Top 7 Banks That Give You Money for Opening an Account in 2023
The most common ways of generating income from the best savings and checking accounts are interest on deposits and cash back rewards for purchases. We expect that you are already familiar with them. It is also possible that you are currently earning small amounts of cash in those ways. But did you know that there is also free money in the form of new account opening bonuses waiting for you?
This article will show you the top banks that currently offer financial incentives; they give money to as many new customers as possible just for opening an account. You could be the next beneficiary! Read on to find out the best financial institutions with welcome bonuses.
How Do Bank Account Welcome Bonuses Work?
Signup bonuses are often promotional offers that last for a period of time. Some last for a few months, while others may be available for a year or more.
Getting the most out of a bank’s welcome bonus requires understanding how it works. Even though such offers seem good for new customers who need to open checking and savings accounts, they often come with both financial and non-financial demands.
The value of financial incentives that banks offer as welcome bonuses usually ranges from €5 to €1,500 or an equivalent sum in US dollars ($). The amount depends on the capabilities of the banking institution and the terms and conditions of the offer.
Here are common examples of actions that banks require new customers to take in order to be eligible to earn bonus money:
- Register an account using a referral link or code from a friend who has an account with the bank or fintech company.
- Make a minimum deposit (if required).
- Maintain a certain minimum balance for a specified period of time.
- Make certain debit card purchases during a promotional period (if required).
- Invest a certain amount in any of the investment offerings of the bank (if required).
After satisfying all the terms and conditions for redeeming the bonus, your account will be credited with the amount specified in the agreement. Later, you can invite a friend to open a new account and earn a bonus each (works when the referral programme rewards the referrer and the referred).
Top 7 of the Best Banks with Welcome Bonuses
One way that many financial institutions try to stand out from the competition is by offering their new customers a bonus for opening an account. While welcome bonuses shouldn't be the single determining factor when comparing different checking and savings accounts, it doesn't hurt to be aware of your options. Besides, you need this information to know how picking one financial institution over another may benefit you.
We offer you our top picks of the best banks with signup bonuses, sharing adequate information for you to make a choice. Compare them and choose the one that is more suitable for your banking needs.
1. Rebellion (Rebellion Pay)
Head office: Madrid, Spain.
About: Rebellion is a top-rated Spanish neobank and fintech company that offers 100% mobile banking services. It was founded in 2017. The mission of this financial services provider is to enable people to easily access online banking products by creating a frictionless experience. It also provides crypto trading at low fees.
Bonus: Earn up to €5 when invited to open a new account by a friend. (Your referrer will also receive the same amount under the Referral Program of Rebellion). However, to be eligible for this bonus, you must make a purchase of at least €10 in a valid store. Read the terms and conditions for more information.
Accounts available: Checking account.
Minimum opening deposit: None
Monthly fee(s): None.
Countries supported: Spain.
Customer support: Real-time support is available in English or Spanish via email and in-app chat.
Why you should consider this bank: Rebellion offers a current account that you can easily open in minutes. This account comes with its own Spanish IBAN and a prepaid Mastercard card (virtual/physical) free of charge. You can open it and perform a variety of financial transactions, which include depositing your salary regularly, setting up direct debits for paying your bills, and instantly sending and receiving free bank transfers in the SEPA zone. It also offers up to 30% cash back on purchases at popular retailers.
Security and safety: Biometric protection of card and account; a stolen or lost card can be locked quickly inside the mobile app; 256-bit TLS encryption for its website and all communication services; and to crown it all, Rebellion has an e-money licence and is PCI DSS compliant.
To open an account: Visit Rebellion now.
2. Chime
Head office: San Francisco, California, United States.
About: Chime is a US-based financial technology company that provides high-quality banking services through bank-fintech partnerships. It was founded in 2013. Since it is not a bank, all its banking services are provided by Bancorp Bank or Stride Bank. These services include high-yield accounts and facilities for building credit.
Bonus: $100 for opening an account through its “Referral Program.” However, a single direct deposit of not less than $200 is required.
Accounts available: Checking, Savings, and Credit Builder accounts.
Minimum opening deposit: None
Monthly fee(s): None
Countries supported: United States.
