All sorts of much-bigger-than-a-toaster bonuses for opening a new checking account are popping up around metro Detroit.
East Lansing-based MSU Federal Credit Union is running billboards near local freeways touting a $100 cash bonus for opening a new checking account. It’s part of a promotion for a June-only checking account special.
Huntington Bank, headquartered in Columbus, Ohio, sent mailers to customers in metro Detroit dangling a detailed way to earn up to $800 if you switch to Huntington Bank. The offer is good only if you’re a new personal checking account customer. The limited time offer that I reviewed ends Sept. 18.
We’re often getting hit by emails, letters in the mail and, yes, even ads on billboards that target our checking account business. Sometimes, it involves something very specific, such as when a bank is opening a new branch nearby and wants to attract customers within driving distance.
And don’t kid yourself, some of these cash bonus offers can get pretty complicated pretty fast.
This summer, we’re about to see the Michigan banking scene make some major changes as Fifth Third Bancorp moves forward with its acquisition of Comerica, which was finalized in early 2026.
Competing banks and credit unions likely smell some customer shake-up on the horizon now that some Comerica and Fifth Third branches will be closed as part of the major consolidation in the coming weeks.
We’ll see 75 branches close in Michigan — which breaks down to 55 legacy Comerica branches and 20 existing Fifth Third branches. The specific dates for closing will vary by branch but the closures are expected to happen by Sept. 3 and Sept. 4. The Comerica name will no longer be found on area bank branches in early September.
In this current environment, banks and credit unions in Michigan see checking account promotions as one of several ways to connect with new customers. Bankers say they are generally seeing increased competition for deposits in various markets driven by higher interest rates and ongoing industry consolidation.
Banks also are offering such bonuses as some other customers move their cash to higher-yielding accounts or money-market funds.
Checking accounts aren’t exactly as buzzworthy as, say, the initial spectacular takeoff of the SpaceX IPO or Bitcoin’s tumble in 2026. But they are the bread-and-butter of banking. Once a bank gets you to set up the direct deposit of your paycheck into your checking account, they’ve typically got you hooked as a customer for the next 20 years or so, based on some industry research.
After all, many people aren’t going to quickly close a checking account, given all the hassle of redirecting their direct deposit of paychecks and their automatic payments for bills, such as the monthly utility bill and mortgage.
A cash bonus, though, apparently has proven to be one way to snag customers who are watching their money.
The average cash bonus offer is $478 nationwide, based on rate and offer data tracked by Curinos, a decision intelligence company. That’s up from around $400 early in 2024 and an average of $130 in 2016.
Adam Stockton, managing director at Curinos, indicated that many banks now have multiple offers with different tiers involved with qualifying for a specific bonus.
The most common requirements are direct deposit, a specific number of debit transactions in a set timeframe and a specific threshold for deposit balances. Typically, a higher cash bonus is available when customers bring in more money to deposit.
“Many banks have an ‘open’ offer available freely to any new customer on their website. Others target customers with direct mail or online targeting. Still others do both,” Stockton said.
Generally, he said, higher cash offers will carry more requirements or more restrictive requirements. But that’s not always the case.
“Deposit balance requirements vary widely, from as little as $100 to as much as $100,000 or more,” Stockton said.
A little history about those toasters
And as for those toasters? Well, banks once offered “free” gifts like toasters and umbrellas back in the 1970s to build business and get around some complex rules that once prohibited the payment of interest on many deposits, according to the Federal Reserve History website. Interest rates were rising in the late 1960s and the 1970s but all many consumers could get was a dumb toaster.
President Jimmy Carter called the “controls “unfair to the small saver’ and called for their repeal in May 1979. Advocates for consumers and retired people joined the call for repeal,” according to the Federal Reserve History analysis.
The repeal of controls on savings and time deposits was enacted as part of the Depository Institution Deregulation and Monetary Control Act of 1980. Yet, the prohibition on checking accounts continued. Ultimately, the Federal Reserve history notes, section 267 of the Dodd-Frank Act repealed the prohibition of interest on demand deposits in 2011.
You’ll need to sign up for direct deposit quickly
What’s key here with any of these offers: You’re must sign up for direct deposit of paychecks, pensions or other payments if you want to qualify for a cash bonus for opening a new checking account. And you’ll need to meet the timeframe set by the offer for those direct deposits to hit your account.
You definitely want to dig deeply into the fine print. Sometimes, some requirements are pretty up-front, as is the case with a Huntington Bank direct mail solicitation sent out in June. Even so, often you need to flip to the fine print to understand the detailed rules to get the money.
