Best Savings Account Bonus Offers
There’s no shortage of checking account bonus offers, with everyone from small local banks to the big household names offering hundreds of dollars to new customers. Banks know it’s hard to get you to leave your old bank, especially when you’re comfortable with the accounts you have. But what better way to entice you than with a big cash bonus?
You’ll find these bonus offers attached to more checking accounts than savings accounts. After all, checking accounts are a crucial part to banking, as they allow you to easily access your money for purchases and transfers.
That’s not to say there aren’t any opportunities to earn money with a new savings account. We’ve found six of the best savings account bonus offers as of the date of publishing. It’s easy to go straight for the highest amount, but pay attention to the bank and the account you’re getting ready to open. Make sure it’s a bank you actually want to do business with.
Further, double check that you’ll be happy with the new account for months to come. It can take months to meet the offer requirements and even longer to actually receive the bonus. If there’s a monthly fee on the account, you could be stuck paying that unnecessary fee, especially if you can’t meet the balance requirements to waive it. You may not even be happy with the interest rate on the account, which might make the savings account bonus offer not entirely worth it.
The best savings account bonus offers in 2019
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The best savings account bonus offers in 2019 |
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|---|---|---|---|
|
Institution |
Bonus Amount |
Minimum Deposit to Earn Bonus |
Expires |
| Chase | $2,000 | $250,000 | 11/19/2019 |
| Chase | $1,000 | $75,000 | 11/19/2019 |
| Citi | $400 | $15,000 | 12/31/2019 |
| Associated Bank | $400 | $25,100 | 6/30/2020 |
| CIT Bank | Up to $300 | Up to $50,000 | 12/31/2019 |
| Wells Fargo | $250 | $15,000 | 12/31/2019 |
| Discover | Up to $200 | $25,000 | 12/02/2019 |
| Chase | $150 | $10,000 | 01/21/2020 |
| Associated Bank | $100 | $10,000 | 12/31/2019 |
Methodology
To find the best savings account bonus offers, we looked for the highest bonus amounts offered. Below, you’ll find the six biggest bonus offers on savings accounts being offered. Offers are current as of this publication date and we will update the article periodically to show the freshest ranking.
Chase — $2,000 bonus with $250,000 minimum deposit
Offer rules: Become a Chase Private Client customer and get a chance to earn this $2,000 bonus. You’ll need to transfer a total of $250,000 or more in qualifying new money or securities to a combination of eligible personal checking, savings and/or investment accounts within 45 days of opening and maintain the balance for at least 90 days. Eligible accounts excludes any You Invest, J.P. Morgan retirement accounts and CDs.
Who’s eligible: Only new Chase customers in 32 select states and Washington D.C. may qualify for this offer. You can visit your nearest CPC branch or email an upgrade code to yourself to redeem this offer.
Account details: Chase Private Client requires you to maintain an average daily balance of $250,000 or more between qualifying personal or business deposits and investments. Chase Private Client extends the perks and benefits you can receive on your Chase accounts, including banking, credit cards, loans and investments.
Chase Private Client does not charge monthly fees on Chase Private Client Checking or Chase Private Client Savings accounts. Private Client Savings Accounts earn a minimal 0.01% APY.
Chase — $1,000 bonus with $75,000 minimum deposit
Offer rules: Become a Sapphire Banking customer by transferring $75,000 or more in qualifying new money or securities to a combination of eligible personal checking, savings and/or investment accounts (excluding any J.P. Morgan retirement accounts and CDs). You must also maintain that balance for 90 days.
Who’s eligible: This offer is available only to customers in 32 select states and Washington D.C. You can open a Sapphire Banking account online and email yourself a code to redeem this offer.
Account details: Despite its premier placing, Chase Sapphire Checking earns only 0.01% APY. Linking a Chase Sapphire Checking account to a Chase Premier Savings account (and meeting other requirements), offers a small boost to your Premier Savings rates. It also unlocks higher rates for higher balances.
Citi — $400 bonus with $15,000 minimum deposit
Offer rules: You must be a new Citibank customer and open a Citibank Account Package, which includes a checking and savings account. Within 30 days of opening these accounts, you must deposit at least $15,000 in either of these two accounts with money new to Citibank, and maintain a minimum balance across both accounts of $15,000 for 60 days.
After meeting the above requirements, you’ll get $400 in bonus money deposited into your checking account (or savings account if you’ve closed the checking account). If you make at least two ACH deposits into the checking account portion of the Account Package within 60 days of opening the account, you’ll receive an additional $100.
