Banking » Compare Banks » Best Bank Bonuses and Promotions of November 2022
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Best Bank Bonuses and Promotions of December 2022

In addition to the rising interest rates on savings accounts, many banks offers promotions and bonuses for new customers. Here's what we found
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Account Type
Promotion
Min Deposit
Expiration

axos-bank-logo

$150
$50
12/31/2022

citi bank logo

$200 – $2,000
$10,000 – $300,000
1/9/2023

citi bank logo

$200 – $2,000
$10,000 – $1,000,000
01/09/2023
chase bank logo
$200
$0
1/25/2023
chase bank logo
$100
$0
1/25/2023

discover bank logo

$150 – $200
$15,000 / $25,000
12/15/2022

Sofi bank logo

$50 – $250
$1,000 – $5,000
12/31/2022
bank of america bank logo
$100
$1,000 or more in direct deposits within 90 days
12/31/2022
Wells_Fargo-Logo
$200
$1,000
12/31/2022
TD_Bank logo
Up to $500
$100
10/31/2023

Why You Shouldn’t Choose the Highest Bonus?

Although it may be tempting to scan the latest bank promotions and apply for an account with the highest bonus, this is not always the best strategy. The highest bonuses tend to also have the most stringent criteria. This means that you may need to provide a larger deposit to qualify for the bonus, which may not be the best use of your funds.

For example, if you need to put $10,000 into an account to get a $1,000 bonus, it may look good on paper. In this scenario, say you need to leave the funds in the account for a minimum of one year. Now, take a look at the rates you’ll get. If you only get 1% on your balance, that $10,000 will earn you $100 in interest.

Now if you can open a similar account that pays 5% interest and only provides a $500 bonus, you’ll actually get a similar amount. ($500 in interest and $500 bonus). However, you won’t have had to tie up that $10,000 for a full year.

So, look carefully at the bonus you’re getting and the flexibility for your funds before you commit to a promotion.

How to Compare Bank Accounts?

Shopping around the various banks can seem like a very daunting prospect, but once you learn how to compare bank accounts, you can make the process a little easier. There are a number of factors you need to consider when assessing banks and the various bank accounts. These include:

  • Promo Conditions: You also need to check the promotion conditions to ensure that you can meet any requirements. This will detail if you need to put a minimum amount into the account and how long the funds will need to remain. A good promotion will allow you to meet the promo conditions without making any significant changes to your typical financial habits.If you need to make drastic changes, you may struggle to qualify for the bonus or you could end up having it clawed back.
  • Rates: The most obvious thing to compare when looking at bank accounts is the rates. Whether you’re looking at checking or savings accounts, the rates can have a massive impact on your finances. Look at the typical rate on savings and if you will earn any interest on your checking account balance.
  • Fees: We’ve touched on this above, but it is an important factor when comparing bank accounts. Look at the full fee structure to ensure that you will not end up paying more than you do with your current bank. Don’t just look at the account maintenance fees, but also overdrawn fees and other costs that you may incur occasionally.
  • Other Products: While you may only be shopping for a checking or savings account now, it is a good idea to investigate what other products the bank offers and if they may be of use to you in the future. Consider if the bank offers decent loan products or a good variety of credit cards. This is particularly important if you want to open an account to help you to boost your credit score.
  • Customer Service: This is an often overlooked point, but if you have a problem or issue, how responsive will the bank staff be? Your finances impact every aspect of your life, so you need to have the reassurance that if you spot a fraudulent transaction, lose your card or have any other issue, you’ll get a prompt response.
  • Digital Experience: Many banks today offer apps and online platforms that allow you to manage your account at any time of the day or night. If you want to have complete control over your finances, you need to choose a bank that offers a good digital experience. The website should have a clean layout and intuitive interface that makes it simple to use. Apps should have a good reputation and not have complaints about being “buggy”.
  • Personal Considerations: Finally, you need to think about any personal considerations you may have. Do you prefer to have the reassurance of being able to speak to someone at a branch? Do you want a bank that is more sympathetic to those with less than ideal credit? Think about what you need from your bank and whether the current offerings can meet your requirements.

Which Bank Offer Promotions Right Now?

There are a number of banks that excel with their bonuses and promotions, which make it highly advantageous to become a customer.

So, here we’ll explore the best bank bonuses and promotions:

Axos Rewards Checking

On Axos Secure Website

Axos Rewards Checking

Promotion

$150 Use Promo Code “HOLIDAY” for a $150 bonus when you apply for a Rewards Checking account

Expiration

12/31/2022

Minimum Deposit

$50

Fees

$0
On Axos Secure Website
  • Bonus: Use Promo Code "HOLIDAY" for a $150 bonus when you apply for a Rewards Checking account.
  • Requirements: To qualify for the welcome bonus, you need to open your checking account online or in a branch using the promotion code above. There is a minimum deposit.
  • Product Info: Axos has different types of accounts you can choose from: 
    • Essential Checking: This account has no monthly fee or overdraft fees. 
    • Rewards Checking: The Reward Checking account has a $50 minimum balance and it offers all the benefits of Essential Checking, but there is a higher APY of 1%. However, to receive the full rate, you need to use your Axos debit card for 10+ transactions a month and receive at least $1,000 a month by direct deposit.
    • CashBack Checking: This account offers 1% cash back on all shopping purchases requiring a signature. It has no monthly fees and offers unlimited check writing privileges.
    • First Checking: This is designed for children aged 13 to 17 to help them learn good money management skills. 
    • Golden Checking: This account is open to people aged 55 plus. 

