High-yield savings accounts offer significantly higher interest rates compared to traditional savings accounts, which means that the money saved in a high-yield account grows faster.

In some cases, high-yield accounts might come with more restrictions, such as limitations on the number of withdrawals and higher minimum balance requirements.

High-yield savings accounts are similar to traditional savings accounts, with the key difference being that high-yield accounts typically offer a more generous APY. They differ from CDs in that high-yield savings accounts preserve access to your funds, while CDs require that you commit to locking up your funds for a fixed term if you hope to avoid a penalty.

One key difference between the two account types is that you may need to deposit and maintain a certain balance to open a money market account, and in some cases, the higher the balance, the higher your rate may be.

To bring you our top picks for the best high-yield savings accounts, the Fortune Recommends TM team compared more than 60 online savings accounts from a mix of traditional brick-and-mortar banks, online banks, and credit unions.

All the accounts on our list are available to customers in the U. The savings accounts on this list offer an APY at least 10 times the national average. The rates and fee structures for the accounts mentioned are available for limited periods, and APYs are subject to fluctuation, which could impact how much interest you earn.

All the bank accounts and credit unions on this list are insured by the FDIC and NCUA, respectively. To open an account, financial institutions, including banks and credit unions, require a deposit of new money, so you may not be able to transfer money you already had in an account at that bank.

Yes, if the account is at a bank or credit union insured by the Federal Deposit Insurance Corporation FDIC or the National Credit Union Association NCUA , respectively. If you choose to use a high-yield savings account, you should be aware of the tax implications that come with it.

The IRS considers interest earned on the money in your account taxable interest. Individual banks set savings rates loosely based on the federal funds rate —the interest rate that banks charge other banks when they lend one another money, usually overnight or for a few days.

When the Fed hikes rates , this can raise the cost of borrowing and motivate banks to raise their APYs to attract new customers. Savings rates can change at any time. Banks and credit unions can, and likely will, adjust rates based on changes in the economy and interest rate increases or decreases by the Fed.

According to federal law, high-yield savings accounts allow you to make withdrawals or transfer funds out of your account up to six times per month without paying any fees. However, this rule was loosened in during the coronavirus outbreak, and customers can now make an unlimited number of transfers and withdrawals from their savings account.

A high-yield savings account is a viable option for savers who are looking to save money for a large purchase like a house , a short-term or mid-range financial goal, or who want to maximize their savings and keep their money safe in a federally-insured account.

The national average savings account rate is 0. The interest rate is the percentage of your account balance that the bank pays you in interest over the course of a year, not factoring in the effects of compounding. APY, on the other hand, considers the interest compounding frequency.

Therefore, APY gives you a more accurate picture of your actual earnings over a year. Follow Fortune Recommends on Facebook and Twitter. This content has not been reviewed or endorsed by any of our affiliate partners or other third parties.

We may earn affiliate revenue from links in this content. Learn more. Home Page. BY Ivana Pino and Casey Bond.

REVIEWED BY Cassie Bottorff. Table of contents. How does a HYSA work? Pros and cons How to choose the best HYSA HYSA alternatives Our methodology Frequently asked questions. Open Account. About SoFi which stands for Social Finance, Inc. began as a student loan refinancing company and has since expanded into a broad financial services company that offers a range of products, including bank accounts, loans, investments, insurance, and more.

SoFi operates primarily online and does not have physical branches. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site.

Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products.

Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range, can also impact how and where products appear on this site.

While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service. Checking account promotions tend to offer the largest bonuses.

That could be because people tend to keep the same checking account for an average of 17 years, according to a Bankrate survey published in January Compare these bank account bonus offers to find the best deal — and check out other incentives, too, such as bonuses offered for opening a brokerage account.

A linked Chase Platinum business checking account can also help you avoid that monthly service fee. Chase earned a 3. The bank is headquartered in New York. To qualify for the bonus, funds must be deposited within 20 days after opening the account. The account balance after 20 days determines the bonus amount.

Citibank is based in New York. Huntington Bank has two checking account bonuses available for both consumers and business owners.

Through June. These offers are valid only for residents of Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Dakota, West Virginia and Wisconsin.

Note that only money deposited from outside of Huntington Bank is eligible to meet the cumulative deposit requirement. Funds from Huntington CDs are eligible for these offers when they mature. Huntington is based in Columbus, Ohio. In the full review of its banking products and offerings , the bank earned 4.

BMO earned 3. It earned a 4. PST and June 30 p. Axos is headquartered in San Diego. Wells Fargo earned 3. Wells Fargo has its headquarters in San Francisco. SoFi earned 4. Through April 17, , Chase is offering a bonus on certain new checking accounts.

To qualify for the bonus, you must not have an existing Chase checking account or had one closed with a negative balance in the past three years or closed within the last 90 days.

Ten qualifying transactions debit card purchases, online bill payments, checks paid, Chase QuickDeposit, Zelle or ACH credit to the account within 60 days of coupon enrollment are required to earn the College Checking and Secure Banking bonuses.

And make 10 eligible transactions within 60 days of bringing your coupon to a Chase location and opening the account.

