Best bank account bonuses for February 2025

Matthew Goldberg
·4 min read
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For those looking to open a new checking or online savings account, you’ll find that some banks are currently providing an additional financial incentive giving your funds a new home — as much as an extra $3,000 for a checking account bonus or a saving account bonus.

Compare these bank account bonus offers to find the best deal and the best account for you — and check out other incentives, too, such as bonuses offered for opening a brokerage account.

Bankrate’s picks for the best consumer bank account bonuses in February 2025

Best checking account bonuses

  • Chase (Private Client): $3,000 bonus

  • Huntington National Bank: Up to $600 bonus

  • BMO: Up to $350 bonus

  • PNC Bank: Up to $400 bonus

  • Bank of America: $300 bonus

  • KeyBank: $300 bonus

  • Wells Fargo: $300 bonus

  • SoFi: up to $300 bonus

  • Chase Bank (Total Checking): $300 bonus

  • Chase Bank (College/Secure Checking): $100 bonus

  • TD Bank: Up to $300 bonus

  • Capital One: $250 bonus

  • M&T Bank: Up to $200 bonus

  • KeyBank: $100 annual bonus

Best savings account/money market account bonuses

  • Barclays Bank: $200 bonus

  • TD Bank: $200 bonus

  • Alliant Credit Union: $100 bonus after a year

  • BMO: Up to $60 bonus during the first year

Best business bank account bonuses

  • Huntington National Bank: up to $1,000 bonus

  • PNC Bank: Up to $1,000 bonus

  • Axos Bank: Up to $400 bonus

A closer look at the top consumer checking account promotions















A closer look at the top savings account/money market account bonuses





A closer look at the top business bank account bonuses




Why banks have sign-up bonuses

Banks use sign-up bonuses to distinguish themselves from others in the industry. Cash bonuses also help financial institutions bring in new customers and new deposits.

While they could pay account holders a higher yield, for some banks, offering a bonus is preferable.

“It’s much easier to quantify the bonus than it is to raise the rate on what you’re paying out on deposits,” says Greg McBride, CFA, Bankrate chief financial analyst.

Some banks offer more than one sign-up bonus. But qualifying for multiple bonuses at the same time at the same bank usually isn’t possible. Bank account bonuses are typically available only to new checking or savings account holders.

What to watch out for

Not every bank account bonus is a good deal. Before signing up, read the fine print and be realistic about your ability to meet the requirements. Watch out for high minimum balance requirements and monthly fees that could eat into your earnings.

If you’re applying for a checking account, make sure it’s a good match that meets your needs. For example, if you need to use branches and ATMs, double-check that there are plenty of them in your area. That way, you’re not driving miles to meet with a banker or wasting money on out-of-network ATM fees. And with online banking becoming more popular and convenient, look for a bank or credit union that offers a solid set of digital tools.

If you’re looking for a new savings account, consider whether you’re better off finding another bank that pays more interest.

For instance, one-time bonuses are typically offered on accounts that pay minimal interest. So while the bonus is great initially, you may be sacrificing the long-term return.

How are bank account bonuses taxed?

The Internal Revenue Service (IRS) taxes any bank account bonuses you earn at the same rate as your income, which is between 10 and 37 percent in 2024. Ahead of tax season, your bank will likely send you a 1099-INT form if you earned a bonus of more than $10. Alternatively, the bonus may show up on a 1099-MISC form. These forms may also be made available electronically by your bank.

Your bank may also choose not to send you a tax form for a bonus you’ve earned. If this happens, you’re still responsible for paying taxes on the bonus. You can list the income from a bank account bonus on a 1040 form, which enables you to report any additional income from sources such as unemployment compensation or money associated with prizes or awards.

As soon as you receive a bank bonus, it’s a good idea to set aside a percentage of it (based on your tax bracket) for taxes. This way, you’ll have the money to cover any related tax obligations.

Promotions in this article may have additional requirements that aren’t listed here. Terms and conditions may apply to these offers.