Best $500 Checking Account Bonus for January 2026

By Penny Besana
Read more about Checking Account Promotions
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Looking for ways to get $500? Discover these fantastic bank bonus offers that let you score extra cash by opening a new checking account.

PRO TIP: Right now, one of the best $500 checking account bonus can be found with Bank of America. Find out more

Picture this: you open a checking account, fulfill a few requirements, and voila! A cool $500 finds its way into your wallet.

It's an irresistible offer that can put a spring in your finances, making banking a little more exciting.

Check out these banks that are practically giving away $500 checking bonuses.

What banks give $500 bonuses for checking accounts?
Here are some checking accounts to check out:

Other Checking Account Bonus You May Like

How to Get More Than $500 from Banks

Want more rewarding bonuses? See if you qualify for these bank offers with even larger incentives.

What Is a $500 Checking Account Bonus?

A $500 checking account bonus is offered by banks as an incentive to customers for opening a new checking account with them. You have to fulfill certain criteria to earn the bonus, such as:

  • Receive a certain amount in qualifying direct deposits
  • Deposit a certain amount within a specific timeframe
  • Maintain a certain balance

A $500 bonus isn't a small amount, so there are typically higher requirements to earn it. For example, you may need to deposit several thousand dollars (or more) into the new checking account.

These conditions ensure customers engage with the bank's services and maintain an ongoing relationship.

What is a qualifying direct deposit?
Qualifying direct deposits usually include recurring paychecks from an employer, pension, or Social Security/government benefits. Transfer from another bank account or person-to-person transfers do not count.

What to Know About $500 Checking Bonuses

Getting $500 is a great opportunity to earn additional money. But here are some things you should know first:

Bonuses are intended for new customers.
You need to be a new customer to qualify for a checking account bonus. This usually means that you don't have an existing relationship with the bank or you don't have a checking account with them.

If you're an existing bank customer, you may still qualify for a bonus in a different account category. For example, you could apply for a business checking account promo even if you already have a personal checking account.

Requirements can be demanding.
If the bonus offer is $500, it will likely have high deposit requirements. Make sure you can fulfill them.

Some banks offer bonuses without requiring a direct deposit. Check out these bank promotions without direct deposit to learn more about your options.

Eligibility may be limited.
The bonus may not be for everyone. Often banks only extend these bonuses to new customers. If it's a credit union, they usually serve specific states or regions.

It may be for a premium account.
Banks usually offer $500 bonuses on their premium checking accounts to incentivize higher-balance clients. Make sure this type of account fits your needs.

Switching banks is often not necessary.
Typically, these checking account bonuses do not require transferring your entire banking to the new bank. You can keep your existing accounts in other banks as long as you can fulfill the requirements for the bonus.

Can I close the account after receiving the bonus?
Many banks have terms that say you must keep your account open for a certain period after receiving the bonus. If you close it too early, the bank may take back the bonus. This is to prevent people from opening and closing accounts just for the bonus.

How Can I Get a $500 Checking Bonus?

  1. Review the terms and conditions of the $500 offer carefully. Make sure you are qualified to open.
  2. Open the checking account either online or in person based on the offer instructions.
  3. Fulfill requirements, i.e. putting in a minimum deposit, setting up direct deposit, and/or keeping the account open for a period.
  4. Wait for the bank to credit your bonus, which may take several days or weeks.
  5. Keep your account open for the specified duration to avoid forfeiting your bonus.

How are checking account bonuses paid out?
Your checking account bonus will usually be deposited straight into your new account after completing the qualifying requirements. This may take a few days to several weeks.

What Banks Are Paying $500?

