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Personal Finance Banking Savings
Written by Sophia Acevedo, CEPF; edited by Sarah Silbert; reviewed by Evelyn He
2024-03-01T22:01:34Z
- Compare the Best Savings Account Bonus Offers
- FAQs
- How to Qualify for the Best Bank Account Bonuses
- Why You Should Trust Us
Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
We've researched the best savings account promotions among national, regional, and online banks, and here are our top picks for March 2024.
Featured Bonus Offer
SoFi Checking and Savings
SoFi Bank, Member FDIC
Perks There is no minimum direct deposit amount required to qualify for the 4.60% APY for savings. Members without direct deposit will earn up to 1.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
Earn up to a $300 bonus with qualifying direct deposits for eligible customers through 6/30/24. Earn up to 4.60% APY on savings balances (including Vaults) with direct deposit
Fees
no monthly service fee
Annual Percentage Yield (APY)
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
up to 4.60%
Minimum Opening Deposit
$0
Bonus
Customer must complete a direct deposit with a minimum initial deposit of $250 in a new SoFi Checking and Savings account within 45 days of clicking to qualify (offer expires 06/30/24)
up to $300
Pros
- FDIC insured for $2 million
- High interest rate
- Earn a higher interest rate with qualifying activities
- No minimum opening deposit
- No monthly service fees
- No overdraft fees
- Up to $300 bonus with qualifying direct deposit (terms apply)
- Earn up to 15% cash back at local retailers if you use a SoFi debit card
- No-fee overdraft coverage if you overdraw up to $50
- Savings tools
- Early direct deposit
- Joint account available
Cons
- Declined purchase if you overdraw by more than $50
- Doesn't reimburse out-of-network ATM providers' fees
- May deposit cash at Green Dot locations but there's a $4.95 fee
Insider’s Take
SoFi Checking and Savings is a great account option if you don't mind keeping your savings and checking in one account.
SoFi Checking and Savings review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- FDIC insured for $2 million
- Free access to 50,000+ Allpoint ATMs worldwide
- Hybrid checking/savings account
- Earn up to 15% cash back on local retailers when you use a SoFi debit card; Retailer information is available through online banking
- Earn 4.60% APY on savings balances (Vaults included) and 0.50% APY on checking balances if you set up direct deposit or deposit minimum $5,000 per month
- Earn 1.20% APY on SoFi Checking and Savings if you don't have qualifying activities
- Earn up to $300 cash bonus available through June 30, 2024; receive a $50 bonus if you make a direct deposit between $1,000 and $4,999 in the first 30 days of opening an account; receive a $300 bonus if you make a direct deposit of $5,000 or more in the first 30 days of opening an account
- Create up to 20 Money Vaults to save for individual savings goals like an emergency fund or vacation
- $4.95 fee each time you deposit cash at a Green Dot location
- To get no-fee overdraft coverage you must have at least $1,000 in direct deposits
If you're looking for additional bank account bonuses, consider going through our best checking account bonuses guide.
Compare the Best Savings Account Bonus Offers
Wells Fargo Way2Save® Savings Account
On Wells Fargo's website
Insider’s Rating
2.5/5
Perks
$525 bonus when you open an account and make direct deposit $25,000 or more in new money in the first 30 days; and maintain $25,000 in your account during the first 90 days (offer expires 04/01/2024)
Fees
$5 monthly service fee
Annual Percentage Yield (APY)
0.01%
Minimum Opening Deposit
$25
Bonus
$525 bonus when you open an account and make direct deposit $25,000 or more in new money in the first 30 days; and maintain $25,000 in your account during the first 90 days (offer expires 04/01/2024)
$525 bonus
Pros
- $25 minimum opening deposit
- Automatic savings feature
Cons
- Low APY
- $5 monthly service fee
Wells Fargo Way2Save Savings review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Approximately 4,900 branches and 12,000 ATMs
- Waive $5 monthly service fee by maintaining a $300 daily balance, OR setting up automatic savings options, OR be under age 24 and the primary account owner OR transferring $25 or more from a linked Wells Fargo checking account, or have 1 automatic transfer each business day within the fee period of $1 or more from a linked Wells Fargo checking account
- $525 bonus when you open an eligible savings account in a Wells Fargo branch by April 1 with a bonus offer code; deposit $25,000 or more in new money in the first 30 days; and maintain $25,000 in your account during the first 90 days
- Save As You Go® transfers $1 into your Way2Save Savings Account from checking each time you swipe your debit card
- Interest compounded daily, paid monthly
- FDIC insured
TD Signature Savings
TD Bank, Member FDIC
Insider’s Rating
3.75/5
Perks
Earn $200 when you deposit $10,000 or more in new money within 20 days, then maintain that balance for 90 days from the date the deposit requirement is initially met (Offer ends April 30, 2024)
Fees
$15 monthly service fee
Annual Percentage Yield (APY)
0.01% to 4.00%
Minimum Opening Deposit
None
Bonus
Earn $200 when you deposit $10,000 or more in new money within 20 days, then maintain that balance for 90 days from the date the deposit requirement is initially met (Offer ends April 30, 2024)
$200
Pros
- Earn a competitive APY when you link to another eligible TD Bank account
- Earn a higher APY with a higher balance
- Mobile check deposit
- No minimum opening deposit
- Free incoming wire transfers
- Free money orders
- Free stop payments
- Free official checks
Cons
- $15 monthly service fee
- Low APY if you don't link to another TD Bank account
Insider’s Take
TD Bank Signature Savings Account pays a higher interest rate than the TD Simple Savings Account on balances of $10,000 or more. However, to get the most out of this account, you'll need to qualify for a relationship rate and meet one of the requirements to waive the TD Signature Savings - Fees Display. Ultimately, you can find much better rates with the best online banks.
