How to Make Money from Bank Account Bonuses

If you’re looking for an easy way to make extra money, bank account bonuses might be the perfect side hustle for you. Banks often offer cash bonuses to attract new customers, and by strategically taking advantage of these offers, you can earn hundreds—or even thousands—of dollars each year. However, like any financial strategy, there are risks involved. In this guide, we’ll walk you through how to make money from bank account bonuses, highlight specific deals, and discuss the potential downsides so you can make informed decisions.

What Are Bank Account Bonuses?

Bank account bonuses, also known as new money offers, are cash incentives banks provide to new customers who open accounts and meet specific requirements. These requirements often include:

• Depositing a minimum amount of money.

• Setting up direct deposit.

• Maintaining a balance for a certain period.

• Completing a minimum number of transactions.

In return, the bank pays you a bonus, typically ranging from

$100 to $500 or more, depending on the promotion.

How to Make Money from Bank Account Bonuses

1. Research Offers

• Start by looking for current bank account bonuses. Websites like Doctor of Credit, Bankrate, and NerdWallet regularly update lists of the best offers.

• Focus on promotions with low or no fees and manageable requirements.

2. Prioritize High-Value Bonuses

• Look for bonuses that offer the most money for the least effort. For example:

  • Chase Total Checking®: $200 bonus for setting up direct deposit.

  • Wells Fargo Everyday Checking: $300 bonus for $1,000 in direct deposits.

  • Bank of America Advantage Banking: $200 bonus for setting up direct deposit and maintaining a balance.

3. Open Accounts Strategically

• Avoid applying for too many accounts at once. Space out your applications to minimize the impact on your ChexSystems report (more on this later).

• Start with one or two accounts and ensure you can meet the requirements before moving on to the next offer.

4. Meet the Requirements

• Deposit the required amount and set up direct deposit if needed.

• Complete any necessary transactions (e.g., debit card purchases).

• Keep the account open for the required period to avoid forfeiting the bonus.

5. Track Your Progress

• Use a spreadsheet to track account details, requirements, and deadlines.

• Set reminders to ensure you don’t miss key dates or incur fees.

6. Close Accounts (If Needed)

• After receiving the bonus and meeting the terms, decide whether to keep the account or close it.

• Close accounts properly to avoid fees or negative marks on your ChexSystems report.

Specific Deals to Look Out For (as of 2025)

Here are some of the best bank account bonuses currently available:

1. Chase Total Checking®

Click here to sign up!

• Bonus: $300

• Requirements:

  • Set up direct deposit within 90 days.

  • Maintain the account for at least six months.

• Fees:

• $12 monthly fee (waived with a $1,500 minimum daily balance or direct deposits totaling $500+).

2. Wells Fargo Everyday Checking

• Bonus: $300

• Requirements:

  • Receive $1,000 in qualifying direct deposits within 90 days.

• Fees:

• $10 monthly fee (waived with a $500 minimum daily balance or $500+ monthly direct deposits).

3. Bank of America Advantage Banking

• Bonus: $300

• Requirements:

  • Receive $2,000 in qualifying direct deposits within 90 days

• Fees:

• $4.95 monthly fee (waived with a $500 minimum daily balance or qualifying direct deposits).

The Risks of Bank Account Bonuses

While bank account bonuses can be a great way to make extra money, there are some risks and downsides to be aware of:

1. Fees

• Some accounts charge monthly maintenance fees if you don’t meet certain criteria (e.g., minimum balance or direct deposit).

• Always read the fine print to avoid unexpected costs.

2. Tax Implications

• Bank account bonuses are considered taxable income by the IRS. You’ll receive a 1099-INT form, and you’ll need to report the bonus on your tax return.

3. Impact on ChexSystems

• Banks use ChexSystems to track your banking history. Opening too many accounts in a short period can result in multiple inquiries, which may raise red flags.

• Negative marks (e.g., overdrafts or unpaid fees) can make it harder to open accounts in the future.

4. Time and Effort

• Managing multiple accounts and meeting requirements can be time-consuming.

• You’ll need to stay organized to avoid missing deadlines or incurring fees.

Tips for Success

1. Start Small: Begin with one or two offers to get the hang of the process.

2. Use a Spreadsheet: Track account details, requirements, and deadlines to stay organized.

3. Avoid Fees: Choose accounts with no monthly fees or ensure you meet the criteria to waive them.

4. Monitor Your ChexSystems Report: Request your free report at www.chexsystems.com to check for errors or negative marks.

5. Be Patient: Space out your applications to minimize inquiries and avoid raising red flags.

With the right strategy, you could earn hundreds—or even thousands—of dollars each year from bank account bonuses. So why not give it a try? Start with one offer today and see how much you can earn!