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The Best No-Penalty CD Rates in 2020

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

CDs, or certificates of deposit, work under an easy-to-understand premise: You agree to place your money with a bank or credit union for a set amount of time, during which it will earn interest. At the end of the period, you get your money back plus a nice chunk of interest earnings. But if you withdraw money from your CD before the term expires — or before the CD “matures,” in financial parlance — the institution will charge you a penalty fee for breaking the terms of your agreement.

Generally depositors understand that they can’t touch their funds while they’re in the CD account. But the accounts below are special CDs that let customers withdraw money from a CD account with no penalty charge at whatever time they want. No-penalty CDs aren’t generally widespread, but we’ve selected the best of these accounts available nationwide, based on the following criteria:

  • An APY of at least 1.80%
  • No penalties for early withdrawal of funds
  • Available across the nation

The best no-penalty CD rates in April 2020

1. Marcus by Goldman Sachs®

TermAPYMinimum balance to earn the APY
7-month1.70%
$500
11-month1.60%
$500
13-month1.50%
$500

Marcus by Goldman Sachs stakes a strong claim to offering the best no-penalty CDs around, requiring a mere $500 deposit for customers to start earning solid APYs beginning at 1.50%. Interested customers should be aware, however, that like other no-penalty CDs on this list, the accounts offered by this bank lock in your money for seven days after you deposit. You can’t open a 7-month no-penalty CD on Monday and take out your money on Wednesday (if you needed to for whatever reason).

In addition, these accounts don’t allow any partial withdrawals of the principal. If you deposited $1,000 in an account and want to withdrawal money before that CD matures, you won’t be hit with any penalties — but you have to take out all $1,000 and your account will then be closed.

SEE DETAILS Secured

on Goldman Sachs Bank USA’s secure website

Member FDIC

2. CIT Bank

TermAPYMinimum balance to earn the APY
11-month 1.65%$1,000

If you have the $1,000 minimum deposit for this no-penalty CD account, CIT Bank will give you a rate of 1.65% APY on an 11-month term. While that’s not as much as you can earn with a comparable CD term with some of the options above, the deal offered by CIT could provide a decent alternative.

SEE DETAILS 

Member FDIC

3. Ally Bank

TermAPYMinimum balance to earn the APY
11 months1.40%Up to $5,000
11 months1.50%$5,000
11 months1.55%$25,000

Online-only bank Ally offers a single no-penalty CD account with an 11-month term that earns more APY depending on how much you deposit. Because it has a low minimum balance requirement, this account will attract consumers without a lot of money to spare who still want a no-penalty CD. Higher balances can earn better APYs.

Similar to all of the other products listed, this Ally no-penalty CD account makes you wait for the seventh day after the initial deposit to withdraw your funds, and the bank doesn’t allow for partial withdrawals. The bank also offers what it calls its 10 Day Best Rate Guarantee, promising that if depositors fund this CD within 10 days of opening it, Ally will make sure the account earns the highest rate available should the bank change its rate within that 10 day period. It’s by no means a game-changer, but a nice bonus to avoid feeling left out if you deposit a pile of money in your CD on Thursday, only to discover on Friday that Ally hiked its rates.

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on Ally Bank’s secure website

Member FDIC

4. Citizens Access Liquid CD

TermAPY Minimum balance to earn the APY
11 months1.35%$5,000

Another no-penalty CD hails from online-only bank Citizens Access. This bank is backed by Citizens Bank N.A., which has roots dating back 190 years and has over $150 billion in assets.

Citizens Access calls its no-penalty CD a Liquid CD, but it functions in the same way as the other products on this list. It only offers one Liquid CD, which has an 11-month term and a current APY of 1.35%. There is a $5,000 minimum deposit required for this CD, and it features no penalty for a one-time withdrawal of its entire balance as soon as seven days after funding.

SEE DETAILS Secured

on Citizens Access’s secure website

Member FDIC

5. My eBanc

TermAPYMinimum balance to earn the APY
11-month1.10%$10,000
11 months1.20%$100,000

This Florida-based online savings bank may go by a somewhat generic name, but it’s a division of BAC Florida Bank, a financial institution with more than 45 years of history. The no-penalty CD offered here is called the Flex Time Deposit, and if customers who deposit at least $100,000 can earn an APY of 1.20%, which ranks at the top of the accounts on this list. Depositing at least $10,000 will earn you a decent APY of 1.10%.

