You could earn a bonus of $100 or more just by opening a new online account!
Considering switching banks? A recent J.D. Power report states that nearly half of all consumers are contemplating this change within the next year.
If you're in the mix, take advantage of lucrative online bank account bonuses that can range up to $300 by fulfilling specific deposit requirements. Transitioning to an online bank not only offers significant bonuses but typically provides higher deposit rates and lower fees compared to traditional banks.
Why Are Banks Offering Sign-Up Bonuses?
Online banks are keen to entice new customers and their cash deposits, capitalizing on the competitive banking sector. The strategy is to lure account holders away from established brick-and-mortar banks and boost transaction volumes. Despite sign-up bonuses for banks being more modest than those offered by traditional banks, typically ranging from $100 to $300, they still represent a solid incentive for consumers eager to maximize their savings potential. By choosing the right bank and meeting specific qualifying conditions, you can unlock these bonuses along with competitive interest rates.
5 Online Banks That Pay You to Open an Account
Many online banks are currently offering exciting bonuses. Here's a look at five reputable institutions and what they offer:
1. BMO
- Bonus: $300
- Requirements: Open one of two checking accounts. BMO's Smart Money Checking requires a $5 monthly maintenance fee if you're over 25.
2. Capital One
- Bonus: $250
- Details: Low-frills checking account with no monthly fees or minimum deposit requirements. Ideal for those not wanting the hassle of managing fees.
3. Discover
- Bonus: $200
- Requirements: Steep qualifications - $25,000 in deposits within 45 days. While this may sound challenging, the account also boasts a competitive 3.75% APY, making it a viable option for long-term savers.
4. SoFi
- Bonus: Up to $300!
- Details: Deposit $1,000 for a $50 bonus or $5,000 for a $300 bonus within 25 days. Beneficial to those who already have a SoFi account but have never received a direct deposit there.
5. Alliant Credit Union
- Bonus: $100 (Earned over the course of a year)
- Details: Minimum daily balance of $100 required throughout the year, but offers an APY that is 15 times the national average.
Understanding the Requirements
The appeal of these bonuses requires careful attention to the terms set by the banks. Here are common qualification factors:
- New Funds: Usually, you must be a new customer or new to a specific account type. For instance, Discover's savings bonus applies only to customers without an existing savings account with them.
- Direct Deposits: To qualify for bonuses, a minimum amount of direct deposits typically must be received within a specified timeframe. Many banks only accept recurring deposits.
- Promo Codes: Some banks require entering a promotional code during the application process, often found on their official websites or special offers.
Maximizing Your Bonuses and Benefits
Switching banks can feel daunting with the need to update multiple billing companies and agencies with your new banking information. Before jumping ship, ensure you've chosen an account that aligns with your needs. Key strategies include:
- Review Terms Carefully: Understand all the requirements to secure that enticing bonus. This includes confirming if your deposits count towards meeting the minimum deposit requirement.
- Check Account Fees: Assess whether account maintenance fees could negate your cash reward.
- Set up Transactions ASAP: Once your account is open, promptly establish any required deposits to avoid missing out on your bonus. You might need to reach out to your employer to reroute your paycheck.
- Tax Implications: Bonuses and interest earned may be considered taxable income, potentially increasing your tax liability. Factor this in if you're actively seeking various bonuses across banks.
Why Online Banks Are a Smart Move in 2025
With 2025 promising competitive interest rates and numerous incentives for switching banks, the time is ripe to consider low-fee banking options. Online banks such as BMO, Capital One, Discover, SoFi, and Alliant Credit Union are not just providing bonuses but also better overall banking experiences that can lead to significant financial gains. Higher APYs and lower fees align with savvy financial management, enhancing your long-term savings strategy. Make the leap now to optimize your banking experience and explore the numerous benefits that come with these online banking options.