Bank Bonus Promotions: $50 Cash Bonus

Current is a neobank that makes it easier to manage your money. They offer up a Basic Checking and Premium Checking account, through Choice Financial Group or Metropolitan Commercial Bank, which means your money is FDIC insured up to $250,000 per account.

It’s just like a regular bank, with full FDIC insurance, except it’s technically a neobank.

That said, did you know that you can get $50 when you open an account and satisfy a few easy conditions?


Here are the details:

Table of Contents
  1. $50 Welcome Bonus
  2. What Counts as a Direct Deposit?
  3. How Does This Offer Compare?

💰 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!

Learn more about this offer $50 Welcome Bonus

Current Bank will give you $50 when you join and open a Premium Checking account and:

  • Enter the Current Promo Code WELCOME50
  • Connect a Payroll Direct Deposit of $200 or more within the first 45 days of opening your account (this must be from an employer or payroll provider by ACH deposit)

That’s it – it takes less than 2 minutes to sign up and the reward is paid 10 business days after the deposit is made to the account.

The only restriction is that you must be a new, first-time Current account holder and you cannot pair it with a referral reward.

The Current Premium Account has quite a few perks that you may like in your main bank including:

  • Fee-Free overdraft up to $100 (if you have $500 in qualifying direct deposits each month)
  • Get paid up to 2 days faster
  • Mobile deposit through your phone
  • Up to 15X points and cashback with your card at participating merchants

Learn more about this offer

What Counts as a Direct Deposit?

The terms and conditions state that it must be from an employer or payroll provider by ACH deposit. I was able to accomplish this with a transfer from my Ally Bank account.

I set up the link from the Ally Bank side, which required the typical “two small deposits confirmation” process, and then initiated a $6,000 transfer from Ally Bank to Current. You only need $200 but because you get 4.00% APY on up to $6,000 in savings (you can set up three “Savings Pods” that each earn 4.00% APY right now, with a maximum of $2,000 in each pod), so I opted to do that.

Within a few days, I saw this in the app:

How Does This Offer Compare?

If you are looking at opening a Current account, this offer is better than no offer. You might as well get fifty bucks if you’re going to be opening the account anyway!

What I find most appealing about Current is that with the savings pods, you can earn 4.00% APY on up to $6,000.

If you’re searching for a bank and want to find the highest cash offer available as a bonus, $50 is not great, especially for an offer the requires a direct deposit. I think a good bonus starts at $100 and many are in the several hundreds of dollars.

Here are some of the better ones:

⭐ 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

👉 Click here to learn more

⭐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.

👉 Click here to learn more

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.

👉 Click here to learn more

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.

👉 Click here to learn more

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!

👉 Click here to learn more

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About Jim Wang

Jim Wang is a forty-something father of four who is a frequent contributor to Forbes and Vanguard's Blog. He has also been fortunate to have appeared in the New York Times, Baltimore Sun, Entrepreneur, and Marketplace Money.

Jim has a B.S. in Computer Science and Economics from Carnegie Mellon University, an M.S. in Information Technology - Software Engineering from Carnegie Mellon University, as well as a Masters in Business Administration from Johns Hopkins University. His approach to personal finance is that of an engineer, breaking down complex subjects into bite-sized easily understood concepts that you can use in your daily life.

One of his favorite tools (here's my treasure chest of tools,, everything I use) is Personal Capital, which enables him to manage his finances in just 15-minutes each month. They also offer financial planning, such as a Retirement Planning Tool that can tell you if you're on track to retire when you want. It's free.

He is also diversifying his investment portfolio by adding a little bit of real estate. But not rental homes, because he doesn't want a second job, it's diversified small investments in a few commercial properties and farms in Illinois, Louisiana, and California through AcreTrader.

Recently, he's invested in a few pieces of art on Masterworks too.

>> Read more articles by Jim

Opinions expressed here are the author's alone, not those of any bank or financial institution. This content has not been reviewed, approved or otherwise endorsed by any of these entities.

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