2016-07-14



Just like any business, banks compete for customers. Many banks offer valuable promotions to get you to sign up for a checking account. Ranging from cold hard cash to free music, or retail rewards cards to airline miles, these offers can be pretty enticing.

GOBankingRates investigated current checking account promotions and found 15 that rise above the rest. So if you are fed up with your bank, or merely want to find the top deals, check out this list of the best checking account promotions going on right now.

TD Bank's TD Convenience Checking
BBVA Compass Bank's NBA Checking
Key Bank's Key Express, Advantage, Privilege and Privilege Select Checking
Fifth Third Bank's Essential Checking
SunTrust Bank's Select Checking
SunTrust Bank's Essential Checking
Discover Bank's Cashback Checking
Bank of America's Personal Checking Account
US Bank's Silver Checking Package
Salem Five Bank's Gold Star Checking
Capital One's 360 Checking
BankDirect's Mileage Checking With Interest
Associated Bank's Associated Checking
Chase Bank's Chase Total Checking
Citibank's Citibank Account Package

Bank

Checking Account

Minimum Opening Deposit

Monthly Fee

Minimum Balance to Avoid Fee

Promotional Offer

Where to Apply



TD Bank

TD Convenience Checking

$0

$15

$100

Apply online and get a free Samsung Galaxy.

Apply Now



BBVA Compass Bank

NBA Checking

$25

$0

None

Meet qualifications to get gift cards for iTunes, Amazon or NBA Store.

Apply Now

Key Bank

Key Express Checking
Key Advantage Checking
Key Privilege Checking
Key Privilege Select Checking

$50

$7

At least $500 in deposits or 8 transactions per cycle

Use offer code RETA0516 and meet the requirements to earn a $300 reward.

Apply Now

Fifth Third Bank

Essential Checking

$50

$11

Combined monthly average balance of $1,500 across all accounts

Receive a $200 bonus when you open an account, set up direct deposit and make 3 online bill payments.

Apply Now

SunTrust Bank

Select Checking

$100

$15

$2,000

Receive a $200 bonus when opening a Select Checking account online with promo code by July 31 and meeting requirements.

Apply Now

SunTrust Bank

Essential Checking

$100

$7

$500

Receive a $100 bonus when opening a Select Checking account online with promo code by July 31 and meeting requirements.

Apply Now

Discover Bank

Cashback Checking

$0

$0

None

Discover customers earn up to earn up to $120 per year by opening an account and earning cash back on up to 100 transactions per month.

Apply Now

Bank of America

Personal Checking Account

$25

$12

$1,500

Earn a $100 bonus after opening a Personal Checking Account with code BAW100N and meeting requirements.

Apply Now

US Bank

Silver Checking Package

$25

$6.95-$8.95

$1,500

Earn up to $100 by meeting requirements.

Apply Now

Salem Five Bank

Gold Star Checking

$10 in person, $100 online

$20

$1,500

Earn a $100 Visa reward card by meeting requirements.

Apply Now

Capital One

360 Checking

$0

$0

None

New customers earn a $25 bonus by meeting requirements.

Apply Now

BankDirect

BankDirect Mileage Checking Account With Interest

$500

$12

None

Earn up to 11,000 American Airlines AAdvantage miles by meeting requirements.

Apply Now

Associated Bank

Associated Checking

$100

$11

$1,000

Earn a $50 Visa rewards card by meeting referral requirements.

Apply Now

Chase Bank

Chase Total Checking

$25

$12

$1,500

Earn up to $250 by meeting requirements.

Apply Now

Citibank

Citibank Account Package

$0

$25

$10,000

Earn $400 by opening a new checking account and meeting requirements.

Apply Now

TD Bank's TD Convenience Checking

Promotion: Free Samsung Galaxy smartphone

Minimum opening deposit: $0

Minimum balance to avoid service fee: $100 to avoid $15 monthly service fee

Offer expires: When supplies run out

Promotion details: You can get a free Android smartphone while supplies last when you sign up for this checking account promo online. You must also redeem the phone within 60 days. The offer is only available with select service plans, data and messaging features and a new two-year subscriber agreement, according to TD Bank. Other restrictions also apply.

The checking account comes with free online bill pay, mobile banking and free online statements with check images. Most locations are open seven days a week.

BBVA Compass Bank's NBA Checking

Promotion: $100 NBA.com gift card, $15 Amazon gift card or $10 iTunes gift card

Minimum opening deposit: $25

Minimum balance to avoid service fee: $0

Offer expires: N/A

Promotion details: You could score some nice bonuses with this bank promotion, especially if you are a basketball fan. For instance, if you schedule at least three bill pay transactions of $50 or more in the first 90 days, you get a $100 credit at NBA.com.

