The best checking account bonuses of October 2024—up to $700

To save you time and effort, the Fortune Recommends™ editorial team reviewed more than 24 checking accounts offering bonuses and put together our top 10 picks. We analyzed factors like bonus amounts, minimum balance requirements, annual percentage yields (APYs), and customer service options to bring you the best offers on the market.

The 10 best checking account bonuses of October 2024

Bonuses were last updated on September 3, 2024, and are subject to change. Read our full methodology here.

Our picks for the top 10 checking account bonuses

Note: The numbers in our list below are up to date as of September 3, 2024, and are subject to change. 

FEATURED PARTNER

SoFi Checking & Savings

Member FDIC

APY	Up to 4.50%*
Minimum Balance Required to Earn APY	$0
Minimum Opening Deposit	$0
Monthly Maintenance Fee	None

Why we picked it

SoFi offers up to a $300 bonus for any new customer opening a Better Online Bank Account who can put at least $5,000 of direct deposits into the account within 25 days. SoFi also offers a generous 0.50% APY, the highest on our list. There are no monthly fees or minimum deposits, making this account a great option for every-day banking.

This offer expires on December 31, 2024.

Learn more: read our SoFi review

*New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.50% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

Valley Bank: All Access Rewards Checking

Best for: Full-service online banking

QUALIFYING ACTIVITY

Requires a $750/month direct deposit to receive $20 per month

Offer expiration date:	Ongoing
Bonus amount:	$240 ($20/month for first year)
Monthly fee:	$0

Why we picked it

Valley Bank offers a bonus of $20 per month for users who have at least $750 in monthly direct deposits, meaning you end up with a free $240 for banking with the institution. Qualifying direct deposits include payroll, pension, or Social Security payments and, during this first year, you won’t pay any maintenance charges. After the 12 months, your account will revert to a regular “All Access Checking” account, which has a $15 monthly fee that can be waived as long as the average daily balance is $99 or higher. 

If you’re more interested in earning continuous interest instead of a bonus, Valley Bank also offers an “Interest Checking Plus” account. It earns 0.02% APY as long as you keep at least a penny in the account. 

This offer is ongoing.

Learn more: read our Valley National Bank review

U.S. Bank’s Smartly Checking account

Best for: Larger accounts

QUALIFYING ACTIVITY

Requires a $10,000 direct deposit within 90 days of opening the account

Offer expiration date:	9/26/24
Bonus amount:	$500
Monthly fee:	$7

Why we picked it

U.S. Bank’s Smartly Checking account offers three separate rewards tiers depending on the amount you have directly deposited into the account via qualified direct deposits. You’ll get the highest bonus of if you have at least deposited into the account within 90 days. There’s also a chance to earn $200 more if you bundle and open a savings account, bringing your total potential bonus up to $700.

There’s a minimum opening deposit requirement of just , plus a small monthly fee of $7 on U.S. Banks checking accounts, but that fee can be waived if you keep an account balance of $1,500 or if there’s a combined monthly direct deposit amount of over $1,000.

This offer expires September 26, 2024

Learn more: Read our U.S. Bank review

Huntington Bank: Perks Checking

Best for: Those who don’t mind a small fee to get a nice bonus

QUALIFYING ACTIVITY

Requires a direct deposit within 90 days of opening the account, but the amount isn’t specified online

Offer expiration date:	10/7/24
Bonus amount:	$400
Monthly fee:	$10

Why we picked it

Huntington is offering a bonus for two of their checking accounts: Perks Checking and Platinum Perks Checking. Neither account has a minimum opening deposit, which makes it a solid option if you’re starting to build your savings. However, to open an account, you’ll have to pay a maintenance fee unless you meet certain requirements every month. 

To avoid the $10 monthly fee on the Perks Checking account, you must make deposits totaling $1,000 monthly or maintain a total relationship balance of at least $5,000 eligible deposits or investments held through Huntington Bank or Huntington Financial Advisors.

For the Platinum Perks Checking, the $25 monthly fee is waived by having a balance of at least $25,000 in eligible deposits or investments held through Huntington Bank or Huntington Financial Advisors. 

The Perks Checking account has a $400 bonus. To get the bonus, you’ll just need to make at least one qualifying direct deposit within 90 days of coupon enrollment and then keep the account open for 90 days. 

