How You Can Earn Thousands Just By Opening a High Yield Savings or Checking Account
Written by
David Nadelle
Edited by
Sequoya Davis
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The world of personal banking is a competitive one. Most people don’t switch banks often, so luring someone away from their current banking situation takes an enticing sign-up bonus or a super-competitive interest rate. There have been some interesting bonuses given out to new customers recently, but as with everything in life, there’s a catch.
According to MarketWatch, the catch is often the obligation to significantly fund a new account, by transferring over a minimum deposit requirement. To receive a large sign-up bonus, you might have to deposit tens of thousands of dollars, or in the case of a recent promotional offer, at least $7 million to get a $20,000 bonus in return.
“One of the primary reasons there are large balance requirements is that the more money a bank has in deposits, the more money they can lend out to other customers, which is one way they can make money,” said Adrianna Adams, a certified financial planner (CFP) and head of financial planning at Domain Money. “By offering cash bonuses for large deposits today and increasing their overall deposits, the banks can lend out more money to borrowers and increase their own revenue.”
The $20,000 was offered by M1 Financial, which isn’t a bank but rather a technology company that offers brokerage accounts to those who want to invest in securities. Although this offer expired on Mar. 31, 2024, the tiered bonus was available to investors who transferred over eligible assets like brokerage account funds, an IRA, a 401(k), 403(b) or 457(b) to a new M1 taxable investment account.
The minimum rollover of a substantial $100,000 sum would have landed you a slight $250 promotion credit or bonus from M1. Transferring $1 to $2 million (or a penny under $2 million) would land you a $4,000. To get the maximum bonus of $20,000, you would have had to transfer at least $7 million.
Recent bonus offer accounts advertised by TastyTrade (up to $5,000/$1 million deposit), Citi Personal Wealth Management (up to $5,000/$2 million deposit), HSBC Premier (up to $4,000/$500,000 deposit), Chase Private Client Checking (up to $3,000/$500,000 deposit) and Citi Checking (up to $2,500/$300,000 deposit) required hefty deposits into high-yield for cash perks.
Forbes suggests keeping an eye on Citi for bonus trends in 2024, as they consistently offer some of the most significant bonuses (but often for those willing to make larger deposits). Bear in mind that for many new account sign-ups, clients need to maintain balances for a number of days and adhere to promotional rules before receiving bonuses.
If you’re an average saver who hasn’t the means required to qualify for a new account bonus from the banks listed above, there are bonuses available to those with more modest bank balances. However, instead of transferring big balances, you might need to jump through a few account activity hoops to get your promotion money.
Boasting that you’ll earn more in five weeks with them than you would in a year with a big bank savings account, SoFi® is offering up to annual percentage yield (APY) and a $50 or $400 bonus if you open a direct deposit savings or checking account. You must sign up for direct deposit or deposit $5,000 or more every 31 days to earn the highest interest rate.
Opening a Truist One Checking account online can earn you a $400 bonus, if you receive at least two qualifying direct deposits totaling $2,000 or more and complete at least 20 qualifying debit card purchases within 120 days of account opening (terms apply). This one’s open only to residents in 18 states (Alabama, Arkansas, Florida, Georgia, Indiana, Kentucky, Maryland, Massachusetts, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia or Washington D.C.) and has to be opened online.
A big bonus often means a lower APY and lower interest earnings, so calculating whether you’ll earn more through interest or by receiving a bonus is essential before you jump at what initially looks like a steal of an account transferring deal. But if you can get both a good bonus and high interest rate, you’re laughing.
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J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment adviser, member FINRA and SIPC. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. Certain custody and other services are provided by JPMorgan Chase Bank, N.A. (JPMCB). JPMS, CIA and JPMCB are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states.
INVESTMENT AND INSURANCE PRODUCTS: • NOT A DEPOSIT • NOT FDIC INSURED • NOT INSURED BY ANY FEDERAL GOVERNEMENT AGENCY • NO BANK GUARANTEE • MAY LOSE VALUE
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
Terms and Conditions for Truist One Checking Affiliate $400 Online Offer Q2 2026: AFL400TR1Q226
Offer Information: Open a new Truist One Checking account online from 3/26/26 through 7/9/26, complete the following activities within 120 days of the account opening and earn $400. You must open the account online and enter the promo code to be eligible to participate in the promotion.
-Receive at least two qualifying direct deposits* totaling $2,000 or more AND
-Complete at least 20 qualifying debit card purchases** within 120 days of account opening. All debit purchases must be posted to your account to qualify.
Account must be opened online. Enrollment in the promotion is required at the time of account opening using promo code AFL400TR1Q226. Please refer to the Account Opening and Enrollment section below for full instructions.
*A qualifying direct deposit is an electronic credit (greater than $5.00) deposited into your new checking account via ACH. Person to person payments (such as Zelle®), Real Time Payments (RTP), pre-authorized transfers made from one account to another, or deposits made via a branch, ATM, online transfer, mobile device, debit/prepaid card number or the mail are not eligible direct deposits.
**Qualifying debit card purchases include any purchase made with a Truist debit card and posted to the new checking account within 120 days of account opening. ATM withdrawals using your debit card are not qualifying transactions. Zelle® transactions are not qualifying transactions. Bank fees are not included.
Offer Eligibility: Clients that are the primary account holder on an existing personal checking account with Truist or who have closed a personal checking account with Truist on or after 3/26/25 are not eligible to participate. Offer valid for Truist One Checking accounts only. Primary account holder must be 18 or older at the time of account opening. Truist employees, Directors, Officers, and Local Boards/Advisors are not eligible. Offer available only to US residents with a valid US taxpayer identification number. The qualifying checking account must be opened online and have a physical address in: AL, AR, FL, GA, IN, KY, MD, MS, NC, NJ, OH, PA, SC, TN, TX, VA, WV or DC.
Reward Processing: The reward will be deposited to the new checking account within 4 weeks after the qualification requirements have been met and verified. Promotion is only applicable once per checking account and per client. Truist may report the value of any offer reward received to the IRS as required by law. Any applicable taxes are the responsibility of the recipient.
Reward Forfeiture: Reward forfeiture will occur if: (1) the new checking account is changed to an account type not included in this client offer (2) the new checking account has a $0.00 or negative available balance or is restricted at the time Truist verifies the qualification requirements have been met or (3) the new checking account is closed at the time of payout. An account is considered restricted if it has a temporary or permanent block that prevents credits from posting to the account. Truist verification will occur one time after the qualification requirements are initially met.
Other Terms: Minimum opening deposit is $50. The offer is non-transferable, may not be combined with any other checking offers, is subject to change, and may be discontinued at any time. Truist reserves the right, in its sole discretion: 1) to prohibit a reward payout for any offers claimed through third-party websites with no affiliation or prior authorization from Truist; and 2) to disqualify any account if Truist suspects accounts are being opened for the purpose of exploiting this promotional offer. All standard account terms and conditions apply.
Account Opening & Enrollment Instructions: To open and enroll your new account in the promotion, visit the offer website and click on “Open an account online.” Enter AFL400TR1Q226 into the promo code field provided, review the offer Terms and Conditions, and then select “Accept this offer”. Accounts opened without the promo code applied will not be eligible to participate in the offer. Once enrolled in the promotion, clients may receive promotional updates via the email address provided or by calling 800.709.8700.
Version 3 02182026 AFL400TR1Q226
©2026 Truist Financial Corporation. TRUIST, the Truist logo and Truist Purple are service marks of Truist Financial Corporation. All rights reserved. Truist Bank, 214 N Tryon St., Charlotte, NC 28202.