In addition, if you receive two direct deposits of $300 or more within 90 days, you get a $15 electronic Amazon gift card. Finally, make 40 eligible debit card transactions within 30 days and you receive a $10 iTunes gift card. The account has no monthly fee and comes with free bill pay, online and mobile banking.

Key Bank's Key Express, Advantage, Privilege and Privilege Select Checking

Promotion: $300 checking account bonus

Minimum opening deposit: $50

Minimum balance to avoid service fee: Varies

Offer expires: July 22, 2016

Promotion details: Four key checking accounts are available with this promotion. They all require a $50 minimum opening deposit and share the same requirements for getting the $300 checking account bonus. You will have to make one direct deposit of at least $500 in the first 60 days. Also, you must open the checking account online by July 22 and use the offer code the bank gives you when you are prompted.

Although they share the same promotion, the four accounts do differ in significant ways. For instance, the monthly service fees range from a low of $7 to a high of $50. But each type of account gives you various ways to avoid that fee, including setting up a direct deposit and maintaining specific account balance minimums.

The accounts also offer a rewards program, but the fee to participate varies from free to $40 a year. Some accounts are also interest-bearing, and the top accounts provide perks such as free checks and discounts on loans.

Read: Best Rewards Credit Cards of 2016

Fifth Third Bank's Essential Checking

Promotion: $200 checking account bonus

Minimum opening deposit: $50

Minimum balance to avoid service fee: $1,500, combined across accounts

Offer expires: Sept. 30, 2016

Promotion details: Like most other bank promotions, this one has requirements: To get the $200 cash, you must open a checking account and sign up for direct deposit -- no minimum amount is listed. You also must sign up for bill pay and make three online bill payments. Do this within 90 days of opening the account and you will be eligible for the bonus.

The checking account has an $11 monthly service fee if you fail to meet certain requirements, such as keeping the minimum monthly balance requirement of $1,500 in all your Fifth Third Bank accounts. You can also reduce the service fee to $8 with direct deposits of $500 or more.

SunTrust Bank's Select Checking

Promotion: $200 checking account bonus

Minimum opening deposit: $100

Minimum balance to avoid service fee: $2,000

Offer expires: July 31, 2016

Promotion details: With this checking account offer, SunTrust will give you the $200 if you open a new Select Checking account online, deposit at least $100 within 14 days, and make $2,000 or more worth of qualifying direct deposits within 60 days.

The checking account has a $15 monthly service fee, but you can avoid this by doing any of the following:

Make $2,000 or more worth of monthly direct deposits

Maintain a $2,000 Select Checking account balance, or a combined balance in all your accounts of $10,000

Open a SunTrust mortgage, or link a SunTrust business checking account to the personal checking account

Read: 10 Free Business Checking Accounts

SunTrust Bank's Essential Checking

Promotion: $100 checking account bonus

Minimum opening deposit: $100

Minimum balance to avoid service fee: $500

Offer expires: July 31, 2016

Promotion details: To get the $100 bonus, just deposit $100 into your new account within 14 days and make $2,000 or more of qualifying direct deposits within 60 days of opening your account.

The service fee for this account is $7 per month. However, you can avoid this by doing any of the following:

Maintain a $500 daily balance.

Make 10 banking transactions per statement cycle.

Make $500 or more in direct deposits per statement cycle.

Students also are exempt from the fee

Discover Bank's Cashback Checking

Promotion: Up to $120 a year cash back

Minimum opening deposit: $0

Minimum balance to avoid service fee: $0

Offer expires: N/A

Promotion details: Discover Bank's cash-back rewards program gives you 10 cents for every debit card purchase, every bill you pay online and every check that clears. You can earn up to $10 a month, $120 a year.

You can redeem the money or add it to your Discover credit card rewards. The checking account has no monthly service fee and offers free online banking and bill pay.

Bank of America's Personal Checking Account

Promotion: $100 checking account bonus

Minimum opening deposit: $25

Minimum balance to avoid service fee: $1,500

Offer expires: Dec. 31, 2016

Promotion details: To get the $100 promotion, you need to open a new account with the promotional code BAW100N. Then, you need to set up and receive $2,000 or more every 30 days for 90 days after you open the account.

A $12 monthly maintenance fee applies, but this is waived if:

You have at least one qualifying direct deposit of $250 or more.

You maintain an average daily balance of at least $1,500.

You are a student under the age of 23.

US Bank's Silver Checking Package

Promotion: $100

Minimum opening deposit: $25

Minimum balance to avoid service fee: $1,500

Offer expires: N/A

Promotion details: With US Bank's START Smart Savings Program, you earn $50 for saving $500 in 12 months in your US Bank savings account. You can also earn up to a $50 reward through the bank's gas and grocery rewards program via the US Bank Visa debit card.

