Bonus offers: Some banks sweeten the deal for new account holders by offering a bonus for opening a checking account.Monthly fees: Do you mind paying monthly account fees in exchange for additional perks, or do you prefer to avoid the added expense?.APY: Are you hoping to earn interest on your balance? Or do you already have a high-yield savings account that does the job?.When choosing a checking account, you’ll want to think carefully about the features and perks that matter most, as everyone’s spending and saving habits are different. You should receive a form from the bank and report the bonus amount to the IRS when you file taxes the following year.

And you should expect to pay taxes on your checking account bonus because it’s considered taxable interest.