Best $500-$1000 Bank Bonus Offers, Promotions of September 2024

We recently compiled our best $1,000 bank bonuses and found great opportunities for you to earn as much as $15,000.

Well, for those who found the requirements a tad steep or simply want more options, we’ve crafted this sequel – an enticing exploration of $500-$1000 bank bonuses (for simplicity, let’s just call it $500 bank bonuses). Let’s delve into the opportunities that require a bit less commitment but still offer a hefty reward.

Update 11/7/2023: For those looking for even less requirements to meet, we added our lists of the best $400, $300, and $200 bank bonuses.

READ MORE: SEE THE FULL LIST OF THE BEST BANK BONUSES.

Understanding the $500 Bank Bonus

Just like its bigger counterpart, the $1,000 bonus, a $500 bank bonus serves as an incentive for prospective customers. However, the criteria for obtaining this bonus might be slightly more accessible, making it a preferred choice for many.

At its core, a large bank bonus is a promotional strategy banks employ to garner new clientele. It’s essentially a financial carrot the banks dangle, promising new customers a lucrative reward provided they meet specific requirements.

A $500 bonus might be tied to accounts that have lower minimum deposit requirements or fewer associated fees compared to the ones offering a $1,000 bonus.

READ MORE: WELCOME OFFERS FROM AXOS, BANK OF AMERICA, TD BANK AND FIFTH THIRD BANK.

The Mechanics of Claiming the Bonus

For those interested in chasing this bonus, here’s a basic roadmap:

1. Review Offer Requirements: Check if you need to set up a direct deposit, maintain a specific balance, or complete a certain number of transactions.
2. Open the Necessary Account: Follow through with the bank’s application process.
3. Meet the Stipulated Requirements: Always monitor deadlines and ensure you’re fulfilling all necessary criteria.
4. Wait for Your Bonus: Upon meeting all requirements, your $500 reward will be credited to your account based on the bank’s timelines.

$500-$1000 Bank Bonus Offers

• Capital One 360 Performance Savings: Earn Up To $1,500 Bonus With Promo Code BONUS1500 [Nationwide]
• BMO Business Account Promotions: $750 Business Checking Bonus [Nationwide] – Ends 10/31/2024
• U.S. Bank Business Checking Account Up To $800 Bonus – Ends 9/30/24
• Citibank Personal Checking $500 to $1,500 Bonus Offer – Ends 10/8/24
• Penfed Credit Union Promotion: $500 Checking & Savings Bonus (Nationwide) – Ended
• Penfed Credit Union $750 Savings Bonus (Nationwide) – Ended
• U.S. Bank Promotion: $700 Checking & Savings Bonus – Ended
• Citi Self Invest Up To $500 Bonus Offer – Ends 9/30/24
• Wells Fargo $525 Bonus for New & Existing Savings Account Customers – Ended
• Chase $900 Checking & Savings Bonus [Targeted] – Ends 10/16/24
• Citi Personal Wealth Management Bonus: Up To $5,000 Cash Offer – Ends 9/30/2024
• Chase Business Checking Promotion: Up To $750 Bonus [Targeted] – Ends 7/22/24
• Wells Fargo $525 Bonus for the Way2Save Savings Account – Ends 8/20/24
• M1 Finance Bonus: Up To $500 Brokerage Promotion – Ended
• S&T Bank Promotion: Up To $900 Business Checking Bonus [OH, PA] – Ends 11/8/24
• U.S. Bank Checking & Savings Bonus: Earn Up To $700 – Ended
• Eastern Bank Promotions: Up To $350 Checking Bonus [MA, ME, NH, RI Residents] – Ends 6/24/24
• PNC Bank Promotions: $200 or $500 Business Checking Bonus [Many States] – Ends 6/30/24
• U.S. Bank Smartly® Checking Up To $500 Bonus – Ended
• M&T Bank $500 Business Checking Account Bonus [Available in Many States] – Ends 6/28/24
• Banner Bank Bonus: Up To $600 Business Checking & Savings Promotion [CA, ID, OR, WA] – Ends 12/31/24
• Discover Bank $150 or $500 Savings Account Bonus [Nationwide] – Ended
• Community Financial Credit Union Bonus: $750 Business Offer [MI]
• Community Financial Credit Union Bonus: $750 Checking Offer [MI]
• Chartway Credit Union Bonus: Up To $800 Savings Offer [Nationwide] – Ends 3/31/24
• HarborOne Bank Bonus: $300 or $600 Checking Offer [MA, NH, RI] – No End Date
• Huntington Bank $600 Platinum Perks Checking Bonus – Ends 2/7/24
• Service Credit Union Bonus: Up To $500 Checking Offer [Nationwide] – Ends 3/31/24
• Valley First Credit Union Bonus: $500 Business Checking Promotion [CA] – No End Date
• United States Senate Federal Credit Union $500 Checking Bonus [DC, VA] – Ended
• Seacoast Bank Promotions: $600 Business Checking Bonus [FL] – Ends 12/31/24
• Huntington Bank $100, $400, $1000 Business Checking Bonuses [Many States] – Ends 4/30/24
• Stanford Federal Credit Union Bonus: $250/$500 Checking Offer [CA] – No End Date
• Redstone Federal Credit Union Promotions: $600 Checking Bonus, No Direct Deposit [TN] – Ended
• Huntington Bank $600 Platinum Perks Checking Bonus – Ends 2/7/24
• Broadview Federal Credit Union Bonus: Up To $600 Checking Offer [NY] – Ends 3/31/24
• Associated Bank $300, $400, $600 Checking Bonus [IA, IL, IN, KS, MI, MN, MO, OH, WI] – Ends 3/31/24
• WesBanco Bonus: $500 Business Checking Offer [IN, OH, PA, OH, WV] – No End Date
• Broadway National Bank: Up To $500 Business Checking Offer [TX] – No End Date
• Bank & Trust Checking Account $400 Bonus [AZ, CA, CO, IA, IL, KS, MO, MT, NM, TX, WI] – No End Date
• CIBC U.S. Bank Bonus: Up To $500 Savings Offer [IL, MI, MO & WI] – Ends 12/19/23
• Citizens Bank $500 Business Checking Bonus – Ended
• First National Bank of Omaha (FNBO) $300 Checking + $200 Savings Bonus [CO, KS, NE, IA, SD, IL, TX, MO, WI, WY] – Ended
• Banner Bank Up To $500 Checking & Savings Promotion [CA, ID, OR, UT, WA] – Ends 10/31/2023
• U.S. Bank $400 Checking + $200 Savings Account Bonus [Targeted] – Ended
• Ally Bank Savings Account Up To $500 Bonus (Nationwide) – Ended
• Capital One 360 Money Market Up To $1000 Bonus For Existing Customers [Nationwide] – Ended

