Business Insider's personal finance team researched the best savings account promotions among national, regional, and online banks, and here are our top picks for February 2025.
If you're looking for additional bank account bonuses, consider going through our best checking account bonuses guide.
no monthly service fee
up to 3.80%
$0
up to $300
- FDIC insured for $2 million
- High interest rate
- Earn a higher interest rate with qualifying activities
- No minimum opening deposit
- No monthly service fees
- Up to $300 bonus with qualifying direct deposit (terms apply)
- Savings tools
- Early direct deposit
- Joint account available
- Declined purchase if you overdraw by more than $50
- Doesn't reimburse out-of-network ATM providers' fees
- May deposit cash at Green Dot locations but there's a $4.95 fee
SoFi Checking and Savings is a great account option if you don't mind keeping your savings and checking in one account.
SoFi® Checking and Savings (Member FDIC)- Sign-up bonus of up to $300. When you sign up and set up direct deposit. Wait for direct deposit to hit account (typically 2-4 weeks). Collect cash bonus of $50 to $300 depending on direct deposit amount
- Up to 3.80% APY with direct deposit or $5,000 or more in qualifying deposits during the 30-day evaluation period
- FDIC Insured and covered up to $2 million in FDIC coverage through a network of participating banks
- 55,000+ fee-free ATMs
Best Savings Account Bonuses
- HSBC Bank Premier Relationship Savings Account: Earn up to $3,000 when you open a Premier checking and Premier Relationship Savings account by February 28, 2025 and complete qualifying activities
- Barclays Tiered Savings: Earn $200 bonus when you open a new Savings account with qualifying activities (offer expires 3/8/25)
- TD Signature Savings: Earn $200 when you deposit at least $10,000 within the first 20 days and maintain at least a $10,000 balance for 90 additional days from the 20th day after account opening (offer expires March 31, 2025)
- TD Simple Savings Account: Earn $200 when you deposit at least $10,000 within the first 20 days and maintain at least a $10,000 balance for 90 additional days from the 20th day after account opening (offer expires March 31, 2025)
- Bask Bank Mileage Savings Account: Earn 10,000 AAdvantage® bonus miles for new Bask Mileage Savings Account customers who open an account between December 1, 2024 and February 28, 2025, fund their account within 15 business days from account opening and maintain a minimum daily account balance of $50,000 for 180 consecutive days out of the first 210 days
HSBC Bank Premier Relationship Savings Account and HSBC Premier Checking
Bonus amount: up to $3,000
Expiration date: February 28, 2025
Who qualifies: You must open HSBC Bank Premier Relationship Savings Account and HSBC Premier Checking account to qualify for this bonus.
To qualify for Premier status for your account, you must meet one of the following requirements: maintain a combined total of $100,000 in eligible U.S. consumer and commercial deposit and investment accounts, receive recurring monthly deposits of $5,000 from a third party to your HSBC checking account, have any U.S.-based residential mortgage with HSBC, or maintain Private Bank status.
What you need to do:
- Open HSBC Bank Premier Relationship Savings Account and HSBC Premier Checking by February 28, 2025
- Deposit $100,000 or more into a HSBC Bank Premier Relationship Savings Account by March 31, 2025
Maintain $100,000 or more in your HSBC Bank Premier Relationship Savings Account by June 30, 2025
Earn a $1,000 cash bonus when you add and maintain New Deposits of $100,000 to $249,999. Earn a $2,000 cash bonus when you add and maintain New Deposits of $250,000 to $499,999. Earn a $3,000 cash bonus when you add and maintain New Deposits of $500,000 or more.
When you'll receive the bonus: The cash bonus will be deposited into your savings account by August 29, 2025.
$50 monthly service fee*
0.05% to 3.75%
$0
up to $3,000
- High interest rate if you meet the qualifications for a relationship rate
- No minimum opening deposit
- Must have a Premier Checking Account
- Low standard interest rate
- $50 monthly maintenance fee if you don't meet qualifications for waiving the fee
- Start an HSBC Premier relationship today. Earn up to $3,000 when you open a Premier checking and Premier Relationship Savings account by February 28, 2025 and complete qualifying activities1
- Here's what you get with an HSBC Premier relationship
- - Access to wealth products, insights and advice from an HSBC Wealth Relationship Manager through HSBC Securities (USA) Inc.*
- - Easily open an account online, from the comfort of your home.
- - Manage your banking needs across different time zones, with 24/7 support.
- - Manage your money around the world - from global transfers to multi-currency needs.
- - New to the U.S.? Build your U.S. credit history with one of our credit cards. Or if you're buying a new home, you can use your international credit history to apply.
- - Go beyond banking with special offers, referrals for tax advice, relocation services, and more.
- How the offer works
- You could earn up to $3,000 when you open a Premier checking and Premier Relationship Savings account by February 28, 2025 and complete qualifying activities1. Add New Deposits to your Premier Relationship Savings account by March 31, 2025 and maintain your Premier Relationship Savings balance through June 30, 2025.