TD Bank review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Earn $200 when you deposit $10,000 or more in new money within 20 days, then maintain that balance for 90 days from the date the deposit requirement is initially met (Offer ends April 30, 2024)
- Earn a bump rate APY when you link a TD Bank personal checking account, small business checking account, credit card, mortgage, or home equity loan
- Earn 0.01% APY if you maintain less than $10,000 in your account
- Earn 0.05% APY if you don't have an eligible TD Bank account and maintain an account balance of $10,000 or more
- Earn 2.00% APY if you link an eligible TD bank account and maintain an account balance between $10,000 and $24,999
- Earn 2.25% APY if you have an eligible TD Bank account and maintain an account balance between $25,000 and $49,999
- Earn 2.50% APY if you have an eligible TD Bank account and maintain an account balance between $50,000 and $99,999
- Earn 4.00% APY if you have an eligible TD Bank account and maintain an account balance over $100,000
- Waive $15 monthly service fee by maintaining a $10,000 minimum balance, linking to a TD Beyond Checking Account, or opening an IRA
- No out-of-network ATM fees and ATM fee refunds if you maintain a $2,500 balance
- FDIC insured
TD Simple Savings Account
TD Bank, Member FDIC
Insider’s Rating
4/5
Perks
Earn $200 when you deposit $10,000 or more in new money within 20 days, then maintain that balance for 90 days from the date the deposit requirement is initially met (Offer ends April 30, 2024)
Fees
$5 monthly service fee
Annual Percentage Yield (APY)
0.02%
Minimum Opening Deposit
$0
Bonus
Earn $200 when you deposit $10,000 or more in new money within 20 days, then maintain that balance for 90 days from the date the deposit requirement is initially met (Offer ends April 30, 2024)
$200
Pros
- No monthly fee for students, or for adults under age 24 or age 62 or older
- No monthly fee for the first 12 months, with recurring monthly deposits of $25
- Mobile check deposit
- No minimum opening deposit
Cons
- Low APY
- $5 monthly service fee
Insider’s Take
TD Bank Signature Savings Account pays a higher interest rate than the TD Simple Savings Account on balances of $10,000 or more. However, to get the most out of this account, you'll need to qualify for a relationship rate and meet one of the requirements to waive the TD Signature Savings - Fees Display. Ultimately, you can find much better rates with the best online banks.
TD Bank review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Earn $200 when you deposit $10,000 or more in new money within 20 days, then maintain that balance for 90 days from the date the deposit requirement is initially met (Offer ends April 30, 2024)
- No monthly service fee for students, adults under age 24 or age 62 or older
- Waive $5 monthly service fee by maintaining $300 minimum daily balance
- No monthly fee for the first 12 months if you make recurring $25 monthly deposits
- Interest compounded daily
- FDIC insured
Alliant High-Rate Savings Account
Alliant Credit Union, NCUA insured.
