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Updated on Thursday, April 1, 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 April 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.
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.
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.