Best Savings Account Bonuses

Final Verdict

If you’re shopping around for savings account bonuses, SoFi Checking/Savings is one of the best options out there. Not only can you earn up to $250 when you open a new account and meet its qualifying criteria, but you also won’t have to worry about fees. Certain competitors charge monthly maintenance fees, among other charges, so this is a big perk.

Other banks and credit unions offer compelling account promotions, too. Check out the banks above to find a savings account bonus that suits your needs.

Guide to Choosing Savings Account Bonuses

Factors to Consider When Claiming a Savings Account Bonus

Consider the following if you’re looking for a juicy savings account promotion:

• Qualification requirements: Familiarize yourself with the bank’s qualifying requirements to ensure you can earn the bonus. Things to look at include deposit amounts and whether you need to maintain an average daily balance, make a certain number of transactions, or have a valid business (if it’s a business deposit account).
• Bank fees: Many banks charge monthly maintenance fees, which are generally fairly small and can sometimes be waived. But it’s always smart to research bank fees before you open a new account so you know what costs to expect.
• Bank perks: Certain banks offer perks, like larger bonuses or lower fees for opening multiple accounts, full-service mobile apps, accessible customer service, and more. 
• Location and physical branches: While most banks and credit unions offer online banking, you may also want the option to bank in person. If this is important to you, look into financial institutions with physical branches in your area. 

How to Find Savings Account Bonuses

Savings account bonuses may take some time to find, so expect to do your research if you’d like to find these promotions. Here are some good places to start:

• Financial websites: Financial websites like Investopedia may offer articles on current bank promotions—either individual offers or a list of the best offers currently available. 
• Google: Searching with Google may also point you in the direction of existing savings account promotions. Search for keyword terms like “savings account bonus” or “deposit account bonus.” Try swapping “bonus” for “promotion.” If you’re interested in a specific bank, you may also want to search that bank’s name to see if it has any special offers.
• Bank websites: You can also search for offers on bank websites. Look at the different deposit accounts and see if there are any promotions available.

How to Switch Banks

While switching banks can seem challenging, it’s actually pretty simple. Typically, the process just involves opening a new account at another financial institution, making a minimum deposit into that account—ideally one large enough to qualify for any bank promotions—and setting up automatic deposits to your new account.

If you’re paying bills from your old bank account, you may want to consider switching any automatic payments as well, depending on your total balance and if you’d like to keep using that account in the future. You may need to switch your automatic credit card payments, utility payments, and more. If you use PayPal, Cash App, Venmo, or any other payment platforms, ensure the correct bank account information is included there as well.

Also Look at Interest Rates

Cash bonuses for opening accounts can be valuable, but having a long-term savings plan is important for financial stability. Part of that plan should include savings that earn a high annual percentage yield. It's wise to look beyond one-off promotions to the amount of interest you can earn on an ongoing basis. Our rankings of the best high-yield savings, best money market accounts, and best certificates of deposit (CDs) include options that pay you more than 10 times the average rate, so it pays to shop around.

Pros and Cons of Savings Account Bonuses

Pros Explained

• Simple requirements: Checking account bonuses often require a certain number of direct deposits and/or transactions, along with keeping the money parked for a period of time. Savings account bonuses, in contrast, often just require keeping a certain amount deposited with the bank for a set period of time.
• Limit spending risk: Keeping a separate savings account at a different bank can be useful to prevent you from spending your savings too early, since it’s not quite as easy to access the money. It can help you budget and plan for long-term savings goals. 
• Try out a new bank: If you’re looking to switch banks entirely, opening a savings account at a new bank to earn a bonus can be a good way to see if you like it before moving all of your money over. 
• Can earn a lot of cash: Earning a savings account bonus can be an easy, efficient way to earn a tidy sum of extra money. The best savings account bonuses range up to hundreds and sometimes even thousands of dollars. 

Cons Explained

• Must pay taxes: The bank will issue you a 1099-INT at the end of the year listing your savings account bonus along with any interest you earned. You’ll need to pay income taxes on this amount and report it on your tax return. 
• May require large deposits: You’ll need to deposit a sizable amount of money and keep it parked there for a certain period of time to earn most savings account bonuses, which isn’t something everyone is able to do. 
• Only available for new customers: Savings account bonuses generally have restrictions on who’s eligible, such as being restricted to new customers bringing in money from another bank. 
• Can be confusing to manage multiple accounts: You’ll need to develop a good system to keep tabs on accounts at more than one bank. This can help you avoid inadvertent charges and extra fees. 

Alternatives to Savings Account Bonuses

Savings account bonuses can be a good way to earn extra money with minimal input on your part, but they’re not your only option. Here are some other ways to earn extra money:

• Side hustles: You may be able to earn more money through a side hustle like selling high-quality crafts on Etsy or driving for Uber. Passive-income side hustles allow you to earn cash with little ongoing effort, similar to savings account bonuses.    
• Investment account: If you have an appetite for higher risks and rewards, investing your money can be a better way to earn higher yields with the same amount of cash. On the other hand, since it’s not FDIC-insured, you could lose money too.  
• High-yield savings account: Many savings accounts offer extra-high interest rates all the time, rather than as a special one-time-only opportunity. You could potentially earn even more over the long run with a high-yield savings account. 
• Credit card bonuses: Just like with savings account bonuses, many credit card issuers offer a bonus if you open a new credit card and use it to spend a certain amount of money within the first three months. 
• Bank account bonuses: Most banks that offer savings account bonuses will also offer rewards on other types of bank accounts too, such as checking accounts or CDs. This can be a particularly good option if you’re looking to switch to a new bank entirely. 

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews. To rate savings account promotions, we collected nearly 200 data points for over a dozen accounts, including bonus amounts, APYs, fees, and account requirements, to ensure that our reviews help users make informed decisions about their banking needs.