The 10 best checking account bonuses for July 2024: earn up to $700
Abigail Rueger is a deputy editor on the banking team at Fortune Recommends. She is passionate about personal finance and offering consumers actionable steps for making positive life changes. Prior to joining Fortune, Abigail spent four years as an editor for Choosing Therapy, a startup dedicated to providing the best mental health information on the web.
Cassie is the business and banking editor at Fortune Recommends. She obtained her degree from Northern Kentucky University and is a certified SCRUM master. Prior to joining the team at Fortune Recommends, Cassie was a deputy editor at Forbes Advisor and a Central Operations Project Manager at Fit Small Business.
Supercharge your money by choosing a free checking account that offers a cash bonus: you’ll get a place to park your savings and earn extra cash. Some of the best checking account bonuses offer up to $700 but to earn the cash bonus, you’ll likely need to meet certain requirements, such as making a certain number of direct deposits within a few months of account opening.
To save you time and effort, the Fortune Recommends™ editorial team reviewed more than 24 checking accounts offering bonuses and put together our top 10 picks. We analyzed factors like bonus amounts, minimum balance requirements, annual percentage yields (APYs), and customer service options to bring you the best offers on the market.
| Bank & account | Bonus amount | Direct deposit required | Time frame for deposits | Learn more |
|---|---|---|---|---|
| Featured partner SoFi: Better Online Bank | Up to $300* | $5,000 | 25 days | View offer at SoFi |
| Axos Bank: Rewards Checking | Up to $500 | $5,000 | 30 days | View offer at Axos Bank |
| Huntington National Bank: Perks Checking Account | $400 | At least one qualifying direct deposit | 90 | Read our review |
| Laurel Road: Rewards Checking | $300 | $2,500 | 60 | View offer at Fiona |
| Truist: Truist One Checking | $400 | $500 | 90 | Read our review |
| BMO: Relationship Checking | $500 | $7,500 | 90 days | View offer at Fiona |
| Valley Bank: All Access Rewards Checking | $240 ($20/month for first year) | $750/month | 30 | View offer at Fiona |
| Chase: Chase Total Checking | $300 | $500 | 90 days | Read our review |
| Wells Fargo: Everyday Checking account | $300 | $1,000 | 90 | Read our review |
| Key Bank: Key Smart Checking | $200 | $500 | 60 days | View offer at Key Bank |
| Featured partner SoFi: Better Online Bank | View offer at SoFi |
|---|---|
| Bonus amount | Up to $300* |
| Direct deposit required | $5,000 |
| Time frame for deposits | 25 days |
| Axos Bank: Rewards Checking | View offer at Axos Bank |
| Bonus amount | Up to $500 |
| Direct deposit required | $5,000 |
| Time frame for deposits | 30 days |
| Huntington National Bank: Perks Checking Account | Read our review |
| Bonus amount | $400 |
| Direct deposit required | At least one qualifying direct deposit |
| Time frame for deposits | 90 |
| Laurel Road: Rewards Checking | View offer at Fiona |
| Bonus amount | $300 |
| Direct deposit required | $2,500 |
| Time frame for deposits | 60 |
| Truist: Truist One Checking | Read our review |
| Bonus amount | $400 |
| Direct deposit required | $500 |
| Time frame for deposits | 90 |
| BMO: Relationship Checking | View offer at Fiona |
| Bonus amount | $500 |
| Direct deposit required | $7,500 |
| Time frame for deposits | 90 days |
| Valley Bank: All Access Rewards Checking | View offer at Fiona |
| Bonus amount | $240 ($20/month for first year) |
| Direct deposit required | $750/month |
| Time frame for deposits | 30 |
| Chase: Chase Total Checking | Read our review |
| Bonus amount | $300 |
| Direct deposit required | $500 |
| Time frame for deposits | 90 days |
| Wells Fargo: Everyday Checking account | Read our review |
| Bonus amount | $300 |
| Direct deposit required | $1,000 |
| Time frame for deposits | 90 |
| Key Bank: Key Smart Checking | View offer at Key Bank |
| Bonus amount | $200 |
| Direct deposit required | $500 |
| Time frame for deposits | 60 days |
Bonuses were last updated on July 3, 2024, and are subject to change. Read our full methodology here.
The 10 best checking account bonuses of July 2024
Note: The numbers in our list below are up to date as of July 3, 2024, and are subject to change.