Where this account truly shines is that it allows for two partial withdrawals of your funds without having to close your CD account entirely (as long as the balance still remains at $10,000 or more). All of the other no-penalty CD accounts on this list require you to withdrawal all of the principal and any interest earned.

SEE DETAILS Secured

on My eBanc’s secure website

Member FDIC

6. Investors eAccess

TermAPYMinimum balance to earn the APY
6-month1.15%$500

Another no-penalty CD requiring a minimal balance is the 6-month CD offered by Investors eAccess. This New Jersey bank provides one of the most competitive products when it comes to short-term CDs in the no-penalty category, but it does come with a few caveats.

First of all, there are no partial withdrawals allowed by this CD. If you need to take money out, you have to liquify the entire account. You’ll also receive your funds via paper check sent first class mail, so don’t expect an instantaneous turnover of funds should you want to make an early withdrawal. That said, the APY and low minimum account balance make this an excellent choice for short-term savings.

SEE DETAILS Secured

on Investors EAccess’s secure website

Member FDIC

7. PurePoint Financial

TermAPYMinimum balance to earn the APY
11-month1.01%$10,000
13-month0.95%$10,000
14-month0.90%$10,000

The online arm of Union Bank offers a great APY among the no-penalty CD accounts reviewed, which makes it a no-brainer — assuming you have the $10,000 needed for the minimum deposit. PurePoint’s sweet spot is the 11-month term no-penalty CD account, which offers an APY of 1.01%.

This no-penalty CD accounts come with the usual caveats — you can’t make any partial withdrawal of funds, and you have to wait seven days after your initial deposit before withdrawing. However, if you have the sizable chunk of change needed to open one of these accounts, you’ll earn some of the highest APY for your money.

SEE DETAILS Secured

on PurePoint Financial’s secure website

Member FDIC

8. Chartway Credit Union

TermAPYMinimum balance to earn the APY
12-month share certificate1.00%
$500

This credit union may be based in Virginia Beach, Va., but you can potentially become a member, so long as they meet one of the following conditions:

  • You reside or go to school or a place of worship in one of the areas served by a local branch of the credit union. Currently, Chartway Credit Union operates branches in the states of Florida, Texas, Utah and Virginia.
  • You have a family member who’s already a Chartway member
  • You or someone in your immediate family works at a company that utilizes Chartway’s financial services for its employees
  • You make a $10 donation to the We Promise Foundation, a charity founded by the credit union.

Once you’re a member, you can open a 12-month share certificate. Doing so requires a minimum deposit of $500, on which you’ll earn an APY of 1.00%. As with all the other no-penalty CD accounts listed, you can’t make a partial withdrawal of your funds — it’s all or nothing.

SEE DETAILS Secured

on Chartway Federal Credit Union’s secure website

NCUA Insured

9. Colorado Federal Savings Bank

TermAPY Minimum balance to earn the APY
11 months0.70%$5,000

Branchless bank Colorado Federal Savings Bank offers an array of financial products, including a number of certificates of deposit ranging from a 1-month to a 60-month. Among its CD offerings is a no-penalty CD that is worth highlighting.

The Colorado Federal Savings Bank features an 11 month no-penalty CD with an APY of 0.70%. This CD requires a minimum deposit of $5,000, with no maximum deposit limit. As a no-penalty CD, you’re able to withdraw the CD’s full balance – including interest and principal – with no penalty, seven days after you begin funding the account.

SEE DETAILS Secured

on Colorado Federal Savings Bank’s secure website

Member FDIC

What to watch out for with no-penalty CDs

Although no-penalty CDs, like any certificate of deposit, carries with it minimal risk of losing your principal, it’s important you thoroughly understand the terms of the account and understand what circumstances you can withdraw funds. Otherwise, your supposedly no-penalty CD will start devouring your funds with fees.