Who’s eligible: You must be a new customer to Citibank and enroll in the bank’s “$400/$500 Checking and Savings Offer” either in person, over the phone, or online.
Account details: There’s a $25 monthly maintenance fee, which you can avoid be keeping a minimum of $10,00 deposited across both accounts (which you’ll want to do anyone in order to qualify for the bonus, which requires a minimum of $15,000). You may not want a checking account and are free to close it, but keep in mind in order to get the $100 bonus (to bring the total amount to $500) you need to make the ACH deposits into a checking account, not a savings account.
Associated Bank — $400 bonus with $25,100 minimum deposit
Offer rules: This offer requires you to open both an Associated Choice Checking account and an Associated Relationship Savings account. Open the checking account with at least $100 and make three payments through Associated Bank Online Bill Pay or at least one direct deposit of $300 or more within 45 days of account opening. You must open the savings account with at least $25,000. Together, you must maintain a $25,000 minimum combined balance in those accounts for 90 days to receive the reward, 120 days after account opening.
Email yourself a coupon code from the offer page and bring that coupon into a branch to redeem.
Who’s eligible: You must fund the new accounts with money not already held with the Bank. The offer is not available to Associated Bank employees and those who already have or have had a checking account or Associated Relationship Savings account at Associated Bank within the last six months.
Account details: A heavy-hitting account, the Associated Choice Checking account earns interest between 0.01% and 0.05% APY, depending on your balance (higher balances earn higher rates). It charges a high $25 monthly fee, which you can waive with at least $10,000 in combined deposit accounts or either an HSA or investment account.
The Associated Relationship Savings account earns between 0.10% and 1.35% APY, where higher balances earn more.
CIT Bank — up to $300 bonus with $50,000 minimum deposit
Offer rules: Once you have a Savings Builder account enrolled in the promotion, you must make your qualifying opening deposit within 15 calendar days after opening (known by CIT Bank as the Funding Period). To earn a $150 bonus, your opening deposit must be at least $25,000 in new money (money not held at CIT Bank). To earn a $300 bonus, deposit at least $50,000 in new money. You must also maintain the minimum balance for 90 calendar days (known as the Review Period) after the end of the Funding Period.
Who’s eligible: Both new and existing CIT Bank customers nationwide are eligible to benefit from this bonus offer. New customers are those who did not have a valid CIT Bank User ID that was created before Oct. 4, 2019. New and existing customers who do not already have a Savings Builder account must open one with a valid Promo Code.
Account details: The CIT Bank Savings Builder offers a competitive 1.85% APY on balances $25,000 and over or on accounts with a monthly deposit of at least $100. The account requires at least $100 to open. There is no monthly fee on the Savings Builder account.
Wells Fargo — $250 bonus with $15,000 minimum deposit
Offer rules: Open a new eligible savings account with a $25 minimum opening deposit by December 31, 2019. Then within 10 days of opening, you must deposit at least $15,000 in new money, which is money not already held at Wells Fargo. You must maintain a $15,000 minimum daily balance in the account for 90 days from account opening as well, to earn the $250 bonus.
Who’s eligible: Only new Wells Fargo checking and savings customers from Dallas and Washington, D.C. are eligible to redeem this offer. You must also not have received a bonus for opening a Wells Fargo consumer checking or savings account within the past 12 months.
To receive the offer code, Complete the Open In Branch form online here to receive a bonus offer code that you can bring to a branch to open your new account.
Account details: Wells Fargo offers two savings accounts, the Way2Save® Savings and Platinum Savings accounts. Both require a $25 minimum deposit and both charge waivable monthly fees. The Platinum Savings account also earns interest.
Discover — $200 bonus with $25,000 minimum deposit
Offer rules:Discover customers can benefit from a $200 bonus by opening a Discover Online Savings account for the first time by December 2, 2019, which is the same date this offer ends. You’ll then need to deposit at least $25,000 into the account by December 16, 2019.
If you can’t meet that minimum amount, you can earn a $150 bonus instead by depositing at least $15,000 into the new account by December 16, 2019.
The bonus will be credited to your account by December 30, 2019.
Who’s eligible: You must be a new Discover savings customer to qualify for this savings account bonus offer. You must not have had a savings account that was co-branded or an affinity account provided by Discover either.
You can apply for the offer with the code “MM1119” either online or by phone.
Account details: Discover’s Online Savings Account earns at a competitive interest rate of 1.80% on all balances. There are no fees associated with this account. Keep in mind that the bonus is considered interest and will be reported on a 1099-INT form.
