bonus if your daily balance dips below $10,000
  • You also cannot receive the bonus if your account is in default, closed or suspended

Chase Premier Plus Checking: $300 Bonus

The Chase Premier Plus Checking account features one of the best checking offers around. When you open your account, you can get up to a $300 bonus. Plus, you can also earn interest on your personal checking account balance.

This account requires an average minimum daily balance of $15,000 to avoid the $25 monthly service fee. You can also avoid the fee by scheduling automatic payments from your account to your Chase mortgage.

How to qualify:

  • Open a Chase Premier Plus Checking account online before July 20, 2020
  • Make your first direct deposit into this account within 90 days

Offer terms and conditions:

  • $300 bonus offer is credited to your account within 10 business days of making a qualifying direct deposit
  • You're ineligible for the bonus if you had a Chase checking account within the last 90 days or had a Chase checking account closed with a negative balance
  • Your account must remain open for at least 6 months to keep the bonus

Chase Total Checking: $200 Bonus

The Chase Total Checking account also features one of the best bonuses when you open a new account. You can get a $200 bonus at account-opening with a qualifying direct deposit.

This account has a $12 monthly service fee which you can avoid by scheduling a recurring direct deposit of $500, maintaining a minimum daily balance of $1,500 or maintaining an average balance of $5,000 across all linked Chase accounts.

How to qualify:

  • Open a Chase Total Checking account online or at a Chase branch by July 20, 2020
  • Set up a qualifying direct deposit to the account within 90 days

Offer terms and conditions:

  • $200 bonus is deposited into your account within 10 business days of making a direct deposit
  • This offer is not available if you had a Chase checking account in the previous 90 days or closed a Chase account with a negative balance
  • Your account must remain open for at least 6 months to keep the bonus

Citibank: Up to $700

Citibank has one of the best bonuses offered by any bank or credit union. There are three separate checking offers, ranging from $200 to $700 in cash bonuses.

To nab these bank bonus deals, you have to open at least a checking account (though some banking package offers require a checking and savings account). Each one has different direct deposit requirements to be eligible.

How to qualify:

  • To earn a $200 bonus, open a new personal checking account in the Basic Banking package by June 30, 2020, deposit a minimum of $5,000 within 30 days and maintain a $5,000 minimum balance for 60 consecutive calendar days
  • To earn a $400 bonus, open eligible checking and savings accounts in the Citibank Account package by June 30, 2020, deposit a minimum of $15,000 within 30 days and maintain a combined balance of $15,000 for 60 consecutive calendar days
  • To earn a $700 bonus, open eligible checking and savings accounts in the Citi Priority package by June 30, 2020, deposit a minimum of $50,000 within 30 days and maintain a combined balance of $50,000 for 60 consecutive calendar days

Offer terms and conditions:

  • Bonuses are credited to you account within 90 days of qualifying
  • This offer is not available if you had a Citibank checking account within the previous 180 days

HSBC Premier Checking Account: Up to $700

The HSBC Premier Checking account offers two ways to earn a bank bonus, with bonuses offered to total up to $700 in value. Both checking offers are available exclusively online.

The HSBC Premier Checking account is unique since there are no fees on everyday banking transactions, no wire transfer fees, no foreign transaction fees and no ATM fees. There is a $50 monthly maintenance fee unless you have monthly recurring direct deposits of at least $5,000 or a combined balance of $75,000 in your HSBC bank accounts.

How to qualify:

  • Open an HSBC Premier Checking account online by June 29, 2020
  • Make recurring direct deposits of $5,000 or more for three consecutive months to receive a $475 welcome deposit
  • OR, set up qualifying direct deposits and enjoy a 3% cash bonus, up to $700, on qualifying direct deposits made in the first six months after account-opening

Offer terms and conditions:

  • $475 welcome deposit is added to your account within eight weeks of qualifying
  • This offer is not available if you had an HSBC consumer deposit or investment account from March 29, 2017 through March 29, 2020

HSBC Advance Checking Account: Up to $270

The HSBC Advance Checking account offers a sign-up bonus of up to $270 for qualifying new account holders. You may consider this account if you can't meet the higher minimum balance requirement to avoid the monthly fee for the HSBC Premier Checking account.

There's a monthly maintenance fee of $25 for this account. But it can be avoided by maintaining a combined balance of $5,000 or more across your HSBC accounts, scheduling a monthly recurring direct deposit or having an HSBC mortgage loan.

How to qualify:

  • Open a new HSBC Advance Checking account online by June 29, 2020
  • Set up qualifying direct deposits to your account
  • Earn a 3% cash bonus on those deposits, up to $50 per month and $270 total, during the first six calendar months after account-opening
  • OR, get a welcome deposit of $225

Offer terms and conditions:

  • $225 welcome deposit or $270 cash back bonus is added to your account within eight weeks of qualifying
  • This offer is not available if you had an HSBC consumer deposit or investment account from March 29, 2017 through March 29, 2020

TD Bank Beyond Checking: $300 Bonus

TD Bank Beyond Checking offers a $300 bonus to eligible new account holders. It's one of the most generous bonus offers you'll find if you're able to meet the direct deposit requirements.

There's no minimum deposit required to open this account, but there are requirements to avoid the $25 monthly fee. You can avoid the fee by scheduling $5,000 or more in direct deposits per statement cycle, maintaining a $2,500 minimum daily balance or keeping a $25,000 minimum balance across all TD Bank accounts, including loans and mortgages but excluding credit cards.

How to qualify:

  • Open a new TD Bank Beyond Checking account online or at a TD Bank branch
  • Direct deposit $2,500 or more into the account within 60 days of opening

Offer terms and conditions:

  • $300 bonus is deposited to your account within 95 days of qualifying
  • You can't qualify for this offer if you already have a TD Bank personal checking account

TD Bank Convenience Checking: $150 Bonus

If you're looking for a checking account with a smaller direct deposit requirement, you might consider the TD Bank Convenience Checking account instead. This account comes with a bank bonus of $150 for eligible new customers.

To avoid the $15 monthly maintenance fee for this account, you just need to maintain a minimum balance of $100.

How to qualify:

  • Open a new TD Bank Convenience Checking account online or at a TD Bank branch
  • Direct deposit $500 or more into the account within 60 days of opening

Offer terms and conditions:

  • $150 bonus is deposited to your account within 95 days of qualifying
  • You can't qualify for this offer if you already have a TD Bank personal checking account

Read the Fine Print on Bank Bonus Offers

Banks and credit unions regularly update the terms for bonus offers, so it's important to know what you're getting and what's required before opening a new account.

In addition to the minimum opening deposit requirements and direct deposit requirements, also pay attention to what you need to do to avoid a monthly maintenance fee.

Finally, remember that not all bank bonus offers and promotions may be available in every state.

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