Banks often pay signup bonuses, but finding the best ones is important, because why give up free money? It’s not unheard of to find $500 checking account bonus offers, but of course, each one has specific requirements, some of which are unobtainable for many people.
I’ve rounded up the top $500 checking account bonus offers and detailed their qualifying requirements to save you time and hassle. Some key factors to consider when choosing a signup bonus include the type of account you must open, how much money you must deposit, and any other ongoing requirements, such as a minimum monthly balance or monthly direct deposit amount.
How we evaluate products
Finding the right checking account bonus offers requires researching all aspects of the accounts. The $500 checking account bonus offers on this list were checked for the following:
- Minimum balance requirements
- Monthly maintenance fees
- Ongoing requirements
- Additional features and benefits
Earning $500+ is great, but if you won’t use the ongoing features or cannot afford the monthly maintenance fees, the account may not make sense for you. That’s why we covered all aspects of each account so you have full disclosure when deciding.
4 bank account bonus offers of $500 or more
Compare bank bonus offers of $500 or more
Bank name | Bonus amount | Required account(s) |
Chase Bank | $1,000-$,3000 | Chase Private Client Checking℠ |
BMO Bank | $500 | BMO Relationship Checking |
Associated Bank | $300-$600 | Any Associated checking account |
Huntington Bank | $400 to $600 | Perks Checking or Platinum Perks Checking |
1. Chase Bank: Up to $1,000-$3,000
Bank account(s) | Bonus amount | Required activity |
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$1,000-$3,000 |
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Chase Private Client Checking
With Chase Private Client, the amount you deposit determines your bonus. If you deposit $150,000 to $249,999 earn a $1,000 bonus; deposit $250,000 to $499,999 earn a $2,000 bonus; and deposit $500,000 or more and earn a $3,000 bonus.
The nice thing about the Chase Private Client Checking℠ account is that you can upgrade an existing account. Most bank bonuses are for new money only, but with this bonus, you can transfer funds into various accounts, using your total balance to qualify for the promotion. The accounts include:
- Personal checking accounts
- Personal savings accounts
- J.P. Morgan Wealth Management accounts (non-retirement) serviced by a Private Client Advisor
It’s important to note that business accounts, any other J.P. Morgan investment accounts, and trust accounts are not eligible.
Other benefits you’ll enjoy as a Chase Private Client include:
- No ATM fees
- No incoming wire fees
- Dedicated 24/7 advisor line
- Higher Zelle and ATM limits
- Preferred rates on auto loans
You're eligible for up to a $3,000 bonus when you open a new Chase Private Client Checking℠ account with qualifying activities.
- Large physical bank presence
- Large ATM network
- Most accounts offer early access to direct deposit
- Has high overdraft fees
- Pays low APYs
Learn more in our Chase Bank review
2. BMO Bank: $500
Bank account(s) | Bonus amount | Required activity |
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$500 |
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To earn the $500 bonus on the BMO Relationship Checking account, you must set up a direct deposit that equals at least $7,500 across three months. The account itself only requires a $25 minimum opening balance, but there’s a $25 monthly maintenance fee unless you satisfy one of the following:
- Have a minimum daily balance of at least $10,000
- Have a combined balance of at least $25,000 across BMO accounts
- You are a client of the BMO Employee Benefits program
Benefits you get with the Relationship Checking account and less than a $25,000 balance include:
- Up to $25 in non-network ATM fees rebates per month
- Earn interest
- Discounted rate on loans
Be careful with the monthly maintenance fee, though, as it can deplete any interest you earn. If you don’t think you can keep at least a $10,000 daily balance, consider other options on this list.
- Low opening balance requirement
- Easy to reach the $500 bonus
- Non-network ATM rebates are a plus
- High monthly maintenance fee
- No overdraft fee reimbursement
3. Associated Bank: $300-$600
Bank account(s) | Bonus amount | Required activity |
Any Associated checking account | $300-$600 |
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The great thing about this bank is that you can open any of Associated Bank’s checking accounts and earn the bonus. The exact bonus you earn depends on how much you deposit.
Deposit Amount | Bonus |
$1,000 - $4,999.99 | $300 |
$5,000 - $9,999.99 | $400 |
$10,000+ | $600 |
You can choose from various accounts including:
- Access Checking: No monthly maintenance fee and a $25 minimum opening deposit for this online only account (no branch access)
- Balanced Checking: Has a $9 monthly maintenance fee that you can waive with a $1,000 balance, but you get access to their credit monitoring service and can use the bank branches
- Choice Checking: Has a $25 monthly maintenance fee that you can waive with $10,000 combined deposits, get free checks, and earn interest on your balance
- Many options to earn the checking account bonus
- Low opening balance requirements
- Option for a free checking account
- Branches only available in Midwest
- Pays low interest rates
4. Huntington Bank: Up to $600
Bank account(s) | Bonus amount | Required activity |
Perks Checking or Platinum Perks Checking | $400 to $600 |
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You have two options to earn the Huntington bank account bonus of $400 or $600. Here’s how the accounts compare:
- Perks Checking: Five free non-network ATM transactions monthly, credit score monitoring, and you can earn interest on your balance
- Platinum Checking: Unlimited free non-network ATM transactions monthly, credit score and identity theft monitoring, and you can earn interest on your balance
To waive the monthly maintenance fees, you’ll need a $1,000 ($5,000 combined) balance for Perks Checking and $25,000 in combined balances for Platinum Checking.
However, please note that this offer is only available to residents in a handful of states.
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In addition, if you’re a current Huntington Bank customer or closed a checking account with them within the past six months, you’re not eligible for this bonus.
- The Perks Checking Account bonus is easy to achieve
- Both accounts earn interest
- You can open an account online or in person
- The balance requirements are high to waive the monthly fees
- Interest rates are low
How to choose a checking account bonus offer
Earning a $500 checking offer for opening a new account and depositing your salary or other funds into it may seem easy, but there are a few things to consider first.
- Monthly fees: Some banks offering account sign-up bonuses may charge monthly account fees. In some cases, these fees can be waived. Make sure to understand these fees and the requirements for waiving them.
- Balance requirements: Most $500 checking offers require you to receive direct deposits, maintain a balance, or a combination of both. Make sure that moving your direct deposits makes sense for you and that maintaining a certain balance is something you can achieve.
- Taxes: Bank account bonuses are generally considered taxable income along with the interest you earn on a savings or checking account. You’ll typically receive relevant tax documents during tax season. Make sure to include these documents in your tax filing.
FAQs
Do I have to pay taxes on bank bonuses?
Yes. During the tax season, banks that you earned bonuses from will typically issue you a 1099 tax form to report your bonus, along with any other interest you earn on your bank accounts, to the Internal Revenue Service (IRS). Bank account bonuses are typically taxed at the same rate as the rest of your income, which varies between 10% and 37%, depending on how much you earn.
Is it worth opening a bank account for the bonus?
While a bonus can be an attractive incentive, we generally recommend opening a bank account based on your actual banking needs. Consider factors such as the services offered, fees, accessibility, and customer service. A bonus might be a nice perk, but it shouldn’t be the primary reason for choosing a bank. It’s important to find a bank that suits your personal financial habits and goals.
Bottom line
Earning a $500 checking account offer isn’t difficult, but it requires you to find a suitable offer and pay attention to its terms and conditions. These promotions change often so be sure to check back frequently and jump on any offers that catch your eye before they expire.
To explore more bank offers, check out this list of the top checking account bonuses. You can also explore more banking options in this list of the best online banks.