Editor’s Note: As of April 27th, 2021, BBVA is no longer offering this new account bonus. For more bonuses, check out our post on the best bank bonuses and promotions or click here to sign up for our email newsletter and get notified of new bank promotions.
What if I told you that a bank would give you $200 just to open an online checking account? Plus another $50 when you pair it with a new savings account?
But act quickly because this offer ends 4/26/2021!
Banks are competing with one another for your business, especially during these turbulent times, and they are willing to give hundreds of dollars for you to switch to their bank as your primary bank.
BBVA USA Bank will give you $200 if you open one of their online checking accounts if you meet a few other conditions. They’ll even throw in an additional $50 if you open a savings account too.
Before we get to the exact steps you need to take, I want to clarify that BBVA USA is an FDIC insured bank (FDIC #19048), just like every other bank I list on the site. This offer may be for an online bank account but they are not an online bank, they have over six hundred branches and ATMs. We did a full review on BBVA USA Bank here.
💰 BMO Bank – $600
BMO Bank has a generous and easy offer – get up to $600 when you open a new checking account and set up direct deposits that meet their requirements.
The size of your direct deposit determines your bonus – it’s a limited time offer so don’t delay!
Table of Contents
How Do I Get $250 from BBVA [EXPIRED]
BBVA is willing to give you up to $250 if you satisfy a few simple conditions when opening a checking and savings account.
The bonus is has two parts – the biggest bonus is for opening the checking account:
- Open a new BBVA Free Checking Account with the promotion code SB2021 (in branch) or SBOL2021 (online) by 4/26/2021,
- receive a qualifying direct deposit of at least $500 by April 30, 2021
- If you do this, you will get $200. That’s it!
You can open the online checking account with a minimum deposit of $25 and the account has no monthly account maintenance fees or Service Charges. There is a $3 monthly fee for paper statements but you can elect to get them electronically for free.
The second part is a $50 bonus for opening a new savings account:
- Open a new BBVA Online Savings account by 4/26/2021,
- Have a balance of at least $1,000 on 6/30/2021,
- Get $50!
The savings account has no quarterly Service Charge and you earn a little bit of interest too.
Available to residents of TX, AL, AZ, CO, CA, FL, and NM who have not had an open BBVA consumer checking account within the last 36 months.
Member FDIC.
How Does This Offer Compare?
This offer is very strong considering you only need to receive $500 in direct deposits to get the $200 bonus. The $50 bonus for a new savings account with a balance of $1,000 is also quite easy to accomplish as well. For how easy this bonus is to get, the bonus amount is quite good.
If you have your pick of any bonuses, and you have more cash on hand (like $10,000 or more), there are other offers that may be more appealing.
⭐ BMO Smart Advantage Checking – $400
BMO Bank is offering a $400 bonus* when you open a BMO Smart Advantage Checking and when you have a total of $4,000 or more in qualifying direct deposits within the first 120 days. It is a very straightforward offer that is available nationwide.
*Conditions apply
⭐Citi Priority Account – up to $2000
Citi Priority is offering up to $2000 bonus when you open an account by 1/9/2024. Then, within 20 days of opening your account, deposit at least $10,000 in New-to-Citi® funds and keep it there for 60 days after the 21st day. The bonus amount is based on how much you can transfer but the lowest tier starts at $10,000.
Discover Online Savings Account – $150 or $200
Discover Bank is offering a $150 or $200 bonus when you open your first Discover Online Savings Account with the promotion code WH923 and deposit at least $15,000 into the account within 30 days. You get $150 if you deposit $15,000 or more and $200 if you deposit $25,000.
Bank of America – $200 Bonus Offer
Bank of America offers a $200 Bonus Offer cash bonus if you open a new account and Set up and receive qualifying direct deposits totaling $2,000 or more into that account within 90 days of account opening. It has a monthly fee that is easy to have waived.
Chase Total Checking® – $200
Chase Bank will give you $200 when you open a Total Checking account and set up and receive a direct deposit within 90 days. There is a $12 monthly fee that is waivable with a monthly direct deposit of just $500, so no gotchas on this deal!
As you can see, the big dollar amount bonuses require cash to be parked into an account – this BBVA offer does not require that which makes them very appealing.
Frequently asked questions
Yes, new checking account and savings account customers can get up to a $250 cash bonus when they meet certain requirements.
You receive your BBVA bonus after you’ve opened your account and completed all the requirements. The bonus is $200 for a checking account and $50 for a savings account.
BBVA does offer promotions for new customers from time to time – check this page for available promotions and bonuses.
Make sure to check out our guide on bank account bonuses to know what to watch for in these types of offers.
Tom says
“Open an online savings account by August 21st, 2020 and maintain a balance of at least $1,000 through October 21st, 2020. If you do this, you will get an additional $250.”
It’s an additional $50 for the savings account. The above implies 250 on top of the 200 for a total of 450.
Whoops, that’s a typo – thanks!
Aaron Morales says
When is the $200 bonus paid out?
It’ll change based on the date of the promotion but it’s usually paid out shortly after the requirements are met. So in the April promotion, you would get the bonus after April 30th and June 30th for the checking and savings bonus, respectively.
Alfred Lai says
How do I qualify for $200 bonus if I do not set up a “qualifying direct deposit from payroll” of $500 to tne new BBVA checking by 10/31/2020? I have direct deposit to my local major banks at Citi and Chase. Please advise.
You can’t get the bonus without changing your direct deposit so they go to the BBVA checking account.
Luda L. says
Do the weekly unemployment funds qualify under the “$500 direct deposit?”
You’ll have to ask and find out because I don’t know how it’s processed.