Best Savings Account Bonuses

SoFi, Alliant, and Axos can provide hundreds of dollars for depositing money and maintaining new savings accounts

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Savings account bonuses can help you earn extra cash simply by opening a new account and meeting specific deposit or balance requirements. Some of these bonuses amount to hundreds of dollars, so they’re worth researching if you’d like to grow your savings. 

The best savings account promotions are fairly simple to get and can help you get closer to your money goals. See the most lucrative bonus offers here.

Looking for more than just savings accounts? See the best checking account bonuses here.

SoFi : SoFi Checking/Savings - $250



  • Bonus Amount: $50–$250
  • Promotion Expiry: Dec. 31, 2023
  • Qualifications: Direct deposit
How to Get the Bonus 
  1. Visit the SoFi website using the link above.
  2. Open a new SoFi Online Savings Account. Start your application using the link above.
  3. Set up direct deposit. Note that direct deposits must be from your employer’s payroll or benefits service to qualify.
  4. Deposit $1,000 or more. Make total qualifying direct deposits of $1,000 or more in the first 25 days to earn a $50 bonus, or make total qualifying direct deposits of $5,000 or more during that same period to earn a $250 bonus.
  5. Get your bonus. You’ll receive the bonus within seven days of finishing the initial 25-day period.
Bonus Restrictions and Account Fees

This promotion is available to new and existing SoFi customers ages 18 or older, though you won’t be eligible if you’ve set up direct deposit to a SoFi deposit account previously. Unlike certain competitors, SoFi doesn’t charge any account fees, which is a major perk. 

There are also no minimum balance requirements with SoFi. While you need to make at least $1,000 in qualifying direct deposits to earn the $50 bonus, you won’t necessarily need to keep that money in your account. This can be helpful if you need flexible access to your cash but still want to benefit from an account promotion.

Alliant : Alliant Ultimate Opportunity Savings - $100

Alliant Credit Union

Alliant Credit Union

  • Bonus Amount: $100
  • Promotion Expiry: December 31, 2023
  • Qualifications: Monthly deposit, maintain balance, total balance
How to Get the Bonus 
  1. Become an Alliant member. Visit the Alliant Credit Union website using the link above and start the account application process, which will prompt you to become a member.
  2. Open an Ultimate Opportunity Savings account. You can do this online or by phone. If you open by phone, you’ll need to mention the “Suze Orman Ultimate Savings” promotion.
  3. Make qualifying deposits. Make monthly deposits of $100 or more each month for the first year.
  4. Maintain a qualifying balance. Maintain an average daily balance of at least $100.
  5. Have a qualifying balance a year later. You must have a total balance of at least $1,200 after the first year.
  6. Get the bonus. Receive $100 account bonus within one month of meeting all first-year requirements.
Bonus Restrictions and Account Fees

This promotion is only available to new Alliant members and former customers who closed an account more than 180 days ago. You’ll also need to be 18 years or older and a legal U.S. resident to qualify. 

Alliant savings and checking accounts aren’t subject to overdraft fees if you enroll in optional overdraft protection. While monthly fees do apply, you can waive them by signing up to receive e-statements. You won’t pay any fees related to your account balance, either, though you will need to maintain a $5 balance to keep your account active and a $100 balance to qualify for the promotion. 

Axos : Axos Business Savings - $200

Axos Bank

Axos Bank

  • Bonus Amount: $200
  • Promotion Expiry: June 30, 2023
  • Qualifications: New business owner, deposit, daily balance requirement
How to Get the Bonus 
  1. Open a new Business Savings Account. Open a new Axos Business Savings Account using the link above; your business must have been registered after June 1, 2020 to be eligible for the bonus.
  2. Make a qualifying deposit. Make at least a $1,000 minimum opening deposit.
  3. Maintain a balance. Maintain an average daily balance of $2,500 for the first 60 days of account opening.
  4. Get the bonus. After those 60 days, you’ll receive the bonus within five days of your statement cycle date.
Bonus Restrictions and Account Fees

The Axos Business Savings Account is available for new customers who have registered a business after June 1, 2020. If your business was registered before June 1, 2020, you may be eligible for a $100 new account bonus. Axos doesn’t disclose whether you’ll need to be 18 or older to open an account. 

