Editor's Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes. CNBC Select will update as changes are made public.
Switching savings accounts may not be at the top of your financial to-do's, but making the move can sometimes pay off, literally.
Just like they do with checking accounts and credit cards, banks will sometimes offer welcome bonuses for customers who sign up for certain savings accounts. These bonuses can be an easy way to pocket a couple hundred dollars by simply setting up a direct deposit or by meeting a minimum balance in your account. (Although some minimums can be drastically higher than others.)
To determine the top savings account bonuses, CNBC Select looked at what's being offered by brick-and-mortar and online-only banks, as well as credit unions. All of the banks on this list are either NCUA- or FDIC-insured. Note that these accounts might not always offer the highest interest rates, so depending on how much you deposit, they might not always be the best deal. (See our methodology for more information on how we choose the best savings account bonuses.)
Best savings account bonuses of May 2024
- SoFi®: Earn up to $300
- TD Bank: Earn up to $200
- Bask Bank™: Earn up to 10,000 miles
- PNC Bank: Earn up to $400
- BMO Bank: Earn up to $60
- Wells Fargo: Earn up to $525
Compare offers to find the best savings account
SoFi
SoFi Checking and Savings
Annual Percentage Yield (APY)
Members with direct deposit earn 4.60% APY on savings, no minimum balance needed. Members without direct deposit earn 1.20% APY on savings balances, and everyone earns 0.50% APY on checking balances.
Welcome bonus
Earn a $300 welcome bonus when you direct deposit a total of $5,000 or more within 25 days of your first direct deposit. Get a $50 welcome bonus when you direct deposit between $1,000 and $4,999.99 within 25 days of your first direct deposit.
Fees
No monthly fee and no excessive transaction fees.
No-fee overdraft protection
No-fee Overdraft Coverage up to $50 for SoFi members with $1,000 or more in total monthly direct deposits. Purchases exceeding $50 are declined.
Offer ATM card?
Yes, this account offers a debit card that allows purchases and ATM withdrawals. Terms apply.
Offer checking account?
Yes, bundled with savings account.
Maximum transactions
Up to 6 free withdrawals or transfers per statement cycle. Transaction amount limits apply.
Pros
- A welcome bonus of $300 with direct deposit totaling $5,000 or more within 25 days of your first direct deposit. Or a welcome bonus of $50 with direct deposit totaling between $1,000 and $4,999.99 within 25 days of your first direct deposit
- Strong 4.60% APY with direct deposit
- No minimum balance or deposit needed
- No monthly fees
- Comes with checking account and ATM access
- Receive your pay check in your account up 2 days early automatically when set up direct deposit
- Save change automatically with Roundups and set savings goals with Vaults
- No foreign transaction fees
- FDIC insurance up to $2 million through the SoFi Insured Deposit Program
Cons
- Non-direct deposit APYs are low compared to other high-yield savings accounts
- No reimbursement for out-of-network ATM fees
- No physical branches
Bonus: $50 to $300
Expiration: June 30, 2024
How to earn the bonus: SoFi Checking and Savings account holders who sign up and set up direct deposit can get a cash bonus of up to $300. Direct deposits must be made within a 25-day bonus period.
TD Bank
TD Bank Personal Savings Accounts
Annual Percentage Yield (APY)
APYs vary depending on TD Bank Signature Savings account or TD Bank Simple Savings account
Minimum balance
Minimum balances required to waive monthly fee depends on TD Bank Signature Savings or TD Bank Simple Savings
Monthly fee
Monthly fee depends on TD Bank Signature Savings or TD Bank Simple Savings, with options to waive
Maximum transactions
Up to 6 free withdrawals or transfers per statement cycle
Overdraft fees
Savings Overdraft Protection available for checking account
Offer checking account?
Yes
Terms apply.
Pros
- Chance to score higher APY with TD Bank Signature Savings
- Options to waive monthly fees
- Overdraft protection
- Offers a checking account as well
Cons
- Low APY generally
Bonus: $200
Expiration: Apr. 30, 2024
How to earn the bonus: New TD Bank Personal Savings Account holders of either the TD Bank Signature Savings or the TD Bank Simple Savings can deposit at least $10,000 in new money within 20 days to earn the $200 bonus. A $10,000-plus balance must be maintained for 90 days from the date the deposit requirement is met.
Bask Bank
Bask Mileage Savings Account
Annual Percentage Yield (APY)
Earn 2.5 American Airlines AAdvantage® miles for every $1 saved annually instead of interest.
Minimum balance
None
Monthly fee
None
Maximum transactions
Up to 6 withdrawals or transfers per statement cycle
Overdraft fees
N/A
Offer checking account?
No
Offer ATM card?
No
Terms apply.