SoFi Checking & Savings
| APY | Up to 4.60%* |
| Minimum Balance Required to Earn APY | $0 |
| Minimum Opening Deposit | $0 |
| Monthly Maintenance Fee | None |
Why we picked it
SoFi offers a $300 bonus for any new customer opening a Better Online Bank Account who can put at least $5,000 of direct deposits into the account within 25 days. SoFi also offers a generous 0.50% APY, the highest on our list. There are no monthly fees or minimum deposits, making this account a great option for every-day banking.
This offer expires on December 31, 2024.
Learn more: read our SoFi review
*New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.60% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Axos Bank: Rewards Checking
Best for: Those looking for a high APY
QUALIFYING ACTIVITY
Requires a $5,000 direct deposit within 30 days of opening the account| Offer expiration date: | 7/31/24 |
| Bonus amount: | Up to $500 |
| Monthly fee: | $0 |
at Axos
- Minimum opening deposit: $0
- APY: 3.30%
- Monthly maintenance fee: $0
- Minimum balance required to earn APY: $1,500
- Monthly balance requirements: $0
- ATM Reimbursement: Unlimited domestic ATM fee reimbursements
- Size of ATM network: Approximately 91,000 with unlimited domestic ATM fee reimbursements
at Axos
Why we picked it
While the Axos Rewards Checking account bonus has more requirements than other banks on our list, customers who qualify can score a generous Up to $500 bonus if you use promo code RC500 before July 31, 2024 and have qualifying direct deposits. However, if you don’t receive at least $5,000 worth of qualifying direct deposits each month, it’s probably not the best choice for you. Those aren’t the only requirements either. You’ll also need to maintain a minimum average daily balance of $7,000.
However, for those who are able to meet those high standards, there’s a generous Up to $500 bonus and no monthly fees.
This offer expires on July 31, 2024.
Learn more: read our Axos review
Huntington Bank: Perks Checking
Best for: Those who don’t mind a small fee to get a nice bonus
QUALIFYING ACTIVITY
Requires a direct deposit within 90 days of opening the account, but the amount isn’t specified online| Offer expiration date: | 6/7/24 |
| Bonus amount: | $400 |
| Monthly fee: | $10 |
- Minimum opening deposit: $0
- APY: 0.02%
- Minimum balance required to earn APY: Applies to all balance tiers
- Size of ATM network: 1,434 Huntington ATMS, but five free withdrawals at any non-Huntington ATMS with the Huntington Perks Checking account and unlimited withdrawals with Platinum Perks Checking
Why we picked it
Huntington is offering a bonus for two of their checking accounts: Perks Checking and Platinum Perks Checking. Neither account has a minimum opening deposit, which makes it a solid option if you’re starting to build your savings. However, to open an account, you’ll have to pay a maintenance fee unless you meet certain requirements every month.
To avoid the $10 monthly fee on the Perks Checking account, you must make deposits totaling $1,000 monthly or maintain a total relationship balance of at least $5,000 eligible deposits or investments held through Huntington Bank or Huntington Financial Advisors.
For the Platinum Perks Checking, the $25 monthly fee is waived by having a balance of at least $25,000 in eligible deposits or investments held through Huntington Bank or Huntington Financial Advisors.
The Perks Checking account has a $400 bonus. To get the bonus, you’ll just need to make at least one qualifying direct deposit within 90 days of coupon enrollment and then keep the account open for 90 days.
If you opt for the Platinum Perks Checking account, you’ll receive a larger bonus of $600, but you’ll need to receive a much higher amount in direct deposits. To qualify, you must make direct deposits totaling at least $25,000 within 90 days of account opening, then keep the account open for 90 days.
This offer expires on October 7, 2024.
Learn more: read our Huntington Bank review
Laurel Road: Rewards Checking
Best for: If you have $2,500 monthly in direct deposit
QUALIFYING ACTIVITY
Requires direct deposits of at least $2,500 within 60 days of opening the account. Continue making $2,500 in direct deposit every month to get an additional $20 your first year.| Offer expiration date: | 7/31/24 |
| Bonus amount: | $300 |
| Monthly fee: | $0 |
- Minimum opening deposit: $0
- APY: 0.01%
- Minimum balance required to earn APY: $0.01
- Size of ATM network: Over 40,000 fee-free locations
While it requires a relatively high direct deposit compared to some of the other accounts on this list, Laurel Road gives you the chance to earn up to $540—that’s $300 initially, plus an extra $20 per month for the first year of the account if you continue to add at least $2,500 every month in direct deposits. So, if this is your main checking account and you use direct deposit for work, this could be a simple way to get a little extra cash each month.
Also, while it’s not huge, the 0.01% APY also helps you keep the account growing, and since you only need a penny in the account to earn that APY, you don’t have to worry about keeping a hefty minimum daily balance. With no monthly fee, no minimum deposit required to open, and a high rating on its mobile apps, this account could be a solid option for someone in the market for an everyday checking option.
