Are bank bonuses actually worth chasing?
Sometimes. A $300 or $500 bonus can be a great deal, but only if the requirements fit your life and the costs do not eat up the reward.
What do you have to do?
Some offers want direct deposit. Others want a certain number of transactions or a minimum amount kept in the account. If the requirements force you to change how you normally handle your money, that matters.
What are you giving up?
If the money has to sit in an account that pays less than your current savings account, the lost interest is part of the cost of earning the bonus.
How long until you get paid?
Qualification periods, monthly fees, and payout delays can turn a good-looking offer into a mediocre one. Read the dates before you move anything.
Compare the bonus with what you would do otherwise.
A bonus is most attractive when you were already planning to open the account or the requirements are easy for you to meet. It gets less interesting when you have to reroute your paycheck, park a large balance at a weak rate, or pay fees just to stay eligible.
The easiest way to compare it is to run the same amount of money over the same stretch of time with and without the bonus.
Read the bank's exact wording
A regular transfer may not count as an eligible direct deposit. Use the bank's own terms instead of assuming any deposit will qualify.
Do not miss the deadline
If you finish the required activity a day late, the bonus may disappear. Put the important dates on your calendar before you start.
Remember it is a one-time payment
A bonus can make the first few months look great, but it does not replace the account's ongoing APY, fees, or everyday usefulness.