Guide
Bank bonuses with Social Security direct deposit
Many banks count a Social Security, disability (SSDI), pension or VA payment as a direct deposit for their bonus. Right now 30 of the 36 banks we've verified that ask for a direct deposit say so in their own terms.
One account at a time
A paycheck can be split between banks. A benefit payment usually can't. It goes to one account, so you do the bonuses one after another: move your payment to the new bank for a month or two, collect the bonus, then move it to the next one. That's slower, but it adds up. For someone in Pennsylvania starting now, using offers verified this month:
| Monthly benefit payment | About the next 12 months | Bonuses |
|---|---|---|
| $1,000 | $1,850 | 6 |
| $1,500 | $1,850 | 6 |
| $2,000 | $1,925 | 7 |
From our planner, after fees, for someone with no recent bonuses at these banks, with every switch made on time as below. Most bonuses need $500 to $1,000 a month, so a bigger payment only adds a few higher tiers. With a $1,500 payment, most states land between $1,325 and $1,650. Yours depends on your state and payment.
Banks that count benefit payments
| Bank | Bonus | What the bank's terms say |
|---|---|---|
| BMO 14 states | $600: $1,000+ in direct deposits each month for 6 months, starting the month after you open ($100 a month) | Qualifying direct deposits are deposits of regular income from an employer or similar third party - such as your salary, paycheck, pension payment, Social Security payment, or other government benefits payment electronically deposited into the account |
| Bank of America Nationwide | $100 with $2,000 in direct deposits within 90 days (more for bigger deposits) | …is a direct deposit of regular monthly income (such as your salary, pension or Social Security benefits, which are made by your employer or other payer) using account and routing numbers that you provide to them. |
| KCCU MI | $500: 2 direct deposits of $500+ each ($1,000 total) within 60 days + 8 debit purchases within 60 days + turn on e-statements | …establish a direct deposit of at least $500 per month into the checking account through payroll, social security, or pension |
| Truist 18 states | $500: 2 direct deposits ($2,000 total) within 120 days + 20 debit purchases within 120 days | Deposits can be made by an employer or government agency directly into your account, such as a paycheck or benefit payment. |
| WSECU WA | $500: $1,000+ in direct deposits each month for your first 3 months + 25 debit purchases within 90 days | Direct deposit must be an electronic deposit of payroll, government benefits or retirement income. |
| U.S. Bank Nationwide | $250 with $2,000 in direct deposits within 90 days (more for bigger deposits) | A direct deposit is an electronic deposit of your paycheck made through the Automated Clearing House (ACH) network or an electronic deposit of your government benefits, such as Social Security, from your employer or the government. |
| Chase Nationwide | $400: $1,000 in direct deposits within 90 days | Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. |
| Flagstar Bank FL, MI, OH | $400: $500+ in direct deposits in each of the first three 30-day periods after opening | …means an electronic deposit of your paycheck, pension, Social Security, or other regular monthly income deposited into your account via ACH. |
Show all 30 banks
| Bank | Bonus | What the bank's terms say |
|---|---|---|
| Huntington 21 states | $400: $500 in direct deposits within 90 days | Qualifying direct deposits are regular, periodic automated clearing house (ACH) credits, which may include payroll, salary, pension or government payments (such as Social Security). |
| MIDFLORIDA Credit Union FL | $400: $4,000 in direct deposits within 75 days + 40 debit purchases within 75 days + turn on e-statements | Direct deposit must be an automated clearing house (ACH) credit of your paycheck, pension or government benefits from your employer or the government; |
| Morgan Stanley Private Bank Nationwide | $400: 2 direct deposits of $1,500+ each ($3,000 total) within 90 days | …a Direct Deposit means a regular recurring deposit of income to an account holder's Max-Rate Checking account, such as salary, pension, government payments (such as social security) from your employer, payroll or benefits provider or government agency, that occurs through the Automated Clearing House (ACH) Network. |
| Northwest Bank 4 states | $400: $1,000 in deposits (ACH transfers count)s within 90 days | A qualifying Direct Deposit is an Automated Clearing House (ACH) credit, which may include payroll, pension or government payments (such as Social Security). |
| PNC NJ, PA | $400: $5,000 in direct deposits within 60 days | A qualifying direct deposit for this offer is defined as a recurring direct deposit of a paycheck, pension, Social Security or other regular income electronically deposited by an employer or an outside agency into the Spend account. |
| SoFi Nationwide | $50 with $1,000 in direct deposits within 25 days (more for bigger deposits) | Deposits that are not from an employer, payroll or benefits provider or government agency and deposits that are non-recurring in nature are not eligible |
| FourLeaf FCU Nationwide | $350: A $500+ direct deposit within 90 days | A Qualifying Direct Deposit is a recurring electronic deposit of a paycheck, pension, or government benefits (such as Social Security) from an employer, the government, or similar third party of $500.00 or more. |
| Municipal Credit Union NY | $150 with $1,000 in direct deposits within 90 days (more for bigger deposits) | …is a recurring electronic Direct Deposit of income from payroll, pension or government benefit payments (such as Social Security), made by your employer, payroll or benefits payor, or government agency via an Automated Clearing house (ACH) transfer. |
| SECU (Maryland) 6 states | $350: 2 direct deposits (any amount) within 90 days + turn on e-statements | Qualifying direct deposits include recurring electronic deposits of payroll, pension or Social Security and must be in your checking account. |
