The best savings account bonuses and promotions of February 2024: Earn up to $400 or thousands of airline miles
Compare offers to find the best savings account

Bask Bank

Bask Mileage Savings Account Learn More Bask Bank and BankDirect are divisions of Texas Capital Bank, Member FDIC. Annual Percentage Yield (APY) Earn 2.5 American Airlines AAdvantage® miles for every $1 saved annually instead of interest.

Minimum balance None

Monthly fee None

Maximum transactions Up to 6 free withdrawals or transfers per statement cycle *The 6/statement cycle withdrawal limit is waived during the coronavirus outbreak under Regulation D

Overdraft fees N/A

Offer checking account? No

Offer ATM card? No Terms apply. Pros Earn American Airlines AAdvantage miles instead of cash

No minimum balance

No monthly fees Cons No option to add a checking account

No ATM access Learn More View More

Bonus: 10,000 American Airlines AAdvantage® bonus miles Expiration: May 31, 2024 How to earn the bonus: New Bask Mileage Savings Account holders must open a Bask Mileage Savings Account between March 1, 2024 and May 31, 2024, fund the account within 15 business days of opening, and maintain a minimum daily account balance of $50,000 for 90 consecutive calendar days out of the first 120 days following the initial account opening. [ Jump to more details ]

BMO Bank

BMO Savings Builder Account Learn More BMO Bank is a Member FDIC. 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 Learn More View More

Bonus: $5 to $60 Expiration: N/A How to earn the bonus: 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. [ Jump to more details ]

PNC Bank

Virtual Wallet® from PNC Bank Learn More PNC Bank is a Member FDIC. 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 Learn More View More

Bonus: $100, $200 or $400 How to earn the bonus: New Virtual Wallet® from PNC Bank account holders earn $100 when they make direct deposits of $500 or more to their new Virtual Wallet, $200 when they make direct deposits of $2,000 or more to their new Virtual Wallet with Performance Spend and $400 when they make direct deposits of $5,000 or more to their new Virtual Wallet with Performance Select. All direct deposits must be made within the first 60 days. [ Jump to more details ]

SoFi

SoFi Checking and Savings Learn More SoFi Bank, N.A. is a Member FDIC. Annual Percentage Yield (APY) Members with direct deposit earn 4.60% APY on savings, no minimum balance needed. Members without direct deposit earn 1.20% APY on savings balances, and everyone earns 0.50% APY on checking balances.

Welcome bonus Earn a $300 welcome bonus when you direct deposit a total of $5,000 or more within 25 days of your first direct deposit. Get a $50 welcome bonus when you direct deposit between $1,000 and $4,999.99 within 25 days of your first direct deposit.

Fees No monthly fee and no excessive transaction fees.

No-fee overdraft protection No-fee Overdraft Coverage up to $50 for SoFi members with $1,000 or more in total monthly direct deposits. Purchases exceeding $50 are declined.

Offer ATM card? Yes, this account offers a debit card that allows purchases and ATM withdrawals. Terms apply.

Offer checking account? Yes, bundled with savings account.

Maximum transactions Up to 6 free withdrawals or transfers per statement cycle. Transaction amount limits apply. Pros A welcome bonus of $300 with direct deposit totaling $5,000 or more within 25 days of your first direct deposit. Or a welcome bonus of $50 with direct deposit totaling between $1,000 and $4,999.99 within 25 days of your first direct deposit

Strong 4.60% APY with direct deposit

No minimum balance or deposit needed

No monthly fees

Comes with checking account and ATM access

Receive your pay check in your account up 2 days early automatically when set up direct deposit

Save change automatically with Roundups and set savings goals with Vaults

No foreign transaction fees

FDIC insurance up to $2 million through the SoFi Insured Deposit Program Cons Non-direct deposit APYs are low compared to other high-yield savings accounts

No reimbursement for out-of-network ATM fees

No physical branches Learn More View More

Bonus: $50 to $300 Expiration: June 30, 2024 How to earn the bonus: SoFi Checking and Savings account holders who sign up and set up direct deposit can get a cash bonus of up to $300. Direct deposits must be made within a 25-day bonus period. [ Jump to more details ]

TD Bank

TD Bank Personal Savings Accounts Learn More TD Bank is a Member FDIC. Annual Percentage Yield (APY) APYs vary depending on TD Bank Signature Savings account or TD Bank Simple Savings account

Minimum balance Minimum balances required to waive monthly fee depends on TD Bank Signature Savings or TD Bank Simple Savings

Monthly fee Monthly fee depends on TD Bank Signature Savings or TD Bank Simple Savings, with options to waive

Maximum transactions Up to 6 free withdrawals or transfers per statement cycle

Overdraft fees Savings Overdraft Protection available for checking account

Offer checking account? Yes Terms apply. Pros Chance to score higher APY with TD Bank Signature Savings

Options to waive monthly fees

Overdraft protection

Offers a checking account as well Cons Low APY generally Learn More View More

U.S. Bank

U.S. Bank Standard Savings Learn More U.S. Bank National Association is a Member FDIC. Annual Percentage Yield (APY) 0.01% APY

Minimum balance $25 to open

Monthly fee $4 per month, with options to waive

Maximum transactions Up to 6 free withdrawals or transfers per statement cycle

Excessive transactions fee N/A

Overdraft fees Overdraft protection when you link your savings account to your checking account

Offer checking account? Yes

Offer ATM card? Yes, if have a U.S. Bank checking account Terms apply. Pros Lower-than-average fees for a brick-and-mortar savings account

Low monthly maintenance fee, plus option to waive with $300 minimum daily balance

Low minimum deposit to open an account

Up to 6 free withdrawals or transfers per statement cycle Cons Has monthly maintenance fees (although lower than others)

Low APY Learn More View More

Bonus: $200 Expiration: June 27, 2024 How to earn the bonus: New account holders of the U.S. Bank Standard Savings account earn $200 when they deposit at least $3,000 to $4,999.99 within 90 days of opening an account and enrolling in online banking or getting the U.S Bank app, and make at least two qualifying direct deposits. [ Jump to more details ]

More on our top savings account bonuses

Bask Mileage Savings Account

The Bask Mileage Savings Account stands out for offering interest in the form of American Airlines AAdvantage miles instead of the standard cash bonus model. You