10 Best Bank Promotions Without Direct Deposit Requirements

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Many banks offer sign-up bonuses on their checking and savings accounts to attract new customers. Below are the most attractive bonuses currently available that don’t require a direct deposit. We also included investment brokerage accounts without large cash deposits requiring minimal investment activity. 

Each bank on this list is either SIPC or FDIC-insured and is available in most states. 

Ranking Methodology

To come up with the best no-deposit sign-up bonuses, we considered several factors:

1. Bonus amount. The higher the bonus offered, the better the deal (provided other criteria were favorable).
2. Minimum deposit. While none of these accounts require direct deposit, most require some level of initial funding. We looked at the minimum deposit requirement and favored the ones with lower thresholds.
3. Holding period. We also considered how long one must keep the account open or maintain a certain balance to qualify for the bonus.
4. Fees. We considered whether the bank charges monthly fees (or other fees) that might offset the bonus.
5. Ease of qualification. We considered the complexity and number of steps required to qualify for the bonus.

Using this methodology, we analyzed each bank promotion without a direct deposit requirement to rank them in terms of value for our readers. Our top picks balanced high bonus amounts with reasonable minimum deposit requirements, holding periods, minimal fees, and straightforward qualification processes.

#1. Stash

Stash offers an attractive bonus that’s easy to qualify for, making it a good option for those looking to dip their toes into investing. Here’s what makes this offer unique:

• You only need to deposit one cent to qualify for the bonus.
• You can choose between $20 in stock or $20 in cash.

While Stash is primarily an investing app, it also offers a debit card that earns you stock as you spend. Additionally, if you set up direct deposit (not required for the bonus), you can get paid up to two days early.

To earn the bonus, sign up for a Stash account using a referral link, deposit at least $0.01, and keep your account open for 90 days. After fees, you’ll net about $11 from this bonus over the 90-day period.

#2. MoneyLion

MoneyLion offers one of the easiest bonuses to obtain in the banking world. You can earn a quick $5 just for opening a RoarMoney checking account.

Here’s what makes this offer stand out:

• Unlike most bank bonuses, you don’t need to deposit any money to get the bonus.
• There’s no requirement to set up a direct deposit to qualify. If you choose to do so, you can earn an additional $50.
• The $5 bonus is typically credited to your account within a few days of opening.
• This bonus is accessible to almost anyone, regardless of income or banking history.
• There are no fees for closing your account

The account does come with a $1 monthly fee, but considering the ease of earning the bonus, it can still be worthwhile.

To get the bonus, sign up for a RoarMoney account through the MoneyLion app or website. The process is quick and can usually be completed in just a few minutes.

#3. U.S. Bank

U.S. Bank offers a $400 or $900 bonus for new business checking customers.

You must have a minimum deposit of $100 to open the account, but you’ll need to deposit $5,000 in new money (i.e., not held by U.S. Bank or its affiliates) to snag a $400 bonus on the Silver Business Checking Account. That $5,000 must hit your account within 30 days of opening.

You can increase the bonus to $900 if you deposit $30,000 or more by opening a Platinum Business Checking Account.

The Silver Business Checking account has no monthly maintenance fee. For the Platinum Business Checking account, you can waive the $30 monthly fee by either maintaining an average collected balance of $25,000, having $75,000 in combined average collected business deposits and outstanding business credit balances, or by having an active U.S. Bank Payment Solutions Merchant Account.

To qualify for the bonus, your funds must stay in the account until the 60th day after account opening.

#4. Axos

Open a business checking account with Axos to get up to a $400 bonus. You’ll need an official business for this account, but it shouldn’t be hard to qualify if you’re a gig economy worker, a freelancer, or have a side hustle.

Use the promo code NEW400 when signing up to activate the bonus.

Requirements to get the $400 bonus are:

• Maintain an average daily balance of $50,000+
• Make 10 debit card transactions of $3+ per statement cycle
• Have bill pay set up and make one $10+ payment per statement cycle

A $300 bonus can be obtained by:

• Maintain an average daily balance between $25,000 – $49,999 for a $75 payout per statement cycle, up to $300 total.
• Make 10 debit card transactions of $3+ per statement cycle.
• Have bill pay set up and make one $10+ payment per statement cycle.

The bonuses are paid out incrementally per statement cycle, up to the total amounts.

This checking account is designed for smaller businesses, so it doesn’t have monthly maintenance fees or a minimum deposit requirement. Once you qualify for your bonus, it will be deposited within five days of your closing statement date.

An Axos account could be a good fit for small businesses that want the perks of an online bank — and a bonus to go with it — but also need to make occasional cash deposits. Axos is connected to the MoneyPass and AllPoint networks, so you can make cash deposits when needed. They’ll also reimburse two domestic wire transfer fees per month.

Sign up for Axos here.

#5. Alliant Credit Union

Alliant Credit Union, in partnership with personal finance expert Suze Orman, offers a unique savings bonus that encourages consistent saving habits.

To earn the bonus:

1. Open The Ultimate Opportunity Savings Account by December 31, 2024.
2. Deposit at least $100 per month for 12 consecutive months.
3. Maintain a minimum balance of $1,200 at the end of the 12 months.