This offer expires on July 31, 2024.
Learn more: read our Laurel Road review
Truist: Truist One Checking
Best for: Regular debit card users
QUALIFYING ACTIVITY
Requires a $500 direct deposit within 90 days of opening the account, plus 15 debit card purchases| Offer expiration date: | 10/30/2024 |
| Bonus amount: | $400 |
| Monthly fee: | $12 |
- Minimum opening deposit: $500
- APY: 0.00%
- Size of ATM network: More than 3,000 fee-free ATMs
Why we picked it
Truist offers a $400 sign-on bonus with only $500 in direct deposits required within 90 days of signing up. Note, however, that you must also make at least 15 debit card purchases within that time frame to earn the bonus. So, if you’re a regular debit card user, that likely won’t be an issue.
The account doesn’t earn any interest and has a $12 monthly fee, though that is easy to waive if you meet one of the following qualifications:
- Make $500 or more in total qualifying Direct Deposits per statement cycle
- Maintain a combined monthly average balance of $500 or more across all eligible Truist accounts
- Have a personal Truist credit card, mortgage, or consumer loan
- Have a linked small business checking account
- Are a student under age 25
This offer expires October 30, 2024
Learn more: read our Truist review
BMO: Relationship Checking
Best for: High earners
QUALIFYING ACTIVITY
Requires a $7,500 direct deposit within 90 days of opening the account| Offer expiration date: | 9/9/24 |
| Bonus amount: | $500 |
| Monthly fee: | $25 |
- Minimum opening deposit: $25
- APY: 0.01%
- Minimum balance required to earn APY: $0.01
- Size of ATM network: 40,000
Why we picked it
The BMO Relationship Checking account offers a $500 bonus for those who can deposit at least $7,500 within 90 days. While it’s not a small sum, that timeline is longer than many other banks on this list.
The Relationship Checking account does have a $25 fee, but it can be waived if you meet any of these requirements:
- The minimum daily Ledger Balance in your account is $10,000 or more for the previous calendar month.
- You have a Monthly Combined Balance of $25,000 for the previous calendar month.
- You’re a client of the employee benefits program, Best of BMO U.S., and have requested a waiver from your BMO Banker.
This offer expires on September 9, 2024.
Learn more: read our BMO Bank review
Valley Bank: All Access Rewards Checking
Best for: Full-service online banking
QUALIFYING ACTIVITY
Requires a $750/month direct deposit to receive $20 per month| Offer expiration date: | Ongoing |
| Bonus amount: | $240 ($20/month for first year) |
| Monthly fee: | $0 |
- Minimum opening deposit: $100
- APY: 0.00%
- Size of ATM network: Over 230 fee-free ATMs
Why we picked it
Valley Bank offers a bonus of $20 per month for users who have at least $750 in monthly direct deposits, meaning you end up with a free $240 for banking with the institution. Qualifying direct deposits include payroll, pension, or Social Security payments and, during this first year, you won’t pay any maintenance charges. After the 12 months, your account will revert to a regular “All Access Checking” account, which has a $15 monthly fee that can be waived as long as the average daily balance is $99 or higher.
If you’re more interested in earning continuous interest instead of a bonus, Valley Bank also offers an “Interest Checking Plus” account. It earns 0.02% APY as long as you keep at least a penny in the account.
This offer is ongoing.
Learn more: read our Valley National Bank review
Chase Bank: Chase Total Checking
Best for: The average consumer who doesn’t mind a small fee
QUALIFYING ACTIVITY
Requires a $500 direct deposit within 90 days of opening the account| Offer expiration date: | 7/24/24 |
| Bonus amount: | $300 |
| Monthly fee: | $12 |
- Minimum opening deposit: $0
- APY: 0.00%
- Minimum balance required to earn APY: N/A
- Size of ATM network: 16,000
Why we picked it
Unlike some of the other banks on this list that have high minimum deposit thresholds, the Chase Total Checking account has a pretty reasonable requirement. To earn the $300 bonus, all you’ll need to do is receive qualified direct deposits totaling $500 or more within 90 days of signing up for the bonus. A qualified direct deposit would be an electronic deposit of a paycheck, government benefits, or pension.
While the Chase Total Checking account isn’t an interest-bearing account, it can be a free checking account option as long as you meet at least one of these three requirements every month:
- Receive electronic deposits totaling $500 worth or more
- Maintain a balance of $1,500 or more at the beginning of each day
- Have an average beginning day balance of $5,000 or more in this account and linked qualifying Chase checking, savings and other balances.
