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Savings account bonuses can help you earn extra cash simply by opening a new account and meeting specific deposit or balance requirements. Some of these bonuses amount to hundreds of dollars, so they’re worth researching if you’d like to grow your savings.
The best savings account promotions are fairly simple to get and can help you get closer to your money goals. See the most lucrative bonus offers here.
Best Savings Account Bonuses of 2023
SoFi : SoFi Checking/Savings - $250
- Bonus Amount: $50–$250
- Promotion Expiry: Dec. 31, 2023
- Qualifications: Direct deposit
- Visit the SoFi website using the link above.
- Open a new SoFi Online Savings Account. Start your application using the link above.
- Set up direct deposit. Note that direct deposits must be from your employer’s payroll, benefits provider, or government agency via ACH deposits to qualify.
- Deposit $1,000 or more. Make total direct deposits of $1,000 or more in the first 25-calendar days to earn a $50 bonus, or make total direct deposits of $5,000 or more during that same period to earn a $250 bonus.
- Get your bonus. You’ll receive the bonus within seven days of finishing the initial 25-calendar day period.
This promotion is available to new and existing SoFi customers ages 18 or older, though you won’t be eligible if you’ve set up direct deposit to a SoFi deposit account previously. Unlike certain competitors, SoFi doesn’t charge any account fees, which is a major perk.
There are also no minimum balance requirements with SoFi. While you need to make at least $1,000 in qualifying direct deposits to earn the $50 bonus, you won’t necessarily need to keep that money in your account. This can be helpful if you need flexible access to your cash but still want to benefit from an account promotion.
Alliant : Alliant Ultimate Opportunity Savings - $100
- Bonus Amount: $100
- Promotion Expiry: December 31, 2023
- Qualifications: Monthly deposit, maintain balance, total balance
- Become an Alliant member. Visit the Alliant Credit Union website using the link above and start the account application process, which will prompt you to become a member.
- Open an Ultimate Opportunity Savings account. You can do this online or by phone. If you open by phone, you’ll need to mention the “Suze Orman Ultimate Savings” promotion.
- Make qualifying deposits. Make monthly deposits of $100 or more each month for the first year.
- Maintain a qualifying balance. Maintain an average daily balance of at least $100.
- Have a qualifying balance a year later. You must have a total balance of at least $1,200 after the first year.
- Get the bonus. Receive $100 account bonus within one month of meeting all first-year requirements.
This promotion is only available to new Alliant members and former customers who closed an account more than 180 days ago. You’ll also need to be 18 years or older and a legal U.S. resident to qualify.
Alliant savings and checking accounts aren’t subject to overdraft fees if you enroll in optional overdraft protection. While monthly fees do apply, you can waive them by signing up to receive e-statements. You won’t pay any fees related to your account balance, either, though you will need to maintain a $5 balance to keep your account active and a $100 balance to qualify for the promotion.
Discover : Discover Online Savings - $200
- Bonus Amount: $150–$200
- Promotion Expiry:?September 14, 2023
- Qualifications: Deposit
- Apply for a Discover Online Savings Account.?You can do this online, through the Discover Bank app, or by calling the company. To earn the bonus, make sure to sign up through the above link, or use the coupon code shown on the page above if you sign up elsewhere.??
- Make qualifying deposits to earn $150–$200. Deposit $15,000 within the first 30 days to earn a $150 bonus or deposit $25,000 in the same period to earn a $200 bonus.
- Get the bonus. You'll receive the bonus within 60 days of meeting deposit requirements; you'll need to keep the account open until then.?
- The offer is only available to people who have never had a Discover savings account before, including savings accounts that are co-branded and offered through other outlets.
- If you don’t meet the requirements, you may still be eligible for the bonus if you open a joint account with someone who actually?does?qualify, as long as you list them as the primary account owner.?
- Discover Bank doesn’t charge any fees for its Online Savings Account except for a $30 outgoing wire transfer fee
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.?
Some banks require that you make large initial deposits or maintain a high balance to earn an account bonus. Read the fine print to ensure you can meet the qualifying requirements before opening a new account.
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.
For a wider selection of bonus offers, see our picks for the best bank account bonuses.
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.
In the News
In the News: Thanks to the Federal Reserve, deposit account interest rates haven't been this high since 2001. That's because the Fed has raised the federal funds rate to its highest level in 22 years to help combat inflation. The rates on savings, money market, and CD accounts are directly influenced by the federal funds rate—when it rises, so do bank deposit rates. And with the Fed leaving the door open to more rate hikes in the future, deposit account rates could climb even higher.
Pros and Cons of Savings Account Bonuses
Limit spending risk
Try out a new bank
Can earn a lot of cash
Must pay taxes
May require large deposits
Only available for new customers
Can be confusing to manage multiple accounts
- 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.
- 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.
It’s best to use a budgeting app or another financial management tool to keep tabs on all of your accounts if you have them scattered across multiple banks.
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.
Frequently Asked Questions
Should You Switch Banks to Claim a Savings Account Bonus?
Are Savings Account Bonuses Taxable?
Savings account bonuses are generally taxable. After you’ve earned a bonus, the issuing bank will typically send you a 1099-INT, 1099-MISC, or 1042-S form at tax time. You’ll then report the bonus amount on your tax return.
Are Savings Account Promotions a Good Deal?
Many savings account bonuses provide an opportunity to earn $100 or more without too much effort. You can simply open an account, deposit a certain amount, or maintain a certain balance. They can be a good deal, assuming you can meet the requirements to earn the bonus. Keep in mind these bonuses will likely need to be reported on your tax return.
Which Banks Offer Savings Account Bonuses?
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.