All checking accounts provide access to the Axos Bank digital tools including online bill pay, and free mobile banking.

  • Terms & Conditions: This offer is not available to  Axos customers or those who have closed an account recently. 
  • Who is Axos Bank?

Axos Bank is an FDIC-insured technology-driven financial services company that offers a wide range of innovative products and services to individuals, businesses, and institutions across the country. Axos Bank is headquartered in San Diego, California, and has nearly $14.4 billion in assets.

We aim to be the most innovative digital bank in the United States, offering products and services that are superior to those of our competitors.

  • How is Axos physical coverage?

Axos is a bank that only operates online. Although Axos Bank has three locations, none of them are open to the public; the bank operates entirely online. As a result, if you're looking for a bank where you can get help from a teller in person, Axos is not the right choice for you.

  • How is Axos bank customer service?

Axos has a 24-hour helpline, but you can also chat with the Evo virtual assistant or browse the extensive support section of the website.

The Axos app can be used to not only transfer funds and manage transactions, but also to access support and manage your card. You can even use the app to locate the nearest fee-free ATM, which is extremely useful if you're in a foreign country. The Axos is rated 4.7/5 by Apple and 4.5/5 by Google.

  • How does the Axos savings account work?

If you want to start growing your savings and working towards your savings goals, Axos Bank has a few options for you. Axos offers a high yield savings account with an APY of Up to 0.61%, but it also has a number of other features.

You can, for example, request a free ATM card, but there are no monthly fees. There are no minimum balance requirements and interest is compounded daily. This account also gives you access to a number of online money management tools.

  • What ATMs are available to me?

Your account provides free ATM withdrawals at over 91,000 convenient locations across the country. Log in to online banking and use our ATM Locator to find out where you can make free ATM withdrawals near you.

Citi Personal Checking

citi logo
citi logo

Citi Personal Checking

Promotion

$200 – $2,000

Expiration

1/9/2023

Minimum Deposit

$10,000 – $300,000

Fees

$12 Can be waived if you make one qualifying direct deposit and one qualifying bill payment per statement period, maintain a combined balance of $1,500 per month across your eligible accounts or if you’re aged 62
  • Bonus: You can earn $200 - $2,000 bonus when you open an eligible account. You’ll receive your bonus within 90 days of completing the qualifying activities. There are five bonus tiers: 
    •  $10,000 to $29,999 qualify for a $200 bonus.
    • $30,000 to $74,999 qualify for a $500 bonus.
    • $75,000 to $199,999 qualify for a $1,000 bonus.
    • $50,000 to $199,999 qualify for a $1,500 bonus
    • $200,000+ can receive a $2,000 bonus.

This promotion is only available to customers who have not held a Citi checking account in the previous six months. The account must remain open and in good standing to receive a bonus.

  • Requirements: You need to open a new Citi Priority package, Citigold account package, Citi account package or Basic banking package. After you make a qualifying deposit, you will need to maintain that minimum balance of 60 days or more.
  • Product Info: This promotion is open to several different checking account options. Each account has a different benefits package with associated maintenance fee. The Basic bank account has a $12 fee, but it can be waived if you make one qualifying direct deposit and one qualifying bill payment per statement period, maintain a combined balance of $1,500 per month across your eligible accounts or if you’re aged 62+.

The Citi account package has a $25 monthly fee that will be waived if you have at least $50,000 average balance across your eligible investment, deposit and retirement accounts.

The Citi Priority account has a $30 monthly fee which is waived if you have at least $50,000 across your eligible accounts and the Citigold account has no fee, but you need to have at least $200,000 in eligible linked investment, deposit and retirement accounts.

Terms and Conditions: Your bonus amount is determined based on the balance of your account on day 20. However, if you open a savings account within the same package, combined balances are considered.

What are the expectations? What else should I know?

  1. These promotions are not available in every location.
  2. Applicants must enroll through the Citibank website, which details the offer.
  3. A minimum balance of $15,000 is required to be eligible for a bonus, and that balance must be maintained for 60 days after the account's opening on the 20th day.
  4. Customers who closed a Citibank checking account within the last 180 days are not eligible.

What Citi products are inflation-proof?

As with most banks, Citi products are generally not inflation-proof. Even if the bank offers a reasonable rate on savings accounts or CDs, your money's real value will diminish if the inflation rate increases.

However, Citi does have fixed-rate personal loans, lines of credit, and home loans. This will allow you to lock in your rate at the beginning of your loan term, so your monthly repayments will remain the same regardless of the impact of increasing inflation on interest rates.

