Best New Bank Promotions in California: May 2021 Offers, Coupons and Bonuses

California bank promotions

Banks regularly run promotions to attract new customers. They want your business and will pay you money when you choose to do your banking with them. You can make hundreds just by signing up for a new account and meeting a few additional requirements. And with the current state of the economy, the extra cash can be helpful.

These California bank promotions highlight some of the best offers available right now in the Golden State. They made the list because they are lucrative and have requirements within reach for many customers.

Checking Account Promotions

To take full advantage of these best checking account promotions in California, you have to meet certain deposit requirements. In most cases, you’ll need to receive direct deposits to qualify.

Bank of America Advantage Banking: $100 Bonus Offer

Bank of America, Member FDIC is offering a $100 bonus offer when you open an Advantage Banking account through June 30, 2021.

  • Cash value: $100
  • Minimum deposit to qualify: Two qualifying direct deposits of $250 or more
  • Expiration date: June 30, 2021
  • How to get it: To qualify, first enroll in the offer through the Bank of America promotional page by opening a new Advantage checking account. Then, set up and receive two qualifying direct deposits each of $250 or more within 90 days. Additional terms and conditions apply. See the offer page for more details.
  • When you’ll get it: Within 60 days of meeting the requirements
  • Terms and conditions: This offer is only available to new Bank of America personal checking customers who have not had a Bank of America checking account within the last 12 months. See the promotion page for full terms and conditions, including detailed information about what counts as a qualifying deposit.
  • Monthly fee:
    • Bank of America Advantage SafeBalance Banking®: $4.95 per statement cycle, waivable with enrollment in Preferred Rewards
    • Bank of America Advantage Plus Banking®: $12, waived if you enroll in Preferred Rewards or meet minimum direct deposit or minimum daily balance requirements
    • Bank of America Advantage Relationship Banking®: $25, waived if you meet the minimum balance requirements in linked accounts or enroll in Preferred Rewards
  • Promotion page: Bank of America Advantage Banking bonus offer

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OneWest Bank Checking Account: Up To $300 Bonus

OneWest Bank, a division of CIT Bank, is offering a tiered checking promotion for three of its products: Personal Checking, Premium Checking and OneAccount Checking. Premium Checking and OneAccount Checking are interest-earning accounts, while Personal Checking is a more basic option that does not earn interest. All feature 24/7 access to online banking, a debit card with a tap-to-pay feature and unlimited check writing.

  • Cash value: Up to $300
  • Minimum deposit to qualify: $500-$10,000
  • Expiration date: Dec. 31
  • How to get it: Open a checking account in-branch with the requisite opening deposit ($500 for Personal Checking, with a bonus of $150; $2,000 for Premium Checking, with a bonus of $200; and $10,000 for OneAccount Checking, with a $300 bonus). Maintain the minimum deposit amount as your average balance for 90 days. Additionally, complete any three of the following qualifying activities:
    • Set up and receive direct deposits of at least $650 per month for two months.
    • Register for e-statements within 15 days of opening.
    • Make eight or more debit purchases of at least $10.
    • Deposit or withdraw money from a OneWest ATM six or more times.
    • Complete two or more online bill payments.
    • Make two or more mobile deposits of at least $100.
  • When you’ll get it: Within 60 days of meeting the requirements
  • Terms and conditions: The account must be funded with new-to-the-bank money, and any customer who received a bonus from the bank in the past 12 months is ineligible.
  • Monthly fees:
    • $5 for Personal Checking, waived by maintaining an average monthly balance of $1,000, by enrolling in e-statements, or if the account holder is 55 or older or under 18
    • $10 for Premium Checking, waived with an average monthly balance of $1,000
    • $25 for OneAccount Checking, waived if you maintain an average monthly balance of $10,000
  • Promotion page: OneWest Bank checking account bonus offer

Wescom Credit Union Checking Account: Up To $500 Bonus

This credit union is open to membership for anyone who lives, works, attends school or worships in Southern California. Its accounts feature access to the CO-OP network of ATMs, which is over 30,000 strong across the U.S. and Canada. Members may access their direct deposits up to two days sooner than they would at many large banks, since Wescom posts deposits when they are received, regardless of the settlement date.

  • Cash value: Up to $500
  • Minimum deposit to qualify: $1,100
  • Expiration date: Dec. 31
  • How to get it: Join the credit union and open a new checking account with the promo code WELCOME. Then, maintain at least a $100 daily balance to get the first $100. Making two debit card purchases nets you another $50, while receiving two direct deposits of at least $500 in two consecutive months is worth an additional $100. If you fund an eligible loan product, another $250 is on the table. To get the full $500, you’ll need to complete all of the activities during your welcome period, defined as the first 90-120 days after account opening.
  • When you’ll get it: The bonus amount will deposit to your account the first week following the first full month after you complete the qualifying activities.
  • Terms and conditions: The offer is available to new members only and not available to youths; UCLA students, staff or faculty; Wescom employees or their families; Wescom volunteers; or Westcom board members. Student loans and Quick Assist Loans do not qualify for the loan bonus.
  • Monthly fees: The Wescom checking account has a monthly fee of $8, but it can be waived in a variety of ways, and it’s waived for the first three months for new members.
  • Promotion page: Wescom checking account bonus offer

