Best bank account bonuses for January 2022

Uncertain economic times can drive many consumers to find novel ways to earn additional money.

And for those also looking to open a new checking or savings account, current promotions at some banks provide an additional financial incentive to move their funds now to a new home — as much as an extra $200 or $300 (or more).

Compare these bank bonus offers to find the best deal — and check out other incentives, too, like the bonuses offered for opening a brokerage account.

Summary of the best consumer bank account bonuses in January 2022

Best checking account bonuses

Best savings account bonuses

Best referral bonuses

Summary of the best business bank account bonuses

Best consumer checking account bonuses

Citibank: Up to $1,500

Citibank is offering up to $1,500 to customers who open a new checking account by July 17. To qualify for the bonus, funds must be deposited within 20 days after opening the account. The account balance on the 20th day determines the bonus amount.

  • Making a minimum deposit of $15,000-$49,999 and maintaining that minimum balance can earn you $300
  • Making a minimum deposit of $50,000-$199,999 and maintaining that minimum balance can earn you $700
  • Making a minimum deposit of $200,000 or more and maintaining that minimum balance above $200,000 can earn you $1,500

Other important information about this offer:

  • Customers who have closed a Citibank checking account within the last 180 days are ineligible.
  • These offers are not available in all areas.
  • Applicants must enroll from Citibank’s website that details the offer.
  • A $15,000 minimum balance is required to be eligible for a bonus and that balance must be maintained for 60 days after the 20th day of the account’s opening.
  • Offer expires July 17.

Citibank is based in New York. In Bankrate’s review of Citibank’s full suite of products and offerings, it earned 4.3 out of 5 stars.

PNC Bank: up to $400 bonus

As long as you don’t have an existing PNC consumer checking account or have not closed one within the past 90 days, you could qualify for a $50, $200 or $400 bonus.

These offers may vary or not be available in different regions.

To earn the $400 bonus, open a new PNC Virtual Wallet with Performance Select and make $5,000 or more of total qualifying direct deposits into your Spend account.

To earn the $200 bonus, open a new PNC Virtual Wallet with Performance Spend and have $2,000 or more in qualifying total direct deposits into your Spend account. A market may require that you open a new Virtual Wallet Checking Pro account and have $2,000 or more of direct deposits going into this account.

To earn the $50 bonus, a new PNC Virtual Wallet is required, along with $500 or more in qualifying total direct deposits in your Spend account.

Qualifying accounts for $50, $200 and $400 offers must be opened between Jan. 1 and Feb. 28.

All offers require direct deposits be received within 60 days of account opening.

PNC is based in Pittsburgh and earned 3.7 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.

TD Bank is also offering a $150 cash bonus to new customers who open a Convenience Checking account (requires $500 in direct deposits within 60 days of opening the account).

The offers expire March 31, 2022. Bonuses are available to residents of Maine, New Hampshire, Massachusetts, Rhode Island, Connecticut, New York, New Jersey, Delaware, Maryland, Virginia, North Carolina, South Carolina, Florida and the District of Columbia.

TD Bank is based in Cherry Hill, New Jersey. In Bankrate’s review of TD Bank’s services and product offerings, it earned 3.5 out of 5 stars.

M&T Bank: up to $250 bonus

You can earn up to $250 for opening any personal checking account at M&T Bank by March 31, 2022.

  • Within 90 days of the checking account’s opening, a qualifying direct deposit of at least $500 must be made to qualify for the bonus.

M&T Bank earned 3.5 out of 5 stars in Bankrate’s review. M&T Bank is headquartered in Buffalo, New York.

Chase Bank: $225 bonus

Through Jan. 19, 2022, Chase is offering a bonus on certain new checking accounts.

  • To earn $225, open a new Total Checking account and have a direct deposit totaling $500 or more within the first 90 days.

To qualify for the bonus, you must not have an existing Chase checking account (or had one closed with a negative balance in the past three years or closed within the last 90 days).

  • College students ages 17-24 can earn $100 by opening the Chase College Checking account.

Ten qualifying transactions (debit card purchases, online bill payments, checks paid, Chase QuickDeposit, Zelle or ACH credit to the account) within 60 days of coupon enrollment are required to earn this bonus. The coupon can be found on Chase’s website.

Our review of Chase’s banking products and services gave the bank 3.4 out of 5 stars. Chase is headquartered in New York.

Huntington National Bank: Up to $300 bonus

Huntington Bank has two checking account bonuses available for both consumers and business owners. Through Feb. 7, 2022 you can earn:

  • $150 for opening an Asterisk-Free Checking account and making a cumulative deposit of at least $1,000 within 60 days of the account opening.
  • $200 for opening a Huntington 5 Checking account and making a cumulative deposit of at least $1,000 within 60 days of the account opening.
  • $300 for opening a Huntington 25 Checking account and making at least $25,000 in cumulative deposits within 60 days of the account opening.

These offers are valid only for residents of Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Dakota, West Virginia and Wisconsin.

Huntington is based in Columbus, Ohio. In the full review of its banking products and offerings, the bank earned 3.4 out of 5 stars.

Bank of America: $100 bonus

New personal checking customers can earn $100 from Bank of America when they open an account online. The offer expires June 30, 2022. To get the bonus, you must:

  • Not have had a Bank of America personal checking account, or been a co-owner on an account, within the past 12 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 qualifying direct deposits of at least $1,000 each within 90 days of your account opening.

Offer code DNL100CIS is required to qualify for the bonus.