How's Citi's physical coverage?

Citi is primarily online, but it does have a limited branch network. Currently, Citi has over 700 branches across the US where you can speak to a customer support agent face to face if you have a query or issue.

What is required to open a Citi account?

Like most banks, Citi requires applicants to verify their identity to open an account. You must supply your name, Social Security number, and a valid home address. You will also need to show a valid government ID, such as a passport, driver’s license, or state ID.

Of course, if you are already a Citi customer, you can open up a new account without needing to go through the ID verification process again.

Is Citi worth it if I'm a student?

Citi does not have a massive choice of banking products for students, but one that stands out is the Preferred Card for College Students. This card offers ThankYou points when you spend using your card. You can earn up to two points per $1, depending on the spending category. You can redeem these points for rewards, including electronics, merchandise, gift cards, or travel rewards.

However, if you’re looking for a complete student banking suite, there are better options on the market that may be better suited to your needs.

Can I open a Citi checking account online?

Yes, opening a Citi checking account online is one of the easiest methods.

Citi has created a six-step application process that should only take a few minutes from the start to submitting your application. You will need to provide your personal information, verify your ID, confirm your employment details, and set up your online access. You will then be guided through the documentation and funding options.

Citi Savings Account

citi logo
citi logo

Citi Savings Account

Promotion

$200 – $2,000

Expiration

01/09/2023

Minimum Deposit

$10,000 – $1,000,000

Fees

$4.50/$10 per month Can be waived if you maintain an average combined monthly balance of $500/$1,500 in your eligible accounts, make one enhanced direct deposit or one qualifying bill payment per statement period
  • Bonus: You can earn $200 - $2,000 bonus when you open an eligible Citi savings account. You can expect to receive your bonus within 90 days of meeting the eligibility criteria. . There are five bonus tiers: 
    • $40 bonus on balance of $10,000 to $29,999 
    • $100 bonus on balance of $30,000 to $49,999 
    • $200 bonus on balance of $50,000 to $99,999 
    • $400 bonus on balance of $100,000 to $199,999 
    • $800 bonus on balance of $200,000 to $499,999 
    • $1,750 bonus on balance of $500,000 to $999,999 
    • $3,500 bonus on balance of over $1,000,000
  • Requirements: To qualify, you’ll need to open a new Citi savings account and fund it with new to Citi monies within 20 days. You will need to maintain a minimum balance for at least 60 days. The amount of your bonus will vary according to your account balance.
  • Product Info: The Citi Savings account is designed to work in concert with a Citi checking account. The account has a $10 per month maintenance charge when linked to a checking account. This can be waived if you maintain an average combined monthly balance of $1,500 in your eligible accounts, make one enhanced direct deposit or one qualifying bill payment per statement period. If your savings account is not linked, the fee is $4.50 per month, which  is waived when your average monthly balance is at least $500.

  • Terms and Conditions: This promotion is open to new and existing Citi customers provided they open a new savings account with the minimum deposits. However, this offer is only available to residents of New York, Maryland, Connecticut, Washington D.C, Virginia, Nevada, California, Florida, Illinois and New Jersey. Your account must remain open and in good standing to receive your bonus.

What are the expectations? What else should I know?

  1. These promotions are not available in every location.
  2. Applicants must enroll through the Citibank website, which details the offer.
  3. A minimum balance of $15,000 is required to be eligible for a bonus, and that balance must be maintained for 60 days after the account's opening on the 20th day.
  4. Customers who closed a Citibank checking account within the last 180 days are not eligible.

What Citi products are inflation-proof?

As with most banks, Citi products are generally not inflation-proof. Even if the bank offers a reasonable rate on savings accounts or CDs, your money's real value will diminish if the inflation rate increases.

However, Citi does have fixed-rate personal loans, lines of credit, and home loans. This will allow you to lock in your rate at the beginning of your loan term, so your monthly repayments will remain the same regardless of the impact of increasing inflation on interest rates.

How's Citi's physical coverage?

Citi is primarily online, but it does have a limited branch network. Currently, Citi has over 700 branches across the US where you can speak to a customer support agent face to face if you have a query or issue.

What is required to open a Citi account?

Like most banks, Citi requires applicants to verify their identity to open an account. You must supply your name, Social Security number, and a valid home address. You will also need to show a valid government ID, such as a passport, driver’s license, or state ID.

Of course, if you are already a Citi customer, you can open up a new account without needing to go through the ID verification process again.

Is Citi worth it if I'm a student?

Citi does not have a massive choice of banking products for students, but one that stands out is the Preferred Card for College Students. This card offers ThankYou points when you spend using your card. You can earn up to two points per $1, depending on the spending category. You can redeem these points for rewards, including electronics, merchandise, gift cards, or travel rewards.

However, if you’re looking for a complete student banking suite, there are better options on the market that may be better suited to your needs.

Can I open a Citi checking account online?

