There’s no shortage of checking account bonus offers, with everyone from small local banks to the big household names offering hundreds of dollars to new customers. Banks know it’s hard to get you to leave your old bank, especially when you’re comfortable with the accounts you have. But what better way to entice you than with a big cash bonus?
You’ll find these bonus offers attached to more checking accounts than savings accounts. After all, checking accounts are a crucial part to banking, as they allow you to easily access your money for purchases and transfers.
That’s not to say there aren’t any opportunities to earn money with a new savings account. We’ve found six of the best savings account bonus offers as of the date of publishing. It’s easy to go straight for the highest amount, but pay attention to the bank and the account you’re getting ready to open. Make sure it’s a bank you actually want to do business with.
Further, double check that you’ll be happy with the new account for months to come. It can take months to meet the offer requirements and even longer to actually receive the bonus. If there’s a monthly fee on the account, you could be stuck paying that unnecessary fee, especially if you can’t meet the balance requirements to waive it. You may not even be happy with the interest rate on the account, which might make the savings account bonus offer not entirely worth it.
The 6 best savings account bonus offers in 2019
To find the best savings account bonus offers, we looked for the highest bonus amounts offered. Below, you’ll find the six biggest bonus offers on savings accounts being offered. Offers are current as of this publication date and we will update the article periodically to show the freshest ranking.
Citi — $500 bonus with $15,000 minimum deposit
Offer rules: You must be a new Citibank customer and open a Citibank Account Package, which includes a checking and savings account. Within 30 days of opening these accounts, you must deposit at least $15,000 in either of these two accounts with money new to Citibank, and maintain a minimum balance across both accounts of $15,000 for 60 days.
After meeting the above requirements, you’ll get $400 in bonus money deposited into your checking account (or savings account if you’ve closed the checking account). If you make at least two ACH deposits into the checking account portion of the Account Package within 60 days of opening the account, you’ll receive an additional $100.
Who’s eligible: You must be a new customer to Citibank and enroll in the bank’s “$400/$500 Checking and Savings Offer” either in person, over the phone, or online.
Account details: There’s a $25 monthly maintenance fee, which you can avoid be keeping a minimum of $10,00 deposited across both accounts (which you’ll want to do anyone in order to qualify for the bonus, which requires a minimum of $15,000). You may not want a checking account and are free to close it, but keep in mind in order to get the $100 bonus (to bring the total amount to $500) you need to make the ACH deposits into a checking account, not a savings account.
Marcus — Up to $500 bonus with $1,000 minimum deposit
Offer rules: Marcus’ bonus offer works a little differently than other offers. Instead of paying out one set sum of money, Marcus offers a 1% cash bonus of up to $500.
Start by enrolling in the offer found here or by calling 1-855-730-7283. Then deposit at least $1,000 in new funds into a Marcus Online Savings Account within 10 business days from enrollment. This can be made in multiple deposits and by any owner on the account.
The account balance at the end of your enrollment period is your “Enrollment Account Balance,” which you must maintain through 11:59 PM EST of the 90th day following the enrollment period.
Meeting these requirements will earn a 1% cash bonus of the new funds up to $500. So if you deposit the minimum of $1,000, your reward will equal 1% of that, or $10. To snag the maximum $500, you’ll need to deposit at least $50,000 in new funds.
Who’s eligible: This offer is open to both new and existing Marcus customers who are not currently enrolled in another Marcus bonus offer.
Account details: The Marcus Online Savings Account earns at a competitive APY of 2.15%. The account doesn’t require a minimum deposit to open or own, nor is there a monthly fee.
Discover — $200 bonus with $25,000 minimum deposit
Offer rules: Discover customers can benefit from a $200 bonus by opening a Discover Online Savings account for the first time by August 5, 2019, which is the same date this offer ends. You’ll then need to deposit at least $25,000 into the account by August 19, 2019.
If you can’t meet that minimum amount, you can earn a $150 bonus instead by depositing at least $15,000 into the new account by August 19, 2019.
The bonus will be credited to your account by September 2, 2019.
Who’s eligible: You must be a new Discover savings customer to qualify for this savings account bonus offer. You must not have had a savings account that was co-branded or an affinity account provided by Discover either.
You can apply for the offer with the code “MM719” either online or by phone.
Account details: Discover’s Online Savings Account earns at a competitive interest rate of 2.05% on all balances. There are no fees associated with this account. Keep in mind that the bonus is considered interest and will be reported on a 1099-INT form.
Advertiser Website for Full Details
Chase — $150/$350 bonus with $10,000 minimum deposit
Offer rules: In another bonus offer from Chase, you can get $150 when you open a new Chase Savings account. You’ll need to deposit at least $10,000 in new money (not previously held with Chase or its affiliates) within 20 business days and maintain at least that minimum balance for 90 days.
