Frequently Asked Questions

1. Make a minimum initial deposit.
2. Keep the account open for a minimum period of time.
3. Make a minimum amount in direct deposits each month.
4. Maintain a minimum balance.
5. Wait weeks or months to receive the bonus.
6. Open the account online or at a branch.
7. Use a promo code.

What counts as a direct deposit? Think of it as your monthly income source that you receive electronically directly into your bank account. If you’ve been looking for new bank accounts with sign-up bonuses, you undoubtedly have come across the direct deposit requirement accompanying most of those bonuses.

Accruing Bonuses in the Financial Records

Post a debit to your employee bonuses account for the total amount of the accrual, followed by a credit to the bonus accrual account. If you are accruing $6,000 at the end of a month, debit $6,000 to the bonus expense account and credit $6,000 to the accrued bonuses account.

Bank bonuses are considered interest or taxable income. That means your $100 bonus will end up being less than that after you pay taxes on it. And when it comes to savings, a large signing bonus won’t make up for a lackluster annual percentage yield over time — especially if you have a lot to deposit

Bonus Account means, with respect to any Participant, the total amount of the Company’s liability for payment of deferred compensation to the Participant under this Plan, including any accumulated Interest Equivalents and/or Dividend Equivalents.

Bank promotions generally consist of cash bonuses when you open a new checking or savings account. To qualify for this one-time perk, you’ll likely have to set up direct deposit with the bank and keep the account open for at least a few months.

Rates and minimum balance: CDs tend to pay the highest interest rates of the three types of savings accounts. They typically require around $1,000 to open, but there are CDs with no minimum starting balance requirement. CDs generally don’t charge a monthly fee.