Yes, opening a Citi checking account online is one of the easiest methods.

Citi has created a six-step application process that should only take a few minutes from the start to submitting your application. You will need to provide your personal information, verify your ID, confirm your employment details, and set up your online access. You will then be guided through the documentation and funding options.

Chase Total Checking®

Chase_logo
Chase_logo
on Chase secure website

Chase Total Checking®

Promotion

$200

Expiration

1/25/2023

Minimum Deposit

$0

Fees

$12 Can be waived if you maintain a $1,000 minimum daily balance, making direct deposits or Associated SnapDeposits of $500 or more per statement cycle, or holding $2,500 in combined deposit accounts with the same statement cycle date or having a Health Savings Account or investment account
on Chase secure website
  • Bonus: Currently, Chase is offering new checking customers a $200 welcome bonus with the Chase Total Checking Account. You'll receive your $200 as an account credit within 15 days of meeting the promotion criteria.
  • Requirements: To qualify for the welcome bonus, you need to open your checking account online or in a branch using the promotion code received via email. You then need to set up a direct debit within 90 days. You will automatically receive your bonus.
  • Product Info: The Total Checking Account is one of the most popular Chase checking account options. It is designed for day-to-day use, with access to 16,000+ ATMs and online/mobile banking. There is a $12 monthly service fee, but this can be waived if you have $500 or more monthly electronic deposits, maintain an average daily balance of $1,500+ or have a combined average daily balance of $5,000 across your qualifying Chase accounts.
  • Terms & Conditions: This offer is not available to exist Chase checking customers or those who have closed an account in the last 90 days. If the total checking account is closed within six months of this promotion, Chase will reclaim the bonus.

What happens if Chase Fails? Chase has a solid track record dating back over two hundred years. Although Chase received a bailout after the 2007/2008 financial crisis, the bank repaid these funds. So, the likelihood of Chase failing is very low. However, should the worst happen and Chase cease trading, its customers have the reassurance of FDIC protection. Customer deposits up to $250,000 are federally insured so that you won’t end up out of pocket.

How's Chase’s physical coverage? Chase is one of the larger US banks, so it has impressive physical coverage. Currently, the bank has approximately 4,800 branches across 48 states, so you shouldn’t have problems finding a local branch. The bank also has an excellent app and clean layout website, so you can complete much of your account management without needing to go to a branch.

Does Chase offer a free checking account? Except for its kids and students checking accounts, all Chase checking accounts have some form of monthly maintenance fee. However, it is possible to waive this fee if you meet one of the lists of account criteria. For example, Chase Total Checking has a $12 fee that can be waived if you maintain an account balance of $1,500 or receive $500+ in direct deposits.

Why are Chase rates basically low? Chase is a more traditional bank with a relatively large branch network. While this is convenient if you need face-to-face customer support, it dramatically increases the bank’s overhead costs. When you compare Chase with online-only banks, its rates can seem unreasonably low, but you need to remember that you are essentially paying for the ability to call into a branch and speak to someone if you have a problem or query.

Chase Secure Banking℠

Chase_logo
Chase_logo
on Chase secure website

Chase Secure Banking℠

Promotion

$100

Expiration

1/25/2023

Minimum Deposit

$0

Fees

$4.95 monthly service fee
on Chase secure website
  • Bonus: There is a $100 bonus when you open a new Chase Secured Banking account. This promotion is also running until 10/19/22 and you can receive your bonus into your account within 15 days of completing the qualifying transactions.
  • Requirements: As with the Total Checking, you can open the account online or enter your email to receive a coupon code, which you can present at your local branch to open your account in person. You will need to complete 10 qualifying transactions within the first 60 days of enrollment. These include Zelle transactions, ACH credits, debit card purchases, online bill payments and Chase Quick Deposits.
  • Product Info: The Chase Secured Account is designed to provide simplicity when managing your everyday finances. There is a $4.95 monthly service fee, but there are no minimum deposit requirements or fees for online bill payment or sending money with Zelle. You cannot go overdrawn with this account, so it encourages you to stay within your available balance. You also have the reassurance of Zero Liability Protection against unauthorized debit card transactions.
  • Terms & Conditions: Existing Chase checking customers are not eligible for this promotion. Additionally, if you have closed a Chase checking account within 90 days, you will be ineligible. If you close your Secured checking account within six months, you will be obliged to repay your bonus.

What happens if Chase Fails? Chase has a solid track record dating back over two hundred years. Although Chase received a bailout after the 2007/2008 financial crisis, the bank repaid these funds. So, the likelihood of Chase failing is very low. However, should the worst happen and Chase cease trading, its customers have the reassurance of FDIC protection. Customer deposits up to $250,000 are federally insured so that you won’t end up out of pocket.

How's Chase’s physical coverage? Chase is one of the larger US banks, so it has impressive physical coverage. Currently, the bank has approximately 4,800 branches across 48 states, so you shouldn’t have problems finding a local branch. The bank also has an excellent app and clean layout website, so you can complete much of your account management without needing to go to a branch.