This offer expires on July 24, 2024.
Learn more: read our Chase Bank review
Wells Fargo: Everyday Checking
Best for: Those who can keep a $500 minimum balance to avoid fees
QUALIFYING ACTIVITY
Requires a $1,000 direct deposit within 90 days of opening the account| Offer expiration date: | 6/25/24 |
| Bonus amount: | $300 |
| Monthly fee: | $10 |
- Minimum opening deposit: $25
- APY: 0.00%
- Minimum balance required to earn APY: N/A
- Size of ATM network: Over 11,000
Why we picked it
When you sign up for the Wells Fargo Everyday Checking account, you could be eligible to receive a $300 bonus if you receive $1,000 worth of qualifying electronic direct deposits—like your salary and government benefits—within 90 days of account opening.
However, if you’re looking for a checking account that enables you to earn some extra interest, this account probably isn’t the best choice for you because it’s a non-interest bearing account. You should also be aware of the $10 monthly service fee, which is waived if you maintain a minimum daily balance of $500 or receive $500 or more of qualifying direct deposits each fee period.
This offer expires on September 25, 2024.
Learn more: read our Wells Fargo review
Key Bank: Key Smart Checking
Best for: Those who don’t mind a $10 opening deposit
QUALIFYING ACTIVITY
Requires a $500 direct deposit within 60 days of opening the account to receive the $200 bonus| Offer expiration date: | 7/19/24 |
| Bonus amount: | $200 |
| Monthly fee: | $0 |
at Key Bank
at Key Bank
- Minimum opening deposit: $10
- APY: 0.00%
- Minimum balance required to earn APY: No minimum
- Size of ATM network: 40,000+ KeyBank and Allpoint ATMs
at Key Bank
Why we picked it
Key Bank’s Key Smart Checking account offers a generous $200 bonus with a low minimum opening deposit of $10. It also made the list because the requirement for the bonus is reasonable, with only one direct deposit of $500 needed within 60 days of opening the account.
This offer expires on December 20, 2024.
Learn more: read our Key Bank review
What to know about checking account bonuses
Checking account bonuses are usually only available for a limited time and come with eligibility requirements, including making a minimum opening deposit, maintaining a minimum balance, and making a total dollar amount of direct deposits within the first few months of account ownership.
It’s important to carefully read the terms and conditions before signing up, as failure to meet the requirements means you miss out on the bonus. You should take the time to read up on the bank’s reviews—whether it’s on the Better Business Bureau or Trustpilot websites—to make sure it’s the right banking partner for you.
And you should expect to pay taxes on your checking account bonus because it’s considered taxable interest. You should receive a form from the bank and report the bonus amount to the IRS when you file taxes the following year.
How to choose the best checking account
When choosing a checking account, you’ll want to think carefully about the features and perks that matter most, as everyone’s spending and saving habits are different. You might consider these factors:
- APY: Are you hoping to earn interest on your balance? Or do you already have a high-yield savings account that does the job?
- Monthly fees: Do you mind paying monthly account fees in exchange for additional perks, or do you prefer to avoid the added expense with a free checking account?
- Bonus offers: Some banks sweeten the deal for new account holders by offering a bonus for opening a checking account. You shouldn’t open an account solely for the bonus, but it certainly doesn’t hurt to explore bonus offers and consider them when choosing a checking account.
- Minimum balance requirements: Pay attention to any minimum balance requirements highlighted within the terms of your checking account, and think about whether or not those requirements align with your spending habits. If you’re the kind of person who doesn’t let their balance fall below a certain threshold, a higher minimum balance requirement likely won’t be a dealbreaker. However, if you’re a big spender, this kind of stipulation could result in added fees and penalties.
Checking account alternatives
While getting a bonus on a new checking account is always a nice perk, this type of account isn’t ideal for every situation. Checking accounts typically don’t carry high interest rates, so if savings is your primary goal you should likely look elsewhere. Here are some options to consider:
Checking accounts vs. savings accounts
While these are the two most common types of accounts the average depositor holds, there are many differences between the two. Checking accounts allow for frequent withdrawals, at the cost of bearing very low interest rates.
By contrast, savings accounts are best for depositing funds that you won’t need access to for a while. There is typically a limit on the number of times you can withdraw from savings accounts each month, but in return you earn higher interest rates.
Checking accounts vs. money market accounts
Money market accounts are similar to checking accounts as they often come with debit cards or checkbooks, allowing you to withdraw funds easily when needed. However, unlike checking accounts, money market accounts, like savings accounts, may set limits on the number of withdrawals you can make per month.
