Checking Account Bonuses: What to Know Before Applying

Checking account bonuses are a common incentive strategy used by US banks. But, these bonuses aren’t just for Americans. If your client profile qualifies you can open a US bank account as a non-resident and take advantage of potential lucrative offers.

Feel free to use the table of contents to jump ahead to the sections most relevant to you.

Table of Contents

  1. Checking Account Bonuses
  2. Who Can Benefit From Bank Bonuses With a Checking Account?
  3. What Are the Types of Checking Bank Account Bonuses?
  4. Frequently Asked Questions
  5. Do You Want Help Opening Bank Accounts?

Checking Account Bonuses

Checking account bonuses refer to bank account promotions that are designed to attract new customers to a financial institution. In short, they are checking account sign-up incentives that pay customers cash bonuses for opening checking accounts.

These bank account bonus programs do have bonus eligibility requirements. So, individuals will need to meet specific criteria or take particular actions, to qualify for the bonus being offered.

However, before applying for accounts for a specific bonus, you also need to make sure the account meets your specific needs and matches your profile. This can mean finding suitable banking programs from the best bank for college students to banks that support foreign transactions, depending on your needs.

On the other hand, if you’re completely new to operating your US bank account, you should familiarize yourself with the basics like understanding what an ABA number to learning how to best communicate with your bank. You can use our other free resources to help you.

Additionally, depending on the type of account you’re applying for, you’ll need to

Who Can Benefit From Bank Bonuses With a Checking Account?

Anyone can benefit from bank bonuses with a checking account. In fact, these bonus programs are often an underutilized opportunity for individuals. With this in mind, the following list of client types that can open a checking account is all-encompassing.

Client Types That Can Open a Checking Account

  • Resident individuals
  • Local businesses
  • Non-resident individuals
  • Foreign businesses

What Are the Types of Checking Bank Account Bonuses?

There are a number of different types of checking bank account bonuses available to clients. That said, the most common types of bonuses include cash-back bonuses and rewards bonuses. We will explore these and a few other bonuses in greater detail below.

Cash Bonuses

Cash bonuses refer to a cash deposit that is made into the account of the account holder after a qualifying action has been carried out. Qualifying actions may include setting up a direct deposit or standing order, making a qualifying deposit, or something else.

Reward Bonuses

Reward bonuses are another common form of account bonuses. However, they are most common when dealing with the opening of accounts with credit card providers, including American Express and Chase. These bonuses are issued after certain qualifying actions are met. However, in most cases, the qualifying actions involve meeting certain transaction requirements.

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Frequently Asked Questions

Below are a few of the most common questions we receive from people looking into checking account bonuses. If you have further questions you would like to ask our team, don’t hesitate to get in touch.

What Banks Have the Best Checking Accounts Bonus Offers?

The banks that have the best checking accounts bonus offers are usually the largest banks, as they are able to offer more compelling offers to new clients. Examples of banks that engage in checking account bonuses include Chase, Wells Fargo, Bank of America, Citibank, TD Bank, and more. That said, bonus offers fluctuate, so it’s important to compare the offers at the exact time that you are looking to open accounts.

What Banks Offer Money as a Sign-Up Bonus for New Accounts?

Many banks offer money as a sign-up bonus for new accounts. However, it’s important to keep in mind that banks require a qualifying action in order to issue the bonus. In most cases, this means that the bank requires a qualifying deposit be made into the account.

How Do Checking Account Bonuses Work?

Checking account bonuses work as an incentive to new customers, attempting to attract them to open accounts and conduct a qualifying action. In most cases, this involves making a qualifying deposit or setting up a direct deposit or standing order. After that qualifying action has been completed, the bank issues a cash bonus into the new account of the account holder.

Do You Pay Taxes on Checking Bank Account Bonuses?

Tax laws vary, so you should always consult a professional tax advisor in order to confirm whether you are liable to pay taxes when receiving any funds from any source. When it comes to bank account bonuses, one important point is that banks (in the United States), typically issue documents to the tax authorities, indicating the amount of taxable income you receive from the bank. So, most people are liable to pay taxes on checking bank account bonuses. But again, consult a professional tax advisor to confirm.

Do You Want Help Opening a US Bank Account?

If so, you can get access to GlobalBanks USA (our dedicated US account opening service) in just a few clicks.

GlobalBanks USA is a 100% personal account opening solution. It provides direct access to our team of US banking experts.

When you join, you receive…

+ Expert suggestions on where to open US bank accounts.

+ Step-by-step support to navigate US account opening.

+ Direct introductions to helpful and responsive bankers.

+ Plus, detailed guides to maximizing the value you get from your new US bank account.

And “yes!” GlobalBanks USA helps foreigners and non-resident individuals open accounts.

In fact, GlobalBanks USA even helps non-resident US LLCs and foreign & offshore entities.

Use the link in our menu above to learn more about GlobalBanks USA. Or, contact us directly with any questions!

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GlobalBanks Team
GlobalBanks Team

The GlobalBanks editorial team comprises a group of subject-matter experts from across the banking world, including former bankers, analysts, investors, and entrepreneurs. All have in-depth knowledge and experience in various aspects of international banking. In particular, they have expertise in banking for foreigners, non-residents, and both foreign and offshore companies.

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