Insider’s Rating
4.25/5
Perks
Earn $100 bonus when you deposit at least $100 a month for 12 consecutive months and have a balance of $1,200 or more at the end of the 12-calendar-month period (offer expires December 31, 2024)
Fees
no monthly service fee
Annual Percentage Yield (APY)
3.10%
Minimum Opening Deposit
$30 online/phone and $5 through paper, banking, loan applications
Bonus
Earn $100 bonus when you deposit at least $100 a month for 12 consecutive months and have a balance of $1,200 or more at the end of the 12-calendar-month period (offer expires December 31, 2024)
$100
Pros
- Competitive APY
- Alliant covers your $5 minimum opening deposit
- No monthly service fee if you opt for eStatements instead of paper statements
Cons
- Interest compounded monthly, not daily
- Minimum $100 balance to earn interest
Insider’s Take
Alliant is one of the best credit unions out there, especially if you want to earn high interest rates on savings, checking, and certificates.
Alliant High-Rate Savings Account review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Several ways to become a member; the easiest is to join Foster Care for Success (Alliant will cover your $5 membership fee)
- Earn $100 bonus when you deposit at least $100 a month for 12 consecutive months and have a balance of $1,200 or more at the end of the 12-calendar-month period (offer expires December 31, 2024)
- Must maintain $100 balance to earn interest
- Interest compounded monthly
- Federally insured by the NCUA
Bask Bank Mileage Savings Account
Insider’s Rating
4/5
Perks
Earn up to 10,000 bonus AAdvantage® miles for new Bask Mileage Savings Account customers who open and fund their account within 15 business days from account opening and maintain a minimum daily balance of $50,000 for 90 consecutive days out of the first 120 days (open account by May 31, 2024)
Fees
no monthly service fee
Annual Percentage Yield (APY)
None
Minimum Opening Deposit
$0
Bonus
up to 10,000 bonus AAdvantage® miles for new Bask Mileage Savings Account customers who open and fund their account within 15 business days from account opening and maintain a minimum daily balance of $50,000 for 90 consecutive days out of the first 120 days (open account by May 31, 2024)
up to 10,000 bonus AAdvantage® miles
Pros
- No minimum opening deposit
- No monthly service fees
- Earn American Airlines AAdvantages miles
Cons
- May not be easy to deposit cash
Insider’s Take
The Bask Bank Interest Savings Account and Bask Bank CD are excellent options if you'd like to earn a high interest rate. The Bask Bank Mileage Savings Account may be a great choice if you frequently use American Airlines for travel. Bask Bank doesn't offer a checking account, though.
Bask Bank Mileage Savings Account review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Earn up to 10,000 Bonus AAdvantage® miles. To qualify for this offer, you must be a first time Bask Mileage Savings Account customer, open a Bask Mileage Savings Account between March 1, 2024 and May 31, 2024, fund your Bask Mileage Savings Account within 15 business days following the initial account opening and maintain a minimum daily account balance of $50,000 for 90 consecutive days out of the first 120 days following the initial account opening.
- Earn 2.5 American Airlines AAdvantage miles for every $1 saved annually on a Bask Bank Mileage Savings Account
- Must provide your AAdvantage account number to receive AAdvantages miles
- AAdvantage miles earned through the Bask Mileage Savings Account can't be used toward boosting your American Airlines elite status
- Miles awarded monthly
- Deposits FDIC insured through Texas Capital Bank
Best Savings and Money Market Account Bonuses
- Wells Fargo Way2Save® Savings Account: Earn $525 bonus when you open an account and make direct deposit $25,000 or more in new money in the first 30 days; and maintain $25,000 in your account during the first 90 days (offer expires 04/01/2024)
- TD Signature Savings: Earn $200 when you deposit $10,000 or more in new money within 20 days, then maintain that balance for 90 days from the date the deposit requirement is initially met (Offer ends April 30, 2024)
- TD Simple Savings Account: Earn $200 when you deposit $10,000 or more in new money within 20 days, then maintain that balance for 90 days from the date the deposit requirement is initially met (Offer ends April 30, 2024)
- Alliant High-Rate Savings Account: Earn $100 bonus when you deposit at least $100 a month for 12 consecutive months and have a balance of $1,200 or more at the end of the 12-calendar-month period (offer expires December 31, 2024)
- Bask Bank Mileage Savings Account: Earn up to 10,000 bonus AAdvantage® miles for new Bask Mileage Savings Account customers who open and fund their account within 15 business days from account opening and maintain a minimum daily balance of $50,000 for 90 consecutive days out of the first 120 days (open account by May 31, 2024)
Best Savings Account Bonuses: FAQs
Can I get a bonus for opening a savings account?
Yes, a few financial institutions like TD Bank, Alliant Credit Union, and Bask Bank have savings account bonuses.
Why do savings accounts have bonuses?
Some banks offer bank account bonuses for savings accounts in order to appeal to new customers.
