Some financial institutions offer checking account bonuses (usually for a limited time) to incentivize new customers to open an account. However, unlike checking accounts, money market accounts and savings accounts may set limits on the number of withdrawals you can make per month.įrequently asked questions How do checking account bonuses work? They are similar to checking accounts as they often come with debit cards or checkbooks, allowing you to withdraw funds easily when needed.

Money market accounts are similar to both savings and checking accounts. However, if you’re a big spender-this kind of stipulation could result in added fees and penalties.Ĭhecking accounts vs. If you’re the kind of person, who doesn’t let their balance fall below a certain threshold, a higher minimum balance requirement likely won’t be a dealbreaker. Minimum balance requirements: Pay attention to any minimum balance requirements highlighted within the terms of your checking account, and think about whether or not those requirements align with your spending habits.You shouldn’t open an account solely for the bonus, but it certainly doesn’t hurt to explore bonus offers and consider them when choosing a checking account. Bonus offers: Some banks sweeten the deal for new account holders by offering a bonus for opening a checking account.Monthly fees: Do you mind paying monthly account fees in exchange for additional perks, or do you prefer to avoid the added expense?.APY: Are you hoping to earn interest on your balance? Or do you already have a high-yield savings account that does the job?.When choosing a checking account, you’ll want to think carefully about the features and perks that matter most, as everyone’s spending and saving habits are different. You should receive a form from the bank and report the bonus amount to the IRS when you file taxes the following year. And you should expect to pay taxes on your checking account bonus because it’s considered taxable interest.

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