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Best Savings Account Bonuses

SoFi and Alliant can provide hundreds of dollars for depositing money and maintaining new savings accounts

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Jessica Ullrich
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Jessica is an Associate Finance Editor on the Performance Marketing team at Investopedia and The Balance. She's been editing financial and business content for over a decade.
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Updated February 27, 2024
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Erika Rasure
erika
Reviewed by Erika Rasure
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Erika Rasure is globally-recognized as a leading consumer economics subject matter expert, researcher, and educator. She is a financial therapist and transformational coach, with a special interest in helping women learn how to invest.

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Betsy began her career in international finance and it has since grown into a comprehensive approach to journalism as she's been able to tap into that experience along with her time spent in academia and professional services.
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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.

Looking for more than just savings accounts? See the best checking account bonuses here.

SoFi : SoFi Checking/Savings - $300

SoFi

SoFi
  • Bonus Amount: $50–$300
  • Promotion Expiry: June 30, 2024
  • Qualifications: Direct deposit
How to Get the Bonus 
  1. Visit the SoFi website using the link above.
  2. Open a new SoFi Checking & Savings Account. Start your application using the link above.
  3. Set up direct deposit. Direct deposits must be from your employer’s payroll or benefits service to qualify for the bonus.
  4. 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.
  5. Get your bonus. You’ll receive the bonus within seven days of finishing the initial 25-day period.
Bonus Restrictions and Account Fees

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. 

There is no minimum balance, and SoFi doesn’t charge monthly or overdraft fees. Members can take out cash at over 55,000 fee-free ATMs.  

Alliant : Alliant Ultimate Opportunity Savings - $100

Alliant Credit Union

Alliant Credit Union
  • Bonus Amount: $100
  • Promotion Expiry: Dec. 31, 2024
  • Qualifications: Monthly deposit, maintain balance, total balance
How to Get the Bonus 
  1. 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.
  2. 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.
  3. Make qualifying deposits. Make monthly deposits of $100 or more each month for the first year.
  4. Maintain a qualifying balance. Maintain an average daily balance of at least $100.
  5. Have a qualifying balance a year later. You must have a total balance of at least $1,200 after the first year.
  6. Get the bonus. Receive $100 account bonus within one month of meeting all first-year requirements.
Bonus Restrictions and Account Fees

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.

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 a solid chunk of change 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: The Federal Reserve raised interest rates numerous times throughout 2022 and 2023 to cool high inflation. At the Fed's most recent meeting in March, the committee decided to hold rates steady—the fifth meeting in a row it has done so—but said again that it expects to cut rates later this year. The Fed's dot plot shows that Fed members believe there will be three rate cuts later this year. Interest rates closely follow the fed funds rate. Once it appears the Fed is ready to make a rate cut, interest rates are expected to 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.

Pros and Cons of Savings Account Bonuses

Pros

  • Simple requirements

  • Limit spending risk

  • Try out a new bank

  • Can earn a lot of cash

Cons

  • 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

  • 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.

  • 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?

    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.

smiling woman talking with a bank teller

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Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.

  1. FDIC. "National Rates and Rate Caps."

  2. Federal Reserve System. "Open Market Operations.”

  3. Internal Revenue Service. “Instructions for Forms 1099-INT and 1099-OID.”