The best bank account bonuses of January 2021

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.

Choosing a bank is a big decision.

So many bank accounts come with similar interest rates, minimum opening deposits, ATM fees, and monthly charges. When they start to look interchangeable, a cash bonus can be the tipping point.

Below, we've listed the best bank account bonuses for January 2021. The best promotions are for regional and national banks, and many companies offer hefty bonuses if you follow a few guidelines.

Best checking account bonuses of January 2021

Many checking accounts have cash promotions worth noticing right now. The following checking account bonuses are listed from largest to smallest.

  • Associated Bank (Member FDIC): Up to $500 bonus
  • HSBC Premier Checking (Member FDIC): $450 bonus, or 3% cash bonus up to $600
  • Investors eAccess Checking Account (Member FDIC): Up to $250 bonus
  • HSBC Advance Checking (Member FDIC): $200 bonus, or 3% cash bonus up to $240
  • SunTrust Essential Checking (Member FDIC): $200 bonus
  • PNC Bank Virtual Wallet Checking Pro (Member FDIC): $200 bonus
  • Chase Total Checking® (Member FDIC): $200 bonus
  • Citibank Basic Banking Package (Member FDIC): $200 bonus
  • Huntington 5 Checking (Member FDIC): $200 bonus
  • Huntington Asterisk-Free Checking (Member FDIC): $150 bonus
  • City National Bank (Member FDIC): $100 bonus 
  • Bank of America (Member FDIC): $100 bonus 

Read more about each account below:

Associated Access Checking™ Account

Associated Bank Associated Access Checking™ AccountHSBC HSBC Premier Checking Account ($600)HSBC HSBC Premier Checking ($450 Welcome Deposit)Investors eAccess Investors eAccess Checking AccountHSBC HSBC Advance Checking AccountSunTrust SunTrust Essential Checking AccountPNC Bank PNC Bank Virtual Wallet Checking ProChase Chase Total Checking®Citibank Citibank Basic Banking Checking AccountHuntington Huntington 5 Checking® AccountHuntington Bank HuntingtonAsterisk-Free Checking® AccountCity National Bank City Gold Checking AccountBank of America Bank of America Advantage SafeBalance Banking® AccountChase Chase Savings℠CItibank Citibank Priority Package CheckingCitibank The Citibank Account Package Checking AccountCiti Citi® / AAdvantage® Platinum Select® World Elite Mastercard®Chase Marriott Bonvoy Boundless™ Credit CardChase Chase Freedom Unlimited®

Frequently asked questions

Is opening a bank account for the bonus worth it?

In short — it depends.

Depending on your balance, a cash bonus could end up earning you more money than a high APY would. However, make sure you won't pay fees that will cancel out the amount you earn as a bonus. For example, if you earn a sign-up bonus but have to pay a monthly fee and are regularly penalized for overdrawing, opening a bank account for the bonus may not be worth it.

Why do banks have sign-up bonuses?

Banks offer bonuses to draw in new customers and to set themselves apart from competing banks that may offer similar interest rates, monthly fees, or opening deposit requirements.

Can I receive more than one bank account bonus?

You typically can't receive more than one bank account bonus with the same bank within a certain amount of time — usually between a few months and a couple years. But if you have the funds, you may be able to receive one bank account bonus from multiple banks.

Do I have to pay taxes on bank account bonuses?

Yes, you do have to pay taxes on your bonus. When you file taxes for the year, you'll report the sign-up bonus as income and pay income tax accordingly.

This post was reviewed and updated on January 4, 2020.

Get the latest Bank of America stock price here.

Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.

Source: Read Full Article