Does Chase offer a free checking account? Except for its kids and students checking accounts, all Chase checking accounts have some form of monthly maintenance fee. However, it is possible to waive this fee if you meet one of the lists of account criteria. For example, Chase Total Checking has a $12 fee that can be waived if you maintain an account balance of $1,500 or receive $500+ in direct deposits.

Why are Chase rates basically low? Chase is a more traditional bank with a relatively large branch network. While this is convenient if you need face-to-face customer support, it dramatically increases the bank’s overhead costs. When you compare Chase with online-only banks, its rates can seem unreasonably low, but you need to remember that you are essentially paying for the ability to call into a branch and speak to someone if you have a problem or query.

U.S Bank Checking

us-bank-logo
us-bank-logo

U.S Bank Checking

Promotion

$400

Expiration

9/2/2022

Minimum Deposit

$4,000

Fees

$6.95 (Easy Checking) Can be waived by maintaining an average account balance of $1,500, have $1,000+ in direct deposits per month or be aged 65+

Bonus: You can earn a $400 bonus if you open a new Easy, Gold or Platinum Checking account. You will receive your bonus within 60 days of completing the requirements.

Requirements: To qualify for the bonus you need to open an Easy, Gold or Platinum checking account online, at a branch or over the phone with a minimum deposit of $25, using the promo code (updated every month). You will then need to enroll in online banking or install the U.S Bank mobile app. Finally, you need to complete at least two direct deposits within 60 days with a total of at least $4,000.

Product Info: Since this promotion applies to three types of checking accounts, you can choose which one best fits your needs.

  • The Easy Checking account is a basic account that carries a $6.95 monthly maintenance fee. This can be waived if you are aged 65+, maintain an average balance of at least $1,500 or have combined monthly deposits of $1,000 or more.
  • The Gold Checking account has no ATM fees for U.S Bank ATMs and the first two non U.S Bank ATMs per month. The account has a $14.95 monthly fee, which can be waived if you have an active U.S Bank credit card, line of credit or personal loan.
  • The Platinum Checking account offers the best rates and rewards from U.S Bank. This includes earning interest on your balance, no fees for overdraft protection transfers and ways to waive overdraft fees. The account has a $24.95 maintenance fee, which can be waived if you have $25,000 in combined personal deposit balances with U.S Bank and or U.S Bancorp Investments or if you have a U.S Bank Wealth Management personal trust relationship.

Terms & Conditions: Your account needs to be open with a positive balance to receive the sign up bonus.

Discover Online Savings

discover logo
discover logo

Discover Online Savings

Promotion

$150 – $200

Expiration

12/15/2022

Minimum Deposit

$15,000 / $25,000

Fees

$0

Bonus: You can earn $150 - $200 bonus when you open a Discover Online Savings account. You can expect to receive your bonus within 30 days of meeting the requirement criteria.

Requirements: You need to open a Discover Online Savings account online, using the Discover app or by phone using the promo code GBP922. You need to deposit $15,000 / $25,000 to receive $150 - $200 bonus.

Product Info: The Discover Online Savings account offers daily compounded interest which is paid monthly. There are no account maintenance fees or minimum deposit amounts. This makes it a great option for existing or new Discover customers.

Terms and Conditions: This promotion ends 12/15/2022, so your account must be opened before this date. This promotion is not valid for existing or prior Discover savings account holders. Additionally, you cannot earn the bonus if you are a prior or existing customer of a co branded or affinity savings account.

What Discover products are inflation-proof?

Discover has a decent product lineup, but the products are not particularly inflation-proof. The only exception to this is the lending products. You can access personal and home loans with a fixed rate that can help you tackle increasing inflation and interest rates.

You can lock in your rate for the duration of your loan term, so you don’t need to worry about your monthly payments increasing along with all your other household expenses as higher inflation hits. Your monthly repayments will remain the same until the end of your loan.

How's Discover's physical coverage?

Discover is a purely online bank, so it does not have a physical branch network. You can manage your transactions online or using the Bank’s app. So, you will need to be comfortable with the concept of not having face-to-face support for managing your account.

What is required to open a Discover account?

Discover must comply with federal banking regulations, so you must verify your ID and address to open an account. When you complete your application, you will need to provide your full name, a valid postal address, and your Social Security number. You will also need a valid government ID, such as a passport, driver’s license, or state ID, to support your application.

Is Discover worth it if I'm a student?

Although Discover does not have a dedicated student checking account, the bank is exceptionally student-friendly. The bank has a fee-free checking account, so you won’t need to worry about a monthly maintenance fee or a minimum balance requirement.

However, where the bank excels is that it offers student loan options, and there are two student credit card options. The Student Cash Back card offers 5% cash back on activated rotating category purchases (up to $1,500 in purchases each quarter, then 1%) and 1% on all other purchases. While the Chrome for Students card offers 2% cashback at gas and restaurants (up to $1,000 every quarter) and 1% on groceries and other student related products. This makes Discover worthy of consideration if you’re a student.

