What if you could get $200 just for opening a bank account?
Nationwide is offering exactly that—a $200 checking account bonus when you open a new account and meet a few basic requirements. It’s one of the easiest ways to make money without much work. And you don’t need perfect credit or a huge deposit to qualify.
Here’s how to take advantage of this offer, what steps you need to follow, and whether this checking account is a good fit for you.
How to Get the $200 Bonus from Nationwide
The bonus is offered through Nationwide’s High-Yield Checking Account. To earn the $200, you need to follow a few steps:
- Open a new High-Yield Checking account through the official Nationwide offer page.
- Use the promotional code CHKMAY24 when opening your account.
- Set up direct deposits totaling $1,000 or more within the first 60 days.
Once you meet the qualification criteria, the $200 bonus will be deposited into your account within 14 days.
This offer is only available through June 30, 2024. So if you’re interested, take action soon.
What Makes the Nationwide High-Yield Checking Account Different?
Nationwide partners with Axos Bank to offer this account. It’s an online-only account, which means there are no physical branches. But the account comes with several features that make it attractive:
- No monthly maintenance fees
- No overdraft or non-sufficient funds (NSF) fees
- Unlimited domestic ATM fee reimbursements
- 24/7 online banking access
- Compatible with digital wallets like Apple Pay, Google Pay, and Samsung Pay
This makes it a practical option if you’re already using online-only banks or looking to avoid fees from traditional banks.
Who Can Qualify for the Bonus?
To get the bonus, you must be a new customer. If you’ve had a checking account with Axos or Nationwide before, you won’t qualify for this offer.
You’ll also need to complete the direct deposit requirement within 60 days. Qualifying direct deposits include regular income payments like your salary, government benefits, or pension payments. Transfers from apps like PayPal or Venmo don’t count.
Does the Account Come with Interest?
Yes, but don’t expect it to be much. As of now, the Nationwide High-Yield Checking Account pays a low interest rate of 0.10% APY.
It’s not a substitute for a high-yield savings account, but it’s still better than accounts paying 0.00% and comes with no fees to eat into your balance.
Why the $200 Bonus Makes This Worthwhile
Opening a checking account usually doesn’t earn you anything. In fact, many banks charge monthly fees or hidden charges that cost you money. That’s what makes this offer stand out—you get paid to open the account.
Let’s break it down:
- You open the account online in just a few minutes.
- You meet a direct deposit requirement most people already do anyway.
- You get $200 simply for moving your paycheck to a new account.
If you’re unhappy with your current bank or looking to earn some fast cash, this is an easy win.
What About Safety and Support?
Axos Bank serves as the banking platform behind the scenes. It is FDIC insured, which means your deposits are protected up to $250,000. That’s standard for banks in the U.S. and gives you peace of mind.
You also get access to 24/7 customer service. And since it’s online-only, you can manage your money from your phone or laptop. For most people, that’s everything you need to handle basic banking.
What Happens If You Don’t Meet the Requirements?
If you don’t complete the direct deposit within 60 days, you won’t receive the $200 bonus. There’s no penalty—you just miss out on the free money.
That’s why it’s important to set up your paycheck or benefit payment for direct deposit as soon as you open the account.
Should You Close Your Current Bank Account?
You don’t have to. You can keep your current bank and use the Nationwide account for direct deposits to get the bonus. Many people open bonus checking accounts to earn rewards, then move the money to their regular bank for daily use.
If you like the features of the Nationwide account, you may decide to switch completely. Either option works.
How Quickly Will You Receive Your Bonus?
Once the $1,000 in direct deposits are received, your bonus will be deposited within 14 business days. That means you could get paid within a few weeks of opening your account.
As long as you complete the requirements, you don’t need to worry about claiming the bonus—it’s automatically added.
Is There a Minimum Balance Requirement?
No. You don’t need to maintain any specific balance after opening the account. The only requirement is completing the $1,000 in direct deposits within 60 days.
Can You Stack This Bonus with Other Offers?
No. This specific bonus offer can’t be stacked with other promotions from Axos or Nationwide. If you’ve already received a bonus from these institutions, you may not qualify for this one.
Always check the fine print to make sure you’re eligible before opening the account.
Smart Ways to Use Your $200 Bonus
Once the bonus hits your account, you can use it however you want. Here are a few suggestions:
- Start an emergency savings fund
- Pay down credit card debt
- Buy groceries or cover a bill
- Invest in your retirement account
- Treat yourself to a one-time purchase
It’s real cash—not points or store credit. You’re free to use it right away or save it for later.
This Offer Might Be Right for You If You…
- Need a checking account with no fees
- Want access to online banking and digital payment options
- Can set up $1,000 in qualifying direct deposits within 60 days
- Like the idea of getting paid to switch banks
If any of these describe you, don’t leave the cash on the table. This is one of the better checking bonuses available now.
Timing Is Everything
The bonus offer ends June 30, 2024. If you’re thinking about switching banks, make a move before then to lock in the $200 reward.
You don’t need thousands of dollars to deposit, and you’re not signing up for complicated terms. Just meet the direct deposit requirement, and the bonus is yours.
How to Get Started
- Visit the official Nationwide High-Yield Checking bonus page.
- Click Open an Account.
- Use the promo code CHKMAY24 during your application.
- Set up $1,000 in direct deposits within 60 days.
Once your deposits hit, wait about two weeks. Your bonus will post automatically.
Still Not Sure? Ask Yourself These Questions
- Are you paying a monthly fee at your current bank?
- Do you want ATM reimbursements and better features?
- Would you like an extra $200 in your pocket for less than an hour of effort?
If you answered yes, this offer is worth considering.
The Bottom Line
It’s rare to find banking offers this simple. You sign up, switch your direct deposit, and get $200. That’s it. No strings attached beyond meeting the direct deposit condition.
With zero monthly fees, unlimited ATM fee reimbursements, and early paycheck access, this account is designed to support your everyday banking—while rewarding you at the same time.
Make sure to act by June 30, 2024 to claim the offer. Open the account today, fund it with your paycheck, and enjoy the free cash.
