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By combining the points I earn from credit cards with the cash I earn from deposit bonuses, my cost of travel becomes so low that I don’t have to think twice about splurging on a memorable meal or experience that I otherwise wouldn’t pay for. It does take some organization — there are taxes, fees and requirements to manage — but for me, the return has been worth it.
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How checking and savings account bonuses work
Banks use cash bonuses as a way to acquire new customers. Similar to a credit card bonus, you’ll have to meet certain criteria to earn the bonus, such as setting up a direct deposit or keeping a certain amount of funds in the account. Unlike with credit card bonuses, you’ll need to report and pay income tax on these bank bonuses.
For example, toward the end of 2025, I earned $900 with Chase by completing a combined checking and savings account bonus with these requirements:
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The checking bonus ($300) required a direct deposit of any amount within 90 days of opening the account. I easily changed the account for my paychecks online through my employer’s payroll system. A consistent monthly direct deposit of over $500 kept this account fee-free.
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The savings bonus ($200) required a deposit of $15,000 to the account within 30 days of opening, and to maintain that balance for 90 days from the enrollment date. A few days after I opened the account, I transferred $15,000 to Chase from my existing high-yield savings account (HYSA).
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Chase offered an extra $400 for meeting the requirements of both account bonuses.
After I met the requirements to earn the bonuses (approximately 90 days), I transferred those funds back to my HYSA and waited about two weeks for the cash bonus to post to my Chase account.
How to determine if a bank bonus is worth it
I determine whether a bank bonus is worth it by looking at the effective rate of return, taxes, the opportunity cost, fees and the level of tracking and management that are required.
Here’s an example from the Chase bank bonus I earned:
In the bonus from Chase, I tied up $15,000 for about 90 days to earn $900. If you annualized that return, it would be an annual percentage yield (APY) of around 24% — significantly higher than the 3.5% APY I would have earned on those funds in my HYSA.
Chase reported the bonus as taxable interest on Internal Revenue Service Form 1099-INT, which I included on my income tax return for 2025. While that decreases my overall bonus, any interest I would have earned from my HYSA would have been taxable as well (more on that below). I gave up about $180 of the bonus to taxes when I filed earlier this year, based on my effective tax rate of 20%.
Generally, higher bonuses are offered on accounts with lower interest rates, including the Chase bonus I earned. So if you’re moving money from a HYSA, make sure the bonus outweighs the interest or gains you’d miss out on.
At a 3.5% APY, I would have earned $129 on $15,000 in my HYSA over the 90 days the funds were in my new Chase savings account. After accounting for the $26 in taxes I would have paid on that amount, that’s an opportunity cost of $104.
In other words, I effectively gave up an opportunity to earn $104 to earn the $900 bonus. But after subtracting that and the $180 in taxes on the bonus, I still came out ahead by $616.
Similar to credit cards with a lot of perks, the most lucrative checking and savings bonuses often have monthly fees that can eat into the overall return from your bonus. However, you can usually avoid fees with qualifying actions, including a certain number of transactions, a minimum daily account balance or an average balance over a statement period.
When pursuing a bank account bonus, it’s important to understand that the actions required to keep the account fee-free will differ from one account to another. It’s crucial to familiarize yourself with these requirements before committing to chasing a bonus.
In my case, I was able to waive the monthly fees on both of my Chase accounts by setting up direct deposit and automating a $25 monthly transfer to the savings account. This was a relatively straightforward process for me, making the bonus well worth it. However, your situation may vary, so it’s essential to carefully review the specific bonus requirements and decide if you’re willing to meet them in order to receive the payout.
Keep in mind that bonus requirements vary by bank, and you may not be eligible if you’re a current customer or have had issues with your banking history. Typically, bank bonuses are targeted towards new deposit account customers, so if you’ve had a checking or savings account with a particular bank in the past, you may not qualify for a new bonus. Additionally, most banks require a period of no banking relationship ranging from six months to two years prior to opening a new account to be eligible for a bonus.
When applying for a new account, banks often use consumer reporting agencies like ChexSystems and Early Warning Services to assess your historical deposit account behavior. Any past banking issues, such as bounced checks or unpaid balances, within the last five years may impact your approval for a new account.
For me, deposit account bonuses have been a great way to earn extra cash for travel. Over the years, these bonuses have helped fund various trips and experiences that I may not have been able to afford otherwise. If you’re organized and willing to meet the requirements, such as managing funds, meeting deadlines, and avoiding fees, pursuing bank account bonuses could also benefit you.
In conclusion, maximizing rewards through bank account bonuses requires diligence and understanding of the specific requirements. By carefully reviewing and following the terms and conditions, you can leverage these bonuses to enhance your financial goals and experiences.