If you opt for the Platinum Perks Checking account, you’ll receive a larger bonus of $600, but you’ll need to receive a much higher amount in direct deposits. To qualify, you must make direct deposits totaling at least $25,000 within 90 days of account opening, then keep the account open for 90 days. 

This offer expires on October 7, 2024.

Learn more: read our Huntington Bank review

Laurel Road: Rewards Checking

Best for: If you have $2,500 monthly in direct deposit

QUALIFYING ACTIVITY

Requires direct deposits of at least $2,500 within 60 days of opening the account. Continue making $2,500 in direct deposit every month to get an additional $20 your first year.

Offer expiration date:	8/29/24
Bonus amount:	$300
Monthly fee:	$0

While it requires a relatively high direct deposit compared to some of the other accounts on this list, Laurel Road gives you the chance to earn up to $540—that’s $300 initially, plus an extra $20 per month for the first year of the account if you continue to add at least $2,500 every month in direct deposits. So, if this is your main checking account and you use direct deposit for work, this could be a simple way to get a little extra cash each month. 

Also, while it’s not huge, the 0.01% APY also helps you keep the account growing, and since you only need a penny in the account to earn that APY, you don’t have to worry about keeping a hefty minimum daily balance. With no monthly fee, no minimum deposit required to open, and a high rating on its mobile apps, this account could be a solid option for someone in the market for an everyday checking option.

This offer expires on October 15, 2024.

Learn more: read our Laurel Road review

Truist: Truist One Checking

Best for: Regular debit card users

QUALIFYING ACTIVITY

Requires a $500 direct deposit within 90 days of opening the account, plus 15 debit card purchases

Offer expiration date:	10/30/2024
Bonus amount:	$400
Monthly fee:	$12

About

Truist is a top 10 U.S. commercial bank, with headquarters in Charlotte, North Carolina. It offers a comprehensive fleet of banking services, including checking, savings, credit cards, loans, small business, commercial, and wealth management services.

Additional details

Minimum opening deposit: $500

APY: 0.00%

Size of ATM network: More than 3,000 fee-free ATMs

Why we picked it

Truist offers a $400 sign-on bonus with only $500 in direct deposits required within 90 days of signing up. Note, however, that you must also make at least 15 debit card purchases within that time frame to earn the bonus. So, if you’re a regular debit card user, that likely won’t be an issue. 

The account doesn’t earn any interest and has a $12 monthly fee, though that is easy to waive if you meet one of the following qualifications: 

• Make $500 or more in total qualifying Direct Deposits per statement cycle
• Maintain a combined monthly average balance of $500 or more across all eligible Truist accounts
• Have a personal Truist credit card, mortgage, or consumer loan
• Have a linked small business checking account
• Are a student under age 25

This offer expires October 30, 2024

Learn more: read our Truist review

BMO: Relationship Checking

Best for: High earners

QUALIFYING ACTIVITY

Requires a $7,500 direct deposit within 90 days of opening the account

Offer expiration date:	9/9/24
Bonus amount:	$500
Monthly fee:	$25

About

BMO, which stands for “Bank of Montreal,” was the first bank of Canada, established in 1817. It is now the eighth largest bank in North America by assets, and offers checking and savings, credit cards, personal loans, mortgages, and investment planning, as well as business banking solutions.
Additional details

• Minimum opening deposit: $25
• APY: 0.01%
• Minimum balance required to earn APY: $0.01
• Size of ATM network: 40,000

Why we picked it

The BMO Relationship Checking account offers a $500 bonus for those who can deposit at least $7,500 within 90 days. While it’s not a small sum, that timeline is longer than many other banks on this list. 

The Relationship Checking account does have a $25 fee, but it can be waived if you meet any of these requirements:

• The minimum daily Ledger Balance in your account is $10,000 or more for the previous calendar month.
• You have a Monthly Combined Balance of $25,000 for the previous calendar month.
• You’re a client of the employee benefits program, Best of BMO U.S., and have requested a waiver from your BMO Banker.

This offer expires September 9, 2024.

