Choosing the right bank account can have many benefits, including a savings account bonus. Many high-yield savings accounts are now offering impressive APYs, providing a guaranteed rate of return on your savings. Some banks further compete for deposits by offering a cash incentive in the form of an account bonus. But after the Fed's rate hiking campaign ended, the boon to CD rates and rates on high yield savings accounts is also coming to an end.
Savings rates began soaring in March 2022 as the Federal Reserve raised interest rates in an attempt to combat soaring inflation. By September 2024, the central bank began a series of cuts, ultimately reducing the federal funds rate to a range of 4.25% to 4.5% by December of that year.
Since then, the Fed has chosen to pause interest rates at that range at every meeting, including the most recent June Fed meeting. Since the Fed began putting a pause on rate hikes, rates on savings accounts have begun to fall. And if the Fed does begin cutting rates again later this year as economists expect, savings rates will decrease even further.
For this reason, its a good idea to lock in savings rates while they're still high. You can use our new tool below, in partnership with Bankrate, to compare rates on high yield savings accounts today.
By opening the right savings account today, you could be maximizing your earnings through both compound interest or cash bonuses, which can range from hundreds to thousands of dollars, putting a good chunk of cash in your pocket. Just make sure you do the research to decide which account is best for you.
You can use our savings calculator to determine how much your cash will grow over time, depending on the APY of your account. Keep in mind that some accounts offering bonuses won't have as competitive interest rates as other high-yielding accounts.
How to get a savings account bonus
For most of the best savings account bonuses, you’ll have to meet minimum deposit and balance requirements. However, apart from this, earning these bonuses is pretty straightforward. Restrictions and fees do vary from account to account, so it’s important to do some research before opening a new account.
It's also important to factor in interest rates. A $200 sign up bonus sounds great, but if it's for an account that only earns a fraction of a percent in interest, you might actually be losing money in the long run by storing your cash there instead of in a high yield savings account. Ideally, you want to find an offer that includes both a nice welcome bonus and a healthy interest rate.
Here are a few savings accounts that are currently offering bonuses, and what you'll need to do to qualify for them.
Alliant Credit Union (The Ultimate Opportunity Savings Account)
- Bonus: $100
- Bonus requirements: Open an Ultimate Opportunity Savings Account from Alliant and deposit at least $100 every month for 12 consecutive months. Account holders must maintain an average daily minimum balance of $100, and the balance at the end of the 12-calendar-month period must be $1,200 or more in order to receive the $100 bonus deposit.
- APY: 3.10%
TD Bank (TD Signature Savings)
- Bonus: $200
- Bonus requirements: Open a new TD personal savings account online, deposit $10,000 or more in new money within 20 days, then maintain a balance of at least $10,000 for 90 days from the date the deposit requirement is initially met. Note that you'll earn an elevated rate on your savings account if you open a TD checking account as well.
- APY: 0.01% - 4.00%
BMO Harris (Savings Builder account)
- Bonus: $5 reward each month for 12 months
- Bonus requirements: Only available for new accounts. You must deposit $200 or more per month into your new BMO Savings Builder account to receive the reward. In order to get all 12 savings rewards, your initial deposit needs to be made in the month you opened the account. The account also has a $25 minimum opening deposit.
- APY: 0.01%
Use Raisin to compare accounts and get a bonus
If you want to get a welcome bonus for a high yield account that doesn't currently offer any kind of sign up bonus, head to Raisin. The online savings marketplace allows you to create one account through Raisin to use for funding multiple high-yield savings products at different banks and credit unions.
The goal is to make it easier for you to move your money as needed to continue taking advantage of the best interest rates available or to take advantage of rates at banks or credit unions you don't belong to.
Right now, Raisin will give you a bonus of up to $500 when you sign up for any of the high yield savings accounts or CDs offered on their marketplace right now.
- Bonus: up to $500
- Bonus requirements: Choose one of the savings offers on the Raisin savings marketplace and use the code BOOST when you sign up. Then, you will earn a tiered bonus depending on your deposit amount. If you deposit $10,000 or more, you'll get $75. At $25,000 or more, you'll get $250. At $50,000 or more, you'll get the full $500 bonus.
- APY: up to 4.31%