- Get a $1,000 Cash Bonus: Add and maintain New Deposits of $100,000 to $249,999
- Get a $2,000 Cash Bonus: Add and maintain New Deposits of $250,000 to $499,999
- Get a $3,000 Cash Bonus: Add and maintain New Deposits of $500,000+
- Steps to qualify for the Cash Bonus
- - Open a Premier checking account.
- - Open a Premier Relationship Savings account by February 28, 2025.
- - Add New Deposits of $100,000 or more into your Premier Relationship Savings account by March 31, 2025.
- - Maintain $100,000 or more in your Premier Relationship Savings account through June 30, 2025.
- If all offer requirements are met, the Cash Bonus will be deposited into your Premier Relationship Savings account by August 29, 2025.
Barclays Tiered Savings
Bonus amount: $200
Expiration date: March 8, 2025
Who qualifies: You must be a new Barclays savings account customer to qualify for this bonus. You won't be eligible if you already have an existing Barclays savings account or CD.
What you need to do:
- Open Barclays Tiered Savings through a promotional page by March 8, 2025, and make a minimum $25,000 deposit within the first 30 days of account opening
- Keep at least $25,000 in your account for 120 days
When you'll receive the bonus: The bonus will be deposited into your account within 60 days of meeting the requirements.
no monthly maintenance fee
4.25% to 4.50%
$0
$200
- No monthly maintenance fees
- No minimum opening deposit required
- High APY at the highest tiers
- Interest compounds daily
- Requires a lot of money to earn highest tier of interest
This account could be a good option for you if you're searching for an account with no monthly service fees but you can't earn the best rate unless you put more than $250,000 in. This account also doesn't quite stack up to the top high-yield savings accounts offerings.
Barclays Tiered Savings- Earn a $200 bonus when you open a new Tiered Savings account and complete the following qualifying activities:
- Open a new Savings account
- Deposit $25,000 or more within 30 days
- Maintain at least $25,000 for the next 120 days
- After the $25,000 balance is maintained for 120 consecutive days, the $200 bonus will be added directly to the account within 60 days after the requirements have been completed
- Current and previous Barclays customers with a Savings account or CD are not eligible
- Online-only bank for U.S. customers
- Customer service available over the phone from 8:00 am ET to 8:00 pm ET every day of the week
- Interest compounds daily and deposits monthly
- Member FDIC
TD Signature Savings
Bonus amount: $200
Expiration date: March 31, 2025
Who qualifies: You must be a new TD Bank savings account customer to qualify for this bonus. You won't be eligible if you already have an existing TD Bank personal savings or money market account. You also won't qualify for this bonus if you closed your account in the last 12 months, or earned another savings account bonus with the bank in the last 12 months.
What you need to do:
- Open TD Signature Savings through a promotional page by March 31, 2025, and make a minimum $10,000 deposit within the first 20 days of account opening
- Keep at least $10,000 in your account for 90 days, starting on the 20th day after opening it
When you'll receive the bonus: The bonus will be deposited into your account within the first 180 days of its opening.
TD Bank Savings Account Review
TD Simple Savings Account
Bonus amount: $200
Expiration date: March 31, 2025
Who qualifies:You must be a new TD Bank savings account customer to qualify for this bonus. You won't be eligible if you already have an existing TD Bank personal savings or money market account. You also won't qualify for this bonus if you closed your account in the last 12 months, or earned another savings account bonus with the bank in the last 12 months.
What you need to do:
- Open TD Simple Savings through a promotional page by March 31, 2025, and make a minimum $10,000 deposit within the first 20 days of account opening
- Keep at least $10,000 in your account for 90 days, starting on the 20th day after opening it
When you'll receive the bonus:The bonus will be deposited into your account within the first 180 days of its opening.
Bask Bank Mileage Savings Account
Bonus amount: 10,000 AAdvantage® bonus miles
Expiration date: February 28, 2025
Who qualifies: New Bask Bank Mileage Savings Account customers are eligible.
What you need to do:
- Open a Bask Bank Mileage Savings Account by February 28, 2025, and fund your account in the first 15 business days
- Maintain a minimum daily balance of $50,000 for 180 consecutive days out of the first 210 days following the account opening
- Provide an AAdvantage account number
When you'll receive the bonus: Bask Bank will award your miles within 10 business days after you've met the qualifications, but it could take six to eight weeks for the miles to post to your AAdvantage® account.
Introduction to Savings Account Bonuses
What are Savings Account Bonuses?
A savings account bonus is a type of reward banks offer to new customers. Typically, you'll need to open a savings account with a bonus code. Then, follow certain steps by their due dates. Once you've fulfilled those requirements, the bank will deposit money into your bank account within a specified timeframe.
Why Do Banks Offer Savings Account Bonuses?
Banks offer bank account bonuses for savings accounts in order to appeal to new customers. Savings account bonuses aren't as common as checking account bonuses, and they also tend to be a lower value than them as well. Bonus amounts for most savings accounts are around $100 to $200 right now.
