Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.
Updated on Tuesday, January 12, 2021
There are several savings account bonus offers out there that could allow you to earn a few hundred dollars by opening a new savings account.
Find some of the best savings account bonus offers below, ranked by bonus amount. 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. Also keep an eye on an offer’s expiration date so you don’t miss out on a deal.
The best savings account bonus offers in January 2021
Do you have a savings goal in mind? Tell us about it!
Do you have a savings goal in mind? Tell us about it!
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 — $700 bonus with $50,000 minimum deposit
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.
PNC Bank — Up to $400 bonus with $5,000 direct deposits
Offer rules: There are three bonus reward opportunities at PNC Bank, although you can only redeem one at a time. To earn the largest $400 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.
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.
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.
Citi — $300 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).
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.
Chase — $150 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 (SM) 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 (SM) 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 (SM) 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.
Regions Bank — Up to $100 bonus with $10 monthly minimum deposit
Offer rules: The LifeGreen Savings Account earns an annual 1% bonus of up to $100. To qualify for the bonus, you must have receive an automatic transfer of at least $10 from a Regions checking account to your LifeGreen Savings Account in at least 10 of the 12 months that precede the month of your account opening.
Your bonus will be based on the average monthly balance for the 12 calendar months before your account anniversary.
Who’s eligible: Any Regions checking account holder. You must already have a Regions checking account to open a LifeGreen Savings account.
Account details: The LifeGreen Savings account charges no monthly fee and earns 0.01% APY on all balances. You’ll need an opening deposit of at least $50 to open the account online, or $5 if you open the account at a branch, and you set up an automatic recurring monthly transfer from a Regions checking account.
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.