Editor's Note: APYs listed in this article are up-to-date as of the time of publication. CNBC Select will update as changes are made public.
They may not have all the flash of credit card rewards, but many banks offer cash bonuses for opening a savings account.
CNBC Select has picked the best savings account bonuses on the market right now. To learn more about how we made our choices, check out our methodology.
Savings account bonuses
| Bank | Account | Bonus amount | Requirements | Expiration date |
|---|---|---|---|---|
| SoFi | SoFi Checking and Savings | $50 to $400* | SoFi Checking and Savings account holders who sign up and set up direct deposit can get a cash bonus of up to $400. Direct deposits must be made within a 25-day bonus period. | 12/31/2026 |
| PNC Bank | Virtual Wallet® from PNC Bank | $200 or $400 | New Virtual Wallet® from PNC Bank account holders earn $200 when they make qualifying direct deposits of $2,000 or more to their new Virtual Wallet with Performance Spend, and $400 when they make qualifying direct deposits of $5,000 or more to their new Virtual Wallet with Performance Select. | 02/26/2026 |
| BMO | BMO Savings Builder | $5 to $60 | New account holders of the BMO Savings Builder Account get an extra $5 every month they save $200 or more, for the first year; earn up to $60 in your first year. | N/A |
SoFi
- Impressive welcome bonus
- Strong APY with direct deposit
- No minimum balance or deposit needed
- No monthly fees
- Comes with checking account and ATM access
- Receive your paycheck in your account up to 2 days early automatically when you set up direct deposit
- Save change automatically with Roundups and set savings goals with Vaults
- No foreign transaction fees
- FDIC insurance up to $3 million additional through the SoFi Insured Deposit Program*
- Non-direct deposit APYs are low compared to other high-yield savings accounts
- No reimbursement for out-of-network ATM fees
- No physical branches
Bonus: $50 or $400*
Expiration: Dec. 31, 2026
How to earn the bonus:
- New SoFi Checking and Savings account holders who set up direct deposit can get a cash bonus of $50 or $400.
- Direct deposits must be made within a 31-day bonus period.
- Wait for direct deposit to hit the account (typically 2-4 weeks).
- Collect a cash bonus of $50 or $400, depending on the direct deposit amount.
PNC Bank
Bonus: $100 or $400
Expiration: Aug. 31, 2026
How to earn the bonus: To earn a $100 bonus from PNC Bank, you can open a PNC Virtual Wallet® account and make qualifying direct deposits of $500 or more. To earn $400, open a Virtual Wallet with Performance Select and make qualifying direct deposits of $5,000 or more.
Virtual Wallet® from PNC Bank
Annual Percentage Yield (APY)
Up to 4.00% APY on select Virtual Wallet Growth accounts with relationship rates
Minimum balance
Varies depending on Virtual Wallet account
Monthly fee
Ranges from $7 to $25 depending on Virtual Wallet account, with options to waive
Maximum transactions
Up to 6 free withdrawals or transfers per statement cycle
Excessive transactions fee
None
Overdraft fee
Overdraft protection offered by your Reserve and Growth accounts
Offer checking account?
Yes
Offer ATM card?
Yes, if have a PNC Bank checking account
Terms apply.
Pros
- New account holders can earn a welcome bonus of up to $400
- Virtual Wallet includes individual checking and savings accounts that work together
- Earn cash or points through PNC Purchase Payback® program
- Reimbursable non-network ATM fees
- Account holders can choose the Virtual Wallet best for them
- Options to waive monthly maintenance fee
- Higher APY relationship rates are available
Cons
- Has monthly maintenance fees
- Have to call PNC Bank to find out APY offered in your area
BMO
Bonus: $5 to $60
Expiration: N/A
How to earn the bonus: New BMO Savings Builder account holders get $5 every month they keep at least $200 in their account, up to the first year.
BMO Savings Builder account
Annual Percentage Yield (APY)
0.01% APY
Minimum balance
$0.01 and above
Monthly fee
None
Maximum transactions
No transaction limits
Overdraft fees
Not applicable to savings account
Offer checking account?
Yes
Terms apply.
Pros
- Low minimum balance
- No monthly fee
- No transaction limits
- No overdraft fees
- Offers a checking account as well
Cons
- Low APY
How savings account bonuses work, step-by-step
Savings account bonuses are cash incentives (typically ranging from $100 to more than $1,500) paid to customers in return for opening a new account. To earn the bonus, you typically must deposit a minimum amount of "new" funds (meaning money that is not already in that bank) and maintain that balance for a set period of time.