Chase is headquartered in New York. The offer expires May 31, To get the bonus, you must:. Bank of America is headquartered in Charlotte, North Carolina.

It earned 3. KeyBank has its headquarters in Cleveland. Wells Fargo is based in San Francisco. TD Bank has its headquarters in Cherry Hill, New Jersey. Chicago-based Alliant earned 4. BMO has its headquarters in Chicago. The number of referrals is capped at 10 for Apply for your first Discover® Online Savings Account, online, in the Discover App or by phone using promo code BB Bonus will be credited to your account within 60 days of qualifying for the bonus.

See Advertiser Website for Full Details. Open a new Citi® Accelerate Savings account using the link below. Transfer money from a different bank or an existing Citi account. Interest compounds daily and will be credited to your account each month. Open a TD Savings account using the link below.

Open a new eligible savings account with your personal code found at the link below in branch. Bonus will be deposited within 30 days of meeting the offer requirements.

This is a nationwide bonus from one of the best credit unions, so definitely check it out! Open a new Ultimate Opportunity Savings Account using the link below. Bonus will be loaded into your account within 4 weeks of your 12th deposit. Obtain a Chase business coupon using the link below and open a new Chase Business Complete Checking® account.

Bonus will be credited to your account within 15 days of meeting the requirements. Requires Min Balance Card Spend optional. Open a new Silver, Gold or Platinum Business Checking Package from U.

Bank online with the promo code Q1AFL24 and complete qualifying activities. Bonus will be deposited into your new U. Bank business checking account within 45 days of meeting all requirements. Requires Min Balance Bill Pay optional Card Spend optional.

Open a new Business Interest Checking account from Axos Bank with promo code NEW Bonus will be deposited into your new account within 10 business days of your statement cycle date.

Open a new Bank of America® Business Advantage Banking account. Bonus will be deposited directly into your Business Advantage Banking account within 60 days from the end of your qualifying period. This is a straightforward, nationally-available bonus for business owners.

Open a new Business Checking or Business Checking Plus account. During those same statement cycles, make 20 debit card purchases. Bonus will be deposited within 90 days of meeting the requirements.

Open a new Unlimited Plus Business Checking account using the link below. Keep the account open for at least 90 days. Bonus will be deposited to your new account within 14 days of meeting the requirements. This time around they added a new higher tier for businesses with higher balances.

Open a new BMO Harris business account online or in branch using the link below. Within the first days, complete 10 qualifying transactions. any combination of: ACH credits or debits, online bill payments, mobile deposits, wire transfers or debit card POS purchase transactions.

Bonus will be deposited into the new checking account within 14 days of meeting the promotion requirements, approximately Day Open a new business checking account. Bonus will be deposited within weeks after completing the requirements. Explore Bank Promotions and New Account Offers We track bank bonuses and sign-up offers for opening everything from a new checking account or high-yield savings account, to a new credit card or brokerage account.

Bonuses in. Personal and Business. Account Types. Cash Account. Money Market. Crypto Wallet. Direct Deposit. Min Balance. Card Spend. Bill Pay. Exclude hard credit pulls. Exclude accounts with fees that can't be waived. Exclude accounts that can't be opened online.

These new account offers are a win-win for the bank or credit union and customer. How Can I Qualify For a Bank Account Bonus? First, you typically need to be a new customer. Requirements for checking account offers usually fall into four categories: Minimum Balance: Some bonuses will require you to transfer new money to the account and then maintain that balance for a certain period of time.

Direct Deposit: Other offers will require you to receive qualifying direct deposits from your employer or government benefits such as social security.

Often, the deposit will need to exceed a certain amount, and terms can vary from a single deposit to a recurring deposit that occurs over consecutive months. Debit Card Purchases: Sometimes the checking account bonus will require you to use your debit card to make a certain number of purchases.

Account Features: The last common requirement involves using account features like Bill Pay, enrolling in eStatements, remote deposit capture, or logging into the mobile app. How are bank bonuses paid out? How much money can you get? How do I avoid monthly fees?

How To Find A Bank Sign Up Bonus Keep an eye out for promotional materials from local or national banks that advertise a new checking account or savings account bonus. What Do The Best Bank Promotions Look Like? The bigger, the better, right? Some of the most popular are: Chase Bank promotions Citi promotions Fifth Third Bank promotions Discover® Bank promotions BMO Harris Bank promotions Alliant Credit Union promotions U.

Bank promotions Wells Fargo promotions PNC Bank promotions TD Bank promotions HSBC Bank promotions Huntington Bank promotions The best bank bonuses also have easy-to-reach requirements. Balance Required What's the minimum balance you're required to hold in the new account? Lockup Period How long are you required to hold the balance in the new account in order to earn the bonus?

Days Months. Account Fees What fees will you incur while having the account? Monthly Total. Current APY Already have your savings parked in a HYSA?

Calculate Reset. What banks give you a bonus for opening a new account? Are new savings and checking account bonuses worth it? That tool also lets you factor in any fees that might come with your new account. Why do banks have promotions?