Want to do more banking with Chase and open a Chase Total Checking account, too? Opening both a new checking and savings account can get you a $350 bonus, as long as you follow the above savings account rules and set up direct deposit on your new checking account.
Who’s eligible: You’re eligible for the Chase Savings account bonus offer if you are not already a Chase savings customer. You also cannot have had an account that was closed within 90 days or with a negative balance.
If you close this new savings account within six months after opening, Chase will deduct the bonus amount from the account at closing.
Account details: The Chase Savings account earns interest at a nominal rate of 0.01% APY, which isn’t ideal for savings growth. There is a $5 monthly fee on the account. You can waive the fee with one of the following, each statement period:
- A daily balance of at least $300
- At least one repeating automatic transfer of $25 or more from your personal Chase checking account or Chase Liquid® Card
- An account owner who is younger than 18
- Linking this account to a Chase Premier Plus Checking, Chase Sapphire Checking or Chase Private Client Checking account
You could also face a $5 fee for each excessive transaction you make over the six-transfer limit per statement cycle.
BBVA — $100 bonus with $10,000 minimum deposit
Offer rules: You can earn the $100 bonus by opening a new BBVA Money Market Account and bringing the balance to at least $10,000 by August 31 and maintaining that so you have at least that much in the account on November 30.
Who’s eligible: This bonus offer is available to residents of all states except Alabama, Alaska, Arizona, California, Colorado, Florida, Hawaii and Texas.
Further, you must be a new BBVA consumer money market account customer who has not had a BBVA money market account or received a money market account cash bonus in the past 12 months.
Account details: The BBVA Money Market Account earns interest at a competitive rate of 2.50% APY on balances $10,000 and over. Any balances below that will still earn at the solid rate of 2.00% APY.
There is a $15 monthly Service Charge that you can waive by maintaining an account balance of at least $10,000 or with an automatic recurring $25 monthly transfer from a BBVA checking account.
Associated Bank — $100 bonus with $10,000 minimum deposit
Offer rules: Opening a new Associated Bank Money Market account can get you a $100 bonus. You’ll need to deposit at least $10,000 in new money (held outside Associated Bank) at opening and maintain at least that much in the account for 90 days to receive the bonus.
The bonus will be paid within 120 days of account opening if you meet the requirements. The account must be open at that time. You must also keep the account open for at least 12 months.
Who’s eligible: You can redeem this offer online or by taking a coupon sent via email to an Associated Bank branch. This offer is limited to one per household. Households who have or have had an Associated Bank Money Market account within the last six months do not qualify. You must be 18 years or older to apply for the bonus. If you close the new account within 12 months of opening, Associated Bank can deduct the bonus amount from your funds at closing.
Account details: The Associated Bank Money Market account is a true money market account, with the ability to write convenience checks and access Associated Bank and MoneyPass ATMs. It earns interest, too, between 0.03% and 0.10% APY. You can earn at higher rates by having a higher balance and a qualifying Associated checking account.
The money market account does charge a $16 fee, which you can waive by maintaining a $1,000 minimum balance.
How do these accounts compare to the best online savings accounts?
When looking for the best online savings accounts, you won’t find much overlap here. Bonus offers tend to come from brick-and-mortar banks, as incentives for you to place your deposits with them.
Online banks still win by and large. But don’t let these financial carrots mislead you into thinking they are the best on the market — many of the best accounts are being offered by online banks these days. Online accounts tend to have the highest interest rates and the lowest fees — what more could you want? That’s why you’ll find most sign-up bonuses being offered by brick-and-mortar banks.
Know the pros and cons. You should figure out whether it’s worth it for you to open a new account with a traditional bank just for a bonus offer. Don’t forget, you can’t open a new account for a bonus offer and close it immediately. Qualifying for and receiving the bonus takes months. You could even lose your bonus offer if you close the account too soon. Plus, a savings account bonus offer is a short-term boost in savings, rather than the ongoing growth of a high-yield account. It won’t help your savings situation if your new account charges a monthly fee that you can’t waive, either.
Factor in fees. If you do desperately want to snag a couple hundred dollars by opening a new account, make sure you won’t be paying a monthly fee for the months you have the account. That way, you won’t lose any of that bonus right off the bat. Again, double check the account’s closing terms to ensure you won’t lose the bonus at closing, either. It’s also important to be able to meet the account’s minimum balance requirements. It may not make sense for you to keep $10,000 in a low-earning account just to earn a $200 bonus, for example.
Do the math. Let’s say you do deposit and maintain $10,000 in a new savings account that has an interest rate of 0.01%, which is typical of brick-and-mortar savings accounts. After a year, you’ll have earned $1 in interest. Add that to your $200 bonus and you can add a whopping $201 to your savings. Now, if you were to forgo the bonus offer and deposit your $10,000 into a high-yield savings account with a 2.25% APY, you’ll earn just over $227 after a year (with monthly compounding) — a better savings boost than the savings account bonus offer.