Best bank account bonuses for June 2020

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If you’re wishing you had more savings right now, you’re not alone. Many Americans impacted by the coronavirus are finding that they need additional funds to make ends meet. A bit of extra cash could be a big help. Fortunately, a number of banks are still giving out free stacks of cash.

In exchange for opening a new savings or checking account, you could wind up with an extra $200 or $300 dollars (or more). Shopping around for a new bank account isn’t exactly exciting, but at a time like this it could be worth your while.

Why banks have sign-up bonuses

Banks use sign-up bonuses to distinguish themselves from others in the industry. Cash bonuses also help financial institutions bring in new customers and new deposits.

While they could pay account holders a higher yield, for some banks, offering a bonus is preferable.

“It’s much easier to quantify the bonus than it is to raise the rate on what you’re paying out on deposits,” says Greg McBride, CFA, Bankrate chief financial analyst.

Some banks, like TD Bank, offer more than one sign-up bonus. But qualifying for multiple bonuses at the same time at the same bank usually isn’t possible. Bank account bonuses are typically available only to new checking or savings account holders.

What to watch out for

Every bank account bonus isn’t a good deal. Before you sign up, read the fine print.

Watch out for sky-high minimum balance requirements and monthly fees that could eat into your earnings. If earning a bonus seems to require too much effort, you might want to look for another one.

If you’re applying for a checking account, make sure it’s a good match that meets your needs. For example, if you need them, double-check that there are plenty of branches and ATMs in your area. That way, you’re not driving miles to meet with a banker or wasting money on out-of-network ATM fees. And with coronavirus forcing banking to shift online more than ever before, look for a bank or credit union that offers a solid set of digital tools.

If you’re looking for a new savings account, consider whether you’re better off finding another bank that pays more interest. For instance, these one-time bonuses are typically on accounts that pay minimal interest. So while the bonus is great initially, you may be sacrificing the long-term return.

Here are some of the best bank account bonuses in June. Compare these offers along with CDs and other savings accounts that pay more interest. And check out other types of bonuses, too, like the best brokerage account bonuses.

Summary of the best bank account bonuses

Best savings account bonuses

Best checking account bonuses

Best checking and savings account bonus

Best savings and money market account bonuses

Capital One Bank: $100-$500 bonus

Through June 10, if you open a 360 Performance Savings account and use a special code (SCORE500), you can earn a $100 bonus for every $10,000 maintained, up to $500. To qualify, account holders must:

  • Deposit between $10,000 and $50,000 within 10 days of opening your account.
  • Maintain the required daily balance within the bonus tier for 90 days.

Capital One is based in McLean, Virginia. The bank earned 4.7 out of 5 stars in Bankrate’s full review of its products and offerings.

Best checking account offers

Wells Fargo: $400 bonus

Earn $400 when you open an Everyday Checking account online by July 31. To qualify you must:

  • Not be the owner of a Wells Fargo consumer checking account or the recipient of a bonus within the past 12 months.
  • Deposit at least $25.
  • Receive direct deposits of at least $4,000 within 90 days of opening the account.

The bank, which is based in San Francisco, earned 2.5 out of 5 stars in Bankrate’s full review of its banking products and offerings.

HSBC Bank: $225 or $475 bonus

HSBC has a couple of checking account bonuses available online. Through June 29, you can earn:

  • $225 for opening an HSBC Advance checking account and receiving recurring monthly direct deposits totaling $500 for three consecutive months (from the second full calendar month after opening the account).
  • $475 for opening an HSBC Premier checking account and receiving monthly direct deposits of at least $5,000 for three consecutive months (from the second full calendar month after opening the account).

Another option is to opt for a bonus that pays 3 percent cash back (up to $270 for new Advance checking account holders and up to $270 for new Advance checking accounts). These offers also expire June 29. To qualify, you’ll need to set up recurring direct deposits to an HSBC Premier or Advanced checking account at least once per calendar month for six consecutive months following the account’s opening month.

HSBC is based in McLean, Virginia. It earned 3.9 out of 5 stars in Bankrate’s full review of its products and offerings.

TD Bank: $150 or $300 bonus

A $300 bonus is available for TD Bank customers who:

  • Open a Beyond Checking account online.
  • Have never had a TD Bank personal checking account.
  • Have at least $2,500 worth of direct deposit funds within 60 days of opening the account.

There’s also a $150 cash bonus if you’d prefer a Convenience Checking account (requires direct deposits of $500 within 60 days of opening the account).

Bonuses are available to residents in the District of Columbia, Pennsylvania and every state on the east coast except Georgia.

TD Bank is based in Wilmington, Delaware. In Bankrate’s review of TD Bank’s services and product offerings, it earned 2.7 out of 5 stars.

Chase Bank: $200 or $300 bonus

Through July 20, you could earn $300 by opening a Premier Plus checking account. Or earn $200 by opening a Total Checking account.

You’re eligible for a bonus if you:

  • Don’t have an existing Chase fiduciary or checking account (or had one closed with a negative balance or within the last 90 days).
  • Have a direct deposit made within 90 days of opening the account.

Chase Bank has branches in 26 states including Georgia and Florida and in the western, southwestern, midwestern and northern parts of the country. But some are closed due to the the spread of the coronavirus or temporarily have different hours of operation. See how Chase’s offers stack up against other checking account deals.

