Cash bonuses are a nice perk for opening a new bank account, and MagnifyMoney reviewed dozens of bank promotions to find today’s best bonuses for savings accounts. TD Bank currently offers a $200 bonus for checking customers when they open a new savings account and meet required qualifications (see below).
Why trust us: MagnifyMoney has been covering deposit accounts and other topics related to the financial space since 2014, and our team’s work is consistently featured by some of the leading news outlets in the U.S. Review our methodology for choosing the best savings account bonus offers.
|Account||Bonus amount||Expiration date|
|#1 TD Bank Beyond Savings or Simple Savings||$200||10/31/2022|
|Alliant Credit Union Ultimate Opportunity Savings||$100||12/31/2022|
|Regions Bank LifeGreen Savings||Up to $100||N/A|
|BMO Harris Statement Savings||Up to $60||N/A|
A savings account is a simple deposit account that allows people to deposit and store money safely in a financial institution with Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA) insurance. These accounts aren’t designed for everyday banking transactions — and Federal Regulation D typically limits account holders to six free withdrawals per month.
Multiple banks offer promotions for signing up for a savings account. MagnifyMoney chose accounts from TD Bank, Alliant Credit Union, Regions Bank and BMO Harris.
Right now, TD Bank has the highest available bonus for savings accounts at $200.
Many banks offer options for opening accounts online, over the phone or at a physical branch. Typically, you’ll need information including a Social Security number, mailing address, driver’s license and birth date to open a savings account.
Savings accounts are a good choice for emergency funds or saving up for big expenses. They have more liquidity than a certificate of deposit (CD) — which have predetermined terms, often from six months to five years long, and have higher interest rates but carry penalties for early withdrawals. Money tends to grow faster in a savings account than a checking account as well, although money market accounts can offer competitive rates.
Using information from DepositAccounts and other sources, MagnifyMoney reviewed savings account bonuses from financial institutions — in order to be considered, banks need to be insured by the FDIC and credit unions need to be insured by the NCUA. The accounts must be available in several states.
We only considered accounts with a reasonable deposit requirement to earn the bonus (at most $25,000) and low monthly maintenance fees (at most $25). Likewise, the minimum deposit to open an account had to be $100 or less.