To enroll, you have to open both a Silver Checking Package account and a Package Money Market Savings account, and need to link them together. To avoid a monthly service charge of up to $8.95, sign up for online statements and either make $1,000 in direct deposits each month or maintain a combined $1,500 balance.

Salem Five Bank's Gold Star Checking

Promotion: $100 Visa reward card

Minimum opening deposit: $10 in person, $100 online

Minimum balance to avoid service fee: $1,500

Offer expires: N/A

Promotion details: To get the Visa reward card, open a new account, then do one of the following within 60 days:

Make two direct deposits of more than $250 each.

Make six online bill pays of more than $25 each.

Make 20 debit card transactions of more than $5 each.

This checking account offers free, no-annual-fee overdraft protection. You also get free bill pay and a cash rewards program on Visa debit card purchases. However, be aware that if you do not sign up for payroll direct deposit and meet the minimum $5,000 balance requirement -- or a combined deposit or loan balance of $20,000 -- there is a $20 monthly service fee.

Capital One's 360 Checking

Promotion: $25 checking account bonus

Minimum opening deposit: No minimum, but $250 minimum needed to claim bonus

Minimum balance to avoid service fee: $0

Offer expires: N/A

Promotion details: Like other bank promotions, the $25 bonus does have a few requirements. You must make an initial deposit of $250, with cash taken from a non-Capital One 360 account. You must also have at least three debit card purchases or person-to-person payments, or any combination of the two, within 45 days.

The Capital One 360 checking account comes with no monthly maintenance fees, free mobile banking and one free checkbook. It is interest-bearing, and for accounts up to $49,999, you will earn 0.2% APY, with higher rates available for larger balances.

BankDirect's Mileage Checking With Interest

Promotion: 1,000 or more in AAdvantage miles

Minimum opening deposit: $500

Minimum balance to avoid service fee: N/A

Offer expires: N/A

Promotion details: Travelers might prefer to get miles over cash for their banking reward. BankDirect is banking on it. Open a Mileage Checking with Interest account and you get 1,000 AAdvantage miles. AAdvantage is American Airlines miles program.

You can also earn additional rewards in multiple ways. For example, make a direct deposit of at least $2,000 for six consecutive billing cycles and you will earn 10,000 miles.

You need $500 to open the account, and there is a $12 monthly service fee for the account. And although the account does pay interest, that feature only begins on balances of $2,500 and above, and at a rate of 0.01% APY.

Related: Best Travel Rewards Credit Card Offers of 2016

Associated Bank's Associated Checking

Promotion: $50 rewards card

Minimum opening deposit: $100

Minimum balance to avoid service fee: $1,000

Offer expires: N/A

Promotion details: With this account, your friends can earn you -- and themselves -- some cash. By referring a friend who signs up for an Associated Checking account, each of you can earn $50. You can refer up to 10 friends, earning yourself $500.

Some conditions apply to earn your reward, however. To get the $50 rewards card, you must fill out the bank's promotion form so the bank can contact your friend. You can also share the information via social media.

After opening a new account, the referred friend must complete three or more payments via bill pay, or complete a direct deposit of $300 or more. Once this happens, you and your friend will earn the reward.

Chase Bank's Chase Total Checking

Promotion: Up to $250

Minimum opening deposit: $25

Minimum balance to avoid service fee: $1,500

Offer expires: Oct. 15, 2016

Promotion details: Open a new Chase Total Checking account, set up direct deposit and get a $150 reward. You can earn another $100 by opening a Chase Savings account and depositing $10,000 within 10 days and maintaining a $10,000 balance for 90 days.

The checking account has a monthly service fee of $12, unless you do at least one of the following:

Have $500 or more directly deposited per month.

Keep a $1,500 minimum daily balance.

Keep an average combined daily balance of $5,000 or more in all your Chase accounts.

Citibank's Citibank Account Package

Promotion: $400

Minimum opening deposit: $0

Minimum balance to avoid service fee: $10,000

Offer expires: Aug. 31, 2016

Promotion details: To get the cash, open a new checking account in either the Citigold Account Package or the Citibank Account Package by the end of August. Then, deposit $15,000 into your new checking or savings account and keep at least a $15,000 balance for 30 days thereafter.

The Citibank Account Package checking account comes with a relatively hefty $25 monthly service fee, but that goes away if you keep a minimum balance of $10,000 in your account.

GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack, Inc., an online marketing company serving top-tier banks, credit unions, and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack, Inc., which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone and have not been reviewed, approved, or otherwise endorsed by the companies included in the article.

This article originally appeared on GOBankingRates.com: 12 Best Checking Account Promotions Today

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