Bank bonuses
What to check before opening a bonus account.
A large bank bonus can still be a poor fit if the requirements, fees, timing, or eligibility rules do not work for you. The details decide whether an offer is straightforward, costly, or not worth doing.
1. Eligibility
Check whether you are excluded because you currently have the account, recently closed one, live outside the service area, are part of the same household as another recipient, or received a prior bonus.
2. Funding Requirement
Look for the exact amount, deadline, and funding rules. Some offers require new money from outside the bank; others require direct deposit or a minimum average balance.
3. Direct Deposit Definition
Payroll, pension, Social Security, and government benefit deposits are commonly accepted. Person-to-person transfers, external bank transfers, mobile deposits, and trial deposits are often excluded.
4. Fees and Clawbacks
Monthly fees, early closure fees, and minimum balance rules can reduce or erase the bonus. Keep the account open long enough to avoid clawbacks.
5. Tax and Records
Bank bonuses are commonly treated as taxable interest. Save the provider terms, application date, funding date, payout date, and any tax forms.
References used for this checklist
Last checked: May 28, 2026.
Related next steps
Use the current offer views to narrow offers by requirement type, payout timing, and fee exposure before opening an account.