Does the idea of getting free money sound appealing to you? In 2023, banks are clearly aware of that as well and are eager to attract new customers. They offer many advantages to new customers to entice them to open an account, among which exclusive perks–from reduced fees to attractive cashbacks–and impressive sign-up bonuses. So why hesitate to take advantage of this opportunity?
While there are some terms and conditions to qualify, such as maintaining a minimum balance or keeping the money in your account for a certain period, banks are essentially giving away money to gain new business.
If you’re on the lookout for a new bank, we’ve compiled a list of the eight highest paying checking account bonuses available in 2023. Take advantage of these offers and give your balance a nice little boost!
Understanding Checking vs. Savings Account
When you decide to open a bank account, you’ll typically have two main options: a checking account or a savings account. There a few different options for each, but here’s a simple rundown of both:
Checking accounts are designed for day-to-day expenses, monthly bills, and income deposits. They allow you to write checks and handle numerous transactions conveniently. These accounts are ideal for storing cash that you plan to use in the short term.
Savings accounts, on the other hand, are suitable for saving money. They usually have monthly transaction and withdrawal limits but offer higher interest rates compared to checking accounts.
People often maintain a combination of both accounts, as it makes total sense to use the checking account for daily expenses while earning extra interest on funds they don’t need immediately by putting them on their savings account.
Bank vs. Credit Union
Before opening an account, you’ll also need to choose between a bank and a credit union. While both institutions provide financial services, there are key differences to consider:
Banks are large, for-profit companies that offer a wide range of financial services. They typically have a larger network of branches and ATMs, and their online services are often more advanced and user-friendly.
Credit unions, on the other hand, are non-profit organizations owned by their members. They are restricted to serving a specific geographic area, workplace, or organization membership. Credit unions excel in customer service, lower fees, and higher interest rates due to their non-profit status. Members also have a say in operational decisions through voting.
The Highest Paying Checking Account Bonuses in 2023
SoFi Checking and Savings Account
- Up to $250 bonus by opening a qualifying account and receiving at least one qualifying direct deposit.
- No account fees.
- Enjoy up to 15% cash back at local businesses.
The SoFi Checking and Savings Account offers a lucrative opportunity to earn up to a $250 bonus by simply opening a qualifying account and receiving a qualifying direct deposit. Beyond the bonus, this account stands out for its cost-effectiveness, with no account fees to worry about. Moreover, customers can enjoy up to 15% cash back on purchases made at local businesses, making it a rewarding and attractive banking option.
CITI Citigold Checking Account
- Up to $2,000 bonus by depositing a minimum amount and maintaining a balance of over $300,000.
- Up to $200 bonus for a balance of $10,000.
- Complimentary financial planning services.
- Preferred pricing and rates on select products and services.
The CITI Citigold Checking Account offers an incredible opportunity to qualify for a staggering bonus of up to $2,000 by depositing a minimum amount and maintaining a balance of over $300,000. Even smaller deposits and balances of $10,000 can earn a generous $200 bonus. Additionally, this premium account provides account holders with complimentary financial planning services, ensuring valuable guidance in managing their finances effectively. Moreover, customers can benefit from preferred pricing and rates on select products and services, adding further value to their banking experience.
Chase Total Checking Account
- $200 bonus by signing up for a new account and setting up direct deposit within 90 days.
- Avoid monthly service fees by maintaining a minimum daily balance of $1,500 or setting up direct deposits totaling $500 or more.
- Access to a widespread network of branches and ATMs.
With the Chase Total Checking Account, you can effortlessly earn an extra $200 bonus simply by signing up for a new account and setting up direct deposit within 90 days. By maintaining a minimum daily balance of $1,500 or setting up direct deposits totaling $500 or more, you can avoid monthly service fees. Moreover, you’ll have access to a widespread network of branches and ATMs, ensuring banking is both convenient and accessible.