One of the biggest differences between no-penalty CDs lies with whether you can make partial withdrawals or if you have to withdraw the entire amount. If the account allows for partial withdrawals, make sure you understand if the bank or credit union considers a full withdrawal (and closure of the account) count toward your withdrawal limit. It’s easy to imagine a scenario where you skim the fine print, read a CD allows for two partial withdrawals, make those two withdrawals, then get hit with a penalty when you later try to close the account early because the bank considers that a “third” partial withdrawal.

Another concern you should have when shopping for no-penalty CDs is whether or not the bank or credit union will continue to offer it. AgFed Credit Union, for example, occasionally offers competitive no-penalty share certificates but they’re only available for funding for a limited time. If you snooze on some of these no-penalty CDs, don’t be surprised if they have vanished by the time you are ready to pull the trigger and fund one.

Learn more: Is a no-penalty CD worth it?

According to Ken Tumin, our in-house savings expert and founder of LendingTree-owned DepositAccounts.com, no-penalty CDs aren’t a bad option since there isn’t really much risk to trying one out. Just aim to find the longest term no-penalty CD deal you can since the rates will generally be higher.

“When the bank has your money for longer, they’ll usually offer a higher interest rate — and that interest will have more time to compound,” Tumin says. “So if you open a no-penalty CD, you should go for the one with the longest term possible. The rates will likely still be higher, and after all, if you decide to take the money out early, it’s no problem.”

Also, look for no-penalty CDs that offer the benefit on full withdrawals. Some banks only allow penalty-free partial withdrawals, Tumin warns.

Building a CD ladder to avoid withdrawal fees

If you’re interested in using CDs while still maintaining access to your funds, there’s another approach you could consider: building a CD ladder.

It’s can be a complicated strategy, but in short, you split your deposit up into smaller chunks and open several CDs with various term lengths. When the CDs reach maturity, you can renew the account and lengthen the term or withdraw the money if you need to. This way, you can take advantage of higher interest rates while still avoiding early withdrawal fees.

For a step-by-step guide to building a CD ladder, check out our guide linked above. And for even more savings strategies and tactics, keep your eye on the blog. We’re always reviewing the latest financial products and accounts to help you find the best solutions for your money.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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Best of

Best Business Checking Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

If you’re starting a business, one of the first steps to take is opening a business checking account. Being able to make transactions and deposit funds is an essential component of actually doing business, after all.

Every business owner will need different things from their checking account, based on factors like how many transactions you make per month and what kind of minimum balance you can manage. However, these are the basic business checking account features you need to look for:

  • Low transaction fees
  • Low minimum opening deposit and minimum balance requirements
  • High interest rates
  • Access to physical bank branches
  • Extensive ATM network

Since finding the right account can be a chore, we’ve compiled a round-up of the best business checking accounts that are currently available. Every month, we review business checking account rates using data from another LendingTree company, DepositAccounts.com, a database of offerings at more than 17,100 banks and credit unions. We sorted the products by APY, then eliminated institutions that were not available nationwide and did not meet the five criteria above.

To make the cut, the account needed to have minimal fees, a minimum of 50 transactions per month and the option to waive monthly fees if certain requirements are met. While offering an APY wasn’t a requirement, it was taken into consideration when developing this list.

Best Business Checking Accounts of April 2020

Account NameMinimum Balance to Waive Monthly Fee Number of Transactions Per Month with No ChargeAPY

Axos Bank Business Interest Checking

Average daily balance of $5,000

Up to 500.80%

Radius Bank Tailored Checking

Average monthly balance of $5,000

Unlimited0.10%

TIAA Bank Business Checking

Daily balance of $5,000

First 200 itemsNone

Chase Total Business Checking

Daily balance of $1,500

100None

First Citizens Bank Basic Business Checking

N/A

Up to 175 itemsNone

Capital One Spark Business Unlimited Checking

Prior 30- or 90-day average account balance of $25,000

UnlimitedNone

nbkc Bank Business Account

N/A

UnlimitedNone

Bank of America Business Advantage Checking

Average monthly balance of $15,000

First 500 itemsNone

PNC Bank Business Checking

Average monthly collected balance of $500

Up to 150 transactionsNone

Axos Bank Business Interest Checking

Axos Bank

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on Axos Bank’s secure website

Member FDIC

Axos Bank offers one of the few business checking accounts with minimal fees and a competitive APY, making it one of the best choices out there. Axos Bank’s Business Interest Checking account features an APY of 0.80% on account balances ranging from $0 to $5 million.