How to Qualify for Savings Account Bonuses
Common Requirements on Savings Account Bonuses
Most bank account bonuses are only for new customers. If you already have a savings account with the bank, you won't qualify for a savings account bonus. You also can't close your bank account and open a new bank account to get the bonus. Many banks also specify that people who had an account in the last couple of months can't qualify for the bonus. The same goes for people who recently got a savings account bonus from that bank. They can't qualify for a new bonus if they have already received one in the last couple of months.
Many banks will require you to deposit a substantial amount to earn a savings account bonus. You'll also typically need to maintain your account balance for several months.
If these requirements would be a challenge for you, then the bonus may not be worth it. Furthermore, while a savings account bonus is nice, it shouldn't be your only reason for opening a new account. A strong savings account should also help you avoid common bank fees and offer features to help you grow your money, like a high yield or savings tools.
Tips to Ensure Eligibility for Savings Account Bonuses
To ensure eligibility for a savings account bonus, carefully review the bank disclosure on the promotional page. The disclosure outlines additional eligibility criteria, like whether existing customers can qualify for a bonus or if there are geographic limitations to the bonus.
The disclosure also tells you what you need to do to fufill the requirements. Pay attention to the dates, and keep in mind that external banking transactions may take a few days to process. You don't wait until the last day to make your deposit because then you might not qualify for the bonus.
You should also make sure that you're eligible to open the bank account. If you bank with a credit union, you have to meet certain membership requirements. If you're joining a bank, you should make sure it isn't specific to certain states. Banks also typically require you to have a U.S. ID to verify your identity. However, a couple banks banks allow immigrants and non-U.S. citizens to open an account with a Matricula Consular or foreign passport, instead.
Maximizing Your Savings Account Bonus
Avoiding Fees and Penalties on a Savings Account
Before you open a savings account, you need to feel confident that you can avoid any bank fees that apply to the account. Otherwise, that savings account may not be the best option for you.
The best credit unions and online banks have savings accounts that do not charge any monthly service fees. Many banks also allow you to waive fees if you have a qualifying checking account from the same bank, so that's also an option if you're looking to primarily bank with one financial institution.
Other bank fees to look out for in savings accounts include paper statement fees, inactivity fees, and excess withdrawal fees. For savings account bonuses specifically, you should also pay close attention to early account closure fees.
Banks may charge an early account closure fee if you close a bank account immediately after opening or receiving a bonus. Each bank defines an early account closure differently. However, most banks consider an account closed within 90 days as an early closure.
Comparing Savings Account Bonuses
To help you find the right savings account bonus, compare a couple of options. You can compare the bonus criteria and amounts to see which one is the highest you qualify for. For each account, you should also analyze fees, interest rates, and the overall bank to see which one is the best fit for your needs.
Best Savings Account Bonuses: FAQs
A savings account bonus is a type of perk offered to new customers. Banks will give you money or a comparable reward for opening a savings account and meeting certain requirements.
Generally, you'll need to deposit a certain amount of money into a savings account and maintain your balance for a couple of months to earn a savings account bonus.
Yes. When you file taxes for the year, you'll have to include your savings account bonus as income and pay income tax.
You can't get two savings account bonuses from the same bank at the same time. However, you may be able to get savings account bonuses from different banks if you have the funds.
Generally, opening a bank account bonus may be worthwhile as long as the type of bank account you open helps you manage your money. Before opening a bank account, you should also consider how long you'll keep the account open.
Why You Should Trust Us: Experts' Advice on the Best Bank Account Bonuses
We consulted banking and financial planning experts to provide their advice on finding the best bank account bonus for your needs.
- Sophia Acevedo, banking editor, Business Insider
- Mykail James, MBA, certified financial education instructor, BoujieBudgets.com
Here's their insight about savings account bonuses. (Some text may be lightly edited for clarity.)
What should I look for in a savings account bonus?
First, consider how much money is needed to obtain the bonus and whether the qualifying activities are doable. If you'd like to earn a bigger cash bonus, you'll usually have to make a substantial deposit or maintain a high account balance.
Is a savings account bonus worth it?
A savings account bonus may be worthwhile if you have a lump sum of money you can deposit into an account. 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.
Methodology: How We Chose the Best Savings Account Bonuses
At Business Insider, our personal finance team has the mission of providing information that can help you make smart decisions with your money.
Our team is editorially independent, which means our editorial team chooses how we cover and review products. You can read our editorial standards page to learn more about our review and ratings process.
To compile the top picks in our guide, we reviewed national banks, regional banks, and credit unions to find out which ones offered existing savings bonuses. Then, we looked at the qualifications for getting the bonuses and overall bank account structure. We included bank account bonuses where the savings account has at least 3.5/5 stars.
We rate savings accounts on a scale from one to five stars using our bank account methodology. One star is the lowest rating possible and five stars is the highest rating we provide.
To offer a brief overview of our ratings, we score various features on a scale of zero to five, then calculate the weighted average to get an account's final rating.
