You Can Earn $350 When You Open a Checking Account at This Bank

You may have heard the expression "there's no free lunch," meaning anything you get for free will be paid for in some other way. And while that's generally true for most free things, getting a bonus for opening a new checking account at a bank is about as free a lunch as you can get.

These "bank bonuses" will often give you extra cash for setting up direct deposits and receiving a certain amount in a specific timeframe, like two direct deposits of at least $1,000 each within 60 days of opening your account.

Most bonuses amount to about $100 or $200. But between now and Oct. 18, 2023, one bank will give you $350 for opening a new checking account and receiving two direct deposits of at least $250 a piece -- Capital One. Let's take a look at all the details below and see if this offer is right for you.

How you can get a $350 bonus from Capital One

To earn a $350 bonus from Capital One, you just have to open a Capital One 360 Checking account with promo code BONUS350 by Oct. 18, 2023 and receive two direct deposits of at least $250 each within 75 days of opening your account.

Be sure to enter the promo code before opening your account. Capital One will not apply the bonus if you forget to enter the code.

As far as what qualifies as a direct deposit, Capital One defines it as a regular periodic payment, such as your salary, pension, or government payments (like Social Security). It can also be an Automated Clearing House (ACH) or Real-Time Payment from your employer. Once you receive two direct deposits of at least $250 a piece, Capital One will deposit the $350 within 60 days.

Note: Unlike credit card bonuses, bank bonuses are considered taxable income, and you will receive a 1099-INT form from Capital One during tax season. For this reason, it might be wise to set some of your bonus aside for tax purposes.

Is a Capital One 360 a good checking account?

The Capital One 360 Checking account is a great choice for those who want to avoid fees and prefer online banking. Unlike other checking accounts, Capital One doesn't charge maintenance fees no matter how little your monthly balance or infrequently you deposit money.

Capital One also has a great mobile banking app that's rich with tools and a credit score tracker. You can deposit checks on your phone, monitor transactions, and pay bills. Your checking account also has an APY, though don't expect to earn more than a high-yield savings account.

Is this bonus really worth it?

Capital One's $350 bank bonus is one of the highest I've seen, not to mention one of the biggest bonuses you can currently earn. The requirements are low -- many banks require bigger direct deposits, like $1,000 -- and the fact that you don't pay fees on your checking account means there's little risk involved.

Of course, the bonus isn't the most important feature of a checking account, so you should still do your homework and compare options. But if the Capital One 360 Checking account has everything you need -- and you're in the market for a checking account -- I'd say this bonus is a pretty big carrot.