Ultimately, bank account bonuses are a marketing tactic to attract new customers. Are bank bonuses taxable? Do I need a checking account to get a savings bonus?

Read 27 comments or add your own Leave a Reply Cancel reply Your email address will not be published. Rudy Cecchini Nov 03 DH Nov 03 Justin Beck Nov 03 Nicholas Nov 03 rose ervin Nov 03 Gregory cubbage Nov 04 Johanna Sickler Nov 05 DH Nov 06 DANIEL TACKER Nov 13 Shelly Nov 14 park ed Nov 14 MONROE PARKER Nov 14 Mitchell Mordechai Mitrani Nov 14 H L ORANGE Nov 14 Lawrence Nov 14 L Nov 14 DH Nov 15 Anthony Solimine Nov 15 Michael Waldman Nov 16 Best Of Best Of Best Of Best Of Best Of.

Banks really will give you free money just for opening an account. We can help. And we'll deliver it free, straight to your inbox. In this free 3-day course , we'll cover: Why banks run these deals and how they make money How to meet the requirements Pitfalls to avoid Insider tips to maximize your earnings Update Location.

Citi® Enhanced Direct Deposit. See how to qualify Open a new eligible Citi Checking account with Enhanced Direct Deposits. Learn More at Citi® or, read the full requirements. TD Bank Beyond Checking. Offer is available in these states: CT, DC, DE, FL, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA, VT See how to qualify Open a TD Beyond Checking account using the link below.

Apply Now at TD Bank or, read the full requirements. PNC Virtual Wallet®. See how to qualify Open a Virtual Wallet® account online to qualify, See link below.

Apply Now at PNC or, read the full requirements. Bank U. Bank Smartly® Checking. Apply Now at U. SoFi SoFi Checking and Savings.

See how to qualify Open a new SoFi Checking and Savings account using the link below. Apply Now at SoFi or, read the full requirements. Discover Discover® Cashback Checking. See how to qualify Open a new Discover® Cashback Checking account using the link below. Apply Now at Discover or, read the full requirements.

Upgrade Rewards Checking Plus. See how to qualify Apply for any Upgrade Card including The Triple Cash Rewards Card which is linked below. Apply Now at Upgrade or, read the full requirements.

Chase Chase Total Checking®. See how to qualify Open a Chase Total Checking® account. Apply Now at Chase or, read the full requirements. BMO Personal Checking. See how to qualify Open a new BMO Smart Advantage Checking or BMO Smart Money Checking account using the link below.

Learn More at BMO or, read the full requirements. Truist Truist One Checking.

A closer look at the top savings account/money market account bonuses. Wells Fargo: $ bonus. New Wells Fargo Best Savings Account Bonuses of · SoFi: SoFi Checking/Savings - $ · Alliant: Alliant Ultimate Opportunity Savings - $ These bonuses allow you to earn the most with the least amount of work. Most are nationally available, but a few may only be available in certain states

Great Savings Offers - The best savings account bonuses and promotions of November Earn up to $ or thousands of airline miles A closer look at the top savings account/money market account bonuses. Wells Fargo: $ bonus. New Wells Fargo Best Savings Account Bonuses of · SoFi: SoFi Checking/Savings - $ · Alliant: Alliant Ultimate Opportunity Savings - $ These bonuses allow you to earn the most with the least amount of work. Most are nationally available, but a few may only be available in certain states

These fees can often be waived by meeting certain requirements, such as maintaining a minimum balance or linking a checking account. However, fees can easily wipe away your interest earnings, so choosing an account that charges minimal or no fees is important, if possible.

You may be required to deposit a minimum amount of money to open a high-yield savings account. Always check the balance requirements of an account to find out if you need to meet a certain threshold to earn the advertised rate. When you deposit money in a HYSA, your savings will grow thanks to the magic of compound interest.

The APY on your account can and likely will fluctuate any time the Fed raises or decreases the federal funds rate. The rate at which your interest compounds daily, weekly, monthly, annually will depend on the financial institution.

One of the main advantages of high-yield savings accounts is that they typically offer interest rates well above the national average. Currently, the national average APY for a traditional savings account sits at 0. A high-yield savings account also provides greater security than some other investment options.

Even so, high-yield savings accounts are sensitive to changes in the economy, which means that your APY can increase or decrease at the discretion of your bank.

There may also be a cap on your monthly withdrawals. Your financial institution may limit the number of withdrawals you can make each month. You may be charged a fee for each additional transaction if you exceed the limit. High-yield savings accounts can be an effective savings vehicle for savers with many different types of goals.

A few common uses for high-yield saving accounts include:. Choosing the right high-yield savings account will require you to think carefully about your financial habits, preferences, and goals so that you can select the account that best suits your needs. The APY is the interest you can expect to earn on the money you keep in your account for one year.

The FDIC regularly publishes average national rates for various accounts, including high-yield savings accounts, so this is a trustworthy resource to use when shopping around for rates.

Ideally, a lucrative high-yield savings account will offer a savings rate at least 10 times that rate. Many, but not all, high-yield savings accounts require a minimum deposit to open your account.

