Right now, a few big banks will hand you hundreds of dollars in cash just for opening a checking account and setting up direct deposit. The best one pays $400. Here’s exactly how each deal works. Offers change often and may have eligibility requirements, so confirm the current details directly with each bank before opening an account.
Get Up to $400 Cash for Opening a Checking Account
These are one-time cash bonuses for opening a new checking account and meeting a direct deposit requirement. The deposit needed is just $1,000 — and on a $400 bonus, that’s like getting 40% back on your money for setting up your paycheck.
- Chase — $400. Open a Chase Total Checking account and set up direct deposits totaling $1,000 within 90 days to earn a $400 bonus. This offer expires July 15, 2026.
- Wells Fargo — $325. Open a Wells Fargo Everyday Checking account and receive $1,000 or more in qualifying direct deposits within 90 days to earn a $325 bonus. This offer expires July 14, 2026.
The winner: Both require the same $1,000 in direct deposits, but Chase pays you $75 more. If you’re choosing one, Chase’s $400 is the better deal.
Then Park Your Savings Somewhere That Actually Earns
The bonus above is one-time cash. Your savings rate is different — it pays you interest every year your money sits there. Most big banks pay almost nothing on savings (as low as 0.01% a year), so once you’ve grabbed a bonus, move your savings somewhere with a real rate:
- SoFi — up to 4.00% APY. SoFi pays up to 4.00% a year on savings when you set up direct deposit, with no account fees and no minimum balance. The top rate is a limited-time boosted rate; the standard rate is 3.30%.
- Capital One 360 — 3.00% APY. The Capital One 360 Performance Savings account pays 3.00% a year with no minimum balance, no monthly fees, and no direct deposit requirement. The simplest, no-strings option.
The winner: SoFi has the highest rate at up to 4.00% (with direct deposit), while Capital One 360 at 3.00% is the easiest with no strings attached. Both beat a traditional big-bank savings account by a wide margin.
The Smart Move
If you’ve got $1,000 you can move, do both: grab a checking bonus (Chase’s $400 is the biggest here), then keep your savings somewhere that actually earns (SoFi or Capital One 360). That’s hundreds in upfront cash, plus your money growing instead of sitting still — money most people leave on the table simply because no one told them.
This is general information, not financial advice. Offers, rates, and eligibility change frequently — always confirm current details directly with each bank before opening an account.
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