15 Best New Bank Promotions and Bonuses: February 2020

See the top bank promotions available now.

Failing to do your research before opening a new bank account could cause you to miss out on valuable bank promotions, including bonus airline miles and cash rewards. Fortunately, you won’t have to spend hours combing through the details of promotional offers on bank and credit union sites because GOBankingRates has done the legwork for you.

The following list of 15 current bank promotions is updated monthly and it contains the best offers available this February. Read on to learn more about these special bank offers — some of which are free and require no minimum deposit.

Here are the top 15 bank account promotions available during February 2020:

Bonus Miles Offers

Although banks more commonly offer cash bonuses in connection with opening savings and checking accounts, other incentives — such as airline miles — are available.

BankDirect logo 2017BankDirect Mileage Checking With Interest Account: 22,000 Bonus Miles

The BankDirect Mileage Checking With Interest Account allows you to earn a healthy allowance of American Airlines AAdvantage miles. Both new and current AAdvantage members can earn miles in several different ways.

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BankDirect Mileage Checking With Interest Account Bonus Requirements and Limitations:

  • 1,000 miles at account opening
  • 10,000 miles for direct deposits received over six consecutive statement cycles, at a minimum of $2,000 per month
  • 5,000 miles for using the online bill pay service for at least three payees, totaling $500 per month for six consecutive statement cycles
  • 5,000 miles for 12 transactions with the BankDirect Visa CheckCard totaling $500 per month for six consecutive statement cycles
  • 1,000 miles for referring a friend who opens an account; lifetime maximum of 10,000 miles for referrals
  • $500 minimum to open

Related: The Best Airline Rewards Programs With Points You Can Actually Use

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$1,000 Bonus Offers

Only one bank account offer qualifies for this section. Earning this $1,000 bonus won’t happen overnight — or even in a few years — but it’ll pay off nicely if you’re patient.

Citizens Bank CollegeSaver Account: $1,000 Bonus

With as little as $25, you can set your child up for a nice payoff on their 18th birthday. Plus, interest applies to the entire savings balance. However, this lucrative deal is only available in select states, including Rhode Island, Massachusetts, Connecticut, New Hampshire, New York, Michigan, Vermont, New Jersey, Delaware, Ohio and Pennsylvania.

Citizens Bank CollegeSaver Account Bonus Requirements and Limitations:

  • Must open CollegeSaver account before child’s 12th birthday
  • $25 minimum opening deposit for children under 6 years of age; $500 minimum deposit for children ages 6 to 12
  • Must contribute minimum required amounts each year: $25 annually for accounts opened for children under 6 years of age; $50 annually for accounts opened for children between 6 and 12 years of age
  • $1,000 bonus plus interest awarded on child’s 18th birthday

Check Out: VIP Private Banking Services You Never Knew Existed

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$400-$500 Bonus Offers

This month, three offers are available in the $400-$500 category. Read on to find out how you can take advantage of these opportunities to earn cash for free.

Fidelity Bank Checking Account: $500 Bonus

You’ll have to meet several requirements to earn a $500 bonus from Fidelity Bank, but they’re all relatively easy to achieve. Only new personal checking account customers are eligible for this bonus.

Fidelity Bank Checking Account Bonus Requirements and Limitations:

  • Minimum opening deposit between $25 and $500, depending on the type of checking account chosen
  • $3,000 in direct deposits or recurring credits must be received monthly for three consecutive months
  • Must sign up for EZ statements
  • Must use debit card five times per month for three consecutive months
  • Must meet requirements within 150 days of account opening
  • Limited-time offer

Learn: How To Find No-Fee ATMs Near You

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HSBC Premier Checking Account: $475 Bonus

Earn a welcome deposit by meeting a few simple requirements when you open this personal checking account. To be eligible, you must not have had an HSBC consumer deposit or investment account between Jan. 6, 2017, and Jan. 6, 2020.