  • Bank of America Advantage Banking: Up to $500 Cash Offer
    • The cash offer up to $500 is an online only offer and must be opened through the Bank of America promotional page.
    • The offer is for new checking customers only.
    • Offer expires 1/31/2026.
    • To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* into that new eligible account within 90 days of account opening. Your cash bonus amount will be based on the total amount of your Qualifying Direct Deposits received in the first 90 days.
      Cash BonusTotal Qualifying Direct Deposits
      $100$2,000
      $300$5,000
      $500$10,000+
    • If all requirements are met 90 days after account opening, Bank of America will attempt to deposit your bonus into your new eligible account within 60 days.
    • Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
    • Additional terms and conditions apply. See offer page for more details.
    • *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
    • Bank of America, N.A. Member FDIC.
  • CommunityAmerica Credit Union: Personal Checking Account - $500 Bonus
    Open a new Cashback Free Checking or Chiefs Checking account. Use promo code STL500 at account opening. Set up and receive at least two qualifying direct deposits totaling $2,500 or more within 90 days of account opening. Enroll in CommunityAmerica online banking or the CommunityAmerica Mobile App.
  • Canyon View Credit Union: Personal Checking Account - Up to $500 Bonus
    Open a new eligible checking account. Set up and receive qualifying direct deposits totaling $1,000 or more per month for 3 consecutive months. Complete 25 or more credit or debit card transactions of at least $5 per month for 3 consecutive months. Open a new auto loan or refinance an auto loan. Keep the account open and in good standing for 6 months.
  • St. Mary's Bank: Personal Checking and Savings Account - $500 Bonus
    Open a new checking account. Use promo code GET500 at account opening. Set up and receive at least 2 recurring direct deposits totaling $1,000 or more into the checking account within 90 days of account opening.

    Open a new savings account. Use promo code GET500 at account opening. Fund the new savings account with at least $2,000 in new money within 30 days of account opening. Establish a monthly recurring deposit of at least $25 within 30 days of account opening and maintain for six consecutive months. Maintain at least a $2,000 minimum average daily balance for six consecutive months.

  • Trustone Financial Federal Credit Union: Personal Checking Account - $500 Bonus
    Open a new TruStone Checking account. Set up and receive qualifying direct deposit of at least $5,000 within 60 days of account opening. Enroll in e-statements.
  • Wintrust Bank: Personal Checking Account - $500 Bonus
    Open a new Total Access Checking, Access Plus Checking, or Premier Checking account. Use promo code Builder at account opening. Set up and receive qualifying direct deposits totaling $2,000 or more per month for 2 consecutive calendar months after the calendar month the new account was opened. Enroll in online banking and estatements.
  • Hyde Park Bank: Personal Checking Account - $500 Bonus
    Open a new Total Access Checking, Access Plus Checking, or Premier Checking account. Use promo code Builder at account opening. Set up and receive qualifying direct deposits totaling $2,000 or more per month for 2 consecutive calendar months after the calendar month the new account was opened. Enroll in online banking and estatements.
  • Beverly Bank & Trust: Personal Checking Account - $500 Bonus
    Open a new Total Access Checking, Access Plus Checking, or Premier Checking account. Use promo code Builder at account opening. Set up and receive qualifying direct deposits totaling $2,000 or more per month for 2 consecutive calendar months after the calendar month the new account was opened. Enroll in online banking and estatements.
  • Elgin State Bank: Personal Checking Account - $500 Bonus
    Open a new Total Access Checking, Access Plus Checking, or Premier Checking account. Use promo code Builder at account opening. Set up and receive qualifying direct deposits totaling $2,000 or more per month for 2 consecutive calendar months after the calendar month the new account was opened. Enroll in online banking and estatements.
  • Wheaton Bank & Trust Company: Personal Checking Account - $500 Bonus
    Open a new Total Access Checking, Access Plus Checking, or Premier Checking account. Use promo code Builder at account opening. Set up and receive qualifying direct deposits totaling $2,000 or more per month for 2 consecutive calendar months after the calendar month the new account was opened. Enroll in online banking and estatements.
  • Town Bank: Personal Checking Account - $500 Bonus
    Open a new Total Access Checking, Access Plus Checking, or Premier Checking account. Use promo code Builder at account opening. Set up and receive qualifying direct deposits totaling $2,000 or more per month for 2 consecutive calendar months after the calendar month the new account was opened. Enroll in online banking and estatements.
  • Citadel Credit Union: Personal Checking Account - $500 Bonus
    Open a new checking account. Set up and receive a qualifying direct deposits totaling $2,000 or more within 90 days of account opening. Maintain a daily balance of $5,000 or more in your new checking account during days 61-90 after account opening.
  • Dedham Savings: Personal Checking Account - $500 Bonus
    Open a new Free & Easy Checking account. Use promo code SELECT at account opening. Set up and receive direct deposits totaling $10,000 or more within 90 days of account opening. Complete at least 5 debit card or bill pay transactions totaling $100 within 90 days of account opening.
  • American Bank & Trust: Personal Checking Account - $500 Bonus
    Open a new AB&T checking account. Set up and receive 2 qualifying direct deposits totaling at least $500 or more within 90 days of account opening. Complete 20 debit card transactions within 90 days of account opening. Enroll in eStatements.
  • Old National Bank: Business Checking Account - $500 Bonus
    Open an Access Business Banking or Pro Access Banking Checking account. Deposit a total of $7,000 or more within 30 days of account opening. Maintain a balance of $7,000 or more in the account for days 31-90 after account opening. Enroll in Small Business Digital Banking and log in within 30 calendar days of account opening. Keep the account active and in good standing for 120 days.
  • Flagstar Bank: Personal Checking Account - $500 Bonus
    Open a new Flagstar Elite Checking account. Maintain an average daily balance of at least $500 for the first 90 days after account opening. Set up and receive one or more direct deposits totaling at least $500 within 90 days of account opening.
  • KeyBank: Key Select Checking® - $500 Bonus
    Earn $500 after qualified activities until 5.22.26 with interest-bearing Key Select Checking®.

