Savings account bonuses can be a lucrative incentive to anyone in the market for a new deposit account. Who wouldn’t want to earn a couple hundred dollars just for making a switch to something that serves you better? The right savings account for your needs can be an important part of your strategy for long-term financial health. It’s a place to build and store an emergency fund, save for important goals or just provide a financial cushion.
Choosing the right savings account for your needs will depend on a number of factors, including how you plan to use your account, any fees and the rate of interest you’ll earn. If you’re looking to switch banks or simply add a new savings account to your roster, a bank account bonus can be a lucrative incentive to choose a particular institution. Many savings account bonuses run between $200 to $350 but there are standouts offering even more.
Editor’s Picks: Best savings account bonuses of September 2025
| Bank and account(s) | Max bonus | Offer expiration date | Learn more |
|---|---|---|---|
| Capital One 360 Performance Savings | $1,500 | Unspecified | View offer at Bankrate |
| PNC Virtual Wallet with Performance Select | $400 | November 17, 2025 | View offer at MoneyLion |
| SoFi® Checking and Savings (Member FDIC) | $300 1 | January 31, 2026 | View offer at SoFi |
| TD Bank Simple Savings | $200 | October 31, 2025 | View offer at MoneyLion |
| Alliant Credit Union High Rate Savings | $100 | December 31, 2025 | View offer at MoneyLion |
| Capital One 360 Performance Savings | View offer at Bankrate |
|---|---|
| Max bonus | $1,500 |
| Offer expiration date | Unspecified |
| PNC Virtual Wallet with Performance Select | View offer at MoneyLion |
| Max bonus | $400 |
| Offer expiration date | November 17, 2025 |
| SoFi® Checking and Savings (Member FDIC) | View offer at SoFi |
| Max bonus | $300 1 |
| Offer expiration date | January 31, 2026 |
| TD Bank Simple Savings | View offer at MoneyLion |
| Max bonus | $200 |
| Offer expiration date | October 31, 2025 |
| Alliant Credit Union High Rate Savings | View offer at MoneyLion |
| Max bonus | $100 |
| Offer expiration date | December 31, 2025 |
Details accurate as of September 18, 2025.
Find the best savings account bonus offer for you
Capital One 360 Performance Savings: Up to $1,500 bonus
Capital One 360 Performance Savings
| Max bonus amount | $1,500 |
| Offer expiration date | Unspecified |
at Bankrate
- Year Founded: 1994
- Company Headquarters: McLean, VA
- CEO: Richard Fairbank
Why we like this bonus
Capital One currently offers an incredibly generous reward for depositing considerable external funds to a new high-yield savings account. Make an eligible deposit within the first 15 days of account opening, and you’ll earn a welcome bonus between $300 and $1,500. You’ll earn 3.50% APY while you’re at it.
What you should know
The exact bonus you’ll earn depends on the amount of money you deposit:
- $20,000 deposit — $300 bonus
- $50,000 deposit — $750 bonus
- $100,000 deposit — $1,500 bonus
To qualify, you’ll open a Capital One 360 Performance Savings account and fund it with money not currently stored with Capital One. Maintain your account balance for 90 days after the initial 15-day hold period, and your bonus will deposit within 60 days later.
Capital One savings accounts don’t charge maintenance fee, either—so you won’t have to worry about monthly fees eroding the value of your bonus.
It’s worth noting that you won’t be eligible for this bonus if you are (or were) a primary or secondary account holder with Capital One since Jan. 1, 2022, for either a 360 Performance Savings, 360 Savings, 360 Money Market, Savings Now, or Confidence Savings account.
Offer details reviewed on Sept. 18, 2025.
PNC Virtual Wallet with Performance Select: Up to $400 bonus
PNC Bank: Virtual Wallet with Performance Select
| Max bonus amount | $400 |
| Offer expiration date | November 17, 2025 |
at MoneyLion
- Year Founded: 1865
- Company Headquarters: Pittsburgh, PA
- CEO: Bill Demchak
Why we like this bonus
While it doesn’t quite match the $900 bonus from Chase cited above, the chance to earn $400 from PNC is still pretty generous compared to other bonuses out there.
You can open linked checking and savings accounts with PNC, and you’ll have 60 days to meet the direct deposit requirement. Those who aren’t sure they can meet the $15,000 savings deposit requirement for the more lucrative Chase bonus—but who can meet PNC’s requirement of $5,000 or more in direct deposits—may prefer to target this bonus instead.
What you should know
Be aware this offer’s availability may vary depending on your location.
To earn the $400 bonus, you’ll need to open the accounts with PNC and have $$5,000 or more in qualifying direct deposits within 60 days. Your account must remain open to receive the bonus, which should be credited in 60 to 90 days.
There’s a monthly service fee but it can be avoided by keeping a balance of at least $5,000 combined in your accounts, or by continuing to receive $5,000+ in direct deposits.
Offer details reviewed on September 18, 2025.
Learn more: Read our full review of PNC Bank.
