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Updated on Wednesday, October 13, 2021
To attract new customers, banks occasionally offer promotions related to opening accounts. While the bonuses for checking accounts are generally higher and more common, you can sometimes earn bonuses for opening a new savings account. There are usually requirements to earn those bonuses. Read on for the best bonus offers available now when opening a new savings account.
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- Best bank bonuses for savings accounts in October 2021
- Summary of top savings account bonuses in October 2021
- Methodology for choosing the best savings account bonus offers
- Advantages of savings accounts
- Savings accounts: FAQs
Best bank bonuses for savings accounts in October 2021
TD Bank Beyond Savings or Simple Savings — $200
- Expiration date: 11/30/2021
- 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 nationwide for those who do not currently 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: $15 for Beyond Savings, waived with a $20,000 minimum daily balance or a linked TD Beyond Checking account; $5 for Simple Savings, waived with a $300 minimum daily balance, a link to a 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 — $100
- Expiration date: 12/31/2021
- How to earn bonus: Earn $100 when you deposit at least $100 a month for 12 consecutive months after account opening.
- 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 — 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 Virginia 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 — Up to $60
- Expiration date: 10/29/2021
- 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: Those who live in Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri or Wisconsin and 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
Summary of top savings account bonuses in October 2021
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 Federal Deposit Insurance Corporation (FDIC) and credit unions need to be insured by the National Credit Union Administration (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.
Advantages of savings accounts
A savings account is a simple deposit account that allows people to deposit and store money safely in a financial institution with FDIC or NCUA insurance. These accounts aren’t designed for everyday banking transactions — and Federal Regulation D typically limits account holders to six free withdrawals per month. This rule was suspended during the COVID-19 pandemic, and now the Federal Reserve leaves it up to financial institutions whether they enforce the limit.
Savings accounts often bear interest. Interest rates can be determined by broader monetary policy and banking trends, but financial institutions tend to incentivize a savings account by paying some interest on the balance. Some banks advertise high-yield savings accounts that are especially geared toward providing the best possible interest rate; some online banks and credit unions pare down their overhead costs to maximize the interest their accounts bear.
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.
Savings accounts: FAQs
Multiple banks offer promotions for signing up for a savings account. MagnifyMoney chose accounts from TD Bank, Alliant Credit Union, Regions Bank and BMO Harris.
Right now, TD Bank has the highest available bonus for savings accounts at $200 for their Beyond Savings or Simple Savings accounts.