There is a $100 minimum required to open an account, and although the bank does charge a monthly maintenance fee of $10, you can waive the fee if you maintain a minimum average daily balance of $5,000. Other attractive features of the Axos Bank Business Interest Checking account are:

  • Transaction fees: Up to 50 items per month, $0.50 after that
  • Monthly fee: $10, can be we waived with minimum average daily balance of $5,000
  • ATM fees: Unlimited domestic reimbursements
  • Number of physical branches: Online only

Radius Bank Tailored Checking

Radius Bank

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on Radius Bank’s secure website

Member FDIC

Radius Bank is another online-only option that offers a great business checking account. Radius Bank’s Tailored Checking account features an APY of 0.10% on balances over $5,000. Like Axos, there is a $10 monthly maintenance fee, which can be waived if you maintain a minimum monthly balance of $5,000. There is a minimum deposit of $100 required to open an account, but no minimum balance requirement after that.

In addition to earning interest, other features of the Radius Bank Tailored Checking account worth noting are:

  • Transaction fees: Unlimited transactions
  • Monthly fee: $10, but can be waived with average monthly balance of $5,000
  • ATM fees: Unlimited ATM reimbursements, excluding international exchange fees)
  • Number of physical branches: One in Boston, otherwise it’s all online

TIAA Bank Business Checking

TIAA Bank

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on TIAA Bank’s secure website

Member FDIC

TIAA Bank offers a number of business checking accounts, ranging from options geared specifically to small businesses, to others tailored for non-profits. The standard Business Checking account is a solid product that ticks a number of boxes for a great, low-fee account. It’s worth noting that there’s a minimum deposit of $1,500 required to open an account, relatively higher than other business checking accounts out there.

It’s worth noting that there’s a minimum deposit of $1,500 required to open an account, relatively higher than other business checking accounts out there. Other business checking accounts offered by TIAA Bank that are worth exploring, depending on your business’s needs, include the Small Business Checking account, which is made for sole proprietors and single owner LLCs and offers an intro APY of 0.50%, and the Business Analysis Checking account.

The TIAA Bank Business Checking account features the following:

  • Transaction fees: First 200 items per month, $0.25 each after that
  • Monthly fee: $14.95, but can be waived with balance of $5,000
  • ATM fees: $15 monthly ATM reimbursement (domestic)
  • Number of physical branches: 145

Chase Bank Total Business Checking

Chase Bank

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on Chase Bank’s secure website

Member FDIC

Currently, Chase is offering a $300 bonus offer to new Chase business checking customers who open a Chase Total Business Checking account with qualifying activities.

Chase Bank’s Total Business Checking account offers the confidence that comes with banking with one of the largest banks in the U.S., with its extensive branch network and deep bench of deposit and lending products. Chase charges a $15 monthly service fee for this account, but there are ways you can waive it or reduce it, including maintaining a minimum daily balance of $1,500 and maintaining a linked Private Client or Sapphire Personal account.

Other standout features that come with the Chase Total Business Checking account include:

  • Transaction fees: 100 transactions per month, $0.40 each after that.
  • Monthly fee: $15, can be waived if you maintain a daily balance of at least $1,500 and maintain a Chase Private Client Checking account or a Sapphire Personal Checking account; reduced to $12 when you’re enrolled in paperless statements
  • ATM fees: No fee for out-of-network ATM withdrawals (ATM owner fees still apply)
  • Number of physical branches: Nearly 4,900

First Citizens Basic Business Checking

First Citizens Bank (NC)

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on First Citizens Bank (NC)’s secure website

Member FDIC

First Citizens Bank, which has a branch network sprawling across the Southeast and Southwest, and also offers online banking services. First Citizens promotes its Basic Business Checking account as a “favorite starter account” for businesses because of its simplicity and affordability. It’s one of the few banks on this list that doesn’t have any monthly maintenance fees, regardless of the account’s balance, as long as you opt out of paper statements.

