Opening a new bank account can be rewarding, especially if you can get a cash bonus just for becoming a new customer. Many banks offer signup bonuses in the range of $100 to $500 for eligible new checking and savings accounts. The catch is that most of these offers require you to set up direct deposit to qualify for the bonus. However, there are still banks that will give you a bonus without requiring direct deposit.
Why Do Banks Offer Bonuses for Opening Accounts?
Banks use account opening bonuses as an incentive to attract new customers. From the bank’s perspective, it costs a lot more to acquire a new customer than to keep an existing one happy. So signup bonuses are a way for banks to entice customers to open accounts and establish a relationship. The hope is that the customer will be satisfied with the banking experience and choose to stay with the bank long-term. This makes the upfront cost of the bonus worthwhile over the lifetime value of retaining that customer.
For customers, an account opening bonus is a great perk that essentially pays you to bank somewhere new. Switching banks can be a hassle, so a cash incentive makes the process more worthwhile. Just make sure to consider other factors like fees, interest rates, branch/ATM access, and digital experience when choosing a new bank – not just the signup bonus amount.
Ways Banks Require Direct Deposit for Bonuses
While some banks don’t require direct deposit at all for their bonuses, many have direct deposit requirements in order to qualify for the full reward amount. Here are some common direct deposit requirements:
Monthly Direct Deposits
Banks may require you to set up a recurring monthly direct deposit of your paycheck, Social Security benefits, or other source of income. Often the required minimum is $500 or $1,000 per month. You’ll need to make a certain number of consecutive direct deposits, usually ranging from 2 to 5 months.
Large One-Time Direct Deposit
Rather than monthly direct deposits, some banks want a large one-time direct deposit. For example, they may require a $5,000 direct deposit within the first 60 days of account opening. This ensures you are depositing a substantial amount of money into the account.
Employee Payroll Direct Deposit
Some banks specifically require you to set up direct deposit of your paycheck from an employer. Payroll direct deposit proves you have a steady source of income from an employer relationship.
Push from External Account
Rather than payroll deposit, some banks allow you to meet direct deposit requirements by pushing an electronic transfer from another bank account you own. For example, you could initiate an ACH transfer from your current checking account at Bank A into your new account at Bank B.
By requiring direct deposit, banks can incentivize larger deposit balances and longer-term relationships from new customers. But if you don’t want to hassle with switching over direct deposit sources, the good news is there are still bonuses available without that requirement.
Top Bank Account Bonuses Without Direct Deposit
Here are some of the best checking and savings account offers from major U.S. banks that don’t require direct deposit:
Chase ($225 bonus)
Chase Total Checking®:
Earn a $225 bonus when you open a new Chase Total Checking® account and complete qualifying activities.
To earn the bonus:
- Open a new Chase Total Checking account
- Deposit $1,000 or more in new money within 10 business days of account opening
- Maintain at least a $1,000 balance for 90 days from account opening
This bonus is easy to earn without having to mess with direct deposit. Simply fund your new account with new money within 10 days of opening. Keep at least $1,000 on deposit for the next 90 days and the $225 is yours.
Bank of America ($100 bonus)
Bank of America Advantage Savings:
Earn a $100 cash reward when you open a new Advantage Savings account with a $10,000 minimum deposit and maintain that balance for 90 days.
No direct deposit required. Simply fund your new savings account with at least $10,000 within 30 days of opening. Keep the $10,000 balance in place for 90 days and Bank of America will deposit the $100 bonus into your new account.
TD Bank ($150 or $300 bonus)
TD Premier Checking:
Earn a $150 cash bonus when you open a new Premier Checking account with a minimum deposit of $2,500.
Or earn a $300 cash bonus by opening a Premier Checking account with a minimum deposit of $25,000.
No direct deposit required by TD Bank to earn this new account bonus. To get the $150 bonus, simply open the account with at least $2,500 within 20 days. Maintain that balance for 90 days. Or deposit $25,000 within 60 days for the bigger $300 bonus.
Citibank ($700 bonus)
Citibank Account Package:
Earn up to a $700 cash bonus with Citibank. That includes $400 for eligible checking accounts plus another $300 for savings accounts.
Here are the bonus requirements:
- Open a new Citibank checking account and savings account
- Deposit $10,000 or more in combined new money within 30 days across the two accounts
- Maintain a $10,000 minimum balance for at least 60 days
Meet these simple requirements and you’ll get the full $700 bonus from Citibank without setting up direct deposit.
HSBC ($450 bonus)
HSBC Premier Checking:
Earn a $450 cash bonus when you open a new HSBC Premier checking account.
To qualify for the bonus:
- Open an HSBC Premier checking account
- Deposit at least $10,000 in new money to the account within 30 days of opening
- Maintain a $10,000 minimum balance for 90 days from account opening
HSBC makes it easy by not requiring any direct deposit. As long as you keep at least $10,000 on deposit, you’ll earn the $450 bonus automatically.
U.S. Bank ($400 bonus)
U.S. Bank Silver Checking Package:
Earn a $400 bonus with the U.S. Bank Silver Checking package. This requires opening a checking account and savings account.
Here is what you need to do to earn the bonus:
- Open a new U.S. Bank Silver checking account
- Also open a new Platinum Savings account
- Deposit at least $2,000 in new funds between the two accounts within the first 30 days
- Maintain a $2,000 minimum balance for 90 days from account opening
This U.S. Bank offer provides an easy way to earn a $400 cash bonus without requiring direct deposit. Simply open the two accounts, move $2,000 in new money to U.S. Bank, and hold that balance for 90 days.
Capital One ($400 bonus)
Capital One Premier Checking:
Earn up to a $400 cash bonus from Capital One when you open a new Premier Checking account and meet deposit requirements.
