Banks and credit unions offer incentives to open a new account. Open a checking account and collect a few hundred dollars. Route your paycheck their way and collect a bit more.
Some offers waive monthly fees; others tier the reward so you earn once for the checking account and again for opening a savings account beside it. The pitch behind all of them is essentially the same. Bring your money here, and we will pay you to do it.
Almost every offer sets a hurdle you clear before receiving any cash bonus. The bank may require a minimum opening deposit, a balance left untouched for a few months, a recurring direct deposit, or a set number of debit-card transactions.
Some hurdles are harder to clear than others. Skip right over the first one if you think it’s too high.
Got $500,000 for a rainy day?
Half a million dollars gets you a $3,000 cash bonus, the top of a three-tier offer from Chase Private Client, the bank’s service for its wealthier customers. Or should we say, its customers-to-be, because that’s the reason for the bonus.
To get it, account holders transfer $500,000 into the new account within 45 days of enrolling and keep it there until 90 days after enrolling. It’s possible to open with lesser amounts, too: $250,000 earns $2,000, and $150,000 earns $1,000. The money cannot come from an existing Chase account.
The offer runs through Jan. 27, 2027, according to the Chase website.
Some may think of it as a “catch,” but it is a clever way of cementing a new premium checking and banking relationship. Chase Private Client is aimed at households that already hold six figures in cash or investments, and the bonus is the incentive to bring those assets over.
Members get a dedicated banker who works alongside a J.P. Morgan Wealth Management advisor, plus waived fees on wire transfers and out-of-network ATMs, relationship pricing on Chase home and auto loans, higher transaction limits, and invitations to members-only events.
How about $400?
You don’t need to sell your house to switch to a better bank account and get a cash bonus. Online banks may not have the long history of traditional brick-and-mortar banks, but there are now many established online banking services that offer you convenience, no monthly checking fees, and a way to earn on your savings without losing easy access.
SoFi offers a combined checking-and-savings account with no account fees. With eligible direct deposit or $5,000+ in qualifying deposits every 31 days, you can earn 3.10% APY on savings, which is many times the national average, plus 0.90% APY on checking.
New members may also qualify for a limited-time APY boost that lifts savings up to 4.00% APY for up to six months. (APYs are variable and can change at any time.)
New members who set up qualifying direct deposit may also be eligible for a cash bonus of up to $400, based on the amount deposited. Terms apply — see details. Check out SoFi today.
Earn up to 3.80% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.10% APY as of 5/28/26) for up to 6 months. Open your first SoFi Checking and Savings account between 3/31/26 and 12/31/26, then within 60 days of account opening receive an eligible direct deposit OR $5,000 or more in qualifying deposits. You must maintain eligible direct deposit or $5,000 in qualifying deposits every 31 days to keep the Boost, for up to 6 months. Rates variable, subject to change.
Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
Money you keep safe should still earn
Chase Private Client is for individuals with substantial cash to spare who want a hands-on banking relationship to go with it. Most people don’t have a spare $500,000 and simply need a safe place to earn interest on money they don’t need immediately.
For everyone else, a signup bonus, whatever the size, is a perfectly valid reason to open an account. A healthy rate is a good reason to keep it. For an emergency fund, which has to stay safe and within reach, the right high-interest savings account keeps earning long after the welcome bonus is gone.
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