With a low minimum deposit requirement of just $100 to open an account and no minimum balance requirements after that, it’s also one of the more accessible checking accounts for businesses that are not flush with cash from the get-go. While the First Citizens Basic Business Checking account doesn’t offer many bells and whistles, it’s a low-fee account with attractive features similar to those offered at big financial institutions:

  • Transaction fees: Up to 175 items per month, $0.50 each after that
  • Monthly fee: None
  • ATM fees: Free access to First Citizens Bank ATMs
  • Number of physical branches: Over 500 branches in Arizona, California, Colorado, Florida, Georgia, Kansas, Maryland, Missouri, New Mexico, North Carolina, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, Wisconsin and West Virginia.

Capital One Spark Business Unlimited Checking

Capital One

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on Capital One’s secure website

Member FDIC

The standout feature of Capital One’s Spark Business Unlimited Checking account is its unlimited transactions, a relatively rare feature for business checking accounts at the other big banks.

There is a minimum deposit of $250 required to open a Spark Business Unlimited Checking account, and it requires a pretty hefty balance to waive the monthly service fee of $35. Capital One, however, does offer overdraft protection with a linked small business deposit account. Other noteworthy features offered by the Capital One Spark Business Unlimited Checking account include:

  • Transaction fees: Unlimited transactions
  • Monthly fee: $35, can be waived with prior 30- or 90-day average account balance of $25,000
  • ATM fees: Free access to 39,000 Allpoint ATMs
  • Number of physical branches: Over 700

nbkc bank Business Account

nbkc bank

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on nbkc bank’s secure website

Member FDIC

The nbkc bank Business Account is a no-frills business checking account with competitive incentives, including unlimited transactions. There is no minimum required to open an account, and with no minimum balance requirements, this is a checking account that’s especially accessible for businesses just starting out.

For those who want more from their nbkc bank Business Account services, the bank also offers add-on options for an additional cost, like the Desktop Deposit, which gives you unlimited deposits from your office and unlimited account support. Drawbacks of the nbkc bank Business account include only having a handful of physical bank branches in Kansas and Missouri. However, nbkc primarily presents itself as an online-only bank.

Other standout features of the nbkc bank Business account include:

  • Transaction fees: Unlimited transactions
  • Monthly fee: None
  • ATM fees: Free access to 32,000 MoneyPass ATMs and up to $12 monthly refunds for any ATM’s fees
  • Number of physical branches: 4 total in Kansas and Missouri (it positions itself as an online bank)

Bank of America Business Advantage Checking

Bank of America

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on Bank Of America’s secure website

Member FDIC

Bank of America (BoA) offers a number of business checking accounts, but its Business Advantage Checking account in particular has a number of competitive features. This account does have a relatively steep monthly fee of $29.95, but it gives you several options to forgo that fee. There is a minimum deposit of $100 required to open the account.

One perk worth highlighting is that you’ll also receive an additional Business Advantage Checking account and an additional Business Advantage Savings account at no extra charge, as well as a $300 credit to new, eligible business credit cards if you make at least $3,000 in new purchases within the first 90 days.

Other standout features of the Bank of America Business Advantage Checking account include:

  • Transaction fees: Up to 500 transactions per month, $0.45 after that
  • Monthly fee: $29.95, one of several ways to waive this by maintaining an average monthly balance of at least $15,000, maintaining a combined average monthly balance in linked BoA accounts of $35,000, or spending $2,500 in net new purchases on a BoA business credit card
  • ATM fees: Free access to Bank of America ATMs
  • Number of physical branches: Over 4,000

PNC Bank Business Checking

PNC Bank

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on PNC Bank’s secure website

Member FDIC

PNC Bank’s Business Checking account is great for budding businesses interested in the checking essentials with minimal fees. There is a minimum deposit of just $100 required to open an account, and clients can waive the $10 monthly maintenance fee by meeting certain requirements, including maintaining an average, monthly collected balance of just $500.