    • Open a Key Select Checking® account online by May 22, 2026.
    • Make the minimum opening deposit of $50 and make a total of $5,000 or more in eligible direct deposits within the first 90 days of account opening.
    • Your $500 cash bonus will be deposited into your account within 60 days of meeting requirements. Account must not be closed at the time of gift payment.

Compare Checking Account Promotions

$500 Business Checking Offers

  • Chase Business Complete Banking®: Up to $500 Bonus
    • Earn up to $500 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities.
    • Get added features at no additional costs. Choose Chase Business Complete Banking® to get a fully integrated business solution that can help you control costs. Waive the $15 Monthly Service Fee in multiple ways like keeping a minimum $2,000 balance, plus use built-in offerings such as card acceptance, invoicing, Chase Customer Insights and Tap to Pay on iPhone at no additional cost.
    • Bank with confidence. Feel confident knowing we have the largest branch network in the U.S. with 5,000 branches that provide personalized service and can help with your complex banking needs. You can also benefit from our account protection services, which provide safeguards by overseeing employee account activity, monitoring checks, and offering additional protection for your business.
    • Access top-rated online business banking. Take advantage of our #1-ranked online small business banking platform with a comprehensive set of features designed for small business owners like you. Our tools enhance your ability to manage cash flow, accept and make payments, create invoices and plan for growth, so you can streamline processes and gain greater control of your finances.
  • Bluevine: Free Business Checking - Earn $500 Bonus

    To earn the $500 bonus, customers must apply for a Bluevine Business Checking account anytime between now and 03/31/2026 using the referral code CD500.

    After opening your account, deposit a total of $5,000 within the first 30 days. After 30 days, maintain a minimum daily balance of $5,000 while also completing at least one of the following eligibility requirements every 30 days for 90 days:

    • Deposit at least $5,000 from eligible merchant services to your Bluevine account OR
    • Make at least $5,000 of outbound payroll payments from your Bluevine account using eligible payroll providers OR
    • Spend at least $2,000 on eligible transactions with your Bluevine Business Debit Mastercard® and/or Bluevine Business Cashback Mastercard®