Bank of America Advantage Plus Banking
- Up to $100 bonus by opening a new checking account and receiving qualifying direct deposits of $1,000 or more within 90 days.
- Well-established and reputable banking institution.
With Bank of America Advantage Plus Banking, you have the opportunity to earn up to a $100 bonus by opening a new checking account and setting up qualifying direct deposits of $1,000 or more within 90 days. Additionally, you can enjoy the advantages of being associated with a well-established and reputable banking institution, providing a sense of security and reliability for your financial needs.
TD Bank Beyond Checking Account
- Up to $300 bonus by opening a new Beyond Checking account and receiving qualifying direct deposit funds of $2,500 or more within the first 60 days.
- Maintain a minimum daily balance of $2,500 to waive monthly maintenance fees and get all non-TD ATM fees reimbursed, among other perks.
- Intuitive banking app.
With TD Bank Beyond Checking Account, you can earn up to a $300 bonus by simply opening a new account and receiving qualifying direct deposit funds of $2,500 or more within the first 60 days. By maintaining a minimum daily balance of $2,500, you’ll not only waive monthly maintenance fees but also enjoy the added benefit of having all non-TD ATM fees reimbursed, along with other enticing perks. Moreover, the account comes with an intuitive banking app, making managing your finances easier and more convenient than ever.
HSBC Premier Checking
- Recently up to $500 bonus by maintaining recurring qualifying direct deposits totaling at least $10,000 a month for three consecutive months.
- Enjoy local and global benefits such as free international account opening, no HSBC fees, and no foreign transaction fees when using your Premier debit or credit card.
- Personalized services and priority customer support.
With HSBC Premier Checking in February of this year, you could qualify for a generous bonus of up to $500 by maintaining recurring qualifying direct deposits totaling at least $10,000 a month for three consecutive months. While this offer is not currently available, it is worth regularly consulting their website to learn about new sign-up bonuses. The account not only offers an attractive bonus but also provides a range of benefits, including free international account opening, no HSBC fees, and no foreign transaction fees when using your Premier debit or credit card both locally and globally. Additionally, as a Premier customer, you’ll enjoy personalized services and priority customer support, ensuring that your banking experience is nothing short of exceptional.
U.S. Bank’s Bank Smartly Checking
- Up to $1000 bonus by opening a U.S. Bank Smartly Checking account and Standard Savings account, then completing the required activities by September 6, 2023.
- Additional bonus values range from $200 with direct deposits totaling $3,000 to $400 for direct deposits totaling $6,000 or more.
- Extensive digital banking features.
Open a U.S. Bank Smartly Checking account and Standard Savings account to seize the opportunity to earn an impressive bonus of up to $1000. By simply enrolling in the mobile app and completing two or more direct deposits, you can be rewarded with additional bonus values ranging from $200 (with direct deposits totaling $3,000) to $400 (for direct deposits totaling $6,000 or more). On top of these attractive bonuses, the account comes with extensive digital banking features, ensuring a convenient and modern banking experience.
Axos Bank Rewards Checking
- Up to $100 welcome bonus by opening an Axos Bank Rewards Checking account, entering a promotional code, and setting up qualifying direct deposits.
- Unlimited ATM fees reimbursements.
- Enjoy competitive interest rates.
- An intuitive banking app.
Discover the benefits of an Axos Bank Rewards Checking account and receive a warm welcome with a bonus of up to $100. Simply open the account, enter the provided promotional code, and set up qualifying direct deposits to claim your reward. Not only will you enjoy a generous bonus, but you’ll also have the advantage of competitive interest rates, all ATM fees reimbursed, as well as the convenience of an intuitive banking app, making managing your finances a breeze.
In conclusion, 2023 presents an excellent opportunity to take advantage of some of the highest paying checking account bonuses offered by various financial institutions. By choosing the right account that aligns with your needs and preferences, you can not only enjoy extra cash rewards but also benefit from superior customer service and financial features.
So, why wait? Open the door to free money and make the most of these enticing bank account offers while they last!