Our review of Chase’s banking products and services gave the bank 2.7 out of 5 stars. Chase is headquartered in Columbus, Ohio.

PNC Bank: $50, $200 or $300 bonus

As long as you don’t have an existing PNC consumer checking account or you closed one within the past 90 days, you could qualify for one of the following bonuses:

  • $50 bonus for opening a virtual wallet and receiving a $500 direct deposit within 60 days.
  • $200 bonus for opening a virtual wallet with Performance Spend and receiving a $2,000 direct deposit within 60 days.
  • $300 bonus for opening a virtual wallet with Performance Select and receiving a $5,000 direct deposit within 60 days.

Accounts can be opened nationwide online. The offers expire June 30. PNC is based in Wilmington, Delaware and earned 3 out of 5 stars in Bankrate’s full review of its products and offerings.

Huntington National Bank: $150 or $200 bonus

Through July 7, earn $200 by opening a Huntington 5 checking account online. To earn a bonus you must:

  • Be a new Huntington checking customer who hasn’t closed a checking account within the past six months.
  • Deposit $1,000 within 60 days of opening your new checking account and keep your account open for 90 days.

You’re eligible for the bonus if you live in Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania or West Virginia. There’s also a $150 bonus available if you open an Asterisk-Free checking account and make a $1,000 deposit within 60 days (and keep your account open for 90 days).

Huntington is based in Columbus, Ohio. In the full review of its banking products and offerings, the bank earned 2.6 out of 5 stars.

SunTrust (Truist) Bank: $200 or $400 bonus

Open a SunTrust Essential checking account online by June 30 and earn $200 by having direct deposits of at least $500 made per statement cycle for two consecutive cycles (within the first three months of opening the account). The promotional code you’ll need to use is Q220ESSENTIAL.

Another option is to open a SunTrust Advantage checking account by June 30 and earn $400 by depositing at least $3,000 in direct deposits per statement cycle for two consecutive cycles within the first three full monthly statement cycles. The promotional code you’ll need to use is Q220ADVANTAGE.

The offers are valid for residents in the District of Columbia, Maryland and nine southern states. To qualify, you cannot have an existing SunTrust personal checking account or have closed one on or after Oct. 4, 2019. SunTrust and BB&T have now merged to become Truist Bank.

Bank of America: $100 bonus

New checking customers can earn $100 from Bank of America when they open an account online. The offer expires June 30. To get the bonus, you must:

  • Not have had a Bank of America personal checking account within the past six months.
  • Open a new Advantage SafeBalance Banking, Advantage Plus Banking or Advantage Relationship Banking account online.
  • Make an opening deposit ($25 opening deposit for the Advantage SafeBalance Banking account and $100 opening deposit for the others).
  • Receive two direct deposits of at least $250 each within 90 days of opening your account.

An offer code (PSR100CIS) is needed to qualify for the bonus.

Bank of America is headquartered in Charlotte, North Carolina. It earned 2.4 out of 5 stars in Bankrate’s full review of its products and services.

U.S. Bank: $300 bonus

New U.S. Bank checking customers can earn a $300 bonus when they open a new checking account. This offer expires on June 29. To get the bonus, you must:

  • Not have had a U.S. Bank checking account within the past six months.
  • Open a Platinum Checking Package, a Gold Checking Package or an Easy Checking account.
  • Make a deposit of $2,000 or more ($25 opening deposit is required) within 60 days of opening your account.
  • Enroll in the U.S. Bank online banking or the U.S. Bank mobile app by July 6.

An offer code (20WEB05) is  needed to qualify for this bonus.

U.S. Bank is headquartered in Minneapolis, Minnesota. It earned 2.7 out of 5 stars in Bankrate’s full review of its products and services.

KeyBank: $200 bonus

A $200 bonus is available to KeyBank customers who:

  • Open a Key Express Checking, Key Advantage Checking, Key Privilege Checking, or Key Privilege Select Checking.
  • Make one deposit of $500 within 60 days from the account opening.
  • Those who have not had a KeyBank checking account or Hassle-Free Account in the last 12 months.

This offer expires on June 12 and is only available in the Albany, Buffalo, Cleveland, Denver, Hartford-New Haven, Pittsburgh, Portland, Rochester, Seattle and Syracuse markets.

An offer code (ONAS0520) is needed to qualify for this bonus.

Best checking and savings account bonus

Citibank: $200, $400 or $700 bonus

Customers in the market for a new checking and savings account can open both through Citi and potentially earn a bonus.

  • To earn $200, open an eligible checking account in the Basic Banking Package. Deposit $5,000 within 30 days and maintain that balance for 60 days.
  • To earn $400, open eligible checking and savings accounts in the Citibank Account Package. Deposit $15,000 within 30 days and maintain that balance for 60 days.
  • To earn $700, open checking and savings accounts in the Citi Priority Account Package. Deposit $50,000 within 30 days and maintain that balance for 60 days.

All three offers expire June 30. Citibank is based in Sioux Falls, South Dakota. In Bankrate’s review of Citibank’s full suite of products and offerings, it earned 4.1 out of 5 stars.

Featured image by SOPA Images of Getty Images.  

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