What the Huntington Bank offer requires
Those who receive the Huntington Bank solicitation letter I spotted in June, for example, are told that they need to use the unique promotion code on that letter, which includes a QR code, to open any qualifying personal checking account by Sept. 18.
On top of that, you’ll need to calculate how much money you would be able to put into the bank account within 90 days of opening the account via direct deposit.
Qualifying direct deposits, Huntington notes in its fine print, are regular, periodic automated clearing house credits, which may include payroll checks, salary, pension, or government payments, such as Social Security.
Payments through networks such as Zelle, PayPal, Venmo and others do not qualify as direct deposits. Transfers from another Huntington deposit account also do not qualify.
If your direct deposits add up to at least $2,000 within 90 days of opening the new checking account, you’d get a $200 bonus. The $200 bonus applies for direct deposits that total anywhere from $2,000 to $4,999 within that specific 90-day window.
A $400 bonus applies if your direct deposits add up to $5,000 to $7,999 within the 90 days.
You’d need your direct deposits to add up to $8,000 or more within 90 days to receive the $800 cash bonus highlighted in big print. Doing rough math, we’re talking about $2,667 in direct deposits or more each of the three months.
Under this particular offer, Huntington does not specify the number of direct deposits that must be made; instead, the requirements list the total dollar amount.
Essentially, you don’t receive any cash bonus if you’re signing up for direct deposits that add up to, say, $600 a month or less.
“All existing Huntington checking account customers, including those with any relationship (including fiduciary) to any other Huntington personal checking account, or those who closed a checking account within the last 12 months, are not eligible,” according to the fine print.
And the offer applies only to certain Huntington checking accounts: Asterisk-Free Checking, Perks Checking or Platinum Perks Checking.
The bonus is deposited into your account within 14 days of meeting the requirements. In other words, if you open that account in July, don’t bank on getting the money in August.
“At Huntington, a promotional offer is just the beginning,” said Mark Rhoades, senior vice president, head of consumer and regional bank deposits, product, pricing, strategy and analytics for Huntington Bank.
“What matters most is how we build from there – through local bankers across Detroit and throughout Michigan who understand their customers and communities, provide practical guidance, and deliver consistent support at every stage of life. That local presence is what allows us to stay close and continue earning trust over time.”
What the MSUFCU offer requires to get bonus cash
MSU Federal Credit Union launched its checking account promotion June 1 and it runs through June 30.
To qualify for the $100 bonus, credit union members without an existing checking account must open a new checking account and switch their direct deposit to MSUFCU, according to Maria Presocki, vice president of marketing for MSUFCU.
Presocki noted the promotion is one of the ways MSUFCU is celebrating the fact that the financial institution topped 400,000 members.
The credit union requires that three consecutive direct deposits must be made — each with a minimum deposit of $1,000 — by the end of September. The first direct deposit must be made by July 31, the second by Aug. 31, and the third by Sept. 30. The direct deposit cannot come from another personal account. The direct deposit can be payroll coming from an employer, a regular Social Security payment and a regular monthly payment for a pension.
Once all the criteria are met, the $100 is deposited into the member’s Spartan Saver Account within four weeks to six weeks of Sept. 30.
The footnotes indicate the offer is not valid for members with existing checking accounts or members whose checking accounts were closed after Jan. 1, 2026.
The bonus may be taxable and reported on an IRS Form 1099-INT or 1099-MISC.
We’re bound to see a variety of such offers in 2026. Earlier, I wrote about a Chase customer with a car loan at Chase but who does most of her banking elsewhere recently receiving an email offering up to $900 to open a new checking account.
To get the most cash, you’d need to set up direct deposit within a set time frame, deposit $15,000 or more in new money, and maintain a balance for at least 90 days from offer enrollment. Again, you’d want to read all the tiny print packed into this offer, too. The offer I saw had a deadline to open an account by July 15.
As consumers consider their options, it’s important to realize that most checking accounts at major banks don’t pay interest. So what’s the bonus really worth in the long run? Would a high-yield checking account offered mostly by credit unions and community banks work more in your favor? Remember, high-yield accounts tend to have some strict requirements to get those high annual rates on checking deposits.
Also take time to review potential fees that might be charged if your checking account balance falls below a certain threshold.
Best bet: Always spend time trying to understand the requirements that each bank spells out in its promotional material as well as online. Ask plenty of questions and make sure that you can meet those deadlines for direct deposit.
Contact personal finance columnist Susan Tompor: stompor@freepress.com. Follow her on X @tompor.
This article originally appeared on Detroit Free Press: Checking account bonuses make savers do a double take in Michigan
Reporting by Susan Tompor, Detroit Free Press / Detroit Free Press
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By Susan Tompor, Detroit Free Press | USA TODAY Network
