: 10 of the biggest bank sign-up bonuses of October 2023 — with one bank offering $25,000 for opening a new account

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Nine of the top 10 bank sign-up bonuses this month have reached at least $2,000.


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Bank sign-up bonuses have become even more enticing over the past month, with now nine of the top 10 offers now surpassing $2,000 for opening a new account. But, as you can imagine, many of these cash bonuses come with some significant hurdles — like eye-popping account minimums — to grab these huge handouts, experts warn. 

“Sign-up bonuses may be worth the effort if you have enough free cash to meet the balance requirements and you end up in the plus versus the minus after signing up,” says NerdWallet personal finance writer and expert Elizabeth Ayoola, adding that “people may not be aware that the fine print may include bank fees or balance requirements that can erode the bonus.”

Here’s everything you need to know about the 10 best bank account sign-up bonuses for October 2023, and we list some of our top finds below.

Why do banks offer bonuses?

Why are the bonuses getting bigger recently? For one, more than a year of elevated inflation has led the Federal Reserve to make persistent interest rate hikes to lower consumer prices. And as the benchmark funds rate climbs — it has climbed to 5.25%-5.5% from nearly zero a year ago — the cost for banks to pay off their debt balances also goes up, leaving many financial institutions searching for increasingly stronger measures to raise cash. 

So, similar to offering a more attractive savings rate, many banks and financial institutions often use eye-catching cash sign-up bonuses to lure in new customers and raise cash. Indeed, some banks have increased interest rate offers for savings products such as high yield savings accounts, checking accounts, money-market accounts — you can see some of the highest-paying savings accounts here — And others are offering big cash bonuses. 

What to look out with cash bonuses from banks? 

Before opening a new bank account and chasing a high cash bonus, Bankrate consumer banking reporter Matthew Goldberg says any prospective customer must always first read and understand the rules. 

“You don’t want to open an account and then not get the bonus because you couldn’t meet the requirements or didn’t understand them or know about them,” Goldberg says, adding that “I wouldn’t bank at a bank just for a sign-up bonus. But if you’re considering that bank anyways – and will meet the bonus requirements – that could be a good situation.”

That said, Goldberg notes that attractive bonuses and savings rates aside, it can be good to have more than one bank – as long as you won’t be charged fees at any of them. “You don’t want to have too many accounts since you need to be keeping an eye on your transactions,” he says. 

Top 10 sign-up bonuses for October 2023

If you’re in the market for a new bank account and you have some liquid cash available to make the move, here are some of the best bank account sign-up bonuses available today to help add to your bankroll. Just be sure to read the fine print and ensure you meet all of the requirements. 

Tastytrade: Up to $25,000

New Tastytrade customers who fund their investment accounts with at least $5,000 by March 31, 2024, will qualify for a cash bonus. But it takes an account with more than $5 million to be eligible for a maximum bonus of $25,000. Like with all account bonuses, it’s important to read the details before opening. Be sure to use the referral code “MYNEWBONUS” when applying. 

M1 retirement account: Up to $5,000

If you currently have a large retirement savings and you’re interested in moving your money over to open a new account, this offer from M1 may be a quick way to earn some extra cash and effectively boost your balance. Roll over a minimum of $50,000 of retirement assets in your 401(k), 403(b) or another employer-sponsored retirement plan within 14 days of opening an account, and you may be eligible for at least some promotional cash. If you add more than $1 million of eligible assets, M1 will sweeten the pot by adding $5,000 to your balance. 

Citi Personal Wealth Management account: Up to $5,000

Open a Citi Personal Wealth Management account before Dec 31 with at least $50,000 in new-to-bank funds, and you stand to earn a relatively high bonus of $500. For new accounts with at least $2 million in new money to the bank, Citi will add $5,000. 

BMO Relationship Plus Money Market: Up to $3,500

Make a minimum $500,000 deposit into this money market account from BMO and keep your balance for 30 days and this $3,500 bonus is all yours. If that’s more than you’re willing to deposit, balances from $25,000-$49,999.99 also earn a $300 bonus, while from $50,000-$99,999.99 earn a $500 bonus. That said, these accounts need to be open before Dec. 8 to qualify. 

Chase Private Client checking account: Up to $3,000

Open a new checking account by Oct. 18 and transfer $500,000 or more within the first 45 days in new-to-bank money or securities, and a $3,000 bonus will appear in your account within 40 days. Deposits 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.

Wells Fargo Premier Checking: Up to $2,500

Open a Wells Fargo Premier Checking account by Oct. 10 with a minimum deposit of $25, add $250,000 in new money by the 45th day of opening the account, maintain your balance for at least 90 days, and you can qualify for a hefty $2,500 bonus. You’ll also have to bring a bonus offer code to a banker at the time of account opening at a physical branch location to activate the offer, so it’s critical to follow the fine print. 

Flushing Bank Complete Checking: Up to $2,500

Maintain a three-month average account balance of at least $10,000 and you are eligible for a bonus at Flushing Bank. For balances above $250,000, the bonus here caps out at $2,500. This offer, however, is only available to new customers and just one account per customer. 

CitigoldⓇ Checking Account: Up to $2,000

Checking accounts opened prior to Jan. 9, 2024 can earn a cash bonus of up to $2,000 for making a minimum $300,000 deposit within the first 20 days. If you’re able to maintain that balance for 60 days from the 21st day of account opening, this cash bonus is yours. It should be noted that living trusts, fiduciary, estate, business or retirement accounts — IRAs, SEPs, CESAs, or money purchase pension plans and profit-sharing plans — do not quality. International Personal Bank, Citi Private Bank and Citi Alliance accounts also do not qualify for this offer. 

Citi Priority Checking Account: Up to $2,000

Much like the Citigold account offering, enrolling in a Citi Priority Checking account can also qualify you for a sizable sign-up bonus. Just be sure to enroll before Jan. 9, 2024 and you can also earn a cash bonus of up to $2,000, depending on your asset level. Balances from $10,000 to $29,999 earn a cash bonus of $200, while bank accounts with $300,000 or more qualify for a cash bonus of $2,000. 

You’ll need to ensure your money is new to the bank in a newly opened account, and that on the 20th day of date from when you opened your account that your deposit balance meets one of the various thresholds, all of which are over $10,000. These accounts must be set up for enhanced direct deposit, or an electronic deposit via the Automated Clearing House (“ACH”) Network of payroll, pension, Social Security, government benefits and other payments to your checking, savings, or MMA account. Read the terms and conditions for more. 

Huntington National Bank Platinum Perks Checking℠: Up to $600

Open one of two checking accounts for consumers and business owners before Feb 7, 2024, and you can qualify for as much as $600. You’ll just need to make a minimum of $25,000 in deposits within 90 days in your Platinum Perks Checking account. That said, this offer is only valid for those living in Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Dakota, West Virginia and Wisconsin.