The 5 best checking account bonuses for July 2023

To help make your decision a little easier, the Fortune Recommends^TM editorial team ranked more than 10 different checking accounts that are currently offering bonuses and came up with a list of the top 5 picks. We weighed bonus amounts, minimum balance requirements, annual percentage yields (APYs) for interest-earning checking accounts, branch and free ATM access, mobile and online banking platforms, and customer service options. (Read our full methodology here.)

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Current bonuses for our top 5 checking accounts*

1. Citibank: $200–$2,000
2. PNC Bank: $50–$400
3. SoFi: $50-$250
4. Huntington National Bank: $400–$600
5. Chase Bank: $200

*Bonuses last updated June 1, 2023 and are subject to change.

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The 5 best checking account bonuses of May 2023

Note: The numbers in our list below are up to date as of May 12, 2023 and are subject to change. 

1. Citibank

About: Citibank was founded in 1812 as the City Bank of New York and is headquartered in New York City. Citi currently offers credit cards, checking and savings accounts, lending services, wealth management services, and more. Citi customers also have access to more than 2,300 ATMs in over 600 Citibank branches and over 60,000 other surcharge-free ATMs in the U.S. including Citi-branded ATMs in retail stores. Customers can get an overview of their account and do most of their banking online or via Citi’s mobile app. 

Customer support

Citibank offers 24/7 customer support via telephone and live chat. 

Our verdict

Good for those who have a large savings account. Even though this is not an interest-earning checking account, Citibank took the top spot on our list for its lucrative bonus structure. It is currently offering a bonus of up to $2,000 for new checking account holders who open an eligible checking account between now and July 23, 2023.

But beware: You’ll need a minimum deposit of $300,000. 

If you don’t have that amount ready to sock away in a checking account, Citi also offers bonuses starting at $200 for a $10,000 minimum deposit. There is, however, no minimum opening deposit to open a Citi Basic Banking checking account, and the monthly service fee of $12 can be waived if you maintain a combined average monthly balance of $1,500+ in eligible linked accounts. 

2. PNC Bank

About: PNC Bank is headquartered in Pittsburgh and offers a wide range of services for individuals, small businesses, corporations, and government entities. Its product offerings include checking and savings accounts, credit cards, loans, and investment management services. PNC has more than 2,600 branches and offers customers access to 60,000 fee-free ATMs.

Customer support

Customer support representatives are available via telephone Monday through Friday from 7:00 a.m. to 10:00 p.m. ET, and Saturday through Sunday from 8:00 a.m. to 5:00 p.m. ET.

Our verdict

Good for those who receive hefty direct deposits each month. PNC’s checking account currently offers customers a bonus of up to $400 for opening a checking and savings account combo. This account does charge a $25 monthly service fee, but it’s possible to waive it so long as you meet certain direct deposit or balance requirements. To qualify for the reward, the new Virtual Wallet must be opened online by 6/30/2023, and a qualifying Direct deposit(s) must be received within the first 60 days. Your Virtual Wallet must remain open in order for you to receive the reward, which will be credited to the eligible account within 60–90 days after all conditions have been met. 

3. SoFi

About: SoFi is an online bank headquartered in San Francisco that offers checking, savings, investing products, and more. SoFi has three physical locations in the U.S., but customers have access to a network of over 55,000 ATMs nationwide. Customers can pay bills, find ATMs, send money, make mobile deposits, and more via SoFi’s website and mobile app. 

Customer support

Customers can request assistance by reaching out to SoFi via phone, chat, email, and even sending general questions to the Twitter account at @SoFiSupport.

Our verdict

Good for those who want to earn interest on their checking account balance. SoFi’s checking account made our list for its short list of requirements to receive a bonus and its APY. Through the end of 2023, the bank is currently offering up to $250 for customers with qualifying direct deposits. If you deposit $5,000 or more, you’ll qualify for the full $250. For direct deposits between $1,000 and $4,999.99, you’ll receive a $50 bonus. You can expect to receive payment within seven business days following the 25-day evaluation period.

4. Huntington National Bank

About: Huntington National Bank was founded in 1866 and is headquartered in Columbus, Ohio. The bank has a vast network of more than 1,000 ATMs and offers a number of personal, business, and commercial banking products, including checking accounts, savings accounts, CDs, credit cards, insurance products, and more. 

Customer support

Customer service representatives can be reached by phone every day from 7:00 a.m. to 8:00 p.m. ET. Huntington also offers an automated chat feature on its website. 

Our verdict

Good for those who want to keep their personal and business products under one roof. Huntington offers a wide range of products for the everyday consumer that can meet their personal financial needs and business needs. Its current bonus promotion offers $400 for personal account holders who open a Perks Checking account and receive a qualifying direct deposit. Customers with extra funds to stash away can earn up to $600 when they open a Platinum Perks Checking Account, although this requires a $25,000 minimum deposit to earn the bonus. This offer is valid for accounts opened by June 7, 2023. 

5. Chase Bank 

About: Chase Bank serves millions of customers across the U.S. online or in-person at one of the bank’s 5,000 branches. Its product offerings include credit cards, checking accounts, savings accounts, certificate of deposits (CDs), home and auto loans, investment, and business products.

Customer support

Customer service representatives are available 24/7 via telephone, they can also be reached on Twitter during the week between 7:00 a.m. and 11:00 p.m. ET and weekends between 10:00 a.m. and 7:00 p.m. ET. Chase customers can send a secure email to a representative by logging into their account online or via mobile app. 