There are drawbacks of the PNC Bank Business Checking account, though. PNC itself has a relatively nonexistent footprint in the Western region of the U.S., so if you live in that region and want the convenience of a bank with brick-and-mortar locations, you’ll want to take that into consideration.

Other noteworthy features of the PNC Bank Business Checking account are:

  • Transaction fees: Up to 150 transactions monthly, $0.50 each after that
  • Monthly fee: $10, waived if you maintain a balance of $500, use a linked PNC business credit card to make a minimum of $500 in eligible purchases or Maintain a linked PNC Merchant Services account and generate a minimum of $500 in qualifying monthly processing deposits
  • ATM fees: Free access to 15,000 PNC ATMs, two reimbursements per statement cycle of non-PNC Bank ATM fees
  • Number of physical branches: 2,400 in Alabama, Delaware, Washington, DC, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Maryland, Michigan, Missouri, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia, West Virginia and Wisconsin

Business checking accounts vs. personal checking accounts

At first glance, business checking accounts versus personal checking accounts might seem fairly similar. But if you take a closer look, you can understand the key differences. While every account has its differing features, personal checking accounts usually have:

Meanwhile, business checking accounts often have:

  • Monthly service fees or minimum balance requirements to waive them
  • Lower APYs
  • Extra fees for actions ranging from having an excess of transactions to depositing cash
  • More documentation required to open an account
  • The option to order employee debit cards

Why you need a business checking account

If you’re a business owner, you might be wondering why you even have to open a checking account separate from your personal one. After all, personal checking accounts tend to have lower fees, higher APYs and better features. Why not just skip opening one and — when it comes to your checking accounts — mix business with pleasure?

There are several reasons why you should keep your work and personal checking accounts from co-mingling. First and foremost: If you operate your business as a legal entity that is separate from you – say, as an LLC – you’re legally required to keep your personal and business finances separate. Opening a business checking account is the simplest way to do that.

Another reason why you need a checking account for your business is to protect yourself. If you have structured your business entity as a corporation or an LLC, and you have a separate checking account for your business, you and other shareholders’ personal assets are not likely to be seized for damages your company is obligated to pay when filing for bankruptcy.

Benefits of a business checking account

There are a number of other benefits associated with maintaining a business checking account, aside from the obvious ones of following the law and protecting your personal assets. Those benefits can include:

  • Keeping your business records organized. This will make it easier to track your business’s profitability and assess its performance.
  • Simplifying your taxes. By keeping your personal and business checking accounts separate, it will be easier for you to file your taxes accurately and avoid penalties from the IRS. Also, it will make it easier for you to deduct business expenses from your taxes.
  • Being able to accept credit cards as a form of payment, either by setting up a merchant system or credit acceptance system.
  • Being able to allow your employees to use the business checking account.

What you need to open a business checking account

When opening a business checking account, you need more than just a spiffy company name and logo. You’ll typically be required to present the following documents:

  • Employee Identification Number (or Social Security number if it’s a sole proprietorship)
  • Your business’s formation documents
  • Ownership agreements
  • Business license

Opening a business checking account might be one of the first, big business decisions you will make as an entrepreneur. Make sure it’s an informed decision: Do your research, come with questions and be confident about the account you are opening before signing on the dotted line.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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Best of

Best Savings Account Bonus Offers of April 2020

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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 best savings account bonus offers in April 2020

Methodology

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.

Chase — $2,000 bonus with $250,000 minimum deposit

Offer ends 4/27/2020

Offer rules: Become a Chase Private Client customer and get a chance to earn this $2,000 bonus. You’ll need to transfer a total of $250,000 or more in qualifying new money or securities to a combination of eligible personal checking, savings and/or investment accounts within 45 days of opening and maintain the balance for at least 90 days. Eligible accounts excludes any You Invest, J.P. Morgan retirement accounts and CDs.

Who’s eligible: Only new Chase customers in 32 select states and Washington D.C. may qualify for this offer. You can visit your nearest CPC branch or email an upgrade code to yourself to redeem this offer.

