The top savings account bonus is currently provided by PNC Bank, with a bonus of $400.Meet the direct deposit qualification of $5,000, and you can earn a tidy sum just by depositing money with the bank. Earning interest isn’t the only way you can put your savings to work. You may be able to earn far more in a shorter period of time by taking advantage of the best savings account bonuses from popular banks, which can provide hundreds of dollars for opening a new account and meeting requirements. But it's worth noting that savings account bonuses tend to be relatively uncommon, and they tend to have much steeper requirements than checking account bonuses. Investopedia tracks checking and savings account promotions from 23 banks. We chose the best savings account bonuses below based on bonus amounts, bonus requirements, and account details and restrictions, like fees and state eligibility. We only feature savings account bonus offers of at least $100, with a return on deposit of at least 2%. Open a New Account × The offers that appear in this table are from partnerships from which we receive compensation. For more details, see our full advertiser disclosure. Institution Apy Min. To Earn Apy Highlights Open a New Account × The offers that appear in this table are from partnerships from which Dotdash receives compensation. Many of the best savings bonuses are offered on accounts that earn rock-bottom interest rates. Check for any early account closing fees or requirements, but generally, once you earn the bonus, you’re free to move on to greener pastures and close the account. Aside from the money you need to deposit to earn a bonus, consider keeping the rest of your savings in a high-yield savings account to grow it more quickly. Best Savings Account Bonuses for September 2024 Best Savings Account Bonuses for September 2024 The Bottom Line Compare Savings Account Bonuses Other Savings Account Bonuses More Account Bonuses From Popular Banks How to Choose Pros and Cons Alternatives FAQs Methodology Only residents of select regions within PNC's service area are eligible for this bonus. This bonus is available to residents of ZIP code 10001, among others. How to Get the Bonus This bank may also offer other promotions; learn more in our PNC Bank Review. Bonus Restrictions Account Fees How to Get the Bonus Bonus Restrictions The bonus is available to both new and existing members without a history of direct deposit into a SoFi checking or savings account. You must be 18 or older to open an account through SoFi. Account Fees Only residents of select regions within PNC's service area are eligible for this bonus.This bonus is available to residents of ZIP code 10001, among others. How to Get the Bonus This bank may also offer other promotions; learn more in our PNC Bank Review. Bonus Restrictions Account Fees Only residents of select regions within PNC's service area are eligible for this bonus.This bonus is available to residents of ZIP code 10001, among others. How to Get the Bonus This bank may also offer other promotions; learn more in our PNC Bank Review. Bonus Restrictions Account Fees Savings account bonuses are especially tempting because they offer a chance to earn several hundred dollars, all for doing what you’re already doing: letting your money sit in a safe, FDIC-insured account. Before you sign up for any offers, however, make sure you’re able to meet the requirements. Banks are constantly phasing account bonuses in and out, so if you don’t qualify today, keep checking around because you may see an offer you can use sooner than you think. Account bonuses are generally taxed as income, similar to earning interest. In fact, you’ll generally receive a Form 1099 from the bank at the end of the year when you do your taxes. Even if you don’t receive this form, you can declare the bonus as additional income on Form 1040 Schedule 1 or in your tax software. These savings account bonuses didn’t make our best list but they may be worth exploring, especially if you were considering opening an account at one of the banks below. Learn how to find and evaluate account bonuses, and how to switch bank accounts if necessary. 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: For a wider selection of bonus offers, see our picks for the best bank account bonuses. Consider the following if you’re looking for a juicy savings account promotion: 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. Cash bonuses for opening accounts can be valuable, but having a long-term savings plan is important for financial stability. Part of that plan should include savings that earn a high annual percentage yield. It's wise to look beyond one-off promotions to the amount of interest you can earn on an ongoing basis. Our rankings of the best high-yield savings, best money market accounts, and best certificates of deposit (CDs) include options that pay you more than 10 times the average rate, so it pays to shop around. In the News: The Fedheld rates steady for an eighth consecutive timeat its July 31meeting. The federal funds rate is at its highest level since 2001, but Fed officials are projecting one or possibly two rate cuts before the end of the year. CD yields closely follow thefed funds rate. Back in October, CD rates reached peaks not seen in more than 20 years, but once the Fed starts cutting rates, CD rates will fall. Interest rate hikes can directly impact the rate you receive on your savings account. It's wise to see if your bank offers a high-yield savings account. You could also see if it offers one of the best CD rates right now. Combined, these accounts could help you earn the maximum amount of money on the cash you keep at your financial institution. 