Customer support: In-app chat, 24/7 phone support, and email services.
Why you should consider this bank: Chime is a fintech company that has revolutionised banking. It offers many benefits to its account holders, which include no monthly fees, free debit cards (Visa), free credit builder cards, no-fee overdraft, thousands of fee-free ATMs for cash withdrawals, a checking account, and a high-yield savings account. However, keep in mind that an ATM withdrawal outside its network attracts a fee of $2.50.
Security and safety: Deposits are FDIC insured ($250,000 maximum cover); data encryption; in-app instant blocking of your Chime debit card or Credit Builder card; and real-time account notifications.
To open an account:Go to Chime now.
3. Vivid (Vivid.Money)
Head office: Berlin, Germany.
About: Vivid, also known as Vivid Money, is a German neobank founded in 2020. The company offers a single app in which it has successfully combined innovative features for both banking and investing. Although it is based in Germany, the company says you can use the app wherever there is WiFi.
Bonus: €5 (Standard customers) or €10 (Prime customers), provided that the account was created through its referral promotion. Redeeming this bonus requires having a bank balance of at least €1,000 or making investment trades of more than €100 (in fractional shares, crypto, or precious metals) within 90 days of account registration.
Accounts available: Checking account.
Minimum opening deposit: €50.
Monthly fee(s): Standard account (free), Prime account (€9.90 per month after one free month).
Countries supported: Vivid is available in Germany, Spain, and Italy.
Customer support: 24/7 chatbot, Help Center, and online form.
Why you should consider this bank: Vivid is a leading provider of advanced solutions for personal banking, budgeting, overdraft, everyday spending with cashback (up to €140 per month using the Vivid Visa Debit Card), and investing (in crypto, precious metals, and shares). It offers over 3,000 fractional stocks and exchange-traded funds (ETFs) with no commission. Also, its customers can invest in more than 300 crypto assets, beginning with at least €1.
Security and safety: Customer’s deposits are stored in a fully regulated European bank (Solarisbank AG) with insurance covering up to €100,000 under the German Deposit Guarantee Scheme; physical and virtual cards are available for secure transactions: protected account login via PIN, password, fingerprint, or facial recognition; in-app freezing and unfreezing of card operations; and real-time account notifications.
To open an account: Follow this link to Vivid Money.
4. Tide
Head office: London, United Kingdom.
About: Tide is a UK-based fintech company that provides a variety of business bank accounts to sole traders, freelancers, small and medium-sized enterprises (SMEs), and companies of all sizes, provided that they are registered in the United Kingdom. It was founded in 2015. Although it is not a full-fledged bank, its accounts are provided by its partner, ClearBank, which is a clearing and agency banking platform in the UK. This partner’s accounts are protected by the UK’s Financial Services Compensation Scheme (FSCS).
Bonus: £50 when the account was opened through its Refer-a-Friend promotion. The account holder must make valid card transactions of not less than £500 within the first three months of account registration. Keep in mind that the validation and transfer of this reward can take between 6 and 8 weeks.
Accounts available: Business account.
Minimum opening deposit: None.
Monthly fee(s): No monthly fees for the “FREE” business account. But “PLUS,” “PRO,” and “CASHBACK” account categories attract monthly fees of £9.99, £18.99, and £49.99, respectively.
Countries supported: United Kingdom.
Customer support: In-app support; email; feedback form; and telephone call.
Why you should consider this bank: Through ClearBank, Tide provides deposit insurance of up to £85,000 per customer. Also, it provides a single app that you can use to control all your business finances: timely payments from customers (even through pay-by-invoice), tax and accounting automation, company spending control through its Tide Expense Mastercard Cards for your team, cash flow automation, easy loan application, and credit score improvement through its Credit Builder.
Security and safety: FSCS-protected accounts; partners are regulated by the UK FCA (Financial Conduct Authority); two=factor authentication of payments; safe limits on transactions (which can be increased by the account holder); easy freezing and unfreezing of lost cards; and ISO 27001 certification.
To open an account: Follow this secure link to Tide.
5. N26
Head office: Berlin, Germany.