Does Discover offer a free checking account?

Discover’s checking account is free of monthly maintenance fees, and there are no minimum balance requirements. There are no charges if you have insufficient funds or have a deposit item returned.

What’s more, you’ll earn 1% cash back on debit card purchases, making it a desirable option for those who want the best value checking account.

Can you get denied by Discover?

All banks assess account applications to determine applicant suitability. Discover is quite flexible with its criteria for its checking account, but there is still the possibility that a red flag on your application may trigger a decline notification.

In this case, you may need to discuss your application with a member of the support team to find out if there is anything you can do to have your application reassessed.

SoFi Checking and Savings

SoFi logo
SoFi logo

SoFi Checking and Savings

Promotion

$50 – $250

Expiration

12/31/2022

Minimum Deposit

$1,000 – $5,000

Fees

$0

Bonus: You can receive a bonus of $50 - $250 when you open a new SoFi Checking and Savings account. You’ll receive your bonus after you meet the direct deposit requirement.

Requirements: The amount of your bonus will depend on the amount of your total qualifying deposits. $1,000 to $1,999 offers a cash bonus of $50, $2,000 to $4,999 in direct deposits offers $100 and direct deposits over $5,000 provides the full $300 bonus. There is a 30 day evaluation period, which begins when you make your first qualifying direct deposit.

Product Info: As the name suggests, the SoFi Checking and Savings is a hybrid account. It has no monthly fees and you can earn 1.8% APY on your balance. There are no minimum balance requirements and no overdraft fees for negative balances of up to $50. You can use the Allpoint ATM Network, which has over 55,000 machines and earn up to 15% cash back when you pay for purchases with your SoFi debit card. The account also allows you to set savings goals with different Vaults to help you organize your money.

Terms and Conditions: To qualify for this bonus, you need to receive at $1,000 or more in qualifying direct deposits within the 30 day evaluation period. SoFi considers direct deposits to be transactions made via ACH deposit from an employer, payroll or benefits provider. You must open your new account before 12/31/2022.

How's SoFi overdraft fees work?

SoFi doesn't impose any overdraft fees. The transaction will fail, and SoFi won't charge you if you write a check that doesn't have enough money or try to withdraw more money than you have available.

Does SoFi provide paper checks?

Yes, SoFi provides checks without charge. After ordering, your paper checks are supposed to arrive in 10–14 days.

Can you close the SoFi bank account over the phone/online?

As a fully online platform, SoFi encourages you to use the website dashboard to manage all your account activity, including closing your account. Once you log into your dashboard, you’ll find the “Close Account” button under the “more” tab. This screen will take you through the checks before closing your account, including if you have any pending transactions or outstanding card disputes. After you’ve checked these items, you can click to close your account. You’ll see a confirmation screen to verify the account closure.

Can you buy/invest in Crypto via SoFi?

SoFi has recently launched SoFi Crypto, which as the name suggests, allows you to buy, sell and trade cryptocurrencies. You can manage SoFi Crypto via the bank’s app and get started for as little as $10. However, SoFi Crypto is unavailable in all states, so you must check the availability in your home state.

Can you Be Denied a SoFi Checking Account?

While SoFi is reputed to have flexible approval criteria for its checking account, there is still a possibility that your application may be declined. This is usually if SoFi cannot verify your identity or has a query about the personal information you’ve provided. You will receive an email letting you know your application has been declined, but you may be able to provide additional information and have your application reconsidered.

How's SoFi physical coverage?

SoFi is a fully online bank, and it has no physical branch coverage. All your transactions and queries must be performed online or by calling the appropriate helpline.

Is SoFi Account suitable for teens?

SoFi requires account users to be 18+, so it is not a good option for teens. The bank has no dedicated children’s accounts, so if you are looking for a checking or savings account for your teenager, SoFi is not the best option.

What is required to open a SoFi account?

Like the major banks, SoFi requires applicants to verify their identity and personal details to open an account. This will include your Social Security number, a valid home address, and contact details. All of these details are included in the application form, so be sure that you don’t leave any mandatory fields blank.

Bank of America Advantage Banking Account

bank of america logo
bank of america logo

Bank Of America Advantage Banking Account

Promotion

$100

Expiration

12/31/2022

Minimum Deposit

$1,000 or more in direct deposits within 90 days

Fees

$12 can be waived by maintaining an account balance of $1,500, qualifying deposit of $250+ per month or enrol in Preferred Rewards
  • Bonus: You can receive $100 as a welcome bonus when you open an Advantage Banking Account. You can expect to receive your bonus within 60 days of meeting the promotion requirements.

  • Requirements: To qualify for the bonus, you need to open the account using the promotional code “DNL100CIS” and receive $1,000 or more in direct deposits within 90 days. Qualifying direct deposits include regular monthly income sources including pension, salary or Social Security Benefits.