Bank of America is headquartered in Charlotte, North Carolina. It earned 3.2 out of 5 stars in Bankrate’s full review of its products and services.

Best savings account bonuses

TD Bank: $200

You can earn $200 by opening a new TD Beyond Savings or TD Simple Savings account.

  • A deposit of at least $20,000 is required into a new TD Beyond or Simple savings account and a balance of $20,000 or more must be maintained for 90 days.
  • Offer ends March 31, 2022.
  • Customers who’ve had a personal money market account or savings account with TD Bank in the previous 12 months are ineligible for the offer.

TD Bank has its headquarters in Cherry Hill, New Jersey. In Bankrate’s review of TD Bank’s services and product offerings, it earned 3.5 out of 5 stars.

Best consumer bank account referral bonuses

American Airlines Federal Credit Union: $25 for a family member referral

American Airlines Federal Credit Union members can earn $25 for each family member referred. The number of referrals is capped at 10 for 2022.

  • The person receiving the referral must open the account during the period of Jan. 1 and March 31.
  • The family member that you refer needs to fill out an application on the American Airlines Federal Credit Union website.
  • The family member will need to say that “word of mouth” is the way they found out about American Airlines Federal Credit Union, per the credit union’s website.
  • Your family member will need to enter “REFER25” as the promo code.

Axos Bank: $20 for a referral and $20 to the person you referred

Current Axos customers have the opportunity to earn and give $20 for referring a friend to the Essential Checking account.

To qualify for the bonus, your friend must:

  • Not have owned an Axos Bank account.
  • Use your personalized referral link.
  • Add and maintain at least $500 for a full month.
  • Receive a direct deposit of at least $500 within the first 90 days.

If all requirements are met, both parties will receive $20 in their bank account.

Axos is headquartered in San Diego. It earned 4.6 out of 5 stars in Bankrate’s full review of its products and services.

Chase Bank: $50 for each referral up to $500

Current Chase customers can earn $50, up to $500 per calendar year, for each friend who opens a qualifying checking or savings account.

For you to qualify, your friend must:

  • Use your personalized referral link.
  • Open a Chase Total Checking, Chase College Checking account or another eligible account.
  • Be in good standing at the time of payout.

The bonus your friend receives depends on the type of account she opens and whether she completes the qualifying activities outlined in the bonus.

Our review of Chase’s banking products and services gave the bank 3.4 out of 5 stars. Chase is headquartered in Columbus, Ohio.

Chime: $100 for a referral and $100 to the person you referred

Current Chime customers can get $100 for each friend they refer. To qualify for the bonus, you must:

  • Be a new Chime customer.
  • Use your personalized referral link.
  • Receive a single qualifying direct deposit of $200 or more from a payroll provider within 45 days of opening the account.

If the terms are met, both parties will receive $100.

Chime is based in San Francisco and is a neobank, meaning it strictly operates online and partners with a bank to hold your deposits.

TD Bank: $50 for a referral and $50 to the person you referred

TD Bank customers can earn and give $50 when they refer a friend to a TD Bank personal checking account. To qualify for the bonus, your friend must:

  • Bring in a referral form with your information.
  • Be a new TD Bank checking customer.
  • Receive a direct deposit of at least $250 or make at least 15 debit card purchases within 60 days of opening the account.

You can refer up to 10 friends per calendar year, meaning you could earn up to $500.

TD Bank has its headquarters in Cherry Hill, New Jersey. In Bankrate’s review of TD Bank’s services and product offerings, it earned 3.5 out of 5 stars.

Best business checking account bonus

Huntington National Bank: $100, $400 or $750 bonus

You can earn up to $750 by opening the following new business checking accounts at Huntington National Bank:

  • Business Checking 100: Earn $100 (Minimum deposit of $2,000 required to earn bonus.)
  • Unlimited Business Checking: Earn $400 (Minimum deposit of $5,000 to earn bonus.)
  • Unlimited Plus Business Checking: Earn $750 (Minimum deposit of $20,000 required to earn bonus.)

Here’s what you should know about these offers:

  • Open one of the accounts listed before March 7, 2022.
  • Make the cumulative deposits needed within 60 days of account opening and keep the account open for at least 90 days. Deposits must be new money from outside of Huntington National Bank.

PNC Bank: $200 or $500 bonus

Opening a new PNC business checking account, business checking plus account, analysis business checking account or treasury enterprise plan can help your business earn a bonus.

Opening a new business checking account or business checking account can earn you a $200 bonus if you meet certain requirements.

  • Maintain an average ledger balance of at least $5,000 during all of the first three statement cycles.
  • Complete 20 or more qualifying debit card purchases during the first three statement periods.

Getting a new analysis business checking account or treasury enterprise plan can earn you a $500 bonus if you maintain an average ledger balance of $30,000 during your first three statement periods.

Accounts must be opened during the Jan. 1 through March 1 period to be eligible for these bonuses.

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. Banks are particularly inclined to offer bonuses in a rising interest rate environment, when the spread between the interest rate they offer customers for deposits versus the interest rate they can get by lending money widens.

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 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

Not every bank account bonus is a good deal. Before signing up, read the fine print and be realistic about your ability to meet the requirements. Watch out for sky-high minimum balance requirements and monthly fees that could eat into your earnings.

If you’re applying for a checking account, make sure it’s a good match that meets your needs. For example, if you need to use branches and ATMs, double-check that there are plenty of them 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 online banking becoming more popular and convenient, 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, one-time bonuses are typically offered on accounts that pay minimal interest. So while the bonus is great initially, you may be sacrificing the long-term return.

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