Pros
- Earn American Airlines AAdvantage miles instead of cash
- No minimum balance
- No monthly fees
Cons
- No option to add a checking account
- No ATM access
Bonus: 10,000 American Airlines AAdvantage® Bonus Miles
Expiration: May 31, 2024
How to earn the bonus: New Bask Mileage Savings Account holders must open a Bask Mileage Savings Account between Mar. 1, 2024 and May 31, 2024, fund the account within 15 business days of opening, maintain a minimum daily account balance of $50,000 for 90 consecutive days out of the first 120 days following the initial account opening and provide Bask Bank with an AAdvantage️ account number.
PNC Bank
Virtual Wallet® from PNC Bank
Annual Percentage Yield (APY)
Up to 4.00% APY on select Virtual Wallet Growth accounts with relationship rates
Minimum balance
Varies depending on Virtual Wallet account
Monthly fee
Ranges from $7 to $25 depending on Virtual Wallet account, with options to waive
Maximum transactions
Up to 6 free withdrawals or transfers per statement cycle
Excessive transactions fee
None
Overdraft fee
Overdraft protection offered by your Reserve and Growth accounts
Offer checking account?
Yes
Offer ATM card?
Yes, if have a PNC Bank checking account
Terms apply.
Pros
- New account holders can earn a welcome bonus of up to $400
- Virtual Wallet includes individual checking and savings accounts that work together
- Earn cash or points through PNC Purchase Payback® program
- Reimbursable non-network ATM fees
- Account holders can choose the Virtual Wallet best for them
- Options to waive monthly maintenance fee
- Higher APY relationship rates are available
Cons
- Has monthly maintenance fees
- Have to call PNC Bank to find out APY offered in your area
Bonus: $100, $200 or $400
Expiration: Apr. 30, 2024
How to earn the bonus: New Virtual Wallet® from PNC Bank account holders earn $100 when they make qualifying direct deposits of $500 or more to their new Virtual Wallet, $200 when they make qualifying direct deposits of $2,000 or more to their new Virtual Wallet with Performance Spend and $400 when they make qualifying direct deposits of $5,000 or more to their new Virtual Wallet with Performance Select between Jan. 3, 2024 and Apr. 30, 2024. All direct deposits must be made within the first 60 days.
BMO Bank
BMO Savings Builder Account
Annual Percentage Yield (APY)
0.01% APY
Minimum balance
$0.01 and above
Monthly fee
None
Maximum transactions
No transaction limits
Overdraft fees
Not applicable to savings account
Offer checking account?
Yes
Terms apply.
Pros
- Low minimum balance
- No monthly fee
- No transaction limits
- No overdraft fees
- Offers a checking account as well
Cons
- Low APY
Bonus: $5 to $60
Expiration: N/A
How to earn the bonus: New account holders of the BMO Savings Builder Account get an extra $5 every month they save $200 or more, for the first year; earn up to $60 in your first year.
Wells Fargo
Way2Save® Savings
Annual Percentage Yield (APY)
0.01% APY
Minimum balance
$25 to open
Monthly fee
$5 per month, with options to waive
Maximum transactions
Up to 6 free withdrawals or transfers per statement cycle
Excessive transactions fee
Each withdrawal over the 6 per month limit will be assessed
Overdraft fees
Overdraft protection when you link your savings account to your checking account
Offer checking account?
Yes
Offer ATM card?
Yes, if have a Wells Fargo checking account
Terms apply.
Pros
- Wells Fargo is the largest brick-and-mortar bank in the nation, by number of branches
- Encourages automatic saving through Save As You Go®
- Monthly maintenance fee can be waived with automatic transfers into your savings
- Low minimum deposit to open an account
- Up to 6 free withdrawals or transfers per statement cycle
Cons
- Has monthly maintenance fees
- Low APY
Bonus: $525
Expiration: June 25, 2024
How to earn the bonus: Open a new eligible Wells Fargo consumer savings account (Wells Fargo Private Bank savings accounts and Wells Fargo CDs not eligible) in a Wells Fargo branch with a minimum opening deposit of $25 and a minimum deposit of $25,000 within 30 days. Account holders must maintain a minimum $25,000 balance for 90 days after account opening. The offer is for new Wells Fargo savings customers only.
More on our top savings account bonuses
SoFi Checking and Savings
SoFi Checking and Savings offers checking and savings features all in one, making the task of managing your finances a bit easier. And not only does this account offer the highest savings interest rate currently on this list, but its checking account also accrues interest. The only requirement to get the higher APY on your savings is to set up direct deposit.
Annual Percentage Yield (APY)
Members with direct deposit earn 4.50% APY on savings and Vaults balances and .50% APY on checking balances; members without direct deposit earn 1.20% APY on savings and Vault balances and 0.50% APY on checking balances.
