Best Bank Promotions Without Direct Deposit Requirements

Best Bank Bonuses Without Direct Deposit
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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 that do not need cash deposits and require minimal investment activity. 

BankMinimum depositMinimum bonus
U.S. Bank$5,000$350
Wells Fargo$25,000$525
Citi$10,000 $200
Citi Business$5,000$300

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 that other criteria were also favorable).
  2. Minimum deposit. While none of these accounts require a direct deposit, most of them 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 the amount of time one must keep the account open or maintain a certain balance to qualify for the bonus.
  4. Fees. If the bank charges monthly fees (or other fees) that might offset the bonus, this was also factored into our rankings.
  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 and holding periods, minimal fees, and straightforward qualification processes.

#1. U.S. Bank

Bonus:$350 to $800
Account type:Business checking
Requirement:Maintain a balance of $5,000 for 60 days after account opening.
Holding period:105 days (60 for balance, 45 for payment).
Fees:Varies based on account level.

U.S. Bank offers a $350 bonus for new business checking customers, but you must use the promo code Q1AFL24 when you sign up. 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 $350 bonus.

That $5,000 must hit your account within 30 days of opening. You can increase the bonus to $800 if you deposit $25,000 or more.

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

#2. Axos

Bonus:$300 to $400
Account type:Business checking
Requirement:Maintain an average daily balance of $25,000.
Holding period:180 days
Fees:$50 early account closure fee.

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 $400 and $300 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.

#3. Chase

Bonus:$200 for savings but up to $900 with checking and savings
Account type:Checking and savings
Requirement:Open a new Chase Total Checking and Savings account. $15,000 deposit and 90 day holding period for savings bonus. Direct deposit for checking bonus.
Holding period:30 days for checking, 90 days for savings
Fees:$12 monthly service fee for checking, waived with direct deposit or minimum balance. $5 monthly service fee for savings, waived with minimum balance or other requirements.

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.

#4. Wells Fargo

Account type:Checking
Requirement:Open a new Premier Checking account with $25 by June 25, 2024. Deposit $250,000 in new money and maintain the balance for 90 days.
Holding period:90 days
Fees:$35 monthly service fee, waived with $250,000 minimum balance across linked accounts

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 by June 25, 2024. 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.

#5. Citi

Bonus:$500 to $2,500
Account type:Checking
Requirement:Maintain a balance of $30,000+ for 60 calendar days (tiered bonus structure).
Holding period:80 days
Fees:$0 to $30, depending on the type of checking account.

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.

#6. Citi Business Checking

Bonus:Up to $2,000
Account type:Business checking
Requirement:Deposit $5,000 – $200,000+ within 30 days and maintain for 60 days
Holding period:90 days
Fees:Vary based on account type

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

Citi Business Checking accounts offer digital banking, security features, and access to business loans and other financial services

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.

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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.

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