This figure can vary widely across financial institutions, with some requiring no minimum deposit and others requiring a minimum deposit well into the thousands. Certain accounts may charge fees for maintaining your account, transferring funds, and more. Weigh the different fees you could become responsible for and determine if the perks that come with the account outweigh potential penalties down the line.

Not all high-yield savings accounts will come with physical branch access or a large ATM network. Read Apple App Store and Google Play reviews to learn more about the digital platforms and tools available to you and what kinds of features and services are available on those platforms.

The primary difference between a high-yield savings account and a traditional savings account lies in their interest rates. High-yield savings accounts offer significantly higher interest rates compared to traditional savings accounts, which means that the money saved in a high-yield account grows faster.

In some cases, high-yield accounts might come with more restrictions, such as limitations on the number of withdrawals and higher minimum balance requirements. High-yield savings accounts are similar to traditional savings accounts, with the key difference being that high-yield accounts typically offer a more generous APY.

They differ from CDs in that high-yield savings accounts preserve access to your funds, while CDs require that you commit to locking up your funds for a fixed term if you hope to avoid a penalty. One key difference between the two account types is that you may need to deposit and maintain a certain balance to open a money market account, and in some cases, the higher the balance, the higher your rate may be.

To bring you our top picks for the best high-yield savings accounts, the Fortune Recommends TM team compared more than 60 online savings accounts from a mix of traditional brick-and-mortar banks, online banks, and credit unions.

All the accounts on our list are available to customers in the U. The savings accounts on this list offer an APY at least 10 times the national average.

The rates and fee structures for the accounts mentioned are available for limited periods, and APYs are subject to fluctuation, which could impact how much interest you earn. All the bank accounts and credit unions on this list are insured by the FDIC and NCUA, respectively.

To open an account, financial institutions, including banks and credit unions, require a deposit of new money, so you may not be able to transfer money you already had in an account at that bank.

Yes, if the account is at a bank or credit union insured by the Federal Deposit Insurance Corporation FDIC or the National Credit Union Association NCUA , respectively.

SoFi earned 4. Through April 17, , Chase is offering a bonus on certain new checking accounts. To qualify for the bonus, you must not have an existing Chase checking account or had one closed with a negative balance in the past three years or closed within the last 90 days.

Ten qualifying transactions debit card purchases, online bill payments, checks paid, Chase QuickDeposit, Zelle or ACH credit to the account within 60 days of coupon enrollment are required to earn the College Checking and Secure Banking bonuses.

And make 10 eligible transactions within 60 days of bringing your coupon to a Chase location and opening the account. Chase is headquartered in New York. The offer expires May 31, To get the bonus, you must:. Bank of America is headquartered in Charlotte, North Carolina.

It earned 3. KeyBank has its headquarters in Cleveland. Wells Fargo is based in San Francisco. TD Bank has its headquarters in Cherry Hill, New Jersey.

Chicago-based Alliant earned 4. BMO has its headquarters in Chicago. The number of referrals is capped at 10 for American Airlines Credit Union earned an overall rating of 4. It earned 4.

The bonus your friend receives depends on the type of account she opens and whether she completes the qualifying activities outlined in the bonus. For both parties to qualify for the bonus, the referred person must:. Chime is based in San Francisco and is a financial technology company, meaning it strictly operates online and partners with a bank to hold your deposits.

The bank even encourages you to share this offer on social media. To qualify for the bonus, your friend must:. Marcus by Goldman Sachs has its headquarters in New York.

Huntington Bank has its headquarters in Columbus, Ohio. It scored 4. Opening a new PNC business checking account, business checking plus account, analysis business checking account or treasury enterprise plan can help your business earn a bonus.

PNC Bank has its headquarters in Pittsburgh. The bank scored 4. This offer ends Feb. Axos can limit you to one promotional offer per year, according to its website.

Banks use sign-up bonuses to distinguish themselves from others in the industry. Cash bonuses also help financial institutions bring in new customers and new deposits. Banks are particularly inclined to offer bonuses in a rising interest rate environment, when the spread between the interest rate they offer customers for deposits versus the interest rate they can get by lending money widens.

While they could pay account holders a higher yield, for some banks, offering a bonus is preferable. Some banks offer more than one sign-up bonus. Bank account bonuses are typically available only to new checking or savings account holders.

Not every bank account bonus is a good deal. Before signing up, read the fine print and be realistic about your ability to meet the requirements.

Watch out for sky-high minimum balance requirements and monthly fees that could eat into your earnings. For example, if you need to use branches and ATMs, double-check that there are plenty of them in your area.

And with online banking becoming more popular and convenient, look for a bank or credit union that offers a solid set of digital tools. You also might want to consider other savings account features to determine if a particular bank account is right for you, like a high-interest rate or whether it's possible to waive monthly service fees.

Read our editorial standards. Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

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Advertising considerations may impact how and where products appear on this site including, for example, the order in which they appear but do not affect any editorial decisions, such as which products we write about and how we evaluate them. Personal Finance Insider researches a wide array of offers when making recommendations; however, we make no warranty that such information represents all available products or offers in the marketplace.

