Best checking account bonuses for July 2020

Checking account bonuses can incentivize you to open a specific account, but the bonus might not be worth the hassle if the underlying account is subpar. In order to determine which bonuses were worth it, we looked into the accounts they were attached to and the conditions required to earn the bonus. Our criteria for selecting these accounts include fees, minimum balance requirements, account features, and of course, the bonus amount and conditions.

• What's changed in 2020?

  Popular checking account bonuses like the TD Bank Beyond Checking, TD Bank Premier Checking and Wells Fargo Everyday Checking expired in January 2020. Those bonuses were originally on our best list, but got replaced with similar offers from Fifth Third Bank and SunTrust.

  HSBC also dropped its Premier Checking bonus from $750 to $475. While accounts like Chase Total Checking and Chase Sapphire Checking are currently offering high welcome bonuses, they did not make the list because we found that the checking accounts were subpar with high minimum balance requirements and monthly fees.

Best checking account bonuses of July 2020

• SunTrust Essential Checking
• HSBC Premier Checking account

• Chase Premier Plus Checking account
• Fifth Third Bank Checking account

Best checking accounts with sign up bonuses

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Chase Premier Plus Checking account: $300 signup bonus

• Bonus amount: $300
• Minimum deposit required: $0

• Monthly fee: $25

• Offer rules

  Open a Chase Premier Plus Checking account by July 20, 2020, and make your first direct deposit into the account within 90 days. Then, get your bonus within 10 business days of your initial direct deposit.

• Eligibility

  Not available to current Chase checking customers or those who closed their account within 90 days or closed with a negative balance.

• Expiration

  Bonus available until July 20, 2020.

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HSBC Premier Checking: Up to $700 cash back

• Bonus amount: $700
• Minimum deposit required: $1

• Monthly fee: $50

• Offer rules

  Get up to $700 (max. $120 per month) for eligible new customers who open an HSBC Premier checking account. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.

• Eligibility

  Not available to current HSBC customers.

• Expiration

  Bonus available until June 29, 2020.

SunTrust Essential Checking: $200 signup bonus

• Bonus amount: $200
• Minimum deposit required: $100

• Monthly fee: $7

• Offer rules

  Open a new SunTrust Essential Checking account online using code Q120ESSENTIAL. Receive a $200 bonus when you make monthly recurring direct deposits of at least $500 for two consecutive months within the first three months of account opening.

• Eligibility

  Offer not available to existing SunTrust Bank customers or those who closed an account on or after July 7, 2019.

• Expiration

  Bonus available until June 30, 2020.

Fifth Third Bank Checking: $250 signup bonus

• Bonus amount: $250
• Minimum deposit required: $0

• Monthly fee: $0

• Offer rules

  Open any personal Fifth Third checking account and receive a $250 bonus when you deposit $500 within 45 days of account opening and maintain this minimum balance for at least 60 days.

• Eligibility

  Not available to existing Fifth Third checking customers or those who closed an account within the last 12 months. If you meet the requirements, your bonus will be deposited into your account within 10 business days.

• Expiration

  Bonus available until August 31, 2020.

How to choose the best checking account

Consider this criteria when you’re deciding if an account is right for you:

• Bonus amount and conditions.Make sure the bonus amount is worth the conditions — and that you can meet them.
• Monthly fee. See if you can avoid the monthly fee or that fits into your monthly budget.
• Account features.Keep an eye out for features like mobile banking and rewards that could make the account more convenient.
• Opening deposit or minimum balance. Calculate that you can afford the opening deposit and meet the minimum balance requirements to avoid fees.
• ATM and branch access. Find out how many ATMs and branches there are to access your money when you need it.

Bottom line

Finding a checking account with a bonus is easy money in your hand. Get a head start on growing your account balance and compare your options to find an account that suits your needs.

Compare other top checking account bonuses