SoFi Bank Checking & Savings: Up to $300 bonus
- Year Founded: 2011
- Company Headquarters: San Francisco, CA
- CEO: Anthony Noto
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savingsis offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults)and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00%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 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Why we like this bonus
If you’re looking for a good place to park your savings long term, the APY on a SoFi high-yield savings account makes it an attractive option: up to 3.80%2 at the time of writing. Plus, the checking account’s APY is 0.50%, which is a pretty good deal considering traditional checking accounts generally yield no interest at all. In short, banking with SoFi can continue to reward you even after you’ve earned the $300 bonus as a new customer.
Earn an even higher APY for a limited time
New customers who open both a checking and saving account with SoFi, member FDIC—along with enrolling in SoFi Plus—by September 3, 2025 have an opportunity to earn a 4.50% annual percentage yield (APY) on their savings. This represents a 0.70% APY boost on top the standard 3.80% rate. The maximum time period for the boosted APY is six months. (Terms apply. Rates are variable and subject to change.)3
SoFi Plus is available at no extra cost for customers with eligible direct deposit. Otherwise, the cost of membership is $10 per month as of this writing.
Benefits for Plus members include a 10% boost on cash-back rewards earned with certain SoFi credit cards, a 1% match on recurring deposits to SoFi Invest (paid in rewards points) and unlimited one-on-one planning sessions from SoFi Wealth.
What you should know
Perhaps the biggest hurdle to obtaining this bonus is the short amount of time to meet the qualifying activity: You must be able to direct deposit $5,000 in a pretty short time frame. The clock starts ticking once your first dollar is direct deposited and you must meet the $5,000 requirement within 25 days. Those who fall short of the requirement but direct deposit at least $1,000 earn a much smaller bonus—a mere $50.
Offer details reviewed on September 18, 2025.
TD Bank Simple Savings: Up to $200 bonus
TD Bank Simple Savings
| Max bonus amount | $200 |
| Offer expiration date | October 31, 2025 |
at MoneyLion
- Year Founded: 1955
- Company Headquarters: Cherry Hill, NJ
- CEO: Leo Salom
Why we like this bonus
With a $200 bonus in exchange for a $10,000 deposit into savings, the TD Bank Simple Savings isn’t the most generous or the easiest to earn. Still, it’s a decent bonus for those who have $10,000 they’re willing to move into a new account and keep there for a while. TD Bank’s Simple Savings account also offers some great automated savings tools that may help as you strive to increase your nest egg.
What you should know
You must deposit at least $10,000 within 20 days of account opening, and must keep at least $10,000 in the account for 90 days or longer past the initial 20-day period. If you meet requirements, the bonus should be paid out within 180 days of account opening.
Offer details reviewed on September 18, 2025.
Alliant Credit Union Ultimate Opportunity Savings: Up to $100 bonus
Alliant Credit Union Ultimate Opportunity Savings
| Max bonus amount | $100 |
| Offer expiration date | December 31, 2025 |
at MoneyLion
- Year Founded: 1935
- Company Headquarters: Chicago, IL
- CEO: Dennis Devine
Why we like this bonus
If you’re just starting out on the journey of building your savings, and don’t have the large sums required by some other banks on this list, the welcome offer from Alliant Credit Union may be a good fit. In partnership with Suze Orman, Alliant is promoting what they call the Ultimate Opportunity Savings Account. Customers who deposit at least $100 per month for 12 consecutive months can earn a $100 bonus.
The savings account also offers an APY of 3.10% as of this writing, which is pretty solid. And, if you’re used to credit unions having restrictive membership requirements, you can breathe easy. You may be able to qualify for membership through where you live or work, or based on your employment. But if not, there’s an option to join by having Alliant make a one-time $5 contribution on your behalf to the Alliant Credit Union Foundation.
What you should know
You must open your account through the Suze Orman promotion to be eligible for the bonus. Your first $100 should be deposited within 30 days of opening the account, the average daily balance should be a minimum of $100, and the account balance should be at least $1,200 by the end of the 12-month qualification period. Once requirements have been met, assuming your account is open and in good standing, the $100 bonus should post within four weeks.
Offer details reviewed on September 18, 2025.
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When is a good time to look for a savings account bonus?
Ideally, the best time to look for a savings account bonus is when you’re in the market for a new account. Whether you’re looking to shift funds from an existing account or augment your current savings strategy, if you’re going to open the account anyway, getting a one-time account bonus is the icing on the cake.
Bank account bonuses, including those on savings accounts, can rise and fall at various times throughout the year. When you’re evaluating a new savings account, check to see if the bank lists an expiration date on their bonus offer so you’ll know if you have a deadline to make your decision. A quick Internet search to see how any current offers compare to any previous offers can help you decide if the time is right to sign up for a particular account or if you might have a better shot at a higher offer if you wait.
Why do banks have sign-up bonuses?
In 2024, 13% of bank customers indicated that they were likely to switch banks within the following 12 months, according to a J.D. Power U.S. Retail Banking Satisfaction Study. When you’re evaluating switching to a new account at a new institution, banks offer sign-up bonuses as a strategic marketing tool to attract your business.