Written by Sophia Acevedo, CEPF ; edited by Sarah Silbert ; reviewed by Evelyn He. Share icon An curved arrow pointing right. Share Facebook Icon The letter F. Facebook Email icon An envelope. It indicates the ability to send an email. Email Twitter icon A stylized bird with an open mouth, tweeting.

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Redeem now. Featured Bonus Offer. SoFi Checking and Savings. Start saving SoFi Bank, Member FDIC. Icon of check mark inside a promo stamp It indicates a confirmed selection. Perks Info icon There is no minimum direct deposit amount required to qualify for the 4.

Members without direct deposit will earn up to 1. Interest rates are variable and subject to change at any time. There is no minimum balance requirement.

There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the Day Evaluation Period will earn 1.

Minimum Deposit Amount. Pros Check mark icon A check mark. It indicates a confirmation of your intended interaction. High interest rate Check mark icon A check mark. Earn a higher interest rate with qualifying activities Check mark icon A check mark. No minimum opening deposit Check mark icon A check mark.

No monthly service fees Check mark icon A check mark. No overdraft fees Check mark icon A check mark. Savings tools Check mark icon A check mark. Early direct deposit Check mark icon A check mark.

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Great Savings Offers - The best savings account bonuses and promotions of November Earn up to $ or thousands of airline miles A closer look at the top savings account/money market account bonuses. Wells Fargo: $ bonus. New Wells Fargo Best Savings Account Bonuses of · SoFi: SoFi Checking/Savings - $ · Alliant: Alliant Ultimate Opportunity Savings - $ These bonuses allow you to earn the most with the least amount of work. Most are nationally available, but a few may only be available in certain states

See terms for additional details. The Chase College Checking Account is the best bank account for students between the ages of 17 and 24 — not least because it has a category-leading bonus opportunity for new Chase customers.

The offer page has more details on those. Through April 23, , U. You must open your account by April 17, and complete qualifying activities within 60 days of coupon enrollment to earn the bonus. The biggest hoop to jump through is a requirement to complete 10 qualifying transactions within 60 days.

Disclaimer: Open your account online or in-branch. This offer is available nationwide, but additional terms may apply. See offer page for more details. This offer is available to new account holders located in all 50 states. Then, within 20 days of account opening, make a qualifying deposit in new-to-Citi funds between your new checking and savings accounts.

For at least 60 consecutive calendar days after the 21st day, maintain a minimum balance equal to or greater than your minimum deposit between your checking and savings accounts. If your balance falls to a lower tier at any point during the maintenance period, your bonus changes.

and no Citi fees at non-Citi ATMs. Plus, enjoy access to a world-class investment platform and complimentary financial planning through Citi Personal Wealth Management. Just apply by February 29, and use the promo code NEW to claim your bonus. Make the smart move for your business today!

Additional terms may apply; see offer page. Need a new business banking solution? Brex makes it easy to simplify your finances with corporate cards, rewards, banking alternatives, and spend management — all in one place.

These are the top bank promotions active right now. They include a mix of high-yield checking accounts and high-yield savings accounts. Many are available through popular brick-and-mortar and online banks that also offer competitive yields on other types of deposit accounts, such as money market accounts and certificates of deposit CDs.

Banks use sign-up bonuses as a marketing tool to get more customers. Each bank has different requirements to qualify for a bank bonus. The key is to read the fine print to understand how to qualify. Most banks require more than simply opening an account. For example, they may require a certain number of transactions or a minimum direct deposit.

Be sure you can meet the requirements before choosing a bank bonus, paying close attention to the dates that coincide with the bonus. For example, if a bank requires a minimum balance to earn the bonus, they usually specify how long you must keep the balance in the account either by the number of days or a specific date.

The easiest way to find bank bonuses is to peruse our list of the best bank promotions available. We keep our list updated so you always have the most current offers available. You can also find bank bonuses by searching online for bank promotions near you. Search specifically for the type of account you need, such as checking, savings, or business accounts.

Then compare the offers presented to you and choose the one that will pay you the highest bonus. Bank bonuses, unlike credit card bonuses, are taxed.

You can have as many bank accounts as you want, but ideally, you should at least have a checking and savings account. The savings account should hold the funds meant for an emergency fund or other financial goals. Keeping a separate emergency fund, for example, is usually suggested because it eliminates the risk of spending the money on another goal, leaving nothing for those unprecedented emergencies.

Just ensure you can meet the requirements to meet the bank promotion and waive the monthly fee. Take your pick of these bank promotions. Bank account promotions for new customers are wonderful, but taking advantage of permanent perks is a long-lasting bonus in its own right.

Editorial Disclosure: This content is not provided or commissioned by the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program. Banks and credit unions have a fair amount in common. Each has strengths and weaknesses you need to understand before you choose.

Skip to content Advertiser Disclosure Advertiser Disclosure: The credit card and banking offers that appear on this site are from credit card companies and banks from which MoneyCrashers. com receives compensation. This compensation may impact how and where products appear on this site, including, for example, the order in which they appear on category pages.

com does not include all banks, credit card companies or all available credit card offers, although best efforts are made to include a comprehensive list of offers regardless of compensation.