Our verdict 

Good for those who keep a higher balance in their checking account. Chase’s Total Checking Account bonus made our list for offering customers a $200 bonus. In order to qualify for the bonus, account holders must open a new account using Chase’s coupon code and set up direct deposit within 90 days of opening their account. Once they’ve met these requirements, customers can expect to receive their bonus within 15 days. For those interested in this offer, you’ll want to act fast—this offer ends on July 19, 2023.

What to know about checking account bonuses 

Checking account bonuses are usually only available for a limited time and tend to come with their own set of requirements that can range from meeting certain opening deposit requirements, maintaining a minimum a higher minimum balance in your account, having a number of direct deposits in your checking account within the first few months of opening your account, and more. 

When selecting a checking account and reviewing any current or ongoing bonus promotions, it’s important to make a mental note of the parameters the bank or credit union has set forth to ensure that you are eligible to receive the bonus. 

You should also expect to receive a tax form if you receive a bonus because that money is considered taxable interest. 

How to choose the best checking account

When choosing a checking account you’ll want to think carefully about the features and perks that matter most to you. This could include:

• APY: Are you hoping to earn interest on your balance? Or do you already have a high-yield savings account that does the job?
• Monthly fees: Do you mind paying monthly account fees in exchange for additional perks or do you prefer to avoid the added expense?
• Bonus offers: Some banks sweeten the deal for new accountholders by offering a bonus for opening a checking account. You shouldn’t open an account solely for the bonus, but it certainly doesn’t hurt to explore bonus offers and take them into consideration when choosing a checking account.
• Minimum balance requirements: Pay attention to any minimum balance requirements highlighted within the terms of your checking account and think about whether or not those requirements align with your spending habits. If you’re the kind of person who doesn’t let their balance fall below a certain threshold, a higher minimum balance requirement likely won’t be a dealbreaker. However, if you’re a big spender—this kind of stipulation could result in added fees and penalties.

Checking accounts vs. money market accounts

Money market accounts are similar to both savings and checking accounts. Similar to a checking account, money market accounts often come with debit cards or checkbooks, allowing you to withdraw funds easily when needed. However, unlike checking accounts, money market accounts may set limits on the number of withdrawals you can make per month.

Both types of accounts typically come with debit card and/or check writing privileges, although this isn’t always the case.

For accountholders who want to earn a higher APY and have some but not unlimited access to their funds, a money market account may be the best fit. However, if you’re looking for an account that supports your everyday spending, and plan to have a separate high-yield savings account for growing your money, a standard checking account might be a better option.

Frequently asked questions

How do checking account bonuses work?

Checking account bonuses are offered by some financial institutions (usually for a limited time) to incentivize new customers to open an account. This usually comes in the form of a cash bonus deposited directly into your account after meeting certain minimum balance, direct deposit, or qualifying purchase requirements. 

Do you pay taxes on bank account bonuses?

Yes. Bank bonuses are taxed. The IRS considers bonuses as taxable interest and will likely send you a Form 1099-INT or Form 1099-OID reporting payments of interest and/or tax-exempt interest of $10 or more. 

Can I close a checking account after receiving a bonus? 

This will depend on your financial institution. Many banks will require that you keep your account open for a certain amount of time. Closing your account early could mean paying an account closure fee or forfeiting your bonus. 

Should I have both checking and savings accounts with the same bank?

Having all of your financial accounts under one roof can be convenient and make it easier to manage your finances, but it isn’t necessary. Do your research and compare offerings across financial institutions to select the best accounts for your needs.

Are checking accounts safe?

As long as you open a checking account with a financial institution that is FDIC-insured of NCUA-insured, your deposits are protected up to $250,000.

Is it important that a checking account have a high APY?

A high APY isn’t necessary, however it can help you grow your checking account balance over time. If you’re hoping to boost your balance, opting for an account with a higher APY can help speed things along.

Our methodology 

The Fortune Recommends^TM team compared more than 12 checking accounts across major banks, credit unions, and online-only banks to help you find the highest checking account bonus and the right checking account overall for your financial needs. Our top picks are available to customers across the U.S. no matter where you’re located, subject to the terms of each checking account. 

To determine which account offered the best bonus, among other features, we ranked the best accounts on the following categories and weighted each category as set forth in the percentages below:

• Bonus amount (50%): Many banks and credit unions offer a cash bonus for opening a new checking account. In some cases, account holders must meet certain balance requirements, sign up for direct deposit, or make a certain number of qualifying purchases using their debit card to qualify. Bonuses are offered for a limited time. We favored checking accounts that offered higher bonuses. 
• Minimum opening deposit (15%): Some financial institutions require a deposit amount when you open your account. We rate a higher opening deposit as less attractive. 
• Monthly fees (10%): Some banks charge monthly maintenance fees. We ranked banks with lower (or zero) monthly fees higher on the list.  
• Annual percentage yield (APY) on your account balance (10%): This percentage represents the real rate of return on your balance; the higher the APY, the better. 
• Branch and free ATM access (5%): Accounts belonging to financial institutions that have physical branches and a vast ATM network ranked higher on our list than alternatives that were online-only and did not offer ATM access.  
• Mobile and online banking platforms (5%): Accounts that can be accessed and managed via online or mobile banking platforms scored higher on our list than accounts that did not have digital banking platforms. 
• Customer service (5%): Top picks offer customers three ways to get in contact: chat support, by phone, or even email. Among the three options, we gave phone support the most weight. 

We think that the best checking accounts offer a lucrative bonus, low or zero monthly service fee, minimum balance requirements, and earn interest on your balance, among other perks. We also ranked accounts with physical branches and free ATM access higher on our list. The bonuses, rates, fees, and minimum balance requirements on these checking accounts are available for limited time periods, and APYs are subject to fluctuation, which could impact how much interest you earn. All the banks and credit unions on this list are insured by the FDIC and NCUA respectively.