Learn more: read our BMO Bank review

Citibank: All Checking accounts

Best for: Those looking for no minimum deposit

QUALIFYING ACTIVITY

Requires a $1,500 direct deposit within 90 days of opening the account

Offer expiration date:	10/8/24
Bonus amount:	$300
Monthly fee:	$5

Why we picked it

Citi stood out because of its generous welcome bonus and relatively low deposit requirements to score the bonus. To earn the $300 bonus, you can open one of two Citi checking account options: the Access or Regular checking accounts. 

So what’s the difference between the two accounts? The Access account doesn’t offer checks but is more affordable than the Regular account—the monthly service fee is only $5, but both fees it can be waived if you meet specific requirements.

On the other hand, the Regular account offers unlimited check-writing capabilities even though it’ll cost you $15 a month.

To earn the bonus, you’ll just need to receive at least two enhanced direct deposits, totaling at least $1,500. Citi considers enhanced direct deposits as electronic deposits through the ACH network of payroll, Social Security, and other payments to your account.

This offer expires October 8, 2024.

Learn more: Read our Citibank review

Chase Bank: Chase Total Checking

Best for: The average consumer who doesn’t mind a small fee

QUALIFYING ACTIVITY

Requires a $500 direct deposit within 90 days of opening the account

Offer expiration date:	10/16/24
Bonus amount:	$300
Monthly fee:	$12

Why we picked it

Unlike some of the other banks on this list that have high minimum deposit thresholds, the Chase Total Checking account has a pretty reasonable requirement.

To earn the $300 bonus, all you’ll need to do is receive qualified direct deposits totaling $500 or more within 90 days of signing up for the bonus. A qualified direct deposit would be an electronic deposit of a paycheck, government benefits, or a pension.

While the Chase Total Checking account isn’t an interest-bearing account, it can be a free checking account option as long as you meet at least one of these three requirements every month:

• Receive electronic deposits totaling $500 worth or more
• Maintain a balance of $1,500 or more at the beginning of each day
• Have an average beginning day balance of $5,000 or more in this account orand linked qualifying Chase checking, savings and other balances.

This offer is available through October 16, 2024.

Learn more: Read our Chase Bank review

Wells Fargo: Everyday Checking

Best for: Those who can keep a $500 minimum balance to avoid fees

QUALIFYING ACTIVITY

Requires a $1,000 direct deposit within 90 days of opening the account

Offer expiration date:	9/25/24
Bonus amount:	$300
Monthly fee:	$10

Why we picked it

When you sign up for the Wells Fargo Everyday Checking account, you could be eligible to receive a $300 bonus if you receive $1,000 worth of qualifying electronic direct deposits—such as salary or government benefits—within 90 days of account opening. 

However, if you’re looking for a checking account that enables you to earn some extra interest, this account probably isn’t the best choice for you because it’s a non-interest-bearing account. You should also be aware of the $10 monthly service fee, which can be waived relatively easily—you just have to maintain a minimum daily balance of $500 or receive $500 or more of qualifying direct deposits each fee period. 

This offer expires September 25, 2024.

Learn more: Read our Wells Fargo review

What to know about checking account bonuses 

Checking account bonuses are usually only available for a limited time and come with eligibility requirements, including making a minimum opening deposit, maintaining a minimum balance, and making a total dollar amount of direct deposits within the first few months of account ownership.

It’s important to carefully read the terms and conditions before signing up, as failure to meet the requirements means you miss out on the bonus. You should take the time to read up on the bank’s reviews—whether it’s on the Better Business Bureau or Trustpilot websites—to make sure it’s the right banking partner for you.

And you should expect to pay taxes on your checking account bonus because it’s considered taxable interest. You should receive a form from the bank and report the bonus amount to the IRS when you file taxes the following year.

How to choose the best checking account

When choosing a checking account, you’ll want to think carefully about the features and perks that matter most, as everyone’s spending and saving habits are different. You might consider these factors:

• APY: Are you hoping to earn interest on your balance? Or do you already have a high-yield savings account that does the job?
• Monthly fees: Do you mind paying monthly account fees in exchange for additional perks, or do you prefer to avoid the added expense with a free checking account?
• Bonus offers: Some banks sweeten the deal for new account holders by offering a bonus for opening a checking account. You shouldn’t open an account solely for the bonus, but it certainly doesn’t hurt to explore bonus offers and consider them when choosing a checking account.
• Minimum balance requirements: Pay attention to any minimum balance requirements highlighted within the terms of your checking account, and think about whether or not those requirements align with your spending habits. If you’re the kind of person who doesn’t let their balance fall below a certain threshold, a higher minimum balance requirement likely won’t be a dealbreaker. However, if you’re a big spender, this kind of stipulation could result in added fees and penalties.

