Some banks and investment platforms this month are paying as much as $5,000 to new accountholders. Sounds nice, but pocketing a sign-up bonus like that often comes with a sizable minimum deposit requirement — more than $1 million in some cases. That’s why you may be better off with a high-earning savings account, some of which offer 5% APYs and up still (see some of the highest paying savings accounts from Bankrate here).

Nevertheless, there are still plenty of reasonable cash offers with much lower hurdles. Below, we’ll share details on how to access the biggest sign-up bonuses right now, the banks and financial institutions offering them, as well the best cash offers that are the most accessible to the average consumer.

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Why do banks offer such generous sign-up bonuses?

For many financial institutions, offering sign-up bonuses or attractive promotional rates are some of the best tools to attract new customers, says Bankrate Chief Financial Analyst Greg McBride. “The bank’s goal is to generate new accounts and bring in new deposits to the bank,” McBride says. “Some banks may determine that paying the bonus is less costly to them than having to pay a higher rate on both new deposits and existing accounts.”

Are sign-up bonuses worth the chase?

For most consumers, bank relationships tend to be long term. That’s because the average consumer tends to stick with their financial institution for around 17 years, according to a recent Bankrate survey. So when it comes time to make a change, especially for the sake of a promotional offer such as a sign-up bonus, McBride says there are several questions everyone should ask first: “Were you thinking of switching banks anyway? Does the bank offer an account you’d stick with, even after the bonus requirements are met? If not, are you prepared to do the legwork in moving your accounts again at that point?”

Indeed bonuses may appear to be free money, however just about every offer comes with strings, says Alex Austin, wealth manager at Savvy Advisors. “For example, many bonuses come with conditions, such as maintaining a minimum balance, setting up direct deposits, or meeting transaction quotas,” Austin says. “If you don’t meet these requirements, you might lose the bonus or be charged fees.”

McBride adds cash bonuses are often only available to “new customers” and “may require a sizable deposit right from account opening.” If you’re not able to keep that money in the open account for a period of time, “there may also be a clawback provision that if you close your account within a certain period of time after the bonus is paid, they’ll take it back,” he says.

Top 10 sign-up bonuses for September 2024

If you qualify and are ready to read the fine print, we’ve pulled together the best sign-up bonuses of September 2024. Just be sure to do your homework and ensure you meet all of the requirements first. 

If you don’t qualify for the biggest cash offers, as many will not, we’ve also included five of the best and most accessible bonuses as well. 

Tastytrade: Up to $5,000

New Tastytrade customers who fund their investment accounts with at least $5,000 by Dec. 31, will qualify for a cash bonus. But it takes an account with more than $1 million to be eligible for a maximum bonus of $5,000. Like with all account bonuses, it’s important to read the details before opening. Be sure to use the referral code “MYNEWBONUS” when applying. 

E-Trade from Morgan Stanley: Up to $5,000

Like with many large bonuses this month, the cash offer for opening a new E-Trade account is based on a deposit tier. Fund your account with $50 to $999 and you can earn $100 for your effort. But, if you add $1.5 million, E-Trade will add $5,000 to you account. Use promo code REWARD24 when opening your new account to activate your bonus. 

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

Open a Citi Personal Wealth Management account before Sept. 30 with at least $50,000 in new-to-bank funds, and you can 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. 

TradeStation: Up to $3,500

Open a new brokerage account with $5,000 at TradeStation and you can earn a $150 bonus. To earn the maximum sign-up bonus offer, though, new members here can earn $3,500 for moving $1 million or more into an account within 45 days of account opening. IRA and other tax-qualified accounts do not qualify for the bonus offer. 

Chase Private Client Checking: Up to $3,000

Deposit between $150,000 and $249,000 in a qualifying Chase account before the Oct. 16 deadline and you could earn as much as $1,000. For those with deposits that exceed $500,000 by the deadline, Chase will add $3,000 to your account. You’ll just need to make your minimum transfer balance within 45 days of enrollment and by transferring the qualifying amount of deposits to a combination of eligible checking, savings and/or J.P. Morgan Wealth Management non-retirement accounts that are opened in a Chase branch and serviced by a J.P. Morgan Private Client Advisor. For whichever account you choose, you’ll just need to maintain that qualifying balance for 90 days.