These incentives, which can range from $100 to $1,000 or more, are meant to encourage you to open a new account and maintain it for a specified period as a condition of receiving the bonus. With these offers, banks aim to establish long-term relationships with customers—once you open an account, the hope is that you’ll be more likely to use their other financial products and services, such as credit cards, loans, or investment options.
How are bank account bonuses taxed?
The IRS considers bank account bonuses taxable income, typically reported on Form 1099-INT or Form 1099-MISC. This means you’ll need to include the bonus amount when filing your taxes, which will be taxed at your regular income tax rate.
This differs from most credit card sign-up bonuses in that these offers typically require a set amount of spending to earn, and are therefore considered rebates on your spending and not taxable.
It’s important to note that, even if you don’t receive a 1099 form from the bank for a new savings account bonus, you’re still obligated to report the bonus on your tax return. To avoid surprises come tax season, it’s wise to set aside a portion of your bonus to cover potential tax liabilities. Consider consulting with a tax professional to understand how a bank bonus might impact your overall tax situation.
What to look for when getting a new savings account
While the allure of a sign-up bonus can be tempting, look beyond the initial offer and consider the long-term implications of opening a new savings account. You don’t want to go through the process of opening a new account to get the bonus, only to be stuck with an account that has high monthly fees that will eat into your savings or has a requirement to keep the account to get the bonus for an amount of time that may not suit your long-term needs. Make sure the account also offers features that will be meaningful to you like an ability to write checks or make withdrawals at a pace that fits your needs.
Here are some key factors to be aware of before committing to any new account
- Monthly maintenance fees: Many banks charge monthly fees on savings accounts that can cut into your principal. Look for accounts that don’t have a monthly fee, or at least waive these fees if you maintain a minimum balance or set up direct deposits (and ensure you can stick to the requirements).
- Low APYs: Don’t let a high sign-up bonus distract you from an account with no or a low annual percentage yield (APY). A higher APY can be more valuable in the long run than a one-time bonus.
- Minimum balance requirements: Some accounts require you to maintain a hefty minimum balance to open an account, avoid fees or earn the advertised interest rate. Make sure you can comfortably meet these requirements.
- Account closure fees: Some banks charge a fee if you close your account within a certain time frame after opening it. Be aware of these potential penalties—especially if you swap banks frequently to get bonuses.
- Limited withdrawals: Some savings accounts have restrictions on the number of withdrawals you can make per month. Understand these limitations before opening an account.
- Bonus requirements: Read the fine print on bonus offers carefully. To qualify for the bonus, you may need to complete specific actions, such as setting up direct deposits or maintaining a minimum balance for a certain period.
Do actions by the Fed impact your savings account?
In short, yes. The Federal Reserve does not directly set the annual percentage yield (APY) on your savings account. That’s set by your bank or credit union. However, financial institutions often adjust the rates they offer when the Fed hikes or cuts the federal funds rate.
The Fed decreased the federal funds rate three times in the fourth quarter of 2024. Then throughout much of 2025 the central bank kept its benchmark rate steady at 4.25%-4.50%. That changed at the Sept. 16-17 meeting, Federal Open Market Committee (FOMC), where the Fed reduced its benchmark rate to 4.00%-4.25%. It’s likely at least some financial institutions will decrease their savings account APYs to reflect that decision.
There are also FOMC meetings on the calendar for October and December, which could potentially result in further cuts to the federal funds rate.
Note that financial institutions may also change the rates they offer for reasons not connected to Fed actions.
Frequently asked questions (FAQs)
How can I get a bank account bonus?
Some banks will offer eligible new account holders a cash bonus for opening a new account with their institution. There are strings attached however. For example, you may have to deposit a minimum account within a specified period of time to earn the bonus and/or keep the account open with those funds for a minimum period of time. Most of the time the qualifying opening deposit has to be via ACH or direct deposit to be eligible for the bonus. Make sure you fully understand the terms and conditions of any bank account bonus you’re considering.
Are bank account bonuses taxable?
Yes, bank account bonuses are considered interest income, which is taxable. Even if you do not receive a 1099 form for any bonus you’ve received, it’s still your responsibility to report this interest on your taxes.
Are bank account bonuses worth it?
That depends on your circumstances. If you’re already in the market for a new bank account and an account that fits your needs offers one, there’s little reason not to go for it, just make sure you’re clear on the terms required to earn the bonus.
Should I have more than one savings account?
Whether or not you own one or more savings accounts is a personal decision. Some people may prefer to have different savings accounts for different savings goals, such as earmarking one for emergency savings and another for savings goals etc. But some may find it too cumbersome to track more than one savings account, especially if they are split between different institutions. There’s no one best choice for everyone, just the best choice for you.
Can I open multiple accounts and get the bonus at all of them?
You typically can’t open multiple accounts at the same institution and earn a bonus on all of them, but if you can meet the requirements across multiple banks, you may be able to earn bonuses with different banks.
SoFi disclaimer
1:
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savingsis offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults)and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00%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 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
2:
SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% 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 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
3: 0.70% Savings APY Boost
Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.