Account details: Chase Private Client requires you to maintain an average daily balance of $250,000 or more between qualifying personal or business deposits and investments. Chase Private Client extends the perks and benefits you can receive on your Chase accounts, including banking, credit cards, loans and investments.

Chase Private Client does not charge monthly fees on Chase Private Client Checking or Chase Private Client Savings accounts. Private Client Savings Accounts earn a minimal 0.01% APY.

SEE DETAILS Secured

on Chase Bank’s secure website

Member FDIC

Chase — $1,000 bonus with $75,000 minimum deposit

Offer ends 4/27/2020

Offer rules:Become a Sapphire Banking customer by transferring $75,000 or more in qualifying new money or securities to a combination of eligible personal checking, savings and/or investment accounts (excluding any J.P. Morgan retirement accounts and CDs). You must also maintain that balance for 90 days.

Who’s eligible: This offer is available only to customers in 32 select states and Washington D.C. You can open a Sapphire Banking account online and email yourself a code to redeem this offer.

Account details: Despite its premier placing, Chase Sapphire Checking earns only 0.01% APY. Linking a Chase Sapphire Checking account to a Chase Premier Savings account (and meeting other requirements), offers a small boost to your Premier Savings rates. It also unlocks higher rates for higher balances.

SEE DETAILS Secured

on Chase Bank’s secure website

Member FDIC

Citi — $700 bonus with $50,000 minimum deposit

Offer ends 6/30/2020

Offer rules: Open a new checking and savings accounts in the Citi Priority Account Package and deposit at least $50,000 in new-to-Citibank money within 30 days of account opening. Your funds can be shared between the new checking and savings accounts. Maintain at least $50,000 between the accounts for 60 days to qualify for the bonus.

Who’s eligible: New Citibank customers are eligible for this offer. This means those who have not been a signer on a Citibank checking account within the past 180 days.

Account details: The Citi Priority Account Package is a premium account, including investment resources and on-demand access to Citi Personal Wealth Management. The account costs $30 each month to own. You can waive the fee by maintaining a combined average monthly balance of at least $50,000 in eligible linked accounts.

With the Citi Priority Account Package, you can earn 0.03% APY on the Interest Checking account and 0.04% – 0.15% APY on the Citi Savings account, depending on your balance.

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Citi — Up to $500 bonus with $15,000 minimum deposit

Offer ends 6/30/2020

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 one qualifying direct deposit each month for two consecutive months within 60 days of opening the account, you’ll receive an additional $100, boosting your total bonus to $500.

Who’s eligible: You must be a new customer to Citibank and enroll in the offer through the offer page or in person at a branch.

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.

The Citibank Account Package earns 0.01% APY on the Interest Checking account and between 0.04% and 0.13% APY on the Citi Savings account, depending on your balance.

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Associated Bank — $400 bonus with $25,100 minimum deposit

Offer ends 6/30/2020

Offer rules: This offer requires you to open both an Associated Choice Checking account and an Associated Relationship Savings account. Open the checking account with at least $100 and make three payments through Associated Bank Online Bill Pay or at least one direct deposit of $300 or more within 45 days of account opening. You must open the savings account with at least $25,000. Together, you must maintain a $25,000 minimum combined balance in those accounts for 90 days to receive the reward, 120 days after account opening.

Email yourself a coupon code from the offer page and bring that coupon into a branch to redeem.

Who’s eligible: You must fund the new accounts with money not already held with the Bank. The offer is not available to Associated Bank employees and those who already have or have had a checking account or Associated Relationship Savings account at Associated Bank within the last six months.

Account details: A heavy-hitting account, the Associated Choice Checking account earns interest between 0.01% and 0.01% APY, depending on your balance (higher balances earn higher rates). It charges a high $25 monthly fee, which you can waive with at least $10,000 in combined deposit accounts or either an HSA or investment account.

The Associated Relationship Savings account earns between 0.03% and 0.25% APY, where higher balances earn more.

