Best Bank Promotions of May 2020: Bonuses and Offers Worth Up To $300

See the top bank promotions available now.

Failing to do your research before opening a new bank account can be costly if you miss out on perks such as cash rewards for opening new accounts and cash back on qualified purchases. Depending on your spending habits and account minimum, there might be a bank promotion that benefits you with a quick few hundred dollars.

The following list of new bank bonuses is updated monthly and contains the best offers available this May. These bank offers feature a string of bank promotions that will pay you just for participating. They were selected for both their ease of execution and the amount of money they offer. Read on to learn more about these special bank offers — some of which are free and require no minimum deposit.

Here are the top bank account promotions available during May: 

Bank Promotions, Bonuses and Offers at a Glance

Most bank offers provide cash bonuses when you open a new savings and/or checking account. Here are the best bank coupons and offers for May:

Best Bank Bonuses and Offers for May 2020
AccountCash Value of BonusExpiration Date
Chase Premier Plus Checking $300July 20
TD Beyond Checking Account $300None
CIT Bank Savings Builder $300May 30
Discover Online Savings $200 May 25
Huntington 5 Checking Account $200 July 7
Chase Total Checking Account $200 July 20

Compare: Best Checking Accounts of 2020

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$300 Bonus Offers

A handful of banks are offering checking account promotions featuring bonuses of up to $300 through May. All of these bank offers are available nationwide.

Chase Premier Plus Checking: $300 Bonus

Chase Premiere Checking account
Chase/anyaberkut / Getty Images/iStockphoto

With nearly 5,000 branches and more than 16,000 ATMs nationwide, Chase casts a long shadow in the banking world. To qualify for this $300 bonus bank promotion, the Premier Plus Checking account must be opened by July 20.

Chase Premier Plus Checking Account Bonus Requirements and Limitations: 

  • $300 bonus for opening Chase Premier Plus Checking account by July 20
  • Must have a direct deposit of any amount made to your account within 60 days
  • Monthly service fee of $25 waived if there is an average daily balance of $15,000 between all your current Chase accounts, or if you’ve set up automatic payments to your qualifying Chase mortgage
  • Available nationwide except for residents of Alaska, Hawaii and Puerto Rico
  • Offer expires July 20

Check Out: Chase Bank Review — Is It the Right Bank for You?

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TD Beyond Checking Account: $300 Bonus

TD Bank Beyond Checking account
TD Bank/katleho Seisa / Getty Images/iStockphoto

With nearly 1,300 locations along the East Coast, TD Bank has a wide branch network. The $300 bonus offer is only open to new customers who have never held a TD Bank checking account.

TD Beyond Checking Account Bonus Requirements and Limitations: 

  • Offer applies to TD Beyond Checking account only
  • Account must be opened from the offer page
  • Must make cumulative direct deposits of at least $2,500 within 60 days of account opening
  • Monthly maintenance fee of $25 waived if a $2,500 daily balance is maintained
  • Limited time offer with no stated expiration date

See More: TD Bank Review — Convenience, Selection and Service

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CIT Bank Savings Builder: Up To $300 Bonus

CIT Bank Savings Builder Account

CIT Bank is a Southern California-based bank with more than 60 locations and a parent company, CIT Group, with over a century of experience. CIT Bank is currently offering a bonus of up to $300 when you open a savings account.

CIT Bank Savings Builder Requirements and Limitations: 

  • Offer available nationwide; account holders must make a minimum deposit of $50,000 to be eligible for the bonus
  • Offer open to both current and new CIT Bank customers
  • Savings Builder account has 1.30% annual percentage yield, but the account must maintain a $25,000 balance or receive a minimum deposit of $100 per month to earn it
  • No monthly maintenance fee with Savings Builder account
  • Can apply online with promo code Spring20
  • Offer expires May 30

Related Content Here: CIT Bank Review — Is It the Best Bank for You?

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$250 to $200 Bonus Offers

Score a $250­ to $200 bonus with these savings and checking account bank bonuses. Be sure to check the offer for details, as offers are available at different times throughout the month. Some of the bank offers are only available in select markets.

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Discover Online Savings: $200 Bonus

Discover Savings Account mobile
Discover Bank/tolgart / Getty Images/iStockphoto

Discover Bank is known for offering one of the top high-yield savings accounts. You can get up to $200 for opening your first Discover savings account during this May bank promotion.

Discover Online Savings Account Requirements and Limitations: 

  • A minimum deposit of $25,000 must be posted by May 25 to qualify for $200 bonus
  • The 1.25% APY is much higher than the national savings average.
  • No fees associated with opening or maintaining the Discover Online Savings account
  • Offer is not valid for existing or prior Discover savings customers or for existing or prior customers with savings accounts associated with the Discover brand
  • Account must be open when the bonus is credited
  • Offer expires May 25

Check Out: Discover Bank Review — Is It the Right Bank for You?

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Huntington 5 Checking Account: $200 Bonus

Huntington 5 Checking mobile
Huntington/pinstock / Getty Images/iStockphoto

Huntington Bank is a regional financial institution that serves Illinois, Kentucky, Michigan, Ohio, Pennsylvania and West Virginia. This month it’s offering a $200 bonus to customers who open a Huntington 5 Checking account.

Huntington 5 Checking Account Requirements and Limitations: 

  • $200 bank promotion bonus for opening a Huntington 5 checking account and making cumulative deposits of at least $1,000 within 60 days of the account opening
  • Must be a new Huntington checking account customer who hasn’t closed a Huntington account within the last six months
  • Account holder must be a resident of Illinois, Kentucky, Michigan, Ohio, Pennsylvania or West Virginia to qualify
  • Checking account earns 1.05% APY
  • $5 monthly fee waived by having at least $5,000 across all Huntington accounts
  • Redeem offer by applying online or using an online code at a local branch
  • Offer expires July 7

Check out: Huntington Bank Review and Overview

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Chase Total Checking Account: $200 Bonus

woman searching on Chase Total Checking account website
Chase/Neustockimages / Getty Images/iStockphoto

Chase has more than one checking account bonus offer for customers nationwide. Besides the $300 bonus for Premier Plus Checking account holders, you can open a Total Checking account by July 20 to pick up $200.

Chase Total Checking Account Bonus Requirements and Limitations

  • $200 bonus for opening a Chase Total Checking account by July 20
  • Must have a direct deposit of any amount made to your account within 60 days
  • Monthly service fee of $12 waived if there is an average daily balance of $5,000 between all your current Chase accounts, or an average daily balance of $1,500 or more or you receive at least $500 per month in direct deposits
  • Available nationwide except for residents of Alaska, Hawaii and Puerto Rico
  • Offer expires July 20

Check Out: Tips To Avoid Chase’s Monthly Maintenance Fees

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More Bank Promotions

Cynthia Measom contributed to the reporting for this article.

This article has been updated with additional reporting since its original publication.

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Rates are subject to change; unless otherwise noted, rates are updated periodically. Information on promotions was sourced from banks’ websites on April 27, 2020. Additional requirements may apply. Offers and terms are subject to change.

GOBankingRates bases its assessment of “best” and “top” products on the above-stated parameters to create a baseline for comparison. This assessment is an approximation of “best” and “top” designed to help consumers find products that might be appropriate for them. There could be other options available as well. Consumers should consider various options appropriate for their circumstances.

GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack Inc., an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack Inc., which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of GOBankingRates alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account.

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