16 Best New Bank Promotions and Bonuses: January 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 16 current bank promotions is updated monthly, and it contains the best offers available this January. Read on to learn more about these special bank offers — some of which are free and require no minimum deposit.

Here are the top 16 bank account promotions available during January 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.

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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$750 Bonus Offers

The opportunity to receive a $750 bank bonus doesn’t happen every day. But if you can set up recurring direct deposits in the required monthly amounts, this bonus could be yours.


HSBC Premier Checking Account: $750 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 July 31, 2016, and Dec. 31, 2019.

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
  • Offer expires Jan. 6

How To Get One and How To Read ItBank Statements 101

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$400 Bonus Offers

Sometimes when a bank account promotion rolls around, the timing is off and you find yourself short on funds to deposit. But the promotion featured in this category gives you up to 150 days to meet the requirements needed to garner a nice bonus.

Learn: How To Find No-Fee ATMs Near You

Fidelity Bank Checking Account: $400 Bonus

You’ll have to meet several requirements to earn a $400 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 $1,000, depending on the type of checking account chosen
  • $2,500 in direct deposits or recurring credits must be received monthly for three consecutive months
  • Must meet requirements within 150 days of account opening
  • Limited-time offer

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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 January 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: $350 Bonus     

Eligibility for this HSBC bonus means that you can’t have held a consumer deposit or investment account with the bank from July 31, 2016, to July 31, 2019. Once you clear that hurdle, you’ll just have to meet deposit minimums.

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
  • Deposit a minimum qualifying balance of $5,000 in new money into combined checking and savings accounts within the first 30 days
  • Maintain minimum qualifying balance for 90 days
  • Set up recurring direct deposits from an outside party that occur once per month for at least three consecutive months following account opening month
  • Offer expires Jan. 6

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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.

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 60 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 Jan. 21

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First Bank and Trust

First Bank and Trust Green Checking Account: $300 Bonus

First Bank and Trust is a New Orleans-based bank serving customers in Louisiana, Mississippi and Florida. The bank is offering a $300 bonus when you open a Green Checking account, which is paperless.

First Bank and Trust Green Checking Account Bonus Requirements and Limitations:

  • $100 minimum opening deposit using external funds required
  • Must enroll in eStatements
  • Must establish and maintain direct deposit transactions of at least $500 per statement cycle within 60 days of account opening
  • Cash bonus plus $25 service fee deducted from account if direct deposit is discontinued or account is closed within first six months
  • Limited-time offer

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 January. 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 Jan. 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 Jan. 21

    Also See: Best Banks With No Fees

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    Discover Online Savings Account: $200 Bonus

    If you have at least $25,000 to deposit, you can earn 1.70% APY in addition to a $200 bonus with this online savings account from Discover. Plus, you won’t have to worry about monthly fees taking a bite out of your earnings.

    Discover Online Savings Account Bonus Requirements and Limitations:

    • $25,000 minimum deposit
    • Must use offer code DC19 when applying for account
    • Offer not available if you have or have ever had a Discover savings account or a co-branded or affinity account provided by Discover
    • Apply for account by Jan. 6
    • Make deposit of at least $25,000 by 11:59 p.m. on Jan. 20
    • Bonus will be credited by Feb. 3

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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

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        Valley My Choice Checking Account: $150 Bonus

        Young adults ages 17 to 25 are the only ones eligible to open this personal checking account with no monthly fees. As an added perk, customers get up to $20 in rebates for non-Valley ATM fees.

        Valley My Choice Checking Account Bonus Requirements and Limitations:

        • $25 minimum opening deposit
        • Must enroll in paperless statements within first 60 days
        • Receive $75 for activating mobile banking within first 60 days
        • Receive $75 for completing a minimum of 20 debit card transactions of $5 or more OR for enrolling in online bill pay and completing three transactions within first 60 days

        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 offers. In addition to the $200 bonus Huntington is currently offering, it’s also offering this $150 bank 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 account within the last six months
        • Account must maintain open status for at least 90 days before it is eligible for bonus
        • Expires Jan. 7

        Promotions for Existing Customers

        Though bank promotions are rarely targeted toward current customers, there’s one offer available by invitation in very limited markets for existing Bank of America customers.

        Bank of America Mobile App — Up to $15 in Rewards

        Bank of America’s mobile app allows customers to manage their accounts digitally, including mobile money transfer, bill pay and check deposit. The Bank of America mobile app promotion is invite-only for a limited number of current customers who haven’t used the mobile app. There are three different parts to this promotion, with a $5 credit per action; customers who receive the invite may find a varying amount (up to three) of actions they can complete.

        You can check your eligibility via the app or when you try to deposit a check at an ATM or a branch, at which point you’ll be notified of the rewards available for using the app.

        Bank of America mobile app rewards requirements and limitations:

        • Offer is targeted and available to specific existing customers only
        • Existing customers can perform up to three rewardable actions  perform based on their specific invite: trying mobile check deposit ($5 reward); transferring money using Zelle ($5 reward); using mobile bill pay ($5 reward)
        • Expires Jan. 17

        Check Out: Best National Banks of 2020

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        More From GOBankingRates

        Arielle Moscati contributed to the reporting for this article. 

        Information on promotions was sourced from banks’ websites on Dec. 13, 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.

        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.

        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.