About: N26 is a German neobank. It offers a simple, transparent, secure, and safe fully digital banking experience. Since its launch in 2013, N26 has grown into a modern leader in banking innovation. Its financial products include personal and business bank accounts, insurance plans (travel, phone, and electronics), crypto trading, tools for budgeting and expense splitting, and physical and virtual payment cards (Mastercard).
Bonus: Up to €1,500 can be redeemed within 60 days of opening the account via a referral link. You must satisfy the terms and conditions, which include referring other friends to N26 to earn a high reward. The amount of reward for opening an account through a referral can be seen in the N26 app.
Accounts available: A variety of personal and business bank accounts.
Minimum opening deposit: None.
Monthly fee(s): None.
Countries supported: 24 international markets, which include Germany, Austria, Belgium, Portugal, Poland, Norway, Spain, Denmark, Switzerland, Finland, Estonia, and France.
Customer support: 24/7 in-app chat; phone call (hotline).
Why you should consider this bank: N26 is a fully licensed German bank that supports transactions in fiat money and investment in cryptocurrencies. It supports more than 20 countries, and its customer care team can help resolve issues in several languages, including German, English, French, and Spanish.
Security and safety: A customer’s deposit is protected up to €100,000 by the German Deposit Guarantee Scheme; an account is paired to one smartphone at a time to prevent access from strange devices; biometric authentication options; 3D Secure transactions; and instant push notifications.
To open an account: Use this link to start your journey to Tide.
6. SoFi
Head office: San Francisco, California, United States.
About: SoFi is an innovative US-based fintech company that has revolutionised the online banking industry in the United States. It offers a financial super app through which its members (users) are able to get their money working better for them by using its banking and investment products (which include stocks and crypto trading). Since its establishment in 2011, this American neobank has partnered with several banks, including Wells Fargo and MetaBank, to amass more than 5 million members, fund about $73 billion in loans, and offer over $35 million in rewards.
Bonus: A variety of bonuses. They include $50 to $250 upon account registration and direct deposit set-up (whose amount determines the bonus).
Accounts available: Checking and savings accounts.
Minimum opening deposit: None.
Monthly fee(s): None.
Countries supported: United States.
Customer support: Phone call, chat with a virtual assistant, and a help centre.
Why you should consider this bank: This service is a financial super app; you can do a lot of things with it. SoFi offers checking and savings accounts with no monthly fees, no minimum balance fees, and no overdraft fees. It provides access to more than 55,000 fee-free ATMs in the Allpoint Network worldwide. Also, members who have direct deposit are eligible to earn 3.75% APY on their vault and savings balances as well as 2.50% on their checking account balances. In addition, you can get up to 15% cashback when they use the SoFi Debit Card (Mastercard). What’s more, SoFi offers a variety of affordable loans!
Security and safety: 24/7 account monitoring for suspicious activities; FDIC insurance on checking and savings accounts (protection of investments up to $250,000 per account); generation of a unique transaction code for every card payment; and two-factor authentication.
To open an account: Here is your secure access to SoFi.
7. Revolut
Head office: London, England, United Kingdom.
About: Revolut is to Europeans what SoFi is to Americans. In other words, Revolut is a neobank and financial super app founded in London in 2015. It offers a wide range of products and services to a large international market. Essentially, individuals and businesses can use Revolut to easily manage payments by links, card-based transactions, international money transfers, currency exchange, budgeting and analytics, crypto trading, stock and commodity investment, and even open banking. It currently has more than 25 million customers and is available in more than 20 countries.
Bonus: Revolut offers welcome bonuses that are valid for a predetermined period of time. In the USA, it awarded $50 to new customers who signed up via a link or code from an affiliate partner, ordered a physical Revolut card, made three card purchases of at least $5 each, and satisfied other conditions of the offer. Also, between July 15 and September 30, 2022, the company offered €25 to its new customers in France, Germany, Poland, Sweden, the United Kingdom, and Romania under certain terms and conditions. Therefore, keep an eye on Revolut for its welcome bonus in your location.
Accounts available: Spending account and savings vault.
Minimum opening deposit: None.