Advertiser partners include American Express, Chase, U. Bank, and Barclaycard, among others. By Brian Martucci.

Table of contents. BMO Citi Bank of America Chase PNC Discover TD Bank Wealthfront SoFi U. Bank Citigold Axos Brex. Checking Business Checking College Checking Clear all. BMO Relationship Checking. ATM Surcharge Rebates. Apply Now Read the Review.

BMO Smart Advantage Account. Open your account online or at a BMO branch, subject to approval. Monthly Maintenance Fee. Citi® Enhanced Direct Deposits. Deposit your way from recurring paychecks, retirement payments, pensions, and more.

Learn More. Bank of America Advantage Banking. Easy, Anytime Access : Visit Bank of America at thousands of financial centers and ATMs. Secure sign-in, card locking features and more. Convenient Ways to Pay : Digital Banking with the choice to pay using a variety of methods.

Smart Money Management Tools : Set custom alerts and savings goals. Mobile Deposit : Deposit checks from almost anywhere with the Bank of America Mobile Banking app on your smartphone or tablet.

Bank of America, N. Chase Total Checking®. Waiver option 1. Apply Now. Bank Smartly® Checking. Bank App. Moving forward, enjoy additional features and benefits like: No ATM transaction fees at U. Bank Smart Rewards® and take advantage of additional benefits. PNC Virtual Wallet.

Discover® Online Savings Account. Fund the account with qualifying cumulative deposits within 60 days of the account opening date.

The bonus tiers at right show how much your funding amount could earn as a bonus. See advertiser website for complete details.

Fifth Third Momentum® Checking. Your bonus will be determined on day Maintain the balance for at least 90 days from coupon enrollment. To qualify for this offer, you must be a U. resident and apply for the offer online.

A lot of extra relief: Avoid fees with Grace Period, which gives you until 11 PM ET the next business day to fix an overdraft.

Get reimbursed for fees including two overdraft fees per year, all Rush Bill Payments, and one outgoing wire per statement cycle domestic or international.

Then, you'll need to open a free Rewards Checking Plus account. Finally, you'll need to make just 3 purchases using your new debit card. Overall, it's rare to find a cash offer this high that does not require a direct deposit, minimum balance, or a monthly fee. Check it out! at Upgrade or, read the full requirements.

Chase Total Checking® is the most popular account from one of the nation's best banks. You'll have access to more than 4, branch locations and 15, ATMs, along with a top-rated mobile app. Your new account can be opened easily online, and earning the bonus is super straightforward: receive a qualifying direct deposit into your new account within 90 days, and Chase will reward you within 15 days.

Assuming you can keep the account free, we definitely recommend taking advantage of this easy cash bonus from Chase! at Chase or, read the full requirements.

This is less than previous versions. What's even better? It's now available nationally, so now's a good time to open an account online and grab that cash. at BMO or, read the full requirements. at Truist or, read the full requirements. The offer applies to any of their Advantage Banking accounts: Bank of America SafeBalance®, Bank of America Advantage Plus®, or Bank of America Advantage Relationship®.

With that said, they've also DOUBLED the bonus, and you do have 90 days to meet that total in cumulative deposits. at Bank of America or, read the full requirements. This is a pretty easy bonus that's available nationally without restriction.

Can't complain about that! at Wells Fargo or, read the full requirements. Here are the banks and credit unions offering the best sign-up bonuses for opening a new CD, money market, or high-yield savings account:. One perk to this bonus is that Discover doesn't have a requirement for how long you need to keep the cash in the account; however, with interest rates soaring, it makes a great place to stash some cash.

Doesn't get much easier than that! Citi offers a really competitive APY rate in their Citi® Accelerate Savings account, a high-yield savings product. You can find slightly higher rates elsewhere, but nearly all of those will have balance limits.

Citi, on the other hand, has no limit. So for those who have sizable savings they'd like to keep liquid, Citi® Accelerate Savings will often win out. Available nationwide, Wells Fargo is most known for its personal checking bonuses; however, this time around Wells Fargo has a savings offer that's pretty solid!

The minimum balance is a little steep, but very reasonable for the bonus amount. What's even more? or, read the full requirements. Extended through , Alliant Credit Union has partnered with Suze Orman to encourage people to make saving a priority.

Keep in mind that these deposits don't need to be made via direct deposit, as is common with many bank bonuses.

Instead, regular transfers each month will work. The first transfer will need to be made within 30 days of opening the account, and while it does take a full 12 months to satisfy the requirements, the ROI on your cash is impressive. at Alliant or, read the full requirements.

Have a business? These banks and credit unions are running promotional offers if you open a new business checking or business savings account:. Several activities count as "qualifying transactions", including purchases on your debit card, deposits into the account, setting up a bill payment, and more.

See the fine print for the full list , but needless to say, meeting that requirement should be painless. What's especially awesome about this bonus compared to other business checking account offers is that Chase recently launched the ability for customers to open an account online.