There are a couple of fees to be aware of with an Axos business account. If your average daily balance is less than $2,500, you’ll be charged a $5 monthly maintenance fee. An early account closure fee of $50 may also apply if you don’t keep your account open for at least six months.

TD Bank : TD Simple Savings - $200

TD Bank

TD Bank

  • Bonus Amount: $200
  • Promotion Expiry: March 31, 2023
  • Qualifications: Deposit, maintain balance
How to Get the Bonus 
  1. Open a new account. Open a new Simple Savings account in person or online. 
  2. Make qualifying deposits. Deposit $10,000 or more in new money within 20 days of account opening.
  3. Maintain a minimum daily balance. Maintain a balance of $10,000 or more for 90 days from the date the deposit requirement is initially met.
  4. Wait for the bonus. The bonus will be issued within 180 days of account opening. 
Bonus Restrictions and Account Fees

The $300 bonus is only available to new TD Bank customers. If you have an existing TD Bank savings or money market account, have had one in the past 12 months, or have received a bonus for savings or money market accounts previously, you will not receive this promotional offer. 

To meet the $10,000 deposit requirement, the money deposited must be new money that isn’t previously held in a TD checking or savings account. 

The following fees apply: 

  • Monthly maintenance fee: $5 (waived if any of the following apply: Maintain a $300 minimum daily balance; link your savings account to a TD Beyond Checking account; you’re under 18 or over 62; you’re under 24 and link your account to a TD Bank Convenience Checking account; you make recurring transfers of $25 or more from your linked TD Bank checking account)
  • ATM fee: $0 at TD ATMs in the U.S. and Canada; $3 at non-TD ATMs
  • Overdraft fee: $35 for each item TD Bank pays

Chase : Chase Savings - $200

Chase Bank

Chase Bank

  • Bonus Amount: $200
  • Promotion Expiry: April 19, 2023
  • Qualifications: Deposit, daily balance requirement
How to Get the Bonus 
  1. Open a savings account with the coupon code (and a checking account as well, if you want a bigger bonus). Use the application link on the Chase Bank promotions page or enter your email address if you want to apply in person. You’ll get the highest bonus amount by opening both accounts at the same time and meeting requirements ($600), but you can also open one or the other separately too.
  2. Deposit at least $15,000 into the Chase Savings account. You’ll need to complete this within the first 30 days after you open the account, and you’ll need to keep the money there for at least 90 days after the account is opened. The money must come from outside of Chase Bank—it can’t come from your spouse’s Chase bank account, for example.
  3. If you’re going for the checking bonus too, set up direct deposit into the Chase Total Checking account. You can deposit any amount within the first 90 days, as long as it’s through a legitimate direct deposit (like your employer or a benefits provider).
  4. Receive your bonus in 15 days. Once you’ve met the account requirements (including keeping at least $15,000 in your savings account for 90 days minimum), Chase Bank will deposit the bonus into your new account. 
Bonus Restrictions and Account Fees
  • You’re not eligible for either the checking or savings bonus if you currently have a Chase checking or savings account, or closed one within the last 90 days. 
  • If you’ve earned a Chase checking or savings account bonus within the past two years, you’re not eligible. 
  • Chase Savings accounts charge a $5 monthly fee unless you can meet one of four requirements: have at least $25 in automatic transfers from another Chase personal checking account; have a Chase College Checking account linked to this account as overdraft protection; are under age 18; or have a linked Chase Private Client Checking account, Chase Sapphire Checking account, or Chase Premier Plus Checking account.
  • Chase Savings accounts also charge a $5 fee for each withdrawal past your sixth per month.

