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Banking

Bank account bonuses and high-yield savings rates have gotten competitive in the current rate environment. Most offers require a qualifying direct deposit and a holding period — read the terms carefully before switching your primary account. FDIC insurance applies to all offers listed here unless noted otherwise.

Current featured offer

SoFi

Checking & Savings — $300 Bonus

Current Pick

Promotional value

$300 Bonus + 3.80% APY

New members who open a SoFi Checking & Savings account and set up qualifying direct deposits can earn a $300 cash bonus. The account also earns up to 3.80% APY on savings when direct deposit is active.

To qualify

  • Open a new SoFi Checking & Savings account
  • Receive $5,000+ in direct deposits within the first 25 days to earn $300 (or $2,000–$4,999 for $50)

APY

3.80%

Min Balance

$0

Monthly Fee

$0

Direct Deposit

Required

Updated May 2026
cash bonushigh APYno monthly feedirect deposit
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Verify terms with provider before applying

More banking offers

Chime

Spending Account — $100 Friend Bonus

$100 When You Refer

Open a Chime Spending Account via referral and receive $100 after your first qualifying direct deposit of $200 or more. No monthly fees, no minimum balance.

Min Balance: $0Monthly Fee: $0Direct Deposit: Required
referral bonusno feebeginner friendly
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Chase

Total Checking® — $300 Bonus

$300 Cash Bonus

New Chase Total Checking® customers can earn a $300 bonus after completing a qualifying direct deposit within 90 days of account opening. Monthly service fee waived with qualifying activity.

Min Balance: $0 with qualifying activityMonthly Fee: $12 (waivable)Direct Deposit: Required
cash bonusbranch accesswidely available
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Varo Bank

High-Yield Savings — 5.00% APY

5.00% APY (up to $5,000)

Earn 5.00% APY on balances up to $5,000 when you receive qualifying monthly direct deposits and maintain a positive balance. One of the highest available rates nationally.

APY: 5.00%Min Balance: $0Monthly Fee: $0
5% APYFDIC insureddirect deposit required
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Axos Bank

ONE Savings — 4.21% APY

4.21% APY, No Minimums

Axos ONE Savings earns up to 4.21% APY with no monthly fees and no minimum balance requirement. No direct deposit strings attached — one of the strongest no-conditions rates available.

APY: 4.21%Min Balance: $0Monthly Fee: $0
no feeFDIC insuredno minimum
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What to check before applying

  • Confirm the direct deposit requirement — payroll vs. ACH transfer rules differ by bank
  • Note the hold period before the bonus posts (typically 60–90 days)
  • Check if the APY is rate-locked, promotional, or variable
  • Verify the minimum balance requirement to avoid monthly fees
  • Confirm FDIC/NCUA insurance and coverage limits

Frequently asked questions

What is the best bank account bonus right now?

Top current banking bonuses include SoFi's $300 cash bonus (requires $5,000+ direct deposit within 25 days) and Chase Total Checking® $300 offer (requires qualifying direct deposit within 90 days). For high-yield savings, Varo Bank offers 5.00% APY on balances up to $5,000 with qualifying direct deposits.

Do bank bonuses require direct deposit?

Most cash bank bonuses require qualifying direct deposits — typically from employer payroll or government benefits. Some high-yield savings accounts like Axos ONE (4.21% APY) offer competitive rates without any direct deposit requirement. Verify what qualifies as "direct deposit" with each bank before switching.

Are bank account bonuses taxable?

Yes. Bank account bonuses are generally treated as interest income and are taxable in the year received. Banks typically report bonuses of $10 or more on Form 1099-INT. Factor this into your expected net value when comparing offers.