HSBC Premier Checking Account Bonus Requirements and Limitations:

  • $1 minimum opening deposit required
  • HSBC Premier checking account must be opened online at the HSBC offer page
  • Make recurring direct deposits totaling at least $5,000 from a third party to your HSBC Premier checking account(s) per calendar month
  • Receive monthly direct deposits totaling at least $5,000 into your checking account for three consecutive months following account opening month
  • Offer expires March 1

How To Get One and How To Read It: Bank Statements 101

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Wells Fargo Everyday Checking Account: $400 Bonus

If you’re a new Wells Fargo checking customer, you’re eligible for this $400 welcome deposit bonus. The catch is that the offer is limited to participating locations. If you’re eligible to open your account online, the promo code will be automatically applied when you complete your online application.

Wells Fargo Everyday Checking Account Bonus Requirements and Limitations:

  • Minimum opening deposit of $25
  • Account must receive $4,000 in qualifying direct deposits each month for three consecutive months within 90 days of opening the account
  • Teen Checking, Greenhouse accounts and Wells Fargo EasyPay Card not eligible for offer
  • Must not have received a bonus for opening a Wells Fargo consumer checking account within past 12 months
  • Offer expires July 31

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$300 to $360 Bonus Offers

A handful of banks are offering checking account promotions featuring bonuses of up to $360 through February 2020. Some of the bank offers are only available in select markets.

Discover Cashback Debit Checking Account: $360 Bonus

Earn up to $360 annually with this Discover checking account that rewards you for debit card purchases. With no monthly fee and no balance or activity requirements, getting this bonus should be easy.

Discover Cashback Debit Checking Account Bonus Requirements and Limitations:

  • No minimum deposit required
  • 1% cash-back rewards rate
  • Up to $3,000 of debit card purchases each month are eligible for rewards
  • ATM transactions, money order purchases, cash back at point-of-sale transactions, peer-to-peer transactions, loan funding and account payments are not eligible for rewards
  • Cash-back bonus rewards based on debit card purchases rounded to the nearest dollar

Everything You Need To Know: How To Open a Bank Account Online

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HSBC Advance Checking Account: 2% Cash Back — Up to $350 Bonus

Eligibility for this HSBC bonus means that you can’t have held a consumer deposit or investment account with the bank from Jan. 6, 2017, to Jan. 6, 2020. You’ll earn 2% cash back on qualifying direct deposits, up to $30 per month, with a total bonus amount of up to $350.

HSBC Advance Checking Account Bonus Requirements and Limitations:

  • $1 minimum opening deposit required
  • HSBC Advance checking account must be opened online at the HSBC offer page
  • Set up recurring direct deposits from an outside party that occur once per month for at least 12 consecutive months following account opening month
  • Offer expires March 1

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Chase

Chase Total Checking and Chase Savings Account: $350 Bonus

With nearly 5,000 branches and more than 16,000 ATMs nationwide, Chase is a reliable source of banking. The $350 bonus offer could be worth it if you’re looking for a new bank to route direct deposits and you have substantial funding to open a new savings account.

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Chase Total Checking and Chase Savings Account Bonus Requirements and Limitations:

  • $200 bonus for opening Chase Total Checking account and receiving a direct deposit within the first 90 days
  • $150 bonus for opening Chase Savings account and depositing at least $10,000 within first 20 business days of account opening; must maintain $10,000 minimum balance for 90 consecutive days
  • Bonuses not available to existing Chase customers or customers with fiduciary accounts
  • Bonuses not available to people who have closed accounts within past 90 days or closed accounts with a negative balance
  • Bonus amount deducted at time of closing for accounts closed within six months of opening
  • Offer expires April 20

Related: Best Debit Card Rewards Programs

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TD Bank logo 2017

TD Bank TD Beyond Checking Account: $300 Bonus

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

TD Bank 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

See: Best Online Banks of 2020

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$200 Bonus Offers

Score a $200 bonus via one of these checking or savings account promotions. Several available options are valid in February. But you’ll have to qualify to apply first, and some offers make it easier than others.

Huntington Bank logo 2017

Huntington 5 Checking Account: $200 Bonus

Huntington is offering U.S. customers in select states a $200 bonus for opening a Huntington 5 Checking account. All balance tiers earn 0.10% APY.

