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The top savings account bonus is currently provided by PNC Bank, with a bonus of $400. Meet the direct deposit qualification of $5,000, and you can earn a tidy sum just by depositing money with the bank.
Earning interest isn’t the only way you can put your savings to work. You may be able to earn far more in a shorter period of time by taking advantage of the best savings account bonuses from popular banks, which can provide hundreds of dollars for opening a new account and meeting requirements. Savings accounts tend to have much steeper requirements than checking account bonuses, however.
Investopedia tracks checking and savings account promotions from 23 banks. We chose the best savings account bonuses below based on bonus amounts, bonus requirements, and account details and restrictions, like fees and state eligibility. We only feature savings account bonus offers of at least $200, with a return on deposit of at least 2%.
Best Savings Account Bonuses for September 2024
Many of the best savings bonuses are offered on accounts that earn rock-bottom interest rates. Check for any early account closing fees or requirements, but generally, once you earn the bonus, you’re free to move on to greener pastures and close the account. Aside from the money you need to deposit to earn a bonus, consider keeping the rest of your savings in a high-yield savings account to grow it more quickly.
PNC Bank : PNC Virtual Wallet With Performance Select Checking/Savings - $400
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- Bonus Amount: $400
- Promotion Expiry: Oct. 31, 2024
- Qualifications: Direct deposit
Only residents of select regions within PNC's service area are eligible for this bonus.
- Open a new Virtual Wallet with Performance Select account via the promotional page linked above: You must open the account through the page linked above. This offer is only available to residents of select regions; you'll be prompted to enter your ZIP code to confirm eligibility.
- Receive qualifying direct deposits of at least $5,000 within 60 days: Qualifying direct deposits include paycheck, pension, Social Security, and other sources of regular monthly income. Wire transfers, P2P transfers via Zelle, and other transfers do not count.
- Receive your $400 bonus: The bonus will be deposited in your account within 60 to 90 days of meeting the requirement. Your account must remain open to receive the reward.
This bank may also offer other promotions; learn more in our PNC Bank Review.
- Not eligible if you or any signer on the new account has an existing PNC Bank consumer checking account.
- Not eligible if you or any signer on the new account has closed a PNC Bank consumer checking account within the past 90 days.
- Not eligible if you’ve received any other PNC promotional offer in the past 24 months.
- Monthly service fee: $25; can be waived if you meet any of the following conditions: $5,000 combined average monthly balance in Spend and/or Reserve accounts; $25,000 combined average monthly balance across linked PNC consumer deposit/investment accounts; $5,000 in qualifying monthly direct deposits to your Spend account during the statement period
- Out-of-network ATM fee: No fee; up to $10 reimbursement of ATM surcharge fees from other financial institutions
- Overdraft fee: $36 per item; limited to one per day.
SoFi : SoFi Checking/Savings - $300
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SoFi
- Bonus Amount: $50–$300
- Promotion Expiry: Dec. 31, 2024
- Qualifications: Direct deposit
- Visit the SoFi website using the link above.
- Open a new SoFi Checking & Savings Account. Start your application using the link above.
- Set up direct deposit. Direct deposits must be from your employer’s payroll or benefits service to qualify for the bonus.
- Deposit $1,000 or more. Make total qualifying direct deposits of $1,000 or more in the first 25 days to earn a $50 bonus, or make total qualifying direct deposits of $5,000 or more during that same period to earn a $300 bonus.
- Get your bonus. You’ll receive the bonus within seven days of finishing the initial 25-day period.
The bonus is available to both new and existing members without a history of direct deposit into a SoFi checking or savings account. You must be 18 or older to open an account through SoFi.
- Monthly maintenance fee: $0
- Out-of-network ATM fee: A fee will apply when using non-Allpoint ATMs.
- Overdraft fee: $0
PNC Bank : PNC Virtual Wallet With Performance Spend Checking/Savings - $200
- Bonus Amount: $200
- Promotion Expiry: Oct. 31, 2024
- Qualifications: Direct deposit
Only residents of select regions within PNC's service area are eligible for this bonus.
- Open a new Virtual Wallet with Performance Spend account via the promotional page linked above: You must open the account through the page linked above. This offer is only available to residents of select regions; you'll be prompted to enter your ZIP code to confirm eligibility.
- Receive qualifying direct deposits of at least $2,000 within 60 days: Qualifying direct deposits include paycheck, pension, Social Security, and other sources of regular monthly income. Wire transfers, P2P transfers via Zelle, and other transfers do not count.
- Receive your $200 bonus: The bonus will be deposited in your account within 60 to 90 days of meeting the requirement. Your account must remain open to receive the reward.
This bank may also offer other promotions; learn more in our PNC Bank Review.
- Not eligible if you or any signer on the new account has an existing PNC Bank consumer checking account.
- Not eligible if you or any signer on the new account has closed a PNC Bank consumer checking account within the past 90 days.
- Not eligible if you’ve received any other PNC promotional offer in the past 24 months.
- Monthly service fee: $15; can be waived if you meet any of the following conditions: $2,000 combined average monthly balance in Spend and/or Reserve accounts; $10,000 combined average monthly balance across linked PNC consumer deposit accounts; $2,000 in qualifying monthly direct deposits to your Spend account during the statement period ($1,000 for WorkPlace and Military Banking customers); account holder is a PNC employee
- Out-of-network ATM fee: $3 per transaction at non-PNC ATMs, not including third-party ATM fees; $5.00 for international ATM transactions; up to $5 reimbursement of ATM surcharge fees from other financial institutions.