    Banking services provided by Coastal Community Bank, Member FDIC

  • KeyBank: Business Checking Account - $500 Bonus
    Open a new KeyBank Basic Business Checking or Key Business Reward Checking® account. Use promo code BDMA1025 at account opening. Deposit a minimum of $25 at account opening. Make a total of $5,000 or more in deposits into your new qualifying checking account within 30 days of account opening. Maintain a balance of at least $5,000 for at least 90 consecutive days.
  • M&T Tailored Business Checking Account: $500 Bonus
    Open a new M&T Tailored Business checking account. Use promo code BD at account opening. Maintain an average ledger balance of $15,000 - $29,999.99 in the third full calendar month after opening the account.
  • Fidelity Bank (PA): Business Checking Account - $500 Bonus
    Open a new business checking account online. Sign up for business online banking and EZ statements. Maintain a minimum daily balance of $10,000 for 3 consecutive months.
  • KeyPoint Credit Union: Business Checking Account - $500 Bonus
    Open a new eligible business checking account. Use promo code BUS25 at account opening. Maintain minimum average daily balance of $2,000 for 90 days following account opening date. Complete at least 20 POS purchases of $5 or more using your business debit card within 90 days of account opening.
  • Columbia Bank (WA): Business Checking Account - $500 Bonus
    Open a new business checking account. Deposit $10,000 or more at account opening. Maintain a daily balance of at least $10,000 for 60 days after funded or an average daily balance of $15,000 for 60 days from account open date. Complete at least 5 qualifying transactions within 60 days of account opening. Enroll in online banking within 60 days of account opening.
  • Independent Bank: Business Checking Account - $500 Bonus
    Open a new business checking account. Deposit $3,000 or more in new money into the account within 30 days of account opening. Maintain a minimum daily balance of $3,000 for 90 calendar days. Make 20 debit card transactions within 90 calendar days of account opening.
  • Central Bank: Business Checking Account - $500 Bonus
    Open a new eligible business checking account. Use promo code 500BB17 at account opening. Deposit at least $50 at account opening. Reach a balance of at least $3,000 within 90 days from account opening.
  • First Commonwealth Bank: Business Checking Account - $500 Bonus
    Open a new business checking account. Use promo code FCBIZ2 at account opening. Make 10 qualifying transactions that post and clear to the account within 60 days of account opening. Deposit a total of $5,000 or more within 60 days of account opening.

Compare Business Checking Promotions

Things To Look For In a Checking Account

Aside from the cash bonus, it's important to consider if the checking account makes sense for your needs.

Here are some important factors to think about:

  • Monthly fee & balance requirements
    Some accounts may require a minimum balance to avoid a monthly fee or qualify for perks. This will help you determine if the account aligns with your financial situation.

  • Other fees
    Also, look at if there are other fees, like for ATM withdrawals, overdrafts, and other transactions.

  • ATM network
    Consider the size and reach of the bank's ATM network to ensure convenient access to cash withdrawals and other services. If you plan on depositing cash, consider a big national bank.

  • Mobile app features
    A robust and user-friendly mobile app can make things easier. Make sure it has the functions you need, such as mobile check deposit, bill payment options, and other account management tools.

Configure account alerts to receive notifications about important events, such as large withdrawals, low balances, or incoming deposits. These can help you stay informed and take timely actions in your checking account when necessary.

FAQs

How to get $500 from Chase?
If you have a Chase checking account, you can earn up to $500 every calendar year with 10 successful referrals. You will be credited $50 for each referral, provided you and your referral's account remain open at the time of payout.[1]

Will you earn two bonuses if you open a joint checking account?
No, banks and credit unions generally provide one bonus per account, regardless of whether it's an individual or joint account.

Are $500 bank bonuses a good deal?
Yes, a $500 bank bonus can be worth it if you can comfortably meet the requirements and the bank account aligns with your needs. Don't go for a bank bonus if it will stretch your finances or if the account will be too much hassle to maintain.

Do you have to pay taxes on checking bonuses?
Yes, checking account bonuses are typically classified as interest income and, therefore, are taxable. The bank may issue a Form 1099-INT, but even if they don't, you're required to report it on your tax return. [2][3]

References

  1. ^ Chase. Refer your friends, Retrieved 08/03/2025
  2. ^ IRS. Interest Income, Retrieved 08/03/2025
  3. ^ IRS. About Form 1099-INT, Interest Income, Retrieved 08/03/2025

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Bank of America
Member FDIC

Bank of America Advantage Banking - Up to $500 Cash Offer

Learn More
Expires 1/31/2026
  • The cash offer up to $500 is an online only offer and must be opened through the Bank of America promotional page.
  • The offer is for new checking customers only.
  • Offer expires 1/31/2026.
  • To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* into that new eligible account within 90 days of account opening. Your cash bonus amount will be based on the total amount of your Qualifying Direct Deposits received in the first 90 days.
    Cash BonusTotal Qualifying Direct Deposits
    $100$2,000
    $300$5,000
    $500$10,000+
  • If all requirements are met 90 days after account opening, Bank of America will attempt to deposit your bonus into your new eligible account within 60 days.
  • Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
  • Additional terms and conditions apply. See offer page for more details.
  • *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
  • Bank of America, N.A. Member FDIC.

Checking Account Promotions

February 5, 2019 - Reviews for Bank Promotions
Score up to $3,000 with the best checking account bonuses.

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