A money market account may be the best fit for account holders who want to earn a higher APY and have some (but not unlimited) access to their funds. However, if you’re looking for an account that supports your everyday spending and plan to have a separate high-yield savings account for growing your money, a standard checking account might be a better option.
Checking accounts vs. certificates of deposit (CDs)
Certificates of deposit, or CDs, are another form of long-term deposit account. But unlike savings accounts, which limit how many times you can withdraw money each month, a CD “locks up” your funds for a defined period of time. At the end of that time you get back everything you deposited plus the interest, with many CDs earning 5% APY or more.
Our methodology
The Fortune RecommendsTM team compared over 24 checking accounts across major banks, credit unions, and online-only banks to help you find the highest checking account bonus and the best account overall for your financial needs. Our top picks are available to customers across the U.S. no matter where you’re located, subject to the terms of each checking account.
To determine which account offered the best bonus, among other features, we ranked the best accounts in the following categories and weighted each category as outlined in the percentages below:
- Bonus amount (40%): Many banks and credit unions offer a cash bonus for opening a new checking account. In some cases, account holders must meet certain balance requirements, sign up for direct deposit, or make a certain number of qualifying purchases using their debit card to qualify. Bonus offers are for a limited time. We favored checking accounts that offered higher bonuses.
- Direct deposit amount (20%): Most banks require you to set up direct deposit in order to receive a bonus—this guarantees to them that you’re using the account and that they’ll have money coming in regularly. We favored banks that don’t have enormous direct deposit requirements in order to receive the bonus.
- Time frame for direct deposit (10%): Most banks have set time frames in which the customer must set up and receive a certain threshold of direct deposit amounts to get their bonus. We rate smaller time frames as less attractive to the consumer.
- Total potential bonus (10%): Some banks offer extra bonuses if you open up multiple accounts, like a savings account along with a checking account. We’ve rated banks that give you multiple bonus opportunities higher.
- Minimum opening deposit (5%): Some financial institutions require a deposit amount when you open your account. We rate a higher opening deposit as less attractive.
- Monthly fees (5%): Some banks charge monthly maintenance fees. We ranked banks with lower (or zero) monthly fees higher on the list.
- Annual percentage yield (APY) on your account balance (5%): This percentage represents the real rate of return on your balance; the higher the APY, the better.
- Customer service (5%): Top picks offer customers three ways to get in contact: chat support, phone, or even email. Among the three options, we gave phone support the most weight.
We think that the best checking accounts offer a lucrative bonus, low or zero monthly service fees, low or no minimum balance requirements, and the ability to earn interest on your balance. The bonuses, rates, fees, and minimum balance requirements on these checking accounts are available for a limited time. APYs are subject to fluctuation, which could impact how much interest you earn. All the banks and credit unions on this list are insured by the FDIC and NCUA, respectively.
Dig deeper: learn more about our banking methodology.
Frequently asked questions
Are checking accounts safe?
As long as you open a checking account with a financial institution that is FDIC-insured or NCUA-insured, your deposits are protected up to $250,000 per depositor, per account ownership category, in case of bank failure.
Should I have both checking and savings accounts with the same bank?
Having all of your financial accounts under one roof can be convenient and make it easier to manage your finances, but it isn’t necessary. Do your research and compare offerings across financial institutions to select the best accounts for your needs.
Can I close a checking account after receiving a bonus?
Many banks require you to keep your account open for a certain length of time. Closing your account before you reach that threshold could mean paying an account closure fee or forfeiting your bonus.
Do you pay taxes on bank account bonuses?
Yes, bank bonuses count as taxable income. The IRS considers bonuses taxable interest and will likely send you a Form 1099-INT or Form 1099-OID reporting interest payments and/or tax-exempt interest of $10 or more.
How do checking account bonuses work?
Some financial institutions offer checking account bonuses to incentivize new customers to open an account, typically for a limited amount of time. Bonuses are generally cash deposited directly into your account after meeting a minimum balance requirement or direct deposit threshold.
Is it important that a checking account has a high APY?
A high APY isn’t necessary; however, it can help you grow your checking account balance over time. If you hope to boost your balance, opting for an account with a higher APY can help speed things along.
About the contributors
Abigail Rueger is a deputy editor on the banking team at Fortune Recommends. She is passionate about personal finance and offering consumers actionable steps for making positive life changes. Prior to joining Fortune, Abigail spent four years as an editor for Choosing Therapy, a startup dedicated to providing the best mental health information on the web.
EDITORIAL DISCLOSURE: The advice, opinions, or rankings contained in this article are solely those of the Fortune Recommends™ editorial team. This content has not been reviewed or endorsed by any of our affiliate partners or other third parties.