Monthly fee(s): The fees vary according to your chosen account plan. Standard account (free); Plus account (£2.99/month); Premium account (£6.99/month); and Metal account (£12.99/month).
Countries supported: 28 countries, including the UK, USA, Denmark, Belgium, Germany, Luxembourg, Spain, Netherlands, and Sweden.
Customer support: In-app chat, and phone line.
Why you should consider this bank: Revolut is a single app that can handle almost everything that has to do with money management, payment processing, and investment in stock and non-stock instruments. It is a reliable super app for personal and business use.
Security and safety: FCA licensed operations; FDIC-insured accounts up to $250,000; card freezing and unfreezing; login PIN; and 24/7 account monitoring to flag suspicious transactions.
To open an account: Go to Revolut.
Why You Should Switch to a Neobank
If you do not have a bank account, we strongly encourage you to open a savings or current (checking) account with any of the neobanks discussed above. By doing so, you will stand a chance of getting a sign-up bonus and other benefits. But if you already have an account, then you need to follow this guide to switch banks without experiencing difficulties.
Switching from one traditional bank to another is not as profitable as when you move to a leading neobank. Several benefits await you if you choose the latter option. The pros of opening an account with a neobank include, but are not limited to:
- Convenient 24/7 banking via your mobile phone (mobile banking).
- Freedom from paying high fees, which traditional banks are known to charge.
- Ability to use a variety of innovative tools, including those for personal budgeting and automated cash flow statement preparation.
- Opportunities to earn extra cash through bonuses.
Some neobanks even enter into partnerships with reputable fintech companies, credit unions, and traditional banking service providers to offer personalised solutions. Examples of what to expect include:
FAQ
In general, when looking for a bank to open an account with, your options will depend on several factors. They include your location, your preferred method of banking (online only or in a physical office with a mobile app), and the type of account you want (current or savings).
There are many banks that offer financial rewards as welcome bonuses to new account holders. Our top picks are Tide, SoFi, Chime, Rebellion, Revolut, N26, and Vivid. We selected them because they are the best financial incentive providers among regulated neobanks, which are revolutionising banking.
If you like traditional banks, which have physical offices and provide mobile apps but may be more expensive in terms of costs, then our suggestions for the best banks to consider for earning sign-up bonuses are:
- In the United States and Canada: Chase Bank, TD Bank, PNC Bank, Huntington Bank, Axos Bank, Citi Bank, Bank of America, and Discover Bank.
- In Europe and the United Kingdom: Halifax Bank, Nationwide, Royal Bank of Scotland, and HSBC.
If you have already opened a bank account that comes with a monthly fee, there is no way to avoid paying it aside from closing the account. But if you are considering opening a new account and do not know whether it has monthly fees, there are two ways to find out and avoid them.
First, read the information about the current or savings account on the bank's or financial institution's website. If the monthly fee is not listed there, you must read the terms and conditions and pay attention to the small print before deciding whether to proceed.
Do not open an account you do not understand or one about which you lack enough information about its fees.
The best way to earn extra cash for signing up is to look for online apps and digital banks that offer such financial incentives to their new customers. Examples of them are buddybank, SoFi, Chime, Vivid, Rebellion, and Revolut. But ensure that you confirm whether you will have to make a deposit.
Final Words: Go for Welcome Bonuses but Watch Out for Traps!
It pays to take advantage of every convenient source of passive income. But when it comes to the welcome bonus offers from banks and other financial establishments, you need to watch out for unfavourable terms and conditions. They want to attract new customers and increase deposits more than they want to reward your patronage. Everything they do comes down to winning the competition for a bigger share of the market. Therefore, read the small print and be honest with yourself about your capacity to fulfil the conditions before registering. Pay attention to monthly fees that could deplete your income and the extremely high minimum balance requirements.
If you are interested in opening a new checking or savings account, make sure the one you are applying for suits your needs and is a great fit for your financial goals. Ensure that your chosen bank or credit union provides a strong suite of digital tools for your convenience, as internet banking is gaining popularity.
Finally, do not just go for cashbacks, favourable interest rates, bonuses, miles, and other rewards when looking for a new bank account. Examine the "full package" of services and costs to avoid making the wrong choice.