Minimum balance
None
Monthly fee
None
TD Bank Personal Savings Accounts
The TD Bank Personal Savings Account stands out for offering two different types of personal savings accounts, depending on how big your balance is. With Simple Savings, your monthly fee can easily be waived by maintaining a $300 minimum daily balance, and with Signature Savings, you have the chance to score a higher interest rate with a larger deposit.
Annual Percentage Yield (APY)
APYs vary depending on TD Bank Signature Savings account or TD Bank Simple Savings account
Minimum balance
Minimum balances required to waive monthly fee depends on TD Bank Signature Savings or TD Bank Simple Savings
Monthly fee
Monthly fee depends on TD Bank Signature Savings or TD Bank Simple Savings, with options to waive
Bask Mileage Savings Account
The Bask Mileage Savings Account stands out for offering interest in the form of American Airlines AAdvantage miles instead of the standard cash bonus model. You can use these miles for flights on American Airlines or any of its 20+ partner airlines.
Annual Percentage Yield (APY)
Earn 2.5 American Airlines AAdvantage® miles for every $1 saved annually instead of interest
Minimum balance
None
Monthly fee
None
Virtual Wallet from PNC Bank
The Virtual Wallet® from PNC Bank stands out for offering one of the highest cash bonuses of $400 for a relatively doable direct deposit requirement of $5,000. Depending on which Virtual Wallet you choose, you can also score a pretty good interest rate on your savings.
Annual Percentage Yield (APY)
Up to 4.00% APY on select Virtual Wallet Growth accounts with relationship rates
Minimum balance
Varies depending on the Virtual Wallet account
Monthly fee
Ranges from $7 to $25 depending on the Virtual Wallet account, with options to waive
BMO Savings Builder Account
While the BMO Savings Builder Account offers a relatively low APY, it motivates you to not touch your savings since you get rewarded every month during your first year if you maintain a minimum of $200 in savings.
Annual Percentage Yield (APY)
0.01% APY
Minimum balance
$0.01 and above
Monthly fee
None
Wells Fargo
The Wells Fargo Way2Save® Savings offers one of the highest bonuses on a savings account that we found, though it requires a rather large minimum deposit of $25,000 within the first month. Account holders must maintain the minimum $25,000 balance for 90 days after account opening to get the bonus. Customers have access to over 5,600 branches and more than 11,000 ATMs.
Annual Percentage Yield (APY)
0.01% APY
Minimum balance
$25 to open
Monthly fee
$5 per month, with options to waive
FAQs
What is a savings account bonus?
A savings account bonus is essentially free cash or some other offering (i.e. bonus airline miles like with Bask Bank) that a bank will advertise, usually as an incentive for new customers to sign up.
There are often qualifications to "earn" the bonus, which may include things like setting up direct deposit or meeting a specified minimum balance within a certain time frame.
When are savings account bonuses offered?
Savings account bonuses are offered sort of at random. They are typically labeled as promotions that don't last long (which is why many have an expiration date), so if you see one that catches your eye you're best off acting quickly.
Should I open a savings account for the bonus?
You shouldn't always open a savings account just for the bonus. Know that bonus offer amounts can range, and higher-end bonuses tend to require a higher deposit of cash. Make sure to read the fine print to understand all the requirements needed to get the bonus cash, as well as understand any ongoing account fees like monthly maintenance costs. It's important to weigh the fees and other factors like interest rates before signing up for any new bank account.
Bottom line
These savings accounts offering welcome bonuses up to $400 or thousands of airline miles can be a good option to move your money to, just make sure you read the qualifications beforehand.
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Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every savings account review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best savings accounts.
Read more
Our methodology
To determine which consumer savings accounts provide the best place to deposit your money and earn a bonus, CNBC Select analyzed dozens of U.S. savings accounts offered by the largest national banks, credit unions and online-only financial institutions.
In addition to looking at savings account bonuses, we considered the requirements to earn their bonuses, plus any account fees, perks and interest rates offered. All the accounts included on this list are FDIC- or NCUA-insured of up to $250,000. This insurance protects and reimburses you up to your balance and the legal limit if your bank or credit union fails.
Product and feature availability vary by market, so these accounts and bonuses may not be offered depending on where you live. Most brick-and-mortar banks require you to enter your zip code online for the correct account offerings. The rates and fee structures for savings accounts are subject to change without notice. Any return on your savings depends on any associated fees and the balance in your savings account. To open a savings account, most banks and institutions require a deposit of new money, meaning you can't transfer money you already had in an account at that bank.
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* SoFi members with direct deposit can earn up to 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 4.60% APY for savings. Members without direct deposit will earn up to 1.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/12/23. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
