Learn the Basics
Everything you need to know to earn bank bonuses with confidence.
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Best Bank Bonuses: April 2026
The top checking and savings account bonuses available right now, ranked by value.
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Chase vs SoFi Checking Bonus
Two of the most popular checking bonuses side by side. Chase pays $400 with a direct deposit requirement. SoFi pays up to $400 with a lower deposit threshold and no monthly fee.
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Chase vs Capital One 360 Checking Bonus
Chase pays $400 with a higher direct deposit threshold and a $15 monthly fee. Capital One 360 pays $250 with no monthly fee and no minimum opening deposit. Both are nationwide with no credit pull.
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What Counts as a Direct Deposit for Chase Bonuses?
Based on community data points, here are the direct deposit methods that work (and don't work) for triggering the Chase Total Checking bonus.
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Why do banks give out free money for opening accounts?
Banks pay you sign-up bonuses because acquiring a new customer is expensive, and paying you directly is often cheaper and more effective than running traditional advertising campaigns.
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What is a direct deposit?
An electronic payment sent directly into your bank account, usually from an employer or government.
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What is ChexSystems?
ChexSystems is a banking history report that can affect bonus approvals. Here's how it works, which banks check it, and how to work around a bad record.
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What is a high-yield savings account (HYSA)?
A savings account that pays a significantly higher interest rate than a standard savings account.
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What is APY (Annual Percentage Yield)?
The annual interest rate on a savings account, expressed as a percentage of your balance.
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What is FDIC insurance?
Federal protection that covers your deposits up to $250,000 per bank if the bank fails.
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What is a fintech (digital bank)?
App-based financial companies that offer banking services without traditional brick-and-mortar branches.
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What is bank account churning?
The practice of opening bank accounts specifically to earn sign-up bonuses, then closing them and moving on.
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What is rechurning?
Opening an account at the same bank again after a waiting period to earn the bonus a second (or third) time.
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What is a hold period?
The minimum time you must keep your balance in an account before the bonus is paid out.
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What is the difference between a soft pull and a hard pull?
Two types of credit checks. Soft pulls don't affect your credit score; hard pulls do.
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What is an ACH transfer?
An electronic bank-to-bank transfer processed through the Automated Clearing House network.
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What is a fee waiver?
A condition you can meet to have the monthly maintenance fee on an account waived.
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What is a minimum balance?
The amount you must keep in an account to avoid fees or qualify for a bonus.
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What is an opening deposit?
The minimum amount of money you need to deposit when first opening a bank account.
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What is an early termination fee?
A penalty charged if you close a bank account too soon after opening it.
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Do Bank Bonuses Show Up on a 1099-INT?
Yes. Bank bonuses are taxable income. Once you earn $10 or more from a single bank in a calendar year, the bank sends a 1099-INT and you report it as ordinary income on your tax return.
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What are qualifying transactions?
Purchases or transfers that count toward meeting a bank bonus requirement.
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What are debit card transactions?
Using your debit card for purchases to meet a bank bonus requirement.
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What Counts as "New Money" for Bank Bonuses?
New money means funds from an outside bank. Many bonuses require it. Here's what qualifies, what doesn't, and how to move it the right way.
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Does Zelle Count as Direct Deposit for Bank Bonuses?
No. Zelle payments don't count as direct deposit for bank bonuses. Here's why it fails and what to use instead so the bank pays you.
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What is the difference between an ACH push and an ACH pull for bank bonuses?
An ACH push sends money from your current bank to a new one, while an ACH pull requests money from your new bank to grab funds from your old one.
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How Are Bank Bonuses Taxed?
Bank bonuses are taxed as ordinary income. The bank reports them to the IRS and you owe federal (and sometimes state) taxes on every dollar you earn.
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Can I Close My Bank Account After Getting the Bonus?
Yes, you can close a bank account after earning the bonus, but you need to wait until the hold period and any early closure window have passed to avoid forfeiting the payout or getting charged a fee.
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