E*TRADE's $300 Checking Bonus: A Straightforward Way to Earn Extra Cash

Looking for a simple, no-nonsense way to pocket a few hundred dollars? E*TRADE has a checking account promotion that's pretty straightforward: open an account, set up some direct deposits, and they'll give you $300. It's not a life-changing amount, but for the effort involved, it's a solid return. Let's break down exactly how it works and what you need to watch out for to make sure you actually get your bonus.

How to Snag the $300

The process is laid out in three clear steps. First, you need to open a new E*TRADE Checking or Max-Rate Checking account online by the deadline. This is crucial—you must use the promo code CHECKING25 during the application. Forget the code, and you'll miss out on the bonus.

Next, you have to get two qualifying direct deposits into that new account. Each one needs to be at least $1,500, and they both must hit your account within the first 90 days after you open it. The bank is specific about what counts: it needs to be a regular, recurring income deposit from an employer or government agency (like a paycheck or Social Security) via the ACH network. Transfers from other banks, Venmo payments, or mobile check deposits won't qualify.

If you meet those conditions, E*TRADE will deposit the $300 bonus into your account. They'll check your status after the first 90 days, and it can take up to another 30 days for the money to actually show up.

Choosing Between Checking and Max-Rate Checking

You have two account options for this offer, and the right one for you depends on your balance and banking habits.

The standard E*TRADE Checking account has no monthly fee, period. It's a simple, free checking account. The Max-Rate Checking account, on the other hand, offers a higher interest rate (APY) but comes with a $15 monthly fee. That fee is waived if you maintain a $5,000 average monthly balance. The Max-Rate account also has a couple of nice perks: it refunds all ATM fees worldwide and doesn't charge foreign transaction fees.

For the bonus itself, both accounts work exactly the same. So, if you don't usually keep $5,000 in checking and don't need the premium features, the free standard checking is probably the smarter play just to grab the $300.

Important Fine Print and Potential Pitfalls

This offer seems simple, but a few rules could trip you up. Pay close attention to these details to ensure your effort pays off.

• You're not eligible if you've opened or co-owned an E*TRADE Checking or Max-Rate Checking account at any point in the 12 months before you apply for this offer. They check.
• You must fund the new account within 30 days of opening it. This doesn't have to be the direct deposit money; just moving some cash in to activate it counts.
• The offer is only for one account per person. You can't open both a Checking and a Max-Rate account and get two bonuses.
• For joint accounts, only the primary account holder (the one who signs up first) gets the bonus.
• You must be a U.S. resident to qualify.

Is This Offer Right For You?

This bonus is a great fit if you're already planning to switch where your direct deposit goes or if you can temporarily redirect a portion of it. Needing two separate deposits of $1,500+ is the main hurdle. If your regular paycheck is less than that, you might need to time it so two consecutive paychecks meet the threshold, or see if you can split a larger payment (like a freelance project or bonus) into two separate ACH deposits.

Think of it as earning $300 for a bit of administrative work. Compare it to the interest you'd earn elsewhere—$300 upfront is a much bigger immediate gain than a high-yield account would give you on a $3,000 balance over a few months.

Just be absolutely sure you can meet the direct deposit requirements before you go through the process of opening the account. Mark the 90-day deadline on your calendar and confirm with your payroll department that the deposits are set up correctly as ACH income deposits.

Bottom Line

• Use promo code CHECKING25 during the online application—it's mandatory.
• Only recurring income deposits (paychecks, benefits) via ACH count for the direct deposit requirement. Bank transfers do not.
• You are ineligible if you've had any E*TRADE checking account in the past year.
• The standard Checking account is fee-free, while Max-Rate Checking has a $15 monthly fee (waivable with a $5k balance) but offers better perks.
• The bonus posts after the 90-day qualification period and can take up to 30 additional days to arrive.

Common Questions