  • Product Info: The Advantage Banking Account is one of the most popular Bank of America options. It is designed to meet your everyday banking needs with anytime, easy access to thousands of ATMs and financial centers or via the virtual banking assistant, Erica. The account also offers smart money management tools. There is a $12 monthly maintenance fee, but this can be waived if you maintain a minimum daily balance of $1,500, have at least $250 in qualifying direct deposits or are enrolled in the Preferred Rewards program.

  • Terms and Conditions:

    • The minimum deposits cannot be from wire deposits, teller deposits or ATM transfers.
    • You cannot be eligible for this promotion if you have been an owner or co-owner of a Bank of America personal checking account in the last 12 months.
    • Offer expires 12/31/2022

What happens if Bank of America Fails??

As with most banks, Bank of America was not immune to the financial crisis in 2008, but even during this turbulent time, customers were protected. Today, deposits of up to $250,000 are FDIC protected. So, should the bank fail, as a customer, you would be reimbursed up to the maximum cap.

How's Bank of America physical coverage?

As a large U.S bank, Bank of America does have impressive coverage. The bank currently has over 4,300 branches across the country and an ATM network with more than 17,000 machines, making it easy to access the products and services almost anywhere across the USA.

What is required to open a BOA account?

Whether you open your Bank of America account in branch or online, you will need to provide some personal information and verify your identity. This will include providing your Social Security number, current mailing address, email address and phone number. If you already have an existing Bank of America account, you will also need to provide the account number.

The acceptable forms of ID include state issued photo ID, Driver’s license, U.S passport, military photo ID or Bank of America photo debit or credit card.

Can I open a Bank of America checking account online?

It is possible to open one of several Bank of America checking accounts online. You will need to confirm your personal details and ID. However, the online application is in a secure portal and once you complete the process, you should receive a decision within one or two days.

Does BOA offer a free checking account?

Bank of America checking accounts do tend to have a monthly maintenance fee, but there are waiver criteria, so you don’t need to pay a fee each month.

The waiver criteria is quite straightforward, for example, you need to meet a minimum deposit requirement or minimum balance. Additionally, the Safebalance checking account has no overdraft fees.

Wells Fargo Everyday Checking

Wells_Fargo-Logo
Wells_Fargo-Logo

Wells Fargo Everyday Checking

Promotion

$200

Expiration

12/31/2022

Minimum Deposit

$1,000

Fees

$10 Related to Wells Fargo Everyday Checking. The fee can be waived if you maintain a minimum daily balance of $500 or receive at least $500 in qualifying direct deposits per month. The fee is also waived if you’re 17 to 24 and have a linked Wells Fargo Campus Debit Card or Campus ATM card linked to the checking account

Promo: You can receive a $200 bonus when you open an Everyday Checking account. You can expect to receive your bonus within 30 days of meeting the qualification requirements.

Requirements: You need to open a new Everyday Checking account with at least $25. You also need to receive a minimum of $1,000 in qualifying direct deposits in the first 90 days. Qualifying direct deposits include ACH deposits of salary, Social Security, pension or other regular income.

Product Info: As the name suggests, the Everyday Checking account is designed for managing your day to day finances. The account has mobile access, Zelle digital payments, free Wells Fargo ATM transactions and a contactless debit card. 

Terms and Conditions: This promotion is only available to new Wells Fargo checking account customers with an expiration of 12/31/2022. If you currently have a checking account or have received a personal checking account bonus during the last 12 months, you are ineligible for this offer. Additionally, Wells Fargo requires the new account remain open for the full 90 day qualification period. To receive the bonus, the account must be open and in good standing.

What are Wells Fargo products inflation-proof?

Wells Fargo offers fixed rates on loans and mortgages, allowing you to lock in your rate. This means that even if the rate of inflation increases shortly, you don’t need to worry about the loan cost increasing. For the duration of your loan or mortgage, your monthly repayments can be fixed at the same amount. This can be a massive reassurance when inflation is making the rest of your household expenses increase.

How's Wells Fargo's physical coverage?

Wells Fargo has massive coverage as one of the “Big Four” U.S banks. This bank has over 8,000 branches across the United States. It also has an ATM network with more than 13,000 machines. This means that whatever state you’re in, you’re sure to find a local branch nearby.

What is required to open a Wells Fargo account?

Like most financial institutions, you must provide proof of your identity and address. You will need to provide personal details, including your current mailing address and contact details, such as your phone number, email address, and Social Security number. The acceptable forms of ID are pretty standard and include state-issued photo IDs, a U.S passport, a driver’s license, or a military photo ID.

What Does Wells Fargo offer if I'm a student?

Wells Fargo has a decent line of products designed for students. Teens aged 13+ can open a Clear Access checking account, a checkless account that offers a debit card and digital payments with no overdraft fees. Those aged 17+ can also open adult checking accounts, but this may need to be done in the branch.

Wells Fargo offers excellent savings accounts and student loans, with relationship discounts for qualifying products.

Can I open a Wells Fargo checking account online?

You can open a Wells Fargo bank account by phone, in person, or online. The Wells Fargo Online platform allows you to open a checking account in only a few minutes. You can also use the portal to check your account application status or finish your application if you cannot finish it in one session.

