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Best savings account bonuses and promotions in 2024

Savings account promotions offer a great incentive to sign up with easy-to-meet qualifications to earn cash that can grow your savings.

The Discover® Online Savings Account offers a competitive APY with no monthly fees, no minimum opening deposit and most importantly no monthly balance requirements. First time account holders may be open to an attractive bonus.

Overview: Best savings account bonuses

Discover® Online Savings Account

The Discover® Online Savings Account is a reputable, big FDIC-insured financial institution that you can be comfortable signing up for even without a sign-up incentive.

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Discover® Online Savings Account

Discover is a large, nationwide financial services company offering savings accounts, checking and credit card products. Discover is a member, FDIC.

The high-yield Discover® Online Savings Account offers a generous 4.25% APY, no account fees, and a pleasant banking experience backed by award-winning customer service.

  • 4.25% APY
  • No minimum balance requirement
  • No fees for most transactions
  • Service charge for outgoing wire transfers
Open an Account

A Discover® Online Savings Account brings to the table one of the highest returns of any U.S. bank. It’s also remarkably fee-free. In addition to no account fee, you won’t be charged for some other common fees including:

  • Monthly maintenance
  • Official bank check (there’s also no fee if you need expedited delivery of your check)
  • Deposited item returned
  • Insufficient funds
  • Stop payment order
  • Account closure

Discover® Bank is mainstream and familiar. Coupled with its customer-friendly policies, it’s likely the best bet for most of us who are looking for a straightforward high-yield savings account.

  • Minimum deposit: $0
  • Fees: $0
  • APY: 4.25%
  • Unique features: “Quick View” app feature allows you to view your account balance without logging in; Early Pay lets you get qualifying ACH transfers up to two days early.

» MORE: Open a Discover® Online Savings Account or read our full Discover® Online Savings Account review

SoFi Checking and Savings

SoFi Logo

SoFi’s current promotion gives you the opportunity to earn up to a $250 bonus meeting a total qualifying direct deposit amount 25-day evaluation period.

In other words, when your first direct deposit hits your account, your clock starts ticking. $5,000 or more in qualifying direct deposits is needed to get the full $250 and anything under that but above $1,000 will earn a less attractive $50.

There’s one (potentially minor) caveat surrounding this account: depositing cash will cost you. If the nature of your job is getting paid in cash, perhaps as a restaurant server, you could find yourself paying up to $4.95 at a Green Dot retail location just for the privilege of putting your own money in your account.

  • Minimum deposit: $0
  • Fees: $0
  • APY: 0.50% on checking, up to 4.60% on savings
  • Offer: Earn a $50 bonus when with $1,000 to $4,999.99 in qualifying direct deposits, or $250 bonus when you receive at least $5,000 in qualifying direct deposits. Terms apply.
  • Unique features: Receive your paycheck up to two days early when you set up direct deposit.

» Open an account with SoFi

Bask Mileage Savings Account

Bask Bank Logo

Bask Bank is altogether unique. You can earn an extremely competitive APY with a Bask Interest Savings Account on your savings account balance. Or, you can opt to earn American Airlines AAdvantage® miles instead with a a Bask Mileage Savings Account.

Bask Bank is offering bonus AAdvantage® miles to new Bask Mileage Savings Account customers as a promotion when you make a new deposit and maintain the new deposit balance for a noted amount of consecutive calendar days.

The value you receive from American Airlines miles depends on how you spend them. If you’re wise about it, you could easily net an exponentially better return than any other high-yield savings account on the planet.

One foible of Bask Bank is its complete disregard to even acknowledge the existence of ATMs. It doesn’t even offer an ATM card at all — so to access your money, you’ll have to transfer it to another bank.

  • Minimum deposit: $0
  • Fees: $0
  • APY: 5.00% (on Bask Interest Savings Account)
  • Offer: Earn up to 5,000 Bonus AAdvantage® miles. Must be a first time Bask Mileage Savings account customer and fund your account within 15 days following account opening. You need to maintain a minimum daily account balance of $25,000 for 90 consecutive days out of 120 following initial account opening. Other qualifications and terms may apply.
  • Unique features: Ability to earn with a competitive APY or earn miles as you maintain your balance.

