Some banks offer bonuses to new customers to convince them to open a checking account or credit card with them.
This is usually a win-win for both you and the bank. The bank will likely make their money back through monthly fees or other financial products you may use in the future.
However, there’s a catch–most bank account promotions require you to deposit a certain amount of money in your account through direct deposit. This means that if you don’t want to switch your direct deposit to another bank or you work in an industry where you get paid mostly through cash or checks, many of these promotions aren’t available to you.
But not all is lost. There are some banks that offer promotions and bonuses that you can still use without a minimum direct deposit. Here are some of the best bank promotions without direct deposit in November 2024.
The Best Bank Promotions in November
| Bank | Bonus | Expiration Date |
|---|---|---|
| Chase Secure Banking | $100 | Oct. 15, 2025 |
| Huntington Bank Platinum Perks Checking | $600 | Feb. 7, 2025 |
| Wells Fargo Clear Access Banking | $125 | Jan. 8, 2025 |
| Bank of America, Member FDIC, Business Accounts | $200 | Dec. 31, 2024 |
Chase Secure BankingSM: $100 Bonus
Chase is offering new customers a $100 bonus for opening a Chase Secure Banking Checking account and making 10 qualifying transactions within a 60-day period. In addition to not requiring direct deposit, this offer also does not have any minimum account balance or deposit requirements, making it one of the easiest bonuses to obtain.
Promotion details:
- Cash value: $100
- Minimum deposit to qualify: None
- Monthly fee: $4.95, waived when you deposit $250 or more each month
- Expiration date: Oct. 15, 2025
Details for receiving the promotion:
- How to get it: Open a Chase Secure Banking checking account through the online offer page, or generate a coupon on the webpage and use it to open an account at a physical Chase branch. Make at least 10 qualifying transactions within the next 60 days. Qualifying transactions include debit card purchases, Zelle transfers, ACH credits and online bill payments.
- When you’ll receive your bonus: Up to 15 days after completing the requirements.
- Terms and conditions: Account must be open at the time of payout. You must not have received a bonus from Chase within the past two years. You must be a U.S. citizen or a U.S. resident alien and at least 18 years old.
- Promotion page: Chase Secure Banking $100 Bonus
Huntington Bank Platinum Perks Checking: $600 Bonus
If you live in one of the 11 states Huntington Bank operates in, then this bonus may be a good opportunity to earn some returns on your savings. To earn the bonus, you will need to open a Platinum Perks checking account and deposit $25,000 within the next 90 days. A $600 return on a $25,0000 deposit comes out to a 2.4% return. That’s much better than the APY on many savings accounts, and you don’t even need to wait a year to get it. This account also pays interest on your balance, which is an added perk.
Promotion details:
- Cash value: $600
- Minimum deposit to qualify: $25,000
- Monthly fee: $25, waived if account balance is $25,000 or more.
- Expiration date: Feb. 7, 2025
Details for receiving the promotion:
- How to get it: Open a Huntington Bank Platinum Perks Checking account through the offer page or with a coupon code at a physical branch and deposit $25,000 within 90 days.
- When you’ll get it: 14 days after fulfilling requirements.
- Terms and conditions: Account must be kept open for 90 days. You must be a U.S. citizen or a U.S. resident alien and at least 18 years old.
- Promotion page: Huntington Bank Platinum Perks Checking Offer
Wells Fargo Clear Access Banking: $125
Wells Fargo is currently offering a $125 bonus to customers who make 10 qualifying transactions using the new checking account within 60 calendar days of opening.
Promotion details:
- Cash value: $125
- Minimum deposit to qualify: $25
- Monthly fee: $5, can be waived if you are under age 24, link the account to a Campus Debit Card, or are a part of the Wells Fargo Worldwide Military Banking program
- Expiration date: Jan. 8, 2025
Details for receiving the promotion:
- How to get it: Open a Wells Fargo Clear Access Banking account with a minimum opening deposit of $25. Then, make at least 10 qualifying transactions within 60 days.
- When you’ll get it: 30 days after fulfilling requirements.
- Terms and conditions: You must not have received any bonus or promotional rate from Wells Fargo within the past 12 months. You must be a U.S. citizen or a U.S. resident alien and at least 18 years old.
- Promotion page: Wells Fargo Savings Bonus Offer
Bank of America Business Accounts: $200
Bank of America offers business owners seeking a new account a bonus of up to $200. You can open either the Business Advantage Fundamentals Banking account or the Business Advantage Relationship Banking account to tap into the bonus. In either account, you’ll need to deposit at least $5,000 into the account within 30 days of account opening to unlock the bonus.
Promotion details:
- Cash value: $200
- Minimum deposit to qualify: $5,000
- Monthly fee: $16 to $29.95, depending on the account chosen. Both account fees are waivable. See website for details
- Expiration date: Dec. 31, 2024
Details for receiving the promotion:
- How to get it: Open an eligible account and deposit at least $5,000 of new money, which didn’t come from another Bank of America account, within 30 days. You must maintain an average balance of $5,000 or more for at least 90 calendar days.
- When you’ll get it: 30 days after fulfilling requirements.
- Terms and conditions: You must be a U.S. citizen or a U.S. resident alien and at least 18 years old.
- Promotion page: Bank of America Small Business Accounts promo
Should You Open a New Bank Account for a Bonus?
If the bank’s services fit your current financial needs, and the new bank account will not cost you more money than you make in monthly fees or other hidden costs, then a bank bonus can be a great way to make a bit of extra cash. However, do be careful to read the terms and conditions carefully.
Regardless of the bonus, it may be better not to make a new account if the account does not make sense for you financially in the long term. Always check whether a bank offers to waive monthly fees if you fulfill certain requirements and if there are any penalties for closing the account if you no longer need it.
Takeaway
Free money in the form of a bank bonus is appealing. But make sure to read the fine print before signing up. Otherwise, you could jump through many hoops for minimal gain.
As you decide on the right bank account to open, explore the top options to find an account that works for you.
FAQ
- Are bank cash bonuses taxable?
- Yes, bank cash bonuses do count as taxable income. This means that you will have to declare them on your tax return and pay taxes on them. When calculating whether a bank cash bonus is worth it for you, make sure to include taxes in the equation.
- Can you close a checking account after receiving a bonus?
- If you have received a bonus for opening a checking, savings account or even a CD account at a bank, there may be a penalty fee for closing the account early. Review the terms and conditions of the offer and check whether the bank has included a fee for closing the account within a certain length of time. In some cases, you may lose part of, or the entire amount of your bonus if you close the account too early.
- How can you get bank bonuses without direct deposit?
- Many financial institutions offer bank bonuses without a direct deposit requirement. As you pursue bank bonuses, read the fine print to confirm that setting up direct deposit isn't required to get the bonus you are seeking.
- What bank gives you money for signing up?
- Many banks offer some kind of financial bonus when you sign up. Some of these include Chase, Citi® and Wells Fargo.
- What is the $3,000 bonus at Chase?
- If you open a Chase Private Client account with at least $500,000, you can score a $3,000 bonus from Chase. To keep the bonus, you must maintain your new money for 90 days. After hitting that mark, you'll receive the bonus to your account within 40 days.
Rates and fees are accurate as of Oct. 30, 2024 and subject to change at the bank’s discretion.
The information related to Chase Secure Banking was collected by GOBankingRates and has not been reviewed or provided by the issuer of this product/card. Product details may vary. Please see the issuer’s website for current information. GOBankingRates does not receive commission for this product.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Chase.