Huntington 5 Checking Account Bonus Requirements and Limitations:

  • New checking customers only; not available to anyone who has closed a Huntington checking account within the previous six months
  • Available to residents of Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania or West Virginia
  • $5 monthly maintenance fee waived with $5,000 in balances
  • Must deposit at least $1,000 in external funds in first 60 days
  • Must leave account open for at least 90 days to receive bonus
  • Expires April 7

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    Chase

    Chase Total Checking Account: $200 Bonus

    If opening a new savings account and depositing at least $10,000 — in addition to opening a new checking account — isn’t in the cards for you, you might want to consider just opening a Chase Total Checking account. By doing so, you can net $200.

    Chase Total Checking Account Bonus Requirements and Limitations:

    • $200 bonus for opening a Chase Total Checking account and receiving a direct deposit within the first 90 days
    • Bonuses not available to existing Chase customers or customers with fiduciary accounts
    • Bonuses not available to people who have closed accounts within past 90 days or closed accounts with a negative balance
    • Bonus amount deducted at time of closing for accounts closed within six months of opening the account
    • Offer expires April 20

    Also See: Best Banks With No Fees

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    PNC Bank Virtual Wallet With Performance Spend Checking Account: $200 Bonus

    If you have at least $1,000 in direct deposits each month, this PNC Bank bonus might be simple for you to snag. Plus, the account has one of the lowest opening deposits out there.

    PNC Bank Virtual Wallet With Performance Spend Checking Account Bonus Requirements and Limitations:

    • $25 minimum opening deposit
    • At least $2,000 in total direct deposits within first 60 days
    • Offer expires March 31

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    $150 Bonus Offers

    You might qualify for one of these offers if a higher bonus is out of your financial reach. Limitations and requirements vary depending on the institution, but most of the following offers make it quick and easy to grab a $150 bank account bonus.

        TD Bank logo 2017

        TD Bank TD Convenience Checking Account: $150 Bonus

        The TD Convenience Checking account bonus is available to new TD Bank customers without a prior or current personal checking account.

        TD Bank TD Convenience Checking Account Bonus Requirements and Limitations:

        • $100 minimum daily balance to waive $15 account maintenance fee
        • $500 in direct deposit funds required within 60 days of account opening

        Also Check Out: Best Travel Credit Cards of 2019

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        Huntington Bank logo 2017

        Huntington Asterisk-Free Checking Account: $150 Bonus

        Huntington has a couple of bank account bonus offers. In addition to the $200 bonus Huntington is currently offering, it’s also offering this $150 bonus. Plus, when you open a checking account, you can also get a Premier Savings account with no fee or minimum balance requirements.

        Huntington Asterisk-Free Checking Account Bonus Requirements and Limitations:

        • No monthly maintenance fee
        • No minimum opening deposit required
        • Minimum of $1,000 in total deposits required within first 60 days
        • Available to residents of Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania and West Virginia
        • Offer not available to consumers with current Huntington checking account or those who have closed an account within the last six months
        • Account must maintain open status for at least 90 days before it is eligible for bonus
        • Expires April 7

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        Stash Debit Account: $50 Bonus

        If you enjoy investing or you’re looking to get into it, Stash has a direct deposit bonus offering that may pique your interest. You must have both a Stash Invest account and a Stash Debit account to take advantage of this offer.

        Stash Bonus Requirements and Limitations:

        • Have one or more direct deposits of at least $300, in total, to Stash Debit account during any 30-day period
        • Only one cash reward allowed under this promotion
        • $50 cash reward must remain in Stash Invest account for 90 days following deposit

        Check Out: Best National Banks of 2020

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        More From GOBankingRates

        Arielle Moscati contributed to the reporting for this article.

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        Information on promotions was sourced from banks’ websites on Jan. 22, 2019. Additional requirements may apply. Offers, terms and rates are subject to change.

        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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        Editorial Note: This content is not provided or commissioned by the bank advertiser. Opinions expressed here are author’s alone, not those of the bank advertiser, and have not been reviewed, approved or otherwise endorsed by the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program.

        About the Author

        Cynthia Measom is a Texas-based writer specializing in finance, business, parenting and education. With almost a decade of online writing experience, her work has appeared on websites such as Chron.com, The Bump and The Motley Fool. Measom received a Bachelor of Arts in English from the University of Texas at Austin.