- Overdraft fee: $36 per item; limited to one per day.
PNC Bank : PNC Virtual Wallet Checking/Savings - $100
- Bonus Amount: $100
- Promotion Expiry: Oct. 31, 2024
- Qualifications: Direct deposit
Only residents of select regions within PNC's service area are eligible for this bonus.
- Open a new Virtual Wallet account via the promotional page linked above: You must open the account through the page linked above. This offer is only available to residents of select regions; you'll be prompted to enter your ZIP code to confirm eligibility.
- Receive qualifying direct deposits of at least $500 within 60 days: Qualifying direct deposits include paycheck, pension, Social Security, and other sources of regular monthly income. Wire transfers, P2P transfers via Zelle, and other transfers do not count.
- Receive your $100 bonus: The bonus will be deposited in your account within 60 to 90 days of meeting the requirement. Your account must remain open to receive the reward.
This bank may also offer other promotions; learn more in our PNC Bank Review.
- Not eligible if you or any signer on the new account has an existing PNC Bank consumer checking account.
- Not eligible if you or any signer on the new account has closed a PNC Bank consumer checking account within the past 90 days.
- Not eligible if you’ve received any other PNC promotional offer in the past 24 months.
- Monthly service fee: $7; can be waived if you meet any of the following conditions: $500 combined average monthly balance in Spend and/or Reserve accounts; $500 in qualifying monthly direct deposits to your Spend account during the statement period; account holder is 62 or older; account holder is a PNC employee
- Out-of-network ATM fee: $3 per transaction at non-PNC ATMs, not including third-party ATM fees; $5.00 for international ATM transactions
- Overdraft fee: $36 per item; limited to one per day
The Bottom Line
Savings account bonuses are especially tempting because they offer a chance to earn several hundred dollars, all for doing what you’re already doing: letting your money sit in a safe, FDIC-insured account.
Before you sign up for any offers, however, make sure you’re able to meet the requirements. Banks are constantly phasing account bonuses in and out, so if you don’t qualify today, keep checking around because you may see an offer you can use sooner than you think.
Account bonuses are generally taxed as income, similar to earning interest. In fact, you’ll generally receive a Form 1099 from the bank at the end of the year when you do your taxes. Even if you don’t receive this form, you can declare the bonus as additional income on Form 1040 Schedule 1 or in your tax software.
Compare the Best Savings Account Bonuses
| Promotion | Bonus Amount | Promotion Expiry | Qualifications |
|---|---|---|---|
| PNC: Virtual Wallet with Performance Select | $400 | Oct. 31, 2024 | Direct deposit |
| SoFi: Checking/Savings | $50–$300 | Dec. 31, 2024 | Direct deposit |
| PNC: Virtual Wallet with Performance Spend | $200 | Oct. 31, 2024 | Direct deposit |
| PNC: Virtual Wallet | $100 | Oct. 31, 2024 | Direct deposit |
Other Savings Account Bonuses
These savings account bonuses didn’t make our best list but they may be worth exploring, especially if you were considering opening an account at one of the banks below.
- Discover Online Savings Account: Discover offers a savings account bonus of $150 to $200, but this offer is only available when found as a paid ad through Google search. You may be able to find this bonus when searching Google for "Discover bank bonus."
- Bask Mileage Savings Account: Earn 20,000 AAdvantage miles (worth approximately $408) for maintaining a minimum daily balance of $50,000 for 180 consecutive days out of the first 210 days after account opening.
- Alliant Credit Union Ultimate Opportunity Savings: Earn a $100 bonus by depositing $100 per month for 12 consecutive months and having a balance of at least $1,200 at the end of those 12 months.
- Regions Bank Now Savings: Earn a 1% annual bonus (available every year), up to $100, by depositing at least $5 each month for the 12 calendar months preceding the account opening anniversary. The annual bonus amount is based on the average monthly balance for those 12 months.
More Account Bonuses From Popular Banks
- Bank of America
- Capital One
- Chase
- Citibank
- Citizens Bank
- Discover Bank
- Huntington Bank
- Truist Bank
- U.S. Bank
- Wells Fargo
Guide to Choosing Savings Account Bonuses
Learn how to find and evaluate account bonuses, and how to switch bank accounts if necessary.
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.
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.
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: The Fed held rates steady for an eighth consecutive time at its July 31 meeting. The federal funds rate is at its highest level since 2001, but Fed officials are projecting one or possibly two rate cuts before the end of the year. CD yields closely follow the fed funds rate. Back in October, CD rates reached peaks not seen in more than 20 years, but once the Fed starts cutting rates, CD rates will fall.
Interest rate hikes can directly impact the rate you receive on your savings account. It's wise to see if your bank offers a high-yield savings account. You could also see if it offers one of the best CD rates right now. Combined, these accounts could help you earn the maximum amount of money on the cash you keep at your financial institution.
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.
Pros and Cons of Savings Account Bonuses
Simple requirements
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
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.
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
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Should You Switch Banks to Claim a Savings Account Bonus?
Whether you should switch banks to claim a savings account promotion depends on your individual situation. In general, though, it could be a good idea if you’re able to qualify for the promotion.
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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.
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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.
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Which Banks Offer Savings Account Bonuses?
Several banks offer savings account bonuses. Banks like SoFi, Alliant, Axos, Discover, and Chase may offer promotions for new customers, although they don't always have active offers. Other bonuses, including checking account bonuses, are often available as well.
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. To be included in our best list, a savings account bonus must meet a minimum threshold of at least $100, with a return on deposit of at least 2%.
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