Final Verdict

If you’re shopping around for savings account bonuses, SoFi is one of the best options out there. Not only can you earn up to $250 when you open a new account and meet its qualifying criteria, but you also won’t have to worry about fees. Certain competitors charge monthly maintenance fees, among other charges, so this is a big perk. 

Other banks and credit unions offer compelling account promotions too. Check out the banks above to find a savings account bonus that suits your needs.

Guide to Choosing Savings Account Bonuses

Factors to Consider When Claiming a Savings Account Bonus

Consider the following if you’re looking for a juicy savings account promotion:

  • Qualification requirements: Familiarize yourself with the bank’s qualifying requirements to ensure you can earn the bonus. Things to look at include deposit amounts and whether you need to maintain an average daily balance, make a certain number of transactions, or have a valid business (if it’s a business deposit account).
  • Bank fees: Many banks charge monthly maintenance fees, which are generally fairly small and can sometimes be waived. But it’s always smart to research bank fees before you open a new account so you know what costs to expect.
  • Bank perks: Certain banks offer perks, like larger bonuses or lower fees for opening multiple accounts, full-service mobile apps, accessible customer service, and more. 
  • Location and physical branches: While most banks and credit unions offer online banking, you may also want the option to bank in person. If this is important to you, look into financial institutions with physical branches in your area. 

Some banks require that you make large initial deposits or maintain a high balance to earn an account bonus. Read the fine print to ensure you can meet the qualifying requirements before opening a new account.

How to Find Savings Account Bonuses

Savings account bonuses may take some time to find, so expect to do your research if you’d like to find these promotions. Here are some good places to start:

  • Financial websites: Financial websites like Investopedia may offer articles on current bank promotions—either individual offers or a list of the best offers currently available. 
  • Google: Searching with Google may also point you in the direction of existing savings account promotions. Search for keyword terms like “savings account bonus” or “deposit account bonus.” Try swapping “bonus” for “promotion.” If you’re interested in a specific bank, you may also want to search that bank’s name to see if it has any special offers.
  • Bank websites: You can also search for offers on bank websites. Look at the different deposit accounts and see if there are any promotions available.

For a wider selection of bonus offers, see our picks for the best bank account bonuses.

How to Switch Banks

While switching banks can seem challenging, it’s actually pretty simple. Typically, the process just involves opening a new account at another financial institution, making a minimum deposit into that account—ideally one large enough to qualify for any bank promotions—and setting up automatic deposits to your new account. 

If you’re paying bills from your old bank account, you may want to consider switching any automatic payments as well, depending on your total balance and if you’d like to keep using that account in the future. You may need to switch your automatic credit card payments, utility payments, and more. If you use PayPal, Cash App, Venmo, or any other payment platforms, ensure the correct bank account information is included there as well. 

Frequently Asked Questions

  • Should You Switch Banks to Claim a Savings Account Bonus?

    Whether you should switch banks to claim a savings account promotion depends on your individual situation. In general, though, it could be a good idea if you’re able to qualify for the promotion.

  • Are Savings Account Bonuses Taxable?

    Savings account bonuses are generally taxable. After you’ve earned a bonus, the issuing bank will typically send you a 1099-INT, 1099-MISC, or 1042-S form at tax time. You’ll then report the bonus amount on your tax return.

  • Are Savings Account Promotions a Good Deal?

    Many savings account bonuses provide an opportunity to earn $100 or more without too much effort. You can simply open an account, deposit a certain amount, or maintain a certain balance. They can be a good deal, assuming you can meet the requirements to earn the bonus. Keep in mind these bonuses will likely need to be reported on your tax return.

  • Which Banks Offer Savings Account Bonuses?

    Several banks offer savings account bonuses. As of February 2023, SoFi, Alliant, Axos, Discover, and Chase are offering the best promotions for new customers. But other bonuses may be available as well.


Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews. To rate savings account promotions, we collected nearly 200 data points for over a dozen accounts, including bonus amounts, APYs, fees, and account requirements, to ensure that our reviews help users make informed decisions about their banking needs.

Woman adding a coin to savings in a piggy bank

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