When researching new bank accounts, you may find some that offer sign-up bonuses — or cash rewards for opening an account and depositing some money — and wonder if it’s worthwhile. The answer is: It depends. This can make a bank account seem more attractive because of the quick payout, but it’s important to think about the long-term value of a bank account before opening it.
Are bank bonuses worth it for you? They can be if the bank also offers other features that align with your needs, like a high interest rate, no monthly fees, a large ATM network, and cash back rewards.
But in other cases, they may wind up just being an incentive that leads you into an arrangement that involves, say, high fees and low interest rates.
Read on for a closer look at how bank account bonuses work, their pros and cons, and how to determine if they’re worth it.
Key Points
• Bank account bonuses offer financial incentives for opening new accounts, and can range from $100 to over $600.
• Bonuses are typically available to new customers or those who haven’t had an account for several years.
• Requirements to earn bonuses often include setting up direct deposits, meeting a minimum deposit threshold, or making minimum spends.
• The evaluation period to meet bonus criteria can last from a few weeks to a year.
• Closing an account too soon may result in the bank reclaiming all or part of the bonus.
What Is a Bank Account Bonus?
A bank account bonus is a reward that customers generally earn for opening a bank account, such as a checking account or savings account, and meeting specific criteria during a set period. That might include setting up direct deposit, funding the account with a set amount of cash, using your new debit card a certain number of times, or meeting a specific spend threshold.
Bank account bonuses can vary in size, with some banks offering $100 and others offering $600 or more.
Banks may offer other types of bonuses, but sign-up bonuses are the most common and are meant to entice you to open a new bank account.
Note: Banks generally offer bonuses during promotional periods that last a set number of months. At the end of that period, they may choose to extend the bonus, end it, or offer a new bonus that could be more (or less) valuable than the preceding one.
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How Do Bank Account Bonuses Work?
A traditional sign-up checking account bonus generally requires that you are a new client of the bank — or haven’t had an account with the bank for a set number of years. Each bank will have varying criteria to earn the bonus. Depending on the bank, you might:
• Simply need to set up and receive qualifying direct deposits
• Deposit a certain amount of money into the account (say, through an external bank transfer) and keep the account funded for a set number of days
• Use your debit card a set number of times or for a minimum spend amount in a given timeframe
• Pay a minimum amount of bills using the account
Evaluation periods for such bonuses may range from a few weeks to several months to an entire year. That means it could take a while to receive the sign-up bonus.
Some banks may also take back the bonus if you close the account too soon after receiving the bonus. That’s why it’s a good idea to read all the fine print for a bank bonus before opening a new account or switching banks.
What Are Some Common Bank Account Bonuses?
Here are some common bank account bonuses to watch for:
• New account bonus: A sign-up bonus, or new account bonus, is what we generally think of when we hear “bank bonus.” Consumers can earn these bonuses for opening a new account and meeting specific criteria.
• Referral bonus: Some banks may offer referral bonuses. Get friends and family to sign up for a new account, and you — and maybe your referral — can earn a cash bonus.
• Cash back bonuses: Though we often think of cash back with rewards credit cards, some banks may pay out cash back with debit cards. You might get a percentage back when you make qualifying purchases.
• Waived fees: Some bank accounts charge monthly service fees for keeping the account open. Often, these banks offer a way for you to have the fees waived — usually by maintaining a minimum balance, earning direct deposits, or meeting certain spending criteria. While you won’t earn cash, you’ll avoid paying fees; in that way, it’s like a bonus.
And don’t forget: Many banks offer sign-up bonuses on their credit cards as well. These also have their own criteria for earning the bonus that you may want to review before applying.
Pros of Bank Account Bonuses
Bank bonuses can be advantageous for consumers who are looking for a new account. Here are some of the pros:
Many Are Offered for Opening a New Account
Sign-up bonuses are a common form of bank bonus. Because the criteria are built around things you’d commonly do with a new checking account — setting up direct deposit, funding it with cash, using the debit card on everyday purchases — it can be easy to earn the bonus for activities you would’ve done anyway.
Bonuses Can Be Enough to Pay Off Potential Fees
While it’s wise to prioritize a bank account without any monthly fees, big bonuses can offset such fees for several months. And even if you find a bank account with no monthly fees, you may still end up paying:
• ATM fees
• Minimum balance fees
• Foreign transaction fees
Such occasional fees might be easier to swallow if you’ve already earned a bonus worth several hundreds of dollars.
Bonuses Can Help You Build Your Savings
If you earn a bonus for opening a new savings account, you can keep that money in your account where it will continue to earn interest. This makes bank account bonuses an easy way to jump-start your savings, whether you’re building an emergency fund or saving for a wedding, house down payment, or vacation.
Recommended: Different Types of Savings Accounts
Cons of Bank Account Bonuses
While it’s hard to imagine how free money could be a bad thing, bank account bonuses may have drawbacks for certain consumers. Here are some considerations as you decide if bank bonuses are worth it.
Bonuses Are Considered Taxable Income
First and foremost, a bank account bonus is never as big as it sounds. Here’s why: because Uncle Sam takes his cut. The IRS considers bank account bonuses earned income, just like any interest you earn on the account.
You Might Pay More in Fees
Sign-up bonuses are meant to entice you to open a new account, but it’s a good idea to consider the account as a whole before moving forward. While a shiny sign-up bonus may offer you money up front, consider how much you’ll spend on fees (or how much you’ll miss out on in interest if it’s a low-interest account).
Once you factor in fees and missed earning opportunities, a bank account offering even a large bonus may not be the best long-term option for you.
There Are Often Many Requirements to Receive the Bonus
Sign-up bonuses often come with specific requirements, such as minimum deposit amounts, minimum on-going balance requirements, and/or direct deposit requirements. If you’ll struggle to meet all the criteria, it probably doesn’t make sense to open the account for the bonus alone.
Is It Worth It to Switch Banks for a Bonus?
So are bank account bonuses worth it? That depends on your needs. If you’re happy with your current bank and like all the features it offers, it may not be worth the hassle to switch.
But if you have other reasons to switch banks right now — like you want a higher interest rate, better mobile app, or fee-free overdraft — it could be worth your time to compare bank bonuses and make the switch.
That said, sign-up bonuses are a one-time benefit. It’s a good idea to weigh other features, like annual percentage yield (APY), monthly fees, mobile banking features, and ATM access, along with new account bonuses when making your decision.
The Takeaway
Bank bonuses can be easy to earn and may offer a great jump-start to your savings. For most consumers, however, it makes sense to consider sign-up bonuses alongside other important banking features, like interest rates and fees, to make a sound financial decision.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
FAQ
How can I qualify for a bank account bonus?
Banks offering sign-up bonuses for new accounts have specific terms and conditions to achieve the bonus. Read the fine print of any bank account bonus program to ensure you understand all the steps you need to take to qualify for the bonus.
What are the different types of bank bonuses?
The most common type of bank bonus is a sign-up bonus, which some banks offer when you open a new account and meet certain criteria during an evaluation period. Some banks may also offer referral bonuses for getting friends and family members to open an account, cash back bonuses when you swipe your debit card, and waived accounts fees for meeting criteria every month (which is similar to a bonus).
Banks might also have unique credit card rewards, like sign-up bonuses and cash back, travel points, or miles with every swipe.
Does SoFi offer a bank account bonus?
SoFi may offer a bank account bonus to new members when they sign up for the SoFi Checking and Savings Account; it may require setting up direct deposit. Check here to see what may be available right now.
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SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.
Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.
Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.
See additional details at https://www.sofi.com/legal/banking-rate-sheet.
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