Top Bank Account Incentives in May 2025: Maximizing Your Financial Gains
New Account Bonuses Galore
For those in the market for a fresh checking or savings account, you're in luck! Some banks are dishing out hefty bonuses as an added incentive for your hard-earned dough. Here's a lowdown on some of the best deals you can grab:
Checking Account Bonuses
- Chase Private Client: $3,000 (deposit $150k - $500k+)
- Huntington National Bank: $600 (Perks Checking), $1,000 (Platinum Perks Checking)
- PNC Bank: $400 (Virtual Wallet), $200 (Virtual Wallet with Performance Spend), $100 (Virtual Wallet with Performance Select)
- Bank of America: $300 (Advantage Banking)
- SoFi: up to $300 (Checking)
- Chase Total Checking: $300
- KeyBank: $300 (Smart Checking)
- TD Bank: $300 (Beyond Checking), $200 (Complete Checking)
- Capital One: $250 (360 Checking)
- M&T Bank: up to $200 (Premium Checking), $150 (Plus Checking), $100 (EZChoice Checking)
- KeyBank: $100 (annual bonus, KeySelect Checking)
Savings Account/Money Market Bonuses
- CIT Bank: up to $300 (Platinum Savings Account)
- TD Bank: $200 (Signature Savings), $200 (Simple Savings)
- Alliant Credit Union: $100 (after 1 year, Ultimate Opportunity Savings)
- BMO: up to $60 monthly ($5/monthly, Savings Builder Account)
Business Checking Account Bonuses
- Huntington National Bank: $1,000 (Business Checking 100, Unlimited Business Checking, Unlimited Plus Business Checking)
- PNC Bank: $1,000 (Business Checking, Business Checking Plus, Analysis Business Checking, Treasury Enterprise Plan)
- Axos Bank: $400 (Basic Business Checking, Business Interest Checking)
FAQ:
Why do banks offer sign-up bonuses?* To attract new customers and deposits* To differentiate themselves from competitors* Offering bonuses is easier than increasing the interest rate on deposits
What should I watch out for when considering a bank account bonus?* High minimum balance requirements* Monthly fees that could eat into your earnings* Be realistic about your ability to meet the requirements* Make sure the account meets your needs, e.g., branches, ATMs, digital tools* Look for long-term returns if opting for a savings account* Prepare for taxes on the bonus earnings
Are bank account bonuses taxed?* Yes, the IRS taxes bank account bonuses at your income tax rate (10-37%)* Receive a 1099-INT form if you earned a bonus of more than $10* Set aside taxes on the bonus earnings as soon as you receive it to cover tax obligations.
Sources:1. NerdWallet: Best Bank Bonuses for Checking and Savings Accounts2. Bankrate: Best Bank Bonuses for Checking and Savings Accounts3. Doctor of Credit: Best Bank Bonuses – Checking, Savings, and Credit Cards4. Huntington Bank5. PNC Bank
- For those interested in personal-finance matters, the finance industry has been offering attractive bonuses for checking accounts, such as $3,000 from Chase Private Client, $600 from Huntington National Bank, and up to $300 from SoFi.
- Additionally, savings accounts also present opportunities for savings, with bonuses like $200 from TD Bank, $300 from KeyBank, and up to $300 from CIT Bank.
- Business owners may also find appeal in business checking account bonuses, like the $1,000 offered by Huntington National Bank and PNC Bank.
- When considering a bank account bonus, it's essential to watch out for factors such as high minimum balance requirements, monthly fees, and tax implications, as they can potentially impact your earnings and overall banking experience.