Can I receive more than one savings account bonus?
You typically can't get two savings account bonuses from the same bank at the same time. However, you may be able to get savings account bonuses from different banks if you have the funds.
Are savings account bonuses taxable?
Yes. When you file taxes for the year, you'll have to include your savings account bonus as income and pay income tax.
How to Qualify for the Best Savings Account Bonuses
Wells Fargo Way2Save® Savings Account
Bonus amount:
Expiration date:April 1, 2024
Who qualifies:You must be a new Wells Fargo savings account customer. You won't be eligible if you are a Wells Fargo employee or have used a savings account promotional offer in the last 12 months.
What you need to do:
- Visit a Wells Fargo branch and open Wells Fargo Way2Save® Savings Account by April 1, 2024 with a promotional code (You can enter your email on the promotional page to get the code)
- Deposit $25,000 in new money to your savings account during the first 30 days of opening an account (New money is defined as money that's transferred from an external financial institution or from a Wells Fargo account that isn't owned by the customer)
- Maintain your new money account balance for 90 days after account opening
When you'll receive the bonus:The money will be deposited into your account around 30 days after opening your account.
TD Signature Savings and TD Simple Savings Account
Bonus amount: $200
Expiration date:April 30, 2024
Who qualifies:You must be a new TD Bank personal savings account customer. If you opened a TD savings account in the last 12 months, you'll won't be eligible for the offer.
What you need to do:
- Open a new TD Signature Savings or TD Simple Savings Account through the promotional page
- Deposit $10,000 or more in new money in the first 20 days of opening an account (New money is defined as funds that aren't in a TD Bank account)
- Maintain your account balance of at least $10,000 for an additional 90 days after you've made the deposit
When you'll receive the bonus:The money will be deposited into your account around 180 days after opening your account.
Alliant High-Rate Savings Account
Bonus amount: $100
Expiration date: December 31, 2024
Who qualifies: You must be a new Alliant Credit Union member. You also cannot have closed an Alliant savings account within the last 180 days.
What you need to do:
- Open an account on the Ultimate Opportunity Savings promotion page by December 31, 2024
- Deposit a minimum of $100 per month into the account for 12 consecutive months
- Maintain a minimum average daily balance of $100 throughout the 12 months
- Have a balance of at least $1,200 at the end of the 12-month period
When you'll receive the bonus: The $100 will show up in your account within four weeks after the 12-month period ends.
Bask Bank Mileage Savings Account
Bonus amount: up to 10,000 bonus AAdvantage® miles
Expiration date: May 31, 2024
Who qualifies: New Bask Bank Mileage Savings Account customers are eligible.
What you need to do:
- Open a Bask Bank Mileage Savings Account by May 31, 2024 and fund your account in the first 15 days
- Maintain a minimum daily balance of $50,000 for 90 consecutive days out of the first 120 days following the account opening
- Provide an AAdvantage account number
When you'll receive the bonus: Bask Bank will award your miles within 10 business days after you've met the qualifications, but it could take six to eight weeks for the miles to post to your AAdvantage® account.
Why You Should Trust Us: Experts' Advice on the Best Bank Account Bonuses
We consulted banking and financial planning experts to provide their advice on finding the best bank account bonus for your needs.
- Sophia Acevedo, certified educator in personal finance, banking reporter, Business Insider
- Mykail James, MBA, certified financial education instructor, BoujieBudgets.com
Here's their insight about savings account bonuses. (Some text may be lightly edited for clarity.)
What should I look for in a savings account bonus?
First, consider how much money is needed to obtain the bonus and whether the qualifying activities are doable. If you'd like to earn a bigger cash bonus, you'll usually have to make a substantial deposit or maintain a high account balance.
Is a savings account bonus worth it?
A savings account bonus may be worthwhile if you have a lump sum of money you can deposit into an account. You also might want to consider other savings account features to determine if a particular bank account is right for you, like a high-interest rate or whether it's possible to waive monthly service fees.
Banking Reporter
Sophia Acevedo is a banking reporter at Business Insider. Sophia joined Business Insider in July 2021. She writes bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).Sophia is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:
- Are banks open today? Here's a list of US bank holidays for 2023
- Best CD rates
- Best High-yield savings accounts
- Four reasons why your debit card might be denied even when you have money
Compliance Associate
Evelyn He is a compliance associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst.Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.
Top Offers From Our Partners
Capital One 360 Performance Savings Annual Percentage Yield (APY): 4.35% Minimum Deposit Amount: $0
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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