Highest bank account bonuses for January 2023 (up to $3K)

Earn hundreds, even thousands, of dollars for opening a checking or savings account? That’s the promise many banks are making these days. And while just about everyone is in the market for some extra cash (in some cases as much as $3,000), these accounts typically come with a lot of hurdles. “Banks count on the fact that most people won’t actually comply with all the terms and conditions, which often require that you hold a large balance at the bank for an extended period of time, even if their rate is no longer competitive,” says MaxMyInterest CEO Gary Zimmerman.

That’s why pros say most of you are better off with a savings account without as many issues. And we have good news there: Many high-yield savings accounts are paying more than they have in a decade — and you can see some of the highest paying savings accounts here.

That said, if you can comply with the terms and conditions of an account with a big bonus, by all means, do it. Here’s what to know before you open one of these accounts, and here are the 10 best bonuses we found this month.

Read the fine print

English poet Ted Hughes once famously said, “Nothing is free. Everything has to be paid for.” And sign-up bonuses are no different. For those with excess cash and who are up to the mounting challenges that come with them, Zimmerman says a close look at the requirements is critical. “Some banks have direct deposit requirements or a minimum opening deposit requirement, which can sometimes be challenging to meet,” Zimmerman says.  (You can see some of the highest paying savings accounts here.)

Don’t forget bonuses are taxable 

Even after you’ve been through all of those hurdles, Chanelle Bessette, banking specialist at NerdWallet, says there’s still another caveat at the end of the winding road: taxes. “Bonuses are typically seen as income by the IRS so you’ll likely need to pay taxes on your bonus.” Zimmerman goes even further to say, “you probably won’t get to keep the full bonus amount” because of them, he explains. 

Avoid unnecessary fees

Another key area that’s hard to avoid are the fees. And they can start to add up, ultimately eating away at any qualifying bonuses. The average overdraft fee, for starters, was $29.80 in 2022, according to a recent Bankrate survey. Meanwhile, out-of-network transaction fees at ATMs were $4.66 and non-customer fees were $3.14. Matthew Goldberg, consumer banking reporter at Bankrate says anyone making a move to a new bank on the basis of an account sign-up bonus should compare their current bank’s fee structure beforehand.

“Make sure you’re not going to be paying any fees,” Goldberg said. “And a bonus on an account might be worthwhile now, but sometimes a higher-yielding account might end up being a better deal. Every situation is different. But these are things to look at to find the account that’s best for you.”

Bessette adds that other account bonuses also come with account closure penalties. “So if you’re trying to open an account just so that you can take the bonus and leave, you might get hit with a fee when you do so,” Bessette says. 

The top 10 bank account bonuses

If you’ve read all the fine print and you’re still up to the challenge, we’ve pulled together the best available savings and checking account bonuses for January 2023. The first five are the best savings account offerings and the following five are for checking accounts.  (You can see some of the highest paying savings accounts here.)

5 best savings account bonuses

Citi® Savings Account: The more the savings you can add to your Citi® Savings Account, the better the bonus. For existing Citi customers who open a new savings account with “new-to-Citibank funds” before Jan. 9, 2023, and who have $1 million to do so, are eligible for a $3,500 bonus. For those with less, of course, there is a sliding bonus scale. For example, balances from $10,000 to $29,999 will only qualify for a $40 bonus, while accounts from $500,000 to $999,999 are eligible for $1,750. In addition to the tiered bonus platform (found in the fine print), there are, of course, some hoops involved. For starters, savers with qualified savings accounts, and who live in certain states, must move their money over to the account within the first 20 days and maintain that balance for 60 consecutive days. Bonuses will also be affected if that amount falls below the minimum threshold at any time during that period. 

BMO Harris PremierTM Account: Open a savings account by Jan. 6 with $7,500 in qualifying direct deposits within the first 90 days of account opening and you can take home a hefty $350 cash bonus. These qualifying deposits include salary or other personal income such as a paycheck, pension payment, Social Security payment, or other government benefits payments that are electronically deposited into the account from an employer or similar third party, according to the terms. 

SoFi Checking and Savings: This bonus offering couldn’t be more transparent. Take home $250 in cash when you open a savings account and maintain a balance of more than $5,000 for 25 straight days. Accounts with balances from $1,000 to $4,999, however, will only qualify for a $50 bonus. Deposits here must be also made via ACH from an enrolled member’s employer, payroll or benefits provider. 

TD Signature Savings/TD Simple Savings: These two savings accounts from TD come with some varying features, but the bonus is simple. Deposit $10,000 or more with new-to-bank money within 20 days of opening either a TD Signature Savings or TD Simple Savings account, maintain that balance for 90 days, and take home a clean $200 bonus with this offer. 

Discover Bank Online Savings: Deposit at least $25,000 and earn a $200 bonus when you open a new savings account with Discover. Deposits that are at least above $15,0000 earn a bonus of $150. 

You can see some of the highest interest savings accounts here.

5 best checking account bonuses

Citibank: Act by Jan. 9 and earn a cash bonus of up to $2,000 for making a minimum deposit of $300,000 in the first 20 days of a newly opened account. If you’re able to maintain that balance for 60 days from the 21st day, the cash bonus here is all yours.

Chase Private Client Checking: Open a new checking account by Jan. 25 and transfer a total of $250,000 within the first 45 days in new-to-bank money or securities and a $2,000 cash bonus will appear in your account within 40 days, the bank says. Deposits here exclude business checking and savings accounts, any J.P. Morgan Self-Directed Investing & Automated Investing accounts, J.P. Morgan Wealth Management retirement accounts and CDs.

Huntington Platinum Perks Checking: Make cumulative deposits of at least $25,000 in a new Huntington checking account within 90 days, maintain an open status in an eligible product for those 90 days, and you can take home a cash bonus of $600. You’ll also need to be a resident of Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Dakota, West Virginia, or Wisconsin to qualify. 

HSBC Premier Checking: Open a checking account with recurring qualifying monthly direct deposits of $10,000 for three consecutive calendar months and earn a $500 bonus with this offering. Qualifying deposits here must be electronic deposits of regular ACH periodic payments, such as salary, pension, Social Security, or other regular monthly income by an employer or outside agency.

Citizens Checking Account: Open your first personal checking account with Citizens before Jan. 20 and make a single direct deposit of $500 or more that posts within 60 days  and earn a $300 bonus. You can earn an additional $100 in $2 increments by making qualified debit transactions that post and clear within 60 days.