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HSBC Premier Checking Welcome Deposit: $450 Bonus

The Premier Checking account is HSBC’s top-tier checking account. Account holders receive perks like Global View as well as special mortgage rates and ATM rebates. New customers can earn a lucrative bonus when they open a new account and meet deposit requirements. Here’s how:

  • Cash value: $450
  • Minimum deposit to qualify: $15,000
  • Expiration date: June 30
  • How to get it: Open an HSBC Premier Checking account and receive direct deposits of at least $5,000 for three consecutive months.
  • When you’ll get it: Within eight weeks of meeting the requirements
  • Terms and conditions: Qualifying direct deposits include those from payroll, Social Security, pension or government benefits. The offer is limited to individuals with a U.S. Social Security number. Customers who held any HSBC consumer deposit account from March 31, 2018, through March 31, 2021, are not eligible.
  • Monthly fees: $50, but can be waived by maintaining a combined minimum balance of $75,000 or monthly direct deposits of at least $5,000
  • Promotion page: HSBC Premier Checking Welcome Deposit bonus offer

Savings Account Promotions

One of the best savings account promotions in California requires a checking and savings account as well as a substantial deposit. However, you’ll be rewarded with a lucrative bonus for your efforts.

Citi Priority Account Package: $700 Bonus

If you have plenty of money to deposit, you can earn $700 by opening a checking and savings account with Citibank. Here’s how:

  • Cash value: $700
  • Minimum deposit to qualify: $50,000
  • Expiration date: June 30
  • How to get it: Open an eligible checking and savings account, and then deposit $50,000 within the next 30 days. Maintain the minimum balance for at least 60 consecutive calendar days.
  • When you’ll get it: Within 90 days after meeting the requirements
  • Terms and conditions: The offer is available to customers who have not been a signer on a Citibank checking account in the past 180 days.
  • Monthly fees: $30, but can be waived if you maintain a $50,000 combined balance among all accounts
  • Promotion page: Citi Priority Account Package bonus offer

Business Account Promotions

If you’re looking for the best business account promotions in California, look no further. This month, you can cash in on a bonus for opening a new account.

Chase Business Complete Banking: $300 Bonus

With Chase Business Complete Banking, you get low-fee checking along with Chase QuickAccept for accepting card payments from customers. This package includes options for accepting and sending wire transfers, access to online bill pay and more. New customers have the chance to earn $300 when they open an account and meet requirements. Here’s how:

  • Cash value: $300
  • Minimum deposit to qualify: $2,000
  • Expiration date: July 23
  • How to get it: Open a new Chase Business Complete Checking account using your offer code, which you can request via the promotion page. Deposit at least $2,000 within 30 days and keep at least $2,000 in the account for the next 60 days. You also need to complete five qualifying transactions.
  • When you’ll get it: Within 15 days of meeting the requirements
  • Terms and conditions: Debit card purchases, deposits made via Chase QuickAccept and Chase QuickDeposit, ACH (credits) and wires (debits and credits) count as qualifying transactions.
  • Monthly fees: $15, but balance can be waived with actions like maintaining a $2,000 minimum daily balance or linking a Chase Private Client Checking account
  • Promotion page: Chase Business Complete Banking bonus offer

Bank of America Business Advantage Banking: Up To $750 Bonus

Business owners have the opportunity to earn $500 to $750 if they open a new Business Advantage Fundamentals or Relationship checking account with Bank of America.

  • Cash value: Up to $750
  • Minimum spend to qualify: $20,000
  • Expiration date: May 28
  • How to get it:
    • Open a new Business Advantage Fundamentals or Business Advantage Relationship checking account using the unique promo code received in the mail.
    • Deposit at least $50,000 within 15 days of account opening to earn a $750 bonus or at least $20,000 within 15 days of account opening to earn a $500 bonus.
    • Maintain an average balance of the qualifying deposit amount — $50,000 or $20,000 — for 60 days during the maintenance period.
  • When you’ll get it: Within 60 days from the end of your qualifying period
  • Terms and conditions: Each requirement must be met before the deadline. The offer is available only to new customers who receive an invitation from the bank.
  • Monthly fee: $16 or $29.95, but can be waived by meeting average monthly balance requirements, becoming a member of Preferred Rewards for Business, or spending the required amount on net new purchases on a business debit card (for Business Advantage Fundamentals)
  • Promotion page: Bank of America Business Advantage Banking bonus offer

Choosing the Best Bank Promotions

A special promotion shouldn’t be the only reason you choose a bank, but that also doesn’t mean you shouldn’t cash in when you can. Plenty of bank promotions in California that are available right now allow you to pocket some extra money. Just make sure the California bank is convenient to use and offers products and services that meet your financial needs.

Other Banks in California

Julia Gordon contributed to the reporting for this article.

Information on promotions is accurate as of April 28, 2021. Additional requirements may apply. Offers and terms 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 the author 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.

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

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 Paez Bowman is a personal finance writer with degrees from American University in international business and journalism. Besides writing about personal finance, she writes about real estate, interior design and architecture. Her work has been featured in MSN, Brex, Freshome, MyMove, Emirates’ Open Skies magazine and more.
Best New Bank Promotions in California: May 2021 Offers, Coupons and Bonuses
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