Compared to the vast majority of business checking accounts which require you to visit your local branch, opening an account at Chase is significantly more convenient. If you prefer live help, however, you can still enroll in this offer by entering your email address on the bonus landing page to have an offer code sent to you.

Just be sure to take that code with you when you visit a branch. This is a tiered bonus where you can earn more if you're able to deposit more. This offer has increased since the last time it was offered to reward businesses with higher balances, so now might be a great time to jump on it if you've been considering U.

Bank for your business banking needs. You'll also need to use your debit card to qualify. This is double their previous offer and quadruple one before that! so now might be a good time to jump on it.

at Axos or, read the full requirements. If you're a business owner in the market for a new checking account, be sure to check out this offer from Bank of America.

See offers page more details. Both have monthly fees that can be waived if minimum deposits amounts are met.

See below for more details.. Pretty simple! PNC is running a couple of welcome bonus offers targeting small business owners.

For this one, you'll need to open either a Business Checking or Business Checking Plus account and then meet balance and debit card requirements. If your company has higher balances or transaction volume, PNC is running a larger bonus for their enterprise checking accounts, so check those out, too!

Huntington is offering a welcome bonus to those opening new business checking accounts. While the account needs to remain open for 6 months to avoid forfeiting the offer, you will get the bonus within 2 weeks of meeting the requirement which is pretty great!

at Huntington or, read the full requirements. This is a tiered bonus, the higher the balance, the more you can earn. It's worth noting that this bonus is higher than a recent one offered for similar tiers. Available nationwide with the ability to open online, Amex is offering a 30, MR Points welcome bonus when you open a new business checking account and make qualifying transactions.

Previously, this was a cash offer and about half as much , but Amex is now offering it as Membership Rewards points which means you can likely stretch it further if you redeem for travel.

This is a rare offer from American Express and relatively easy to earn. at Amex or, read the full requirements. We track bank bonuses and sign-up offers for opening everything from a new checking account or high-yield savings account, to a new credit card or brokerage account.

With hundreds of banks and credit unions offering these promotions, it can be tough to find and compare these deals. That's where BankBonus. com comes in. There are more than active bank bonuses in our database right now, and thousands more that have since expired.

Answer just a few quick questions and our tool will zip through all of these offers to find you the perfect one. What Are Bank Promotions? Banks and credit unions are always looking to attract as many new customers as possible. The more new money that these financial institutions can bring in, the more overall profit they make.

One of the most popular ways that banks lure in new customers is by offering account opening bonuses, which are financial incentives you can get for opening a new account and meeting certain terms and conditions.

These activities can be anything from meeting and maintaining a minimum balance or minimum deposit, making a qualifying direct deposit, using your debit card, enrolling in mobile banking, or a combination of several of these activities.

Often, the more difficult the requirements, the higher the reward. Banks will outline exactly which of the above requirements — sometimes just one, sometimes a combination of several — are necessary to qualify for the checking account bonus.

In addition to meeting the initial requirements, you also usually have to stay in good standing with the bank or credit union for a certain number of days after account opening the first three to six months is pretty typical.

This means that you either have to maintain an average daily balance, an average monthly balance, a specified combined balance, or a minimum balance as required by the bank. The bonus payment might also be handed out in other forms, such as a Visa Gift Card or rewards points that you can use to make online purchases.

Most bank offers will clearly state when and how to expect your cash bonus, so again, read the fine print we also call this out clearly in every offer we publish on BankBonus.

New account bonuses are typically offered for opening a traditional checking account, but you can also find them for opening a new business checking account , money market account , savings account, credit card, or investment account. A monthly maintenance fee is a fee charged by a financial institution simply for having the account.

This is typically bundled with premium features such as interest on your deposit balance. This is different from other account fees like atm surcharges, overdraft fees, or early account termination fees.

Fortunately, most of the time, the monthly service fee can be waived by meeting certain requirements such as receiving qualifying direct deposits, or maintaining a minimum balance requirement. Many banks offer a checking account bonus even for opening one of their totally free checking accounts.

Keep an eye out for promotional materials from local or national banks that advertise a new checking account or savings account bonus. Banks are frequently sending these out over email, snail-mail, and through online and mobile app ads.

Yes, and no. New checking and savings account bonuses are everywhere, but customers can most often expect to see them popping up at the bigger national banks or credit unions. Some of the most popular are:.

The best bank bonuses also have easy-to-reach requirements. Another thing to watch out for is that if the bank charges a monthly maintenance fee for your new account. This could eventually wash out any bonus that you might get. The same goes for evaluating a credit card offer. The biggest account opening bonuses will come for cards with an annual fee.

But this only makes sense if the card offers rewards and perks that you find genuinely valuable. Bonus Amount What's the total amount you'll receive? What's the minimum balance you're required to hold in the new account? How long are you required to hold the balance in the new account in order to earn the bonus?

What fees will you incur while having the account? Don't include fees that will be waived or those that are avoidable, such as overdraft fees. Already have your savings parked in a HYSA? Enter the rate you're earning to compare the bonus to that instead of the national average. That bonus offers an effective APY on your savings, which is X the national savings average of 0.

