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Although filing your taxes can be a major chore, receiving a tax refund is a welcome reward for all of that hard work. In 2021, the average refund was $3,176. Although the opportunities for that money are endless, I like putting my refund to work for me. As a former banker, I know that banks offer valuable sign-up bonuses when you open a new account and meet their deposit requirements. In fact, I earned over $3,000 in 2020 by opening new accounts. Here's how you can earn a big bonus with your tax refund.
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How to Earn a Bonus by Opening a New Account
Just like you can earn a welcome bonus by applying for a new credit card, you can do the same by opening a new bank account. Banks offer these bonuses to encourage good customers to leave their current bank and try something new.
In order to earn the bonus, most banks require some combination of the following:
- Minimum opening deposit
- Monthly average balance
- Direct deposit
- Perform certain transactions (ACH, EFT, debit card)
- Keep the account open for a certain period of time
If you fail to meet the requirements, you won't earn the bonus. When an account is closed before the deadline, the bank may recover the bonus from your closing withdrawal.
Earn a Big Bonus With Your Tax Refund With These Accounts
Bank account bonus promotions change on a regular basis. It pays to keep up with the forums on SlickDeals so you don't miss the best bank bonus offers. Here are a few of the latest offers where you can earn a big bonus by opening an account with your tax refund:
Chase Business Complete Checking®
- Our Rating 5/5 How our ratings work
- APYN/A
- Minimum
Deposit RequiredN/A -
Intro Bonus
$300Expires July 22, 2024
Earn $300 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities.
The Chase Business Complete Checking® account is an attractive option. It offers the convenience of one of the largest financial institutions in the country, and it frequently offers bonuses that are relatively easy to earn. While it does not allow you to accrue interest on your funds like some other popular small business checking accounts, it's still very much worth considering if you can meet the requirements to waive its monthly fees.
Overview
The Chase Business Complete Checking® account comes loaded with a valuable sign-up bonus and an assortment of helpful perks, so long as you can meet the requirements to waive its monthly fees. It’s a good fit for many business checking customers, regardless of business size.
Pros
- Generous signup bonus
- Several options to waive monthly fee
- Same-day deposits using QuickAccept℠ service
- Huge network of in-person branches and ATMs
Cons
- Monthly maintenance fee
- Overdraft fees are relatively high
- Limit on fee-free cash deposits and physical transactions
SoFi Checking and Savings
- Our Rating 5/5 How our ratings work
- APY0.50% - 4.50%
Customers earn 4.50% APY on savings balances when they set up recurring monthly direct deposit of their paycheck or benefits provider via ACH deposit. Alternatively, deposit at least $5,000 each month to earn 4.50% APY on your savings balance. Checking balances earn 0.50% APY. See full terms and disclosures at sofi.com/banking. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. SoFi members with Direct Deposit can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.60% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% 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 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
- Minimum
Deposit RequiredN/A -
Intro Bonus
$50-$250Expires December 31, 2024
New customers can earn a $250 bonus for opening a new SoFi Checking and Savings account and receiving a total of $5,000+ in qualifying direct deposits within the specified evaluation period; receive $1,000 - $4,999 in qualifying direct deposits to earn a $50 bonus.
SoFi Checking and Savings boasts an impressive 4.50% APY on savings balances for customers who set up direct deposit, or who deposit at least $5,000 each month. This account also offers 0.50% APY on checking balances. There are no monthly maintenance fees, and new customers can even earn a generous signup bonus worth up to $250. If you don’t care about physical bank locations, this is a great option.
Overview
SoFi Checking and Savings features remarkably strong interest rates for customers who receive recurring monthly direct deposit, or who deposit $5,000+ every 30 days. This account also doesn’t have any maintenance fees, overdraft fees or non-sufficient funds fees. To top it off, new customers can earn a signup bonus worth up to $250.
Pros
- Accounts with monthly direct deposit earn interest
- No minimum opening balance or minimum monthly balance
- No maintenance fees, non-sufficient fund fees or overdraft fees
- Access to Allpoint’s worldwide ATM network
- Get paid up to two days early
Cons
- No physical branch locations
U.S. Bank Smartly® Checking Account (Member FDIC)
- Our Rating 4/5 How our ratings work
- Minimum
Deposit Required$25 -
Intro Bonus
Up to $450Expires December 30, 2024
Earn up to $450 when you open a new U.S. Bank Smartly® Checking account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through December 30, 2024. Member FDIC. Offer may not be available if you are an existing U.S. Bank customer or live outside of the U.S. Bank footprint.
If you're interested in opening a checking account with U.S. Bank, the Bank Smartly® Checking Account is likely the one you'll be most interested in. This account includes a wealth of standard banking features, such as mobile check deposits and automated bill pay. While the Bank Smartly Checking Account features a $6.95 monthly fee, it's relatively easy to waive, and you only need $25 to open an account.
Overview
U.S. Bank’s Smartly® Checking Account is a pretty standard checking account; customers get access to handy features such as personalized financial insights, automated budgeting and and access to U.S. Bank Smart Rewards. While this account features a $6.95 monthly service fee, there are multiple ways to get it waived.
Pros
- No surcharge fees at MoneyPass® Network ATMs
- Monthly fee is waivable
Cons
- Monthly fee
- Account not available nationwide
Bottom Line
After you file your taxes, put your tax refund to work for you by earning a new bank account bonus. It's an excellent way to build your emergency fund or earn some extra cash to pay down your debt. You can do more than one bonus offer at a time if you have the funds and can keep track of the requirements. Remember, bonus promotions change regularly, so if you don't see any that you like today, check the Slickdeals forums again in a couple of weeks.
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Ben Luthi
Ben Luthi is a personal finance and travel writer and credit card expert. He has a degree in finance from Brigham Young University and worked in financial planning, banking and auto finance before writing full-time for NerdWallet and Student Loan Hero. Ben is now a full-time freelance writer and enjoys traveling and spending time with his two kids. His work has appeared in several publications, including U.S. News & World Report, USA Today, Money, Success and Slickdeals.