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on Associated Bank, NA’s secure website

Member FDIC

PNC Bank — Up to $300 bonus with $5,000 direct deposits

Offer ends 5/4/2020

Offer rules: There are three bonus reward opportunities at PNC Bank, although you can only redeem one at a time. To earn the largest $300 reward, you must first open a new Virtual Wallet with Performance Select and receive direct deposits totaling at least $5,000. To earn a $200 reward, you must open a new Virtual Wallet with Performance Spend account and make at least $2,000 in total direct deposits. To earn a $50 reward, you must open a new Virtual Wallet and make $500 in direct deposits.

All bonuses also require you to make at least 10 purchases with the PNC Bank Visa Debit Card that comes with your new account. You must meet all requirements within the first 60 days of account ownership.

Qualifying direct deposits are paycheck, pension, Social Security or other regular monthly payments from an employer or an outside agency. A qualifying debit card purchase is one made at point of sale with your signature or PIN or online with your debit card number.

Who’s eligible: Only new PNC customers qualify for these offers. This excludes those who own an existing PNC Bank consumer checking account, have closed an account within the past 90 days or have been paid a promotional premium in the past 12 months.

To redeem this bonus, open the new checking account via the bonus page.

Account details: The Performance Select is the top tier Virtual Wallet. Its checking account aspects earn interest at 0.01% APY. The savings account earns 0.01% APY as well, unless you qualify for higher relationship rates. There is a $25 monthly fee, which you can waive in a few different ways.

The Performance Spend also pays 0.01% interest on its checking account for balances of $2,000 or more. Its second checking component earns 0.01% APY on all balances. Its Growth savings component earns 0.01% APY. You can earn at higher relationship rates by meeting certain requirements. Performance Spend has a $15 waivable fee.

Virtual Wallet includes a primary, non-interest-bearing checking account, a short-term, interest-bearing checking account at 0.01% APY and a long-term savings account at 0.01% APY, again with the opportunity for relationship rates. It charges a $7 waivable monthly fee.

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Member FDIC

Discover — Up to $200 bonus with $25,000 minimum deposit

Offer ends 5/25/2020

Offer rules: Discover customers can benefit from a $200 bonus by opening a Discover Online Savings account for the first time by April 6, 2019, which is the date this offer ends. You’ll then need to deposit at least $25,000 into the account by April 20, 2020.

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 April 20, 2020.

Bonuses will be credited to your account by May 4, 2020.

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 “MM220” either online or by phone.

Account details: Discover’s Online Savings Account earns at a competitive interest rate of 1.50% on all balances. There’s no monthly service fee and Discover promises no hidden fees. You’ll only face a charge for excessive withdrawals, stop payments, insufficient funds and outgoing wire transfers. Discover will waive the first excessive withdrawal, insufficient funds or stop payment fee you encounter each calendar year. Keep in mind that these bonuses are considered interest and will be reported on a 1099-INT form.

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on Discover Bank’s secure website

Member FDIC

Citi — $200 bonus with $5,000 minimum deposit

Offer ends 6/30/2020

Offer rules: Citibank’s $200 bonus is available when you open a new Basic Banking Package. Qualify for the offer when you deposit at least $5,000 in new money into the package within 30 days after account opening. You can split the funds between the checking and savings accounts. Then maintain at least $5,000 in the package for 60 days to fully qualify.

Who’s eligible: You must be a new Citibank checking customer to be eligible for this bonus offer, which means you must not have been a signer on a Citibank checking account within the past 180 days.

Account details: The Citibank Basic Banking Package does not include a checking account that earns interest, but its Citi Savings account does earn interest between 0.04% and 0.06%, depending on your balance.

The Basic Banking Package charges a $12 monthly fee, which you can waive by make one qualifying direct deposit and one qualifying bill payment per statement period or maintaining a combined average monthly balance of at least $1,500 in eligible linked accounts. Account holders who are 62 or older can also have the fee waived.

The Citibank Account Package earns 0.01% APY on the Interest Checking account and between 0.04% and 0.13% APY on the Citi Savings account, depending on your balance.

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Chase — $150 bonus with $10,000 minimum deposit

Offer ends 4/20/2020

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.

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on Chase Bank’s secure website

Associated Bank — $100 bonus with $10,000 minimum deposit

Offer ends 6/30/2020

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 0.01% and 0.01% 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.

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on Associated Bank, NA’s secure website

Member FDIC

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.

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