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. Pros Simple requirements Limit spending risk Try out a new bank Can earn a lot of cash Cons Must pay taxes May require large deposits Only available for new customers Can be confusing to manage multiple accounts It’s best to use a budgeting app or another financial management tool to keep tabs on all of your accounts if you have them scattered across multiple banks. Savings account bonuses can be a good way to earn extra money with minimal input on your part, but they’re not your only option. Here are some other ways to earn extra money: 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. 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. 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. Several banks offer savings account bonuses. Banks like SoFi, Alliant, Axos, Discover, and Chase may offer promotions for new customers, although they don't always have active offers. Other bonuses, including checking account bonuses, are often available as well. Investopedia tracks bonuses from Alliant Credit Union, Associated Bank, Axos Bank, Bank of America, Barclays Bank, Bask Bank, BMO Bank, Capital One, Chase Bank, Citibank, Citizens Bank, Discover Bank, Fifth Third Bank, Huntington Bank, KeyBank, , PNC Bank, Regions Bank, SoFi, TD Bank, Truist Bank, U.S. Bank, and Wells Fargo. 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. To be included in our best list, a savings account bonus must meet a minimum threshold of at least $100, with a return on deposit of at least 2%. Article Sources Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy. Internal Revenue Service. “About Form 1040, U.S. Individual Income Tax Return.” FDIC. "National Rates and Rate Caps." Federal Reserve. "Open Market Operations." Federal Reserve. "Federal Reserve Issues FOMC Statement." Internal Revenue Service. “Instructions for Forms 1099-INT and 1099-OID.” Related Terms Deposit Interest Rate: Definition, Fixed Vs. Variable A deposit interest rate is the interest rate paid to deposit account holders for accounts like certificates of deposit (CD) and savings accounts. more Christmas Club: Overview, History, Example A Christmas club is a savings account to help people save for the holidays. Money is deposited throughout the year and withdrawn before the holidays. more Individual Development Account (IDA): What it is, How it Works An Individual Development Account (IDA) is a savings account to help lower-income individuals build assets to achieve financial stability. more Sweep Accounts Definition: Types and How They Work A sweep account automatically transfers amounts over or below a certain level into a higher interest-earning investment option. more Negotiable Order of Withdrawal Account: Overview, History A Negotiable Order of Withdrawal (NOW) Account is an interest-earning bank account. A customer with this type of account can write drafts against money held on deposit. more Passbook Loan: Meaning, How it Works, Pros and Cons A passbook loan is a personal loan made to a savings account holder by the custodial bank using the balance of the savings account as collateral. moreBest Savings Account Bonuses for September 2024
PNC Bank : PNC Virtual Wallet With Performance Select Checking/Savings - $400
SoFi : SoFi Checking/Savings - $300
PNC Bank : PNC Virtual Wallet With Performance Spend Checking/Savings - $200
PNC Bank : PNC Virtual Wallet Checking/Savings - $100
The Bottom Line
Compare the Best Savings Account Bonuses
Promotion Bonus Amount Promotion Expiry Qualifications PNC: Virtual Wallet with Performance Select $400 Oct. 31, 2024 Direct deposit SoFi: Checking/Savings $50–$300 Dec. 31, 2024 Direct deposit PNC: Virtual Wallet with Performance Spend $200 Oct. 31, 2024 Direct deposit PNC: Virtual Wallet $100 Oct. 31, 2024 Direct deposit Other Savings Account Bonuses
More Account Bonuses From Popular Banks
Guide to Choosing Savings Account Bonuses
How to Find Savings Account Bonuses
Factors to Consider When Claiming a Savings Account Bonus
Don't Forget About Interest Rates
In the News
How to Switch Banks
Pros and Cons of Savings Account Bonuses
Pros Explained
Cons Explained
Alternatives to Savings Account Bonuses
Frequently Asked Questions
Should You Switch Banks to Claim a Savings Account Bonus?
Are Savings Account Bonuses Taxable?
Are Savings Account Promotions a Good Deal?
Which Banks Offer Savings Account Bonuses?
Bank and Credit Union Bonuses We Track
Methodology
Best High-Yield Savings Accounts for September 2024: Up to 5.50% Best Savings Accounts for Kids and Teens for September 2024—Rates Up to 7% Best Banks for Savings Accounts for 2024 Best Free Savings Accounts Discover Savings Account Interest Rates: September 2024 American Express Savings Account Interest Rates: September 2024