Although filing your taxes can be a major chore, receiving a tax refund is a welcome reward for all of that hard work. In 2020, the average refund was $2,781. Although the opportunities for that money are endless, I like putting my refund to work for me. As a former banker, I know that banks offer valuable sign-up bonuses when you open a new account and meet their deposit requirements. In fact, I earned over $3,000 in 2020 by opening new accounts. Here’s how you can earn a big bonus with your tax refund.
How to Earn a Bonus By Opening a New Account
Just like you can earn a welcome bonus by applying for a new credit card, you can do the same by opening a new bank account. Banks offer these bonuses to encourage good customers to leave their current bank and try something new.
In order to earn the bonus, most banks require some combination of the following:
- Minimum opening deposit
- Monthly average balance
- Direct deposit
- Perform certain transactions (ACH, EFT, debit card)
- Keep the account open for a certain period of time
If you fail to meet the requirements, you won’t earn the bonus. When an account is closed before the deadline, the bank may recover the bonus from your closing withdrawal.
>>TAX HACK: “How I Made Money Paying My Taxes”
Earn a Big Bonus With Your Tax Refund With These Accounts
Bank account bonus promotions change on a regular basis. It pays to keep up with the forums on SlickDeals so you don’t miss the best bank bonus offers. Here are a few of the latest offers where you can earn a big bonus by opening an account with your tax refund:
Chase Total Checking®
- Bonus offer: $200
- Requirements: Set up direct deposit
- Ideal for: Someone with a direct deposit of $500 or more per month or that can keep a minimum daily balance of $1,500.
Read our full review of the Chase Total Checking account.
Chase Business Complete℠ Checking
- Bonus offer: $300
- Requirements: Deposit $2,000 within 30 days and maintain a $2,000 balance for 60 days PLUS at least five “qualifying activities” within 60 days
- Ideal for: Small businesses that can keep a balance of $2,000 or make at least $2,000 in Chase Ink Business debit card purchases per month.
Read our full review of Chase Business Complete Checking.
- Bonus offer: $100
- Requirements: Deposit $250 to earn $25; Direct deposit at least $500 to earn $75
- Ideal for: Someone who wants a checking account with no monthly fee.
Read our full review of SoFi Money.
HSBC Premier Checking
- Bonus offer: Up to $600
- Requirements: Deposit $5,000 per month for 3 months to earn $450 OR earn 3% per month on deposits (up to $600) for the first six months.
- Ideal for: Customers who have larger direct deposits each month.
Read our full review of HSBC Premier Checking.
HSBC Advance Checking Bonus
- Bonus offer: Up to $240
- Requirements: Deposit $500 per month from a third party for three consecutive calendar months from the second full calendar month after account opening to earn $200 OR earn 3% per month on deposits (up to $240) for the first six months.
- Ideal for: Consumers who can direct deposit at least $500 per month into their account.
Read our full review of HSBC Advance Checking.
BlockFi Interest Account
- Bonus offer: Up to $250
- Requirements: Bonus is based on your deposit. Requires a deposit of $20,000 to earn the highest bonus tier. Must maintain at least $25 in the account through 2 1/2 months after your month of eligibility.
- Ideal for: People who prefer cryptocurrency and want to earn crypto instead of interest on their savings account.
Read our full review of BlockFi.
The Bottom Line
After you file your taxes, put your tax refund to work for you by earning a new bank account bonus. It’s an excellent way to build your emergency fund or earn some extra cash to pay down your debt. You can do more than one bonus offer at a time if you have the funds and can keep track of the requirements. Remember, bonus promotions change regularly, so if you don’t see any that you like today, check the Slickdeals forums again in a couple of weeks.