The Bottom Line

While the allure of a $1,000 bank bonus is undeniable, a $500 bonus can be just as enticing, especially when considering the potentially more accessible criteria.

From my personal experience, navigating the world of bank bonuses has been very lucrative. I’ve leveraged these offers to earn significant cash bonuses just by signing up for checking or savings accounts. Whether it’s a $1,000 or a $500 bonus, the rewards have been tangible and, honestly, quite satisfying.

If you approach these opportunities with diligence and a keen eye for details, they can be a great way to augment your income. After all, who doesn’t appreciate a bit of extra cash for relatively minimal effort? I know I certainly do.

READ MORE: BANK OF AMERICA IS OFFERING NEW CUSTOMERS A CHECKING BONUS

Frequently Asked Questions (FAQ)

Q: Are these $500 bank bonuses truly legitimate?

A: Absolutely. Many banks and financial institutions offer such bonuses to attract new customers. However, these bonuses come with specific criteria that customers must fulfill, so it’s essential to review the terms and conditions.

Q: How often do banks change their bonus offers?

A: Bonus offers can change frequently, depending on the bank’s promotional strategies, market conditions, and competitive pressures. It’s always a good idea to stay updated with the latest offers.

Q: Do all customers qualify for these bonuses?

A: Not necessarily. Some bonuses may be restricted to residents of certain states, new customers only, or those who haven’t had an account with the bank in the past few years. Reading the eligibility criteria is crucial.

Q: Are there any hidden fees associated with these bonuses?

A: While the bonus itself isn’t a fee, some premium accounts that offer large bonuses may come with monthly maintenance fees, minimum balance requirements, or other associated costs. Always review the fee structure of an account before opening it.

Q: Will I have to pay taxes on my bonus?

A: Yes. Bank bonuses are generally considered taxable income. Most banks will provide you with a Form 1099-INT, which you’ll need when reporting the bonus as interest income on your tax return.

Q: Can I close my account after receiving the bonus?

A: It depends on the bank’s terms and conditions. Some banks may require you to keep the account open for a specific period to avoid a penalty or repayment of the bonus. Always check the fine print.

Q: How do $500 bonuses differ from $1,000 ones?

A: Primarily, $500 bonuses might come with less stringent requirements, making them more accessible to a broader audience.

Q: Are there any drawbacks to a $500 bonus compared to the $1,000 bonus?

A: While the monetary value is half, many find the easier requirements and potentially lower fees associated with $500 bonuses more appealing.