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Cash bonuses are a nice perk for opening a new bank account, and MagnifyMoney reviewed dozens of bank promotions to find today’s best bonuses for savings accounts. SoFi Bank’s new hybrid Checking and Savings Account pays up to $300 for customers who meet required qualifications (see below).
Best savings account sign-up bonuses in May 2022
SoFi Bank Checking and Savings Account — Up to $300
- Expiration date: 5/31/2022
- How to earn bonus: Customers who complete qualifying direct deposits during a 30-day evaluation period (which begins the day you first receive a direct deposit) can earn a cash bonus.: dDeposits of $5,000 or more will receive $300, deposits of at least $2,000 but less than $5,000 will receive $100 and deposits of at least $1,000 but less than $2,000 will receive $50.
- Who’s eligible: Available nationwide.
- Account information: SoFi specializes in loans, but they also offer a bank account backed by FDIC insurance. The combination Checking and Savings Account pays one of the most competitive savings interest rates in addition to the sign-up bonus, but that interest rate is lower if you don’t complete direct deposits. SoFi keeps fees low, pays cash back and allows early paycheck access as well. You cannot open separate checking and savings accounts.
- Monthly maintenance fees: None
TD Bank Beyond Savings or Simple Savings Account — $200
- Expiration date: 10/31/2022
- How to earn bonus: Earn $200 when you deposit at least $20,000 into a TD Beyond Savings or TD Simple Savings account within 20 days of opening the account and maintain at least that balance for 90 days.
- Who’s eligible: Available for residents of Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Whose Island, South Carolina, Vermont, Virginia and Washington, D.C. who have a TD bank checking account and do not have a TD Bank savings or money market account.
- Account information: The TD Bank Beyond Savings account has no ATM fees for non-TD Bank ATMs, but it has a higher monthly fee than a Simple Savings account. Both accounts bear interest.
- Monthly maintenance fees: There are no monthly fees for TD Bank Beyond Checking customers. There is a $15 fee for Beyond Savings, waived with a $20,000 minimum daily balance or a linked TD Beyond Checking account; there is a $5 fee for Simple Savings, waived with a $300 minimum daily balance, a link to a Beyond Checking account, at least $25 in recurring transfers or if you’re younger than 18 or older than 62.
Alliant Credit Union Ultimate Opportunity Savings Account — $100
- Expiration date: 12/31/2022
- How to earn bonus: Earn $100 when you deposit at least $100 a month for 12 consecutive months after opening the account and have a balance of $1,200 or more at the end of those 12 months.
- Who’s eligible: New Alliant members can earn the bonus. Alliant has broad-based membership eligibility through donations to a nonprofit called Foster Care to Success.
- Account information: There are no monthly fees or minimum balance fees for the Alliant Ultimate Opportunity Savings account. Alliant offers online and mobile banking and a large ATM network.
- Monthly maintenance fees: $1, waived if you elect eStatements.
Regions Bank LifeGreen Savings Account — Up to $100
- Expiration date: N/A
- How to earn bonus: Complete an automatic transfer of funds from a Regions Bank checking account to your LifeGreen Savings account for at least 10 of the first 12 months of the account to receive a 1% savings bonus up to $100. The bonus applies to your average monthly balance for the account’s first year
- Who’s eligible: Available for residents of Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, Texas or Utah who are Regions Bank checking customers.
- Account information: The Regions LifeGreen Savings account has no monthly fees or minimum balance requirements. The account bears interest on different balance tiers in addition to the annual bonus.
- Monthly maintenance fees: $0
BMO Harris Statement Savings Account — Up to $60
- Expiration date: N/A
- How to earn bonus: Earn $5 for every month you add at least $200 to your account balance in the first 12 months after opening an account.
- Who’s eligible: Nationwide for those who open a new BMO Harris savings account.
- Account information: The BMO Harris Statement Savings account bears interest and has just a $25 minimum opening deposit.
- Monthly maintenance fees: $0
Frequently asked questions
Multiple banks offer promotions for signing up for a savings account. MagnifyMoney chose accounts from SoFi Bank,TD Bank, Alliant Credit Union, Regions Bank and BMO Harris.
Right now, SoFi Bank has the highest available bonus for savings accounts at $300.
Many banks offer options for opening accounts online, over the phone or at a physical branch. Typically, you’ll need information including a Social Security number, mailing address, driver’s license and birth date to open a savings account.
Savings accounts are a good choice for emergency funds or saving up for big expenses. They have more liquidity than a certificate of deposit (CD) — which have predetermined terms, often from six months to five years long, and have higher interest rates but carry penalties for early withdrawals. Money tends to grow faster in a savings account than a checking account as well, although money market accounts can offer competitive rates.
Methodology for choosing the best savings account bonus offers
Using information from DepositAccounts and other sources, MagnifyMoney reviewed savings account bonuses from financial institutions — in order to be considered, banks need to be insured by the FDIC and credit unions need to be insured by the NCUA. The accounts must be available in several states.
We only considered accounts with a reasonable deposit requirement to earn the bonus (at most $25,000) and low monthly maintenance fees (at most $25). Likewise, the minimum deposit to open an account had to be $100 or less.