Things to Look for in a Great Checking Account Bonus

A checking account bonus is a great way to save some extra money without really having to do anything special. Essentially, these bonuses are sign-on bonuses; you’ll get them when you meet certain requirements for your new checking account. However, picking the right one out of a list of checking account bonus offers can be daunting. Here are four things you should look for to ensure that your bonus is truly great.

1. No Monthly Fee (Or Fee Waivers Available)

Monthly fees will very quickly eat into your actual final bonus amount. If you have a bonus of $200, but there’s a $10 monthly fee, you’ll only have $80 at the end of the first year. Your best bet will be to look for an account that either has no monthly fee or that offers ways to waive the fee, typically with direct deposit options and minimum balance options.

2. Easier Requirements

There are many different requirements out there for bank account sign-up bonuses, and they’re definitely not all equal. If an account requires that you spend $2,000 on a card to receive your bonus, that’s going to be more time and effort than if an account just requires that you switch your direct deposit over. Looking for an account with easier requirements will make it much simpler for you to get your checking account bonus.

3. Requirements That Suit Your Personal Needs

However, when you’re hunting for those easier requirements, you also need to make sure that they’re requirements that suit any personal needs you have. For example, while direct deposit is easy for people to set up when they have a traditional employer, it’s impossible to set up if you’re self-employed; you don’t have a direct deposit slip if you work for yourself. In this case, a direct deposit card wouldn’t work, and you’d want to opt for a different bonus.

4. Fairly Short Mandatory Account Opening Period

Most checking accounts have a certain period of time that you have to keep a card open for, or you may forfeit the reward or pay an extra dollar amount. Make sure you check this requirement as well. You don’t want to go to close your unused bank account, only to discover that you now owe the company the amount that they sent you for the checking account bonus. Shorter mandatory opening periods are best if you’re not expecting to keep the account open for a long period of time.


Checking account bonuses are a great way for companies to get people to sign up for new accounts, and they’re a great way for consumers to get some extra money in those accounts. It’s essentially a win-win for both parties. If you want to make sure that your side gets a few extra benefits, you might want to make sure you’re getting the best account possible. These four things are all crucial if you’re trying to get a great checking account bonus.

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