As you can see, there are several things to consider when vetting or ranking savings account and checking account offers. Banks will often exclude current or former customers from a bonus offer, may require you to be of a certain age or live in a certain state or region.

Why a certain location? For example, banks may require that account holders make their initial deposit via a qualifying direct deposit , rather than transferring money from another account. Banks like direct deposits because they provide steady, guaranteed revenue coming into the bank.

Unlike credit card bonuses , which are viewed by the IRS as a rebate or discount, checking account bonuses are considered taxable income. Offers are constantly changing. At BankBonus.

With that said, even though the actual bonus terms tend to change over time, almost all banks offer some kind of perk for opening a new bank account. Larger, national banks typically have the resources to pay out the best bank bonuses.

But you can also find sign-up rewards at your local community bank or credit union. So bank bonuses are very often a fantastic way to put your savings to work.

Check out our Bank Bonus Return Calculator to determine for yourself the effective rate of a welcome offer and how it compares to your HYSA. Overdraft and other fees, add-ons like safe deposit boxes or checks, deepening their relationship with you through products like credit cards or loans, and more.

But even if you never pay your bank a single fee or a dime of interest, they still make money by having you as a customer. from those loans. So, to attract new customers and their cash , many banks offer welcome bonuses to new customers.

Yes, money you earn from a new account bonus will be reported to the IRS and taxed as income. One exception to this are credit card sign up offers. Banks love to get you in the door with as many products as possible, so some will require you to hold multiple accounts to earn a bonus.

Other promotions will give you a certain reward for opening a new checking account and meeting those requirements, and an extra cash reward for also opening a new savings account at the same time. In either case, just because a bank is offering money as a sign-up bonus for opening a new account, you still want to be sure the new account makes sense for you.

That said, between national banks , online banks , credit unions , and fintech platforms , the options for where to stash your savings or deposits are endless. While functionality and low fees should always be your top priority, a nice savings account bonus or new checking account offer can get your balance moving in the right direction.

To learn more about how to find, track, and maximize bank promotions, sign up for the free 3-day email course below. Read 27 comments or add your own. Leave a Reply Cancel reply. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment.

You don't need a ton of money, there aren't "gotcha" fees buried in the fine print, and you're not doing anything unethical by signing up just to get the promotion.

basically everything you need to go from "I'm so confused! This website is an independent, advertising-supported comparison service. We want to help you make personal finance decisions with confidence by providing you with free interactive tools, helpful data points, and by publishing original and objective content.

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The rates, terms and fees presented are accurate at the time of publication, but these change often. We recommend verifying with the source to confirm the most up to date information. Learn more in our full disclaimer. Open a new eligible Citi Checking account with Enhanced Direct Deposits.

Deposit your way from recurring paychecks, retirement payments, pensions, and more Bonus will be deposited within 30 days after required activities have been completed. If you're eligible, we definitely recommend claiming this easy bonus.

Open a TD Beyond Checking account using the link below. Bonus will be paid on or before days after account opening. Open a Virtual Wallet® account online to qualify, See link below. Bonus will be credited to your account within days after meeting requirements.

Bank Smartly® Checking account and a Standard Savings account online and complete qualifying activities. Subject to certain terms and limitations. Offer valid through March 12, Member FDIC. Bank Smartly® Checking account. Within 90 days, enroll in online banking or the U.

Bank footprint or are not an existing client of U. Bank or State Farm. Requires Direct Deposit Min Balance optional. Open a new SoFi Checking and Savings account using the link below.

Bonus will be credited within 7 business days of the end of the Direct Deposit Bonus Period. Open a new Discover® Cashback Checking account using the link below. Bonus cash will be deposited into your account each month.

What's more? There are no annual fees and no late fees. All in all, this is an easy bonus to earn. Apply for any Upgrade Card including The Triple Cash Rewards Card which is linked below.

Within 60 days, open and fund a new Rewards Checking Plus account. Within the same 60 days, make 3 purchases using your debit card.

The bonus will be applied to your Rewards Checking Plus account as a one-time payout credit within 60 days after meeting the conditions. Open a Chase Total Checking® account. Receive your money within 15 days of the deposit posting.

Open a new BMO Smart Advantage Checking or BMO Smart Money Checking account using the link below. Bonus is credited directly to your checking account approximately days after account opening. Conditions apply. BMO Bank N. The reward will be deposited into the new checking account within 4 weeks of verifying the Direct Deposit qualification requirement.

Terms Apply. Overall, a fairly easy bonus from a nationwide bank, so worth checking out. Open a new Bank of America Advantage Banking personal checking account using the link below and promo code TWTCIS. Bank of America will attempt to pay bonus within 60 days of meeting the requirements.

Additional terms and conditions apply. See offer page for more details. Bonus will be deposited into your account within 30 days of the day qualification period.

Apply for your first Discover® Online Savings Account, online, in the Discover App or by phone using promo code BB Bonus will be credited to your account within 60 days of qualifying for the bonus.

See Advertiser Website for Full Details. Open a new Citi® Accelerate Savings account using the link below. Transfer money from a different bank or an existing Citi account. Interest compounds daily and will be credited to your account each month.