Here is how to qualify for the bonus:
- Open a new Capital One Premier Checking account
- Deposit at least $2,000 within 10 days of account opening
- Make additional deposits to total $15,000 or more within 60 days of opening
- Maintain a $15,000 balance for 90 days
The direct deposit flexibility and sizable bonus make Capital One Premier Checking appealing. You’ll need to deposit more upfront to get this bonus, but the $400 payout is very competitive.
Regional Banks With Bonuses Without Direct Deposit
Beyond the major nationwide banks, many regional and local banks also offer cash incentives for new accounts without requiring direct deposit. Here are some examples:
First Republic Bank ($250 bonus)
First Republic Eagle Gold Checking:
Earn a $250 bonus for opening a new First Republic Eagle Gold Checking account. No direct deposit is required.
You’ll need to visit a First Republic branch as they don’t allow online account opening. Open the new checking account and deposit at least $25,000 in new money within 30 days. Maintain your balance for 90 days to earn the $250 bonus.
Emigrant Direct ($200 bonus)
Emigrant Direct High Yield Savings:
Open a new Emigrant Direct High Yield Savings account and you can earn a $200 cash bonus. Here are the requirements:
- Open a new savings account with a minimum deposit of $10,000
- Link to an existing external bank account and complete an ACH transfer of at least $10,000 within 45 days of opening the account
- Maintain a $10,000 balance for 90 consecutive days
Because it’s an online bank, Emigrant Direct makes it easy to move money electronically without direct deposit required.
LendingClub ($300 bonus)
LendingClub High-Yield Savings:
Earn a $300 cash bonus when you open a new LendingClub High-Yield Savings account, deposit $25,000 or more within 45 days, and maintain that balance for at least 90 days.
No direct deposit is required to earn this signup bonus. LendingClub just wants to see you move substantial money into a new account and keep it there for a few months. Easy $300!
Quontic ($300 bonus)
Quontic High Interest Checking:
Get a $300 cash reward for opening a new Quontic High Interest Checking account when you meet these requirements:
- Open a new High Interest Checking Account
- Deposit $50,000 in new money into the account within 30 days of opening
- Maintain a $50,000 minimum balance for 90 days
While Quontic requires a hefty deposit, you’ll earn an equally hefty $300 cash reward paid out over the first 12 months. And no direct deposit is required, just new money deposits.
Credit Unions With Account Bonuses
Credit unions are member-owned financial cooperatives that often offer competitive signup bonuses when you open new accounts. Here are some top credit union bonuses available without direct deposit:
Consumers Credit Union ($100 – $250 bonus)
Consumers Credit Union offers bonuses ranging from $100 to $250 on select checking and certificate accounts. For example:
- Earn $100 for opening an Elite Checking account with $1,000 minimum deposit
- Earn $250 for opening a certificate with $20,000 minimum deposit
No direct deposit is required. To earn the bonus, open the account with the minimum deposit and maintain that balance for 90 days.
Focus Credit Union ($150 bonus)
Earn a $150 cash reward when you open a new Free Rewards Checking account from Focus Credit Union in North Carolina.
To qualify for the $150 signup bonus:
- Open the new checking account
- Receive and activate your debit card
- Log into online banking
- Have at least 1 automatic payment or direct deposit initiated within the first 90 days
Note the direct deposit requirement is waived when you set up an automatic payment instead. Easy $150!
Genisys Credit Union ($350 bonus)
Genisys Credit Union in Michigan offers a $350 cash bonus when you open a new Genius Checking account and meet the following requirements:
- Open a new Genius Checking account
- Set up estatements paperless delivery
- Receive monthly eStatements for 3 consecutive months
- Have at least one electronic deposit post and clear within the first 3 months
While a deposit is required, it doesn’t need to be an actual direct deposit from your employer. Simply initiate an electronic transfer from another bank or ACH push from your other accounts.
Affinity Plus Credit Union ($500 bonus)
Become a member of Affinity Plus Credit Union in Minnesota and you can earn a $500 cash bonus by opening a new Velocity Checking account and meeting these requirements:
- Open the Velocity Checking Account
- Deposit $5,000 in new funds into the account within the first 45 days
- Have 1 deposit over $1,000 and 1 direct debit/credit over $1,000 post to the account within 45 days of opening
The debit/credit doesn’t need to be a payroll direct deposit, just some type of electronic transaction like an ACH push or e-check payment. Easy money!
Tips for Getting New Account Bonuses
If you want to maximize account bonuses, keep these tips in mind:
Shop Around
Bonus offers change all the time. Regularly review the checking and savings accounts from major banks, local banks, and credit unions to find the best deals. Consider trying a financial marketplace like Rates.com that aggregates bonus offers in one place.
Compare Requirements
Pay attention to the fine print. While some bonuses require direct deposit, many don’t. Compare minimum balance needs, deposit timelines, and other requirements to find offers you can actually qualify for.
Plan Account Funding
To earn certain bonuses, you’ll need to deposit new money within a certain window of time after opening the account. Have a plan ready for pushing money from existing accounts so you can meet bonus requirements.
Don’t Overlook Smaller Banks
Large nationwide banks get a lot of attention. But smaller regional, local banks and credit unions often offer very attractive signup bonuses to get noticed.
Leave Accounts Open
It’s common for banks to revoke bonuses if you close the account within 6-12 months of opening. Make sure you intend to use the account long-term. else you may have to forfeit the bonus.
The Bottom Line
While many banks require direct deposit to earn full account bonuses, there are still plenty of great offers available without needing to switch over payroll or benefits deposits. From national brands to local credit unions, research no direct deposit account bonuses that provide easy cash incentives. Just meet straightforward criteria like minimum opening deposits and balance tenure to quickly earn a few hundred dollars in free money.