Advertiser Website for Full Details
Chase — $150/$350 bonus with $10,000 minimum deposit
Offer rules: In another bonus offer from Chase, you can get $150 when you open a new Chase Savings account. You’ll need to deposit at least $10,000 in new money (not previously held with Chase or its affiliates) within 20 business days and maintain at least that minimum balance for 90 days.
Want to do more banking with Chase and open a Chase Total Checking account, too? Opening both a new checking and savings account can get you a $350 bonus, as long as you follow the above savings account rules and set up direct deposit on your new checking account.
Who’s eligible: You’re eligible for the Chase Savings account bonus offer if you are not already a Chase savings customer. You also cannot have had an account that was closed within 90 days or with a negative balance.
If you close this new savings account within six months after opening, Chase will deduct the bonus amount from the account at closing.
Account details: The Chase Savings account earns interest at a nominal rate of 0.01% APY, which isn’t ideal for savings growth. There is a $5 monthly fee on the account. You can waive the fee with one of the following, each statement period:
- A daily balance of at least $300
- At least one repeating automatic transfer of $25 or more from your personal Chase checking account or Chase Liquid® Card
- An account owner who is younger than 18
- Linking this account to a Chase Premier Plus Checking, Chase Sapphire Checking or Chase Private Client Checking account
You could also face a $5 fee for each excessive transaction you make over the six-transfer limit per statement cycle.
Associated Bank — $100 bonus with $10,000 minimum deposit
Offer rules: Opening a new Associated Bank Money Market account can get you a $100 bonus. You’ll need to deposit at least $10,000 in new money (held outside Associated Bank) at opening and maintain at least that much in the account for 90 days to receive the bonus.
The bonus will be paid within 120 days of account opening if you meet the requirements. The account must be open at that time. You must also keep the account open for at least 12 months.
Who’s eligible: You can redeem this offer online or by taking a coupon sent via email to an Associated Bank branch. This offer is limited to one per household. Households who have or have had an Associated Bank Money Market account within the last six months do not qualify. You must be 18 years or older to apply for the bonus. If you close the new account within 12 months of opening, Associated Bank can deduct the bonus amount from your funds at closing.
Account details: The Associated Bank Money Market account is a true money market account, with the ability to write convenience checks and access Associated Bank and MoneyPass ATMs. It earns interest, too, between 0.03% and 0.05% APY. You can earn at higher rates by having a higher balance and a qualifying Associated checking account.
The money market account does charge a $16 fee, which you can waive by maintaining a $1,000 minimum balance.
How do these accounts compare to the best online savings accounts?
When looking for the best online savings accounts, you won’t find much overlap here. Bonus offers tend to come from brick-and-mortar banks, as incentives for you to place your deposits with them.
Online banks still win by and large. But don’t let these financial carrots mislead you into thinking they are the best on the market — many of the best accounts are being offered by online banks these days. Online accounts tend to have the highest interest rates and the lowest fees — what more could you want? That’s why you’ll find most sign-up bonuses being offered by brick-and-mortar banks.
Know the pros and cons. You should figure out whether it’s worth it for you to open a new account with a traditional bank just for a bonus offer. Don’t forget, you can’t open a new account for a bonus offer and close it immediately. Qualifying for and receiving the bonus takes months. You could even lose your bonus offer if you close the account too soon. Plus, a savings account bonus offer is a short-term boost in savings, rather than the ongoing growth of a high-yield account. It won’t help your savings situation if your new account charges a monthly fee that you can’t waive, either.
Factor in fees. If you do desperately want to snag a couple hundred dollars by opening a new account, make sure you won’t be paying a monthly fee for the months you have the account. That way, you won’t lose any of that bonus right off the bat. Again, double check the account’s closing terms to ensure you won’t lose the bonus at closing, either. It’s also important to be able to meet the account’s minimum balance requirements. It may not make sense for you to keep $10,000 in a low-earning account just to earn a $200 bonus, for example.
Do the math. Let’s say you do deposit and maintain $10,000 in a new savings account that has an interest rate of 0.01%, which is typical of brick-and-mortar savings accounts. After a year, you’ll have earned $1 in interest. Add that to your $200 bonus and you can add a whopping $201 to your savings. Now, if you were to forgo the bonus offer and deposit your $10,000 into a high-yield savings account with a 2.25% APY, you’ll earn just over $227 after a year (with monthly compounding) — a better savings boost than the savings account bonus offer.
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