- Open the account: Be sure to use the specific promo code when opening a new savings account online or in person
- Deposit new money: Transfer a qualifying amount, often within 30 days of account opening.
- Meet requirements: Maintain a minimum balance for a set period, typically 90 days or more. Some bonuses require regular direct deposits.
- Receive the bonus: The bank will deposit the bonus into your account, often within 15–30 days after the requirements are met.
How to choose a savings account bonus
When comparing savings account bonuses, focus on the requirements, the true value of the bonus and whether the account is still worth it after the promotion ends. Many bonuses require you to keep thousands of dollars in your account or make recurring direct deposits for a set number of months, so understanding the rules will enable you to calculate the real cost and benefit.
To estimate the true value of a bonus, divide the bonus amount by the required deposit and then annualize it based on how long you must hold the funds. This gives you the effective return, which you can compare against the account's annual percentage yield (APY) and any monthly fees and withdrawal limits.
Example: A $300 bonus that requires a $10,000 minimum deposit held for three months would mean a 12% annualized return.
$300/$10,000 = 0.03 or 3%
12 months/3 months = 4
3% x 4 =12% annualized return
Regardless of the bonus, a good savings account should offer long-term value through a competitive APY, limited fees and easy access to your money.
Key considerations for savings account bonuses:
- Bonus amount: Cash incentives can range from $100 to more than $1,500, depending on the account requirements.
- Minimum balance: Banks can require deposits of $10,000 to $25,000 to receive the highest bonuses.
- Direct deposit: Some accounts require regular direct deposits rather than a lump sum.
- Time requirement: Minimum balance amounts must usually be kept for at least 90 days.
Is a savings account bonus worth it?
Opening a savings account to receive a bonus may be worth it if the requirements don't outweigh the cash incentive. Most promotions require you to maintain a minimum balance or enroll in direct deposit, which can tie up funds you could put elsewhere.
There is also usually a wait of up to 90 days (or longer) before you receive the funds, which will be taxed as interest income.
Investigate a new bank's offerings the way you would any deposit account, and if you would earn more by leaving your money where it is — or if the account has high fees or difficult withdrawal requirements — it's probably not worth it.
FAQs
What is a savings account bonus?
A savings account bonus is typically a limited-time offer providing cash back, bonus airline miles or other giveaways to new account holders. There are often requirements, like meeting a minimum opening or maintenance balance or enrolling in direct deposit.
Should I open a savings account for the bonus?
It may be tempting, but don't rush to open a savings account just for the bonus. Read all the account information before committing. Consider the interest rate, fees, access to funds and other factors. Are there strings attached to the bond? And is the minimum opening balance is within your budget?
Why do banks have sign-up bonuses?
Banks offer sign-up bonuses to attract new customers. These bonuses can be worth over $100 and usually require specific conditions to qualify, such as making a minimum deposit or signing up for direct deposit.
Do I have to pay taxes on a savings account bonus?
The IRS treats savings account bonuses like interest income, so they are taxable. If the bonus is more than $10, your bank should send you a 1099-INT to include on your tax return. Even if it doesn't, you still need to report it.
If the bonus pushes part of your income into a higher tax bracket, only that portion at the higher rate is taxed, not your entire income.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every savings account list is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best savings account bonuses.
Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here.
Our methodology
To determine which consumer savings accounts provide the best place to deposit your money and earn a bonus, CNBC Select analyzed dozens of U.S. savings accounts offered by the largest national banks, credit unions and online-only financial institutions.
In addition to looking at savings account bonuses, we considered the requirements to earn their bonuses, plus any account fees, perks and interest rates offered. All the accounts included on this list are FDIC- or NCUA-insured of up to $250,000.
Product and feature availability varies by market, so these accounts and bonuses may not be available where you live. Most brick-and-mortar banks require you to enter your zip code online for the correct account offerings. The rates and fee structures for savings accounts are subject to change without notice.
Any return on your savings depends on any associated fees and the balance in your savings account. To open a savings account, most banks and institutions require a deposit of new money, meaning you can't transfer money you already had in an account at that bank.
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* 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 within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. 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 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking/checking-offer/ *SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn up to 3.10% 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 3.10% 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 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. *SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC's regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks. *Earn up to 3.80% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.10% APY) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 12/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC *Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