» Open an account with Bask Bank

The competition

There are a number of savings accounts out there currently, like Barclays Online Savings and the CIT Platinum Savings Account, that we rank among the best savings accounts. These are not currently offering promotions or bonuses for signing up because they already routinely offer high interest rates that stay competitive and back their accounts with longstanding reputations.

If you’re still set on offers, here are some others and their offers that you can check eligibility and relevant terms on:

TD Personal Savings Account

Open a new TD Personal Savings Account online, deposit $10,000 or more in new money within 20 days, then maintain a balance of at least $10,000 for 90 days from the date the deposit requirement is initially met to earn $200. This offer is open to both TD Signature Savings and TD Simple Savings.

Wells Fargo Way2Save® Savings account

Get a savings bonus of $525 with a new Way2Save® Savings account (or other eligible consumer savings account) with a minimum opening deposit of $25. You have to provide a bonus code to a teller and bring $25,000 in new money, maintaining it for 90 days after, to qualify for this bonus.

How we chose the best savings account that offer bonuses

Banks want your business. To stay competitive, they’ll find ways to attract customers.

For this reason, financial institutions will use a savings account bonus to convince new customers to give them a try. You’ll typically find they range from $100 to a few hundred dollars (though we’ve seen absolute monsters in the past — like $500+).

But dollar value isn’t the only factor to consider when signing up for an account bonus. In compiling this list, our top priorities were:

  • Value of the promotion
  • Effort required to earn the promotion
  • Ongoing benefits, namely APY

Who are the best savings account with bonuses and promotions for?

If you’re already looking to open a savings account for a short-term or long-term goal, or to serve as an emergency fund, then the best savings accounts with bonuses can offer a chunk to your savings. These offers are open to new customers of each respective account and are fine with meeting qualifications.

These savings accounts can benefit those who don’t already have a savings account or would like another to keep separation and need an incentive to finally sign up.

How you should choose a savings account

If you’re ready to move your money, you’ll also want to look for specific features in a bank account, like fees or lack of, interest rates, and any rewards.

When considering offers, here are some things to keep in mind:


You’re probably tempted to look at the amount of cash you’ll get, first and foremost. But there’s something more important than that. Look at what each bank requires you to do before you can receive the money.

Some offers are limited to those with $10,000 or $15,000 to deposit, for instance, while others require you to make a minimum number of deposits each month. Don’t bother going for an ultra-lucrative deal if you know you can’t meet the requirements! You’re better off not missing out and sticking to an offer you know you’ll meet.

Account Features

Cash is only the start. The best gifts are the ones that keep on giving, year after year. Pay attention to the features that will both save you money and make it easier to save.

Perks like high returns on interest and waived ATM fees can add up over time, bringing you far more than you made on your sign-up bonus.

Ease of Access

The internet has made online banking easy, but you’ll still want to make sure you can manage your money in the way you find most comfortable.

Does the mobile app have all the features you need? Can you deposit checks remotely? If you ever need cash, how easily can you access your savings account balance?

Do you pay taxes on a savings account bonus?

Yes, like interest earned you must pay taxes on a bonus earned with a savings account. You may be issued a 1099-INT at the end of the year listing your bonus amount received along with any interest you earned, depending on your bank. You alternatively may be issued a 1099-MISC or 1042-S instead. If you’re not issued a form, however, you still owe a tax obligation that can be filed in a 1040 form.

Should you switch banks to claim a savings account bonus?

There’s no maximum number of savings accounts one person can open, so you don’t necessarily need to switch banks. Opening or switching bank accounts to receive a bonus depends on your personal banking preferences and whether you find a promotion attractive enough.

You may decide the steps to opening a new savings account and meeting the qualifications for a bonus is not worth what is being given in return, or that a savings account without a bonus is ultimately better.

The bottom line: Best savings account bonuses

With so many savings account options out there, you can easily shop around and find the bank that has everything you need. Promotions and deals just serve to introduce you to a bank that likely has a host of other benefits, but don’t let them be your only deciding factor. You may find a savings account that does not offer a promotion to sign up that’s better for you.

Thoroughly research what you’ll be getting and if you do want a deal, remember to keep an eye on expiration dates and terms that tend to change often.

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