While this bonus requires a longer commitment than some others, it promotes good saving habits and comes with a high interest rate. The lack of monthly fees and minimum initial deposit makes it accessible to most savers.

Alliant offers additional perks such as access to 80,000+ fee-free ATMs nationwide.

This offer is ideal for those looking to establish a regular savings habit while earning a competitive interest rate and a nice bonus for their efforts.

#6. Chase

Chase is offering up to $900 in bonuses when you open a new Total Checking account and Savings account.

With the checking account, you receive a $300 bonus when you set up a recurring direct deposit within 60 days of account opening.

For savings, make a deposit of at least $15,000 within 30 days and maintain that balance for 90 days to earn a $200 bonus.

If you open both accounts at the same time and meet both bonuses’ requirements, you’ll earn an extra $400 for a total of $900.

While direct deposit is required for the full $900 bonus, those looking just to open a no-fee checking or high-yield savings can still earn $200 without a direct deposit.

#7. Wells Fargo

Wells Fargo offers a $2,500 bonus for new Premier Checking customers. To qualify:

1. Open a new Premier Checking account at a Wells Fargo branch with at least $25. Provide the bonus offer code you’re given by entering your email at the account opening.
2. Within 45 days, deposit $250,000 or more in new money (not currently held with Wells Fargo) into the Premier Checking account or eligible linked accounts. Maintain a minimum $250,000 balance for 90 days.
3. Wells Fargo will deposit the $2,500 bonus into your Premier Checking account within 30 days of meeting all requirements.

The Premier Checking account has a $35 monthly service fee, but it can be avoided by maintaining $250,000 across linked Wells Fargo deposit and investment accounts. Premier perks include unlimited ATM fee rebates worldwide, no wire transfer fees, waived monthly fees on linked accounts, relationship interest rates, and access to a Premier banker.

This is an attractive offer, but the high deposit requirement means it won’t be a fit for everyone. If you can meet it, the $2,500 bonus is among the highest currently available for a checking account promotion.

#8. Citi

Citi offers a tiered bonus structure for deposits in their checking accounts. You can qualify for this offer as long as you haven’t had a Citi checking account in the last six months. 

To apply, use this link and fund your account with at least $30,000 within 20 days. Funds must be new to Citi. Note that cash deposits — i.e., physical currency — do not count.

Maintain your balance for 60 days (this period starts after the 20-day funding period), because the lowest day’s balance will determine the level of bonus you’re eligible for. 

For instance, if you fund your account with $200,000 and keep it there, you’re eligible for a $1,500 bonus. But if you withdraw even $1 and your balance dips to $199,999, you’ll get bumped down a tier and will only be eligible for a $500 bonus. Bonuses are paid 30 days after the 60-day waiting period.

Since there are no other qualifying activities, this bonus is best for those who want to set it and forget it.

#9. Citi Business Checking

Citi offers new business checking customers bonuses ranging from $300 – $2,000, depending on your opening deposit amount.

To qualify, open a new CitiBusiness, Streamlined, or Flexible Checking account by July 8, 2024.

Within 30 days, make a qualifying deposit between $5,000 – $300,000+ in new funds not currently held by Citi.

Maintain your balance for 60 consecutive days to earn your bonus.

The bonus payout is tiered based on your balance:

• $5,000 – $19,999 deposit: $300 bonus
• $20,000 – $99,999 deposit: $750 bonus
• $100,000 – $199,999 deposit: $1,500 bonus
• $200,000+ deposit: $2,000 bonus

#10. Bank of America Business Checking

Bank of America offers a straightforward $200 bonus for new business checking accounts.

To earn the bonus:

1. Open a new eligible business checking account by December 31, 2024.
2. Deposit $5,000 or more in new money within 30 days of account opening.
3. Maintain an average balance of $5,000 or more for 60 days, starting 31 days after account opening.

While this offer requires a higher initial deposit than others, it’s a solid option for businesses with more substantial cash flow.

Monthly fees can be waived by maintaining minimum balances or meeting other criteria. The $16 fee for Business Advantage Fundamentals is waived with a $5,000 combined average monthly balance or $250 in new debit card purchases. The $29.95 monthly fee for Business Advantage Relationship Banking can be waived by maintaining a $15,000 combined average monthly balance across linked business accounts.

Tips for Success

If you’re just looking to make a few bucks off of a checking account you were going to open anyway, you can skip this section. But if you’re going after multiple accounts and bonuses, read on for a few tricks to maximize your efforts. 

Chasing bank account bonuses can be a profitable, risk-free way to grow your money, since the banks use FDIC to insure deposits up to $250,000. 

• You’ll need to make sure you meet all the requirements in the right time frame to trigger a bonus. If you’re even a day late or a dollar short, you won’t get anything. 

• To maximize your chances of success, we recommend using a spreadsheet to keep track of the accounts you open, their bonuses (take a screenshot as these change often), the due dates, and the deposit requirements. 
• Bank bonuses are taxable, so each account you open should send you a tax form at the end of the year.

Jenni Sisson

Jenni Sisson is a freelance writer and editor focused on personal finance, technology and entrepreneurship. She is a serial side hustler and the host of the Mama's Money Map podcast. Reach out via her website.