HSBC Premier checking account: Up to $2,500

Open a new HSBC Premier checking account before the Nov. 22 deadline and you may be eligible for a large $2,500 sign-up bonus. To qualify, members who move over $250,000 in new-to-bank money in their checking account within 20 days of account opening, and maintain that balance for three consecutive months, can add another $2,500 to their account. 

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. 

Capital One 360 Performance Savings: Up to $1,500

The cash bonus at Capital One 360 Performance Savings account is indeed lower than the leading offers on this list; however earning the $1,500 here comes with a much lower deposit threshold of just $20,000. If you deposit at least that amount in your savings account within 15 days of opening, as well as hold the deposit for 90 days after that period, then the cash offer is yours. Just be sure to use promo code BONUS1500 at signing to access your cash offer. 

Citi checking account: Up to $1,500

Checking accounts opened prior to Oct. 8 can earn a cash bonus of up to $1,500 for making a minimum $200,000 deposit within the first 20 days. If you’re able to maintain that balance for 45 days from the day of account opening, this cash bonus will be deposited into you account within 30 calendar days. 

Huntington Business Checking Account: Up to $1,000

Make a minimum cumulative deposit of at least $20,000 within 30 days of opening a new Huntington Unlimited Plus Business Checking account by Sept. 3 and you may be eligible for a $1,000 sign-up bonus. You’ll need to maintain that minimum account balance threshold for 60 days after meeting the minimum deposit requirement with new-to-bank money and keep your account open for 90 days before you are eligible. 

5 most attainable sign-up bonuses of September 2024

We’ve also pulled together a ranking of more realistic sign-up bonus offers. These include cash bonuses for new accounts with minimum balance requirements at or below $5,000 and avoid membership restrictions. 

Huntington Perks Checking: Up to $600

Open a Perks Checking account by the Oct. 7 deadline with cumulative deposits of at least $1,000 within 90 days of account opening, and you stand to earn an attractive $400 bonus. This offer, however, is only available for residents in Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Dakota, West Virginia and Wisconsin. If you have more to deposit, you can earn up to $600 when you deposit a minimum of $25,000. This is valid within 90 days of opening the account and if you keep the account open for 90 days.

PNC Virtual Wallet: Up to $400

New account holders of this account package at PNC stand to earn a relatively high $400 bonus for their effort if applied for by Oct. 7. Just establish a new account and make direct deposits — by way of paycheck, pension, Social Security or other regular form of monthly income — of at least $5,000 within the first 60 days.

Truist One Checking: Up to $400

You have until Oct. 30 to qualify for this competitive $400 sign-up bonus at Trust. To qualify, you’ll need to open an online account with promo code TRUIST400DC24 and make at least one qualifying deposit totaling $500 and make 15 qualifying debit card purchases within 90 days of account opening. 

Associated Bank: Up to $600

Open a checking account at Associated Bank with a minimum opening deposit of $25 for Associated Access Checking, or $100 for an Associated Balanced or Choice Checking. Then receive recurring direct deposits of at least $500 totaling an average daily balance of at least $5,000. This $400 bonus can be yours within 120 days of account opening. For accounts with an average daily balance of more than $10,000, that bonus increases to $600. Daily balance averages are calculated 90 days after account opening and factor in the average balance from days 31 to 90. If you qualify, your bonus will be added within 120 days of account opening.

Wells Fargo Everyday Checking: Up to $300

Open a new Everyday Checking account from Wells Fargo by Sept. 25 and you may be eligible for a high $300 cash bonus. To qualify, you’ll need to make the minimum opening deposit of $25 and make $1,000 in electronic deposits into your account within 90 calendar days of its initial opening. In turn, the bonus will appear within 30 days. Be sure to read the fine print for more details.