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The best savings account bonus offers and promotions

You can be rewarded with promotions, offers and great interest rates just for signing up.

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Our pick for a signup bonus: Citibank® Account Package

Citibank® Account Package logo

Up to 1.05%

APY

  • Earn Citi ThankYou® Rewards Points
  • Earn a $400 bonus
  • Option to earn interest on your checking account
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Savings accounts with bonuses are geared toward savers looking to open a new account. While signup bonuses offer a nice financial boost, they are short-term offers. If you get too caught up on the deal, you may forget to think about the fine print and the account as a whole.

We update and compare offers from various financial institutions at the beginning of every month and select those with the highest promotional value, regardless of minimum deposits. We include checking accounts only if there’s attached savings account requirements and we omit bonuses that are only available to a few states.

Closer look at the best savings accounts with signup bonuses

The best savings account bonuses typically have deposit requirements of at least $10,000. You’ll also need to keep your money in your account for a certain period of time. However, your reward can be a nice chunk of change and a budding relationship with a new bank.

Chase Savings: $150 bonus

  • Bonus amount: $150
  • Minimum deposit required: $10,000
  • Interest rate: 0.01% APY
  • Offer rules: Earn $150 when you open a new Chase Savings account by October 14, 2020, deposit at least $10,000 in new money within the first 20 days and maintain a minimum $10,000 balance for 90 days.
  • Eligibility: Not available to existing Chase savings customers, or those whose accounts have been closed within 90 days or closed with a negative balance.
  • Expiration: Bonus available until October 14, 2020.

Chase Private Client: $2,000 bonus

  • Bonus amount: $2,000
  • Minimum deposit required: $250,000
  • Interest rate: 0.01%
  • Offer rules: Upgrade your existing Chase account to Chase Private Client by meeting with a Private Client Banker by October 1, 2020. Then, transfer at least $250,000 in new money to eligible savings, checking or investment accounts within 45 days of account opening. Finally, keep an average daily balance of at least $250,000 in your accounts for at least 90 days.
  • Eligibility: Available only to existing Chase customers.
  • Expiration: Bonus available until October 1, 2020.

Citi Priority Account: $700 bonus

  • Bonus amount: $700
  • Minimum deposit required: $50,000
  • Interest rate: 0.04% to 1.1%, depending on your location
  • Offer rules: Open new, qualifying savings and checking accounts as part of the Citi Priority Account Package. Within 30 days, deposit at least $50,000 into your combined accounts and keep the amount for 60 consecutive calendar days.
  • Eligibility: Available only to new Citibank customers.
  • Expiration: Bonus available until January 5, 2021.

Citibank Account Package: $400 bonus

  • Bonus amount: $400
  • Minimum deposit required: $15,000
  • Interest rate: 0.04% to 1.1%, depending on your location
  • Offer rules: Open new, qualifying savings and checking accounts as part of the Citibank Account Package. Within 30 days, deposit at least $15,000 into your combined accounts and keep the amount for 60 consecutive calendar days.
  • Eligibility: Available only to new Citibank customers.
  • Expiration: Bonus available until January 5, 2021.

How to choose the best savings account promotion

When combing through savings account promotions, dig beyond the surface and look at the actual account details. Because once the introductory offer expires, you don’t want to be stuck with an account you don’t like. Here are some factors to consider:

  • High introductory rate. Look for an account with a high introductory interest rate that lasts for a longer period of time.
  • Low minimum opening balance. Check to see how much money you need to open the account — and if there’s a minimum ongoing balance that needs to be maintained. If you’re just starting out as a new saver, you probably don’t want a high minimum.
  • Little or no fees. Some banks have monthly fees or will charge you if your account balance dips too low. Look for a fee-free account, especially if you can’t keep a high minimum balance.
  • High regular rate. After the introductory period is over, your account will drop down to the bank’s regular rate. Don’t get so caught up in flashy offers for new accounts that you choose one with a rock-bottom regular rate.
  • Large signup bonus. Some banks will offer a signup bonus of a set amount of money just for opening a new account.

How do savings account bonus offers work?

Banks attract new customers by offering signup bonuses for checking and savings accounts when you open them online. Requirements vary by bank, but you’ll usually need to set up direct deposit or transfer a minimum amount of money into the account by a certain date to meet the requirements. The promotion is deposited into your account typically within 90 days.

What are the pros and cons of a savings account signup bonus?

Weigh these benefits and drawbacks before opening an account with a promotion or offer:

Pros

  • Motivation to save. Receiving a signup bonus could be the motivation you’ve always needed to finally start saving.
  • Could get more interest. The boost in interest offered as an introductory rate is a good incentive to put as much as you can into a savings account in the first few months.

Cons

  • Limited time only. After the introductory period, you’ll lose your bonus or the account will revert to a lower, standard variable rate.
  • You don’t usually get signup bonuses right away. Many banks require you to have your account open for a specified period of time before they give you your signup bonus. This prevents people from opening several accounts in one day just for the cash and then closing them the next day.

What is an introductory rate?

An introductory interest rate is a higher interest rate offered on a savings account that’s only available for a couple of months. It’s a good practice to regularly compare your savings account options to ensure you’re always getting the highest rate.

always get highest rate

What’s a loyalty bonus?

A loyalty bonus is any sort of extra perk that a financial institution offers customers who have several different account types, large balances or a long history with the bank. They can apply to savings accounts, checking accounts, CDs, credit cards and even loans. Bundling together multiple financial products and linking your accounts at the same bank is one of the most common ways to score a bonus.

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Bottom line

An introductory offer can be the motivational boost you need to start saving. When you’re ready to open an account, take advantage of any bonuses available — but make sure it’s an account that you’ll still want when the intro period ends.

Compare even more savings accounts with signup bonuses

Use this table to compare savings accounts with sign-up offers and promotions.

Name Product Fee Minimum deposit to open Rewards Intro or bonus offer APY
Citibank® Account Package
$25 per month
(can be waived)
$0
Open new eligible checking and savings accounts, deposit $15,000 of new funds between the two accounts and maintain the balance for 60 consecutive days
0.13% on balances of $500,000+
0.08% on balances of $25,000 to $99,999.99
0.04% on balances of $0 to $24,999.99
Earn a $400 bonus after opening new eligible checking and savings accounts and completing required activities.
Betterment Everyday Cash Reserve
$0
$10
0.40%
This savings account has no account and overdraft fees, plus it requires no minimum balance.
Qapital
$3 per month
(can be waived)
$10
30-day free trial
0.10%
Saving for something special is fun. Qapital helps you get there faster with goals and rules. Plus, you can even team up with others to reach joint goals.
Chase Savings
$5 per month
(can be waived)
$0
Earn a $150 bonus when you open a new Chase Savings account, deposit at least $10,000 in the first 20 days and maintain a balance of $10,000 for 90 days
0.01%
A simple savings account with low, waivable monthly fees and a $150 signup bonus when you meet deposit and balance requirements.
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