Some links are affiliate links (disclosure). Not financial or tax advice. Terms change, so check the date on each offer and the bank's own page.
What a bank bonus is
A bank pays you a cash bonus to open a new account and do a few specific things, like a direct deposit or some debit card purchases, before a deadline. Do every step right and you get paid. Miss one rule and you get nothing. That's the whole game: read the rules, follow them exactly, and track the dates.
Open → do the requirement → get paid. Then keep the account open until the bonus posts, plus a buffer.
Rule 1: banks check your banking history (ChexSystems & EWS)
The three bonuses below are a soft pull or no credit check, so no hit to your credit score. But banks also check two reports most people have never heard of: ChexSystems and Early Warning Services (EWS). Think of them as credit reports for bank accounts. They track things like unpaid overdrafts and how many accounts you've opened lately. Negative marks generally stay about five years.
- You can get each report free once every 12 months: ChexSystems and Early Warning.
- Some banks get nervous when they see a lot of new accounts. So open the pickiest bank first, while your report is cleanest.
- Which banks are sensitive? Doctor of Credit keeps reader-reported lists: ChexSystems-sensitive banks and banks that do or don't pull EWS.
Rule 2: “direct deposit” is defined in writing
Each bank defines what counts, in its terms. Read that wording before you open anything.
Almost always counts
- A real paycheck from your employer or payroll provider
- Pension
- Government benefits, like Social Security
Usually doesn't count
- A transfer from your other bank or brokerage
- Zelle and other person-to-person apps
- Checks, wires and tax refunds
- Tiny verification deposits
Example, Chase: Chase's page counts an electronic deposit of your paycheck, pension or government benefits. Its “does not qualify” list includes checks, Zelle, verification deposits, transfers from another bank, brokerage or investment account, tax refunds and wires.
Example, Chime: it has to be one deposit of $200 or more, from an employer, payroll provider, gig app or government benefits. Chime says smaller deposits don't add up. Bank transfers, Cash App, Venmo, PayPal, mobile checks, tax refunds and instant card payouts don't count.
The technical part: how payroll is coded
Payroll travels over the ACH network with a code attached. Paychecks are usually coded PPD (consumer payments). Business-to-business payments are usually CCD. One Doctor of Credit reader says Chase support told them only PPD counted and their CCD deposits didn't. That's one report, not a rule, but it lines up with the terms.
No paycheck? Capital One's DEBIT250 offer needs debit card purchases, not a direct deposit. Government benefits count at Chase and Chime. Workarounds you'll see online can stop working, and banks can close accounts. A real paycheck is the safe route. For current reader reports on what's counting, see Doctor of Credit's direct deposit data points.
One paycheck, two bonuses: most payroll systems let you split your direct deposit. Send a fixed amount to one bank and the rest to another.
Rule 3: don't close early (closure fees & payout rules)
- Some banks charge an early-closure fee if you close the account too soon. The tracker lists it for each offer. Per Doctor of Credit, the three below have none.
- Even with no fee, banks usually require the account to be open and in good standing when the bonus pays (Chase and Capital One both say so). Some, like Huntington, require the account to stay open 90 days.
- Closing fast can also cost you the next bonus. Chase, for example, excludes anyone who closed a Chase checking account in the last 90 days.
- My rule: never close before the bonus posts, and give it a few months after. Watch the monthly fee and how to waive it in the meantime.
Rule 4: bonuses are taxable (the 1099)
Chase and Capital One both say the bonus is reported on Form 1099-INT, as interest. Some banks use other forms (the tracker notes SoFi reports on a 1099-MISC). The IRS says you report taxable interest even if a form never shows up.
Example only: in the 22% federal bracket, $750 in bonuses is about $165 in federal tax. Your rate and state taxes vary. Not tax advice. Set some aside.
Your first 3, in order
All three are nationwide and a soft pull or no credit check. Together they're $750 before taxes, if you qualify for all three.