| Wells Fargo Nationwide | $325: $1,000 in direct deposits within 90 days + $25 to open | A qualifying electronic deposit is a deposit of funds, such as your salary, government benefit payment, or other income, that has posted to your account and is (1) a direct deposit made through the Automated Clearing House (ACH) network |
| Associated Bank 10 states | $300: $500 in direct deposits within 90 days + $1,000 deposited within 30 days, kept 60 days | …recurring direct deposits totaling $500 or more within 90 days of account opening from an employer or government agency. |
| Bank of Hawaii Nationwide | $300: $3,500 in direct deposits within 60 days + $500 to open | Qualifying Direct Deposits are defined as incoming ACH credits which can include electronic deposits made from an employer or another payer, such as salary, pension, or Social Security benefits. |
| Hancock Whitney 5 states | $300: $2,000 in direct deposits within 90 days | A qualifying direct deposit is a recurring electronic payment, such as payroll, pension, Social Security, or other government or monthly income, made by an employer or external agency. |
| KeyBank 15 states | $300: $2,000 in direct deposits within 90 days | Examples of eligible direct deposits include, but are not limited to: payroll, Social Security, pension and government benefits. |
| PSECU Nationwide | $300: 2 direct deposits of $500+ each ($1,000 total) within 100 days | Qualifying Payroll Direct Deposits are defined as recurring electronic deposits from an employer, Social Security payments, and pension payments. |
| SAFE Credit Union CA | $300: $1,000+ in direct deposits within 60 days, then $1,000+ in each of the next two months + turn on e-statements | …coded as employer, retirement, or approved government benefits (e.g., Social Security) |
| Santander 8 states | $300: 1 direct deposit (any amount) within 90 days + $2,000 deposited, kept 90 days | Qualifying Direct Deposits include your paycheck, pension, government benefits (such as Social Security), or other eligible regular monthly income from your employer or the government electronically deposited to your checking account. |
| TD Bank 16 states | $300: $2,500 in direct deposits of $250+ each within 60 days | Qualifying direct deposits are limited to electronic direct deposits of your payroll, pension, or government benefit payments (such as Social Security) of at least $250 each. |
| Unitus Community Credit Union Nationwide | $300: A $250+ deposits (ACH transfers count) within 60 days | Qualifying direct deposit means a deposit through the Automated Clearing House (ACH) network only.Any ACH deposit counts, and benefit payments arrive by ACH. |
| Webster Bank 8 states | $300: $500 in direct deposits within 90 days | Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. |
| Capital One Nationwide | $250: 2 direct deposits of $500+ each ($1,000 total) within 75 days | A Qualifying Direct Deposit is a regular periodic payment, such as salary, pension, government payments (for example, Social Security), or other monthly income that occurs as an Automated Clearing House (ACH) or Real-Time Payment network credit from your employer or an outside entity not affiliated with Capital One |
| Everwise Credit Union IN, MI | $250: $500 in deposits (ACH transfers count)s within 60 days + 10 debit purchases within 60 days + turn on e-statements | Transfer your direct deposit (payroll, Social Security, pension, investment/brokerage, etc.) |
For banks with tiers, this is the smallest one. Each bank's page has the full terms.
Banks whose terms don't say
These banks don't say either way. Ask the bank before you open one: Peoples Bank ($600), Kitsap Credit Union ($330), California Credit Union ($250), Chime ($200), CEFCU ($200), 1st Advantage FCU ($200).
How to time the switch
Social Security generally needs a change by the 15th of the month to move the next month's payment. Your plan gives you a date a day or two earlier, to be safe. So:
- Open the new account about a week before the 15th of the month before the payment you want there. Credit unions can take a few days to approve a membership.
- Change your direct deposit before the 15th. For Social Security or SSDI, the quickest way is your my Social Security account, or contact Social Security (their site lists the ways). For a pension or VA payment, ask whoever pays it how long a change takes.
- Keep your current account open until your payment shows up at the new bank. Social Security advises not closing the old account until the first deposit arrives in the new one.
- After the bank's last required deposit, move your payment on to the next bank the same way, or back to your main account. Keep each account open until the next payment has landed somewhere else.
Check each bank's deadline before you start. Most give you 60 to 90 days from opening, so a payment that moves a month late can still count, but not always.
If you get SSI, Medicaid or SNAP, check first
These programs count income and savings, and a bank bonus can count. SSI counts most income beyond the first $20 a month, and income you get in one month usually lowers the payment two months later. SSI also has a $2,000 limit on what you own ($3,000 for a couple), which includes money in bank accounts. Medicaid and SNAP have their own income rules. A bonus could lower those benefits for a month, or money left in a new account could push you over a limit. Talk to your benefits office before you open anything. Social Security explains SSI's rules in Understanding Supplemental Security Income and what counts as income in POMS SI 00810.005.
Taxes
Bank bonuses are taxable income, usually reported on Form 1099-INT (some banks use 1099-MISC). They can also count toward the income that decides whether part of your Social Security is taxed. Are bank bonuses taxable?
Offers and wording come from each bank's own terms, checked in the last two weeks. This is general information, not financial, tax or benefits advice.