Does Wells Fargo offer a free checking account?

While there are several Wells Fargo checking account options, they all attract a monthly service fee. However, it is possible to waive the service fee by meeting the criteria. This includes maintaining a minimum daily balance of $500, having $500+ in qualifying direct deposits, linking a Wells Fargo Campus Debit Card, or being under 24.

TD Convenience Checking

TD_Bank Logo
TD_Bank Logo
On TD Bank Secure Website

TD Bank

Promotion

Up to $500

Expiration

10/31/2023

Minimum Deposit

$100

Fees

$15 per month Can be waived if you maintain $100 minimum daily balance
On TD Bank Secure Website
  • TD Convenience CheckingSM : $150

How to get it: Receive qualifying direct deposits funds of $500 or more within 60 days of opening

  • TD Beyond Checking: $300

How to get it: Receive qualifying direct deposit funds of $2,500 or more within 60 days of opening

 

  • Is TD Bank worth it if I have bad credit?

Although TD Bank does not have a specific bad credit checking account, it does have several basic checking account options that may be suitable for you if you are looking for a way to simplify your finances and rebuild your credit.

Additionally, TD Bank does have a secured credit card. This allows you to use your savings account as a security deposit and earn 1% cash back on your purchases. This card does have a $29 annual fee, but your account activity is reported to the major credit bureaus to help you to rebuild your credit score.

  • Does TD Bank offer a free checking account?

All the standard TD Bank checking accounts carry a monthly maintenance fee from $4.95. However, each account has a set of fee waiver criteria, so you can avoid paying this fee. For example, TD Convenience Checking requires a minimum daily balance of $100 to have the $15 monthly fee waived.

  • Is TD Bank worth it if I'm a student?

TD Bank has a dedicated student account for those aged 17 to 23. There are no monthly maintenance fees and no minimum balance requirements. You can also link a Simple Savings account and pay no monthly maintenance fees until you reach the age of 24. The Simple Savings account pays 0.02%, but there are other saving account options.

Unfortunately, TD Bank does not have a dedicated student credit card. There is a secured card option if you’re looking to build your credit, but if you want perks tailored to student activities, then TD Bank fails to deliver in this area.

  • How's TD Bank physical coverage?

TD Bank has over 9 million customers in the USA with approximately 1200 branches across 16 states. This means that you are likely to find a local branch, particularly if you live in the Northeast, Carolinas, Florida, Metro D.C and Mid Atlantic areas.

  • What is required to open a TD Bank account?

If you want to open a TD Bank account, you’ll need to provide your full name and home address. You will also need to provide your Social Security number, and a government ID, such as your driver’s license, state ID or passport.

Compare Banks Side by Side

Table Of Content

Are Bank Promotions Worth It?

This depends on the promotion. As we touched on above, most bank promotions have terms and conditions attached, so you need to check them carefully to ensure that you can comfortably meet the requirements. For example, you may need to provide a minimum amount into the account. While smaller cash bonuses tend to only require a small deposit such as $100, others can require a far larger deposit and you’ll need to maintain this amount for a set amount of time.

Another common condition is that you need to make a certain number of direct deposits or have direct deposits for a minimum amount. Banks tend to have different criteria for what qualifies as a direct deposit, so this is an area where you need to take care. Alternatively, you may need to make a minimum number of debit card transactions.

Some bank promotions can also be quickly negated by account fees. There are a significant number of banks who charge a monthly maintenance fee, so there is no point in getting a cash bonus if it will be quickly eaten up by fees. Check the fee structure and if you can qualify for any fee waiver schemes before you consider opening up the account.

Finally, a bank promotion will only be worth it if you are prepared to stay on as a customer. The primary reason for a bank to offer a bonus is to find and keep new customers, so you are likely to have to keep the account open for a minimum amount of time to keep the bonus. If you close the account before the end of this period, the bank may “claw back” the bonus, deducting the amount from your account balance before closing it out.

So, you really need to think about whether a specific bank promotion is worth it to you. While it may be tempting to try to score as many bonuses as possible, a far more sensible approach is to think about whether or not you need the account and if it would be a good fit for your finances. If this is the case, then the promotion is certainly worth it for you.

Don't Skip The “Fine Print”

All financial products seem to come with pages and pages of terms and conditions. While this fine print can often seem daunting, it does detail all the small details about your new account. Although it may be tempting to skip reading this document and assume that everything will be okay, this is not a sensible approach.

Don't forget to give yourself adequate time to read through the terms and conditions. Most banks divide this document into sections, which will make it easier to read. 

Why Do Banks Offer Cash as a Sign Up Bonus?

Cash is always a great incentive to attract new customers, whether it’s money off a product or banks offering money as a sign up bonus to open a new account.

Banks appreciate this and will incentivize opening a new account with money. There are usually terms and conditions attached to this money, such as transferring your regular bills to the account or having a minimum opening balance.

When you have gone to the trouble