Checking account alternatives

While getting a bonus on a new checking account is always a nice perk, this type of account isn’t ideal for every situation. Checking accounts typically don’t carry high interest rates, so if savings is your primary goal you should likely look elsewhere. Here are some options to consider:

Checking accounts vs. savings accounts

While these are the two most common types of accounts the average depositor holds, there are many differences between the two. Checking accounts allow for frequent withdrawals, at the cost of bearing very low interest rates. 

By contrast, savings accounts are best for depositing funds that you won’t need access to for a while. There is typically a limit on the number of times you can withdraw from savings accounts each month, but in return you earn higher interest rates.

Checking accounts vs. money market accounts

Money market accounts are similar to checking accounts as they often come with debit cards or checkbooks, allowing you to withdraw funds easily when needed. However, unlike checking accounts, money market accounts, like savings accounts, may set limits on the number of withdrawals you can make per month.

A money market account may be the best fit for account holders who want to earn a higher APY and have some (but not unlimited) access to their funds. However, if you’re looking for an account that supports your everyday spending and plan to have a separate high-yield savings account for growing your money, a standard checking account might be a better option.

Checking accounts vs. certificates of deposit (CDs)

Certificates of deposit, or CDs, are another form of long-term deposit account. But unlike savings accounts, which limit how many times you can withdraw money each month, a CD “locks up” your funds for a defined period of time. At the end of that time you get back everything you deposited plus the interest, with many CDs earning 5% APY or more.

Our methodology 

The Fortune Recommends^TM team compared over 24 checking accounts across major banks, credit unions, and online-only banks to help you find the highest checking account bonus and the best account overall for your financial needs. Our top picks are available to customers across the U.S. no matter where you’re located, subject to the terms of each checking account. 

To determine which account offered the best bonus, among other features, we ranked the best accounts in the following categories and weighted each category as outlined in the percentages below:

• Bonus amount (40%): Many banks and credit unions offer a cash bonus for opening a new checking account. In some cases, account holders must meet certain balance requirements, sign up for direct deposit, or make a certain number of qualifying purchases using their debit card to qualify. Bonus offers are for a limited time. We favored checking accounts that offered higher bonuses. 
• Direct deposit amount (20%): Most banks require you to set up direct deposit in order to receive a bonus—this guarantees to them that you’re using the account and that they’ll have money coming in regularly. We favored banks that don’t have enormous direct deposit requirements in order to receive the bonus.
• Time frame for direct deposit (10%): Most banks have set time frames in which the customer must set up and receive a certain threshold of direct deposit amounts to get their bonus. We rate smaller time frames as less attractive to the consumer.
• Total potential bonus (10%): Some banks offer extra bonuses if you open up multiple accounts, like a savings account along with a checking account. We’ve rated banks that give you multiple bonus opportunities higher.
• Minimum opening deposit (5%): Some financial institutions require a deposit amount when you open your account. We rate a higher opening deposit as less attractive. 
• Monthly fees (5%): Some banks charge monthly maintenance fees. We ranked banks with lower (or zero) monthly fees higher on the list.  
• Annual percentage yield (APY) on your account balance (5%): This percentage represents the real rate of return on your balance; the higher the APY, the better. 
• Customer service (5%): Top picks offer customers three ways to get in contact: chat support, phone, or even email. Among the three options, we gave phone support the most weight. 

We think that the best checking accounts offer a lucrative bonus, low or zero monthly service fees, low or no minimum balance requirements, and the ability to earn interest on your balance. The bonuses, rates, fees, and minimum balance requirements on these checking accounts are available for a limited time. APYs are subject to fluctuation, which could impact how much interest you earn. All the banks and credit unions on this list are insured by the FDIC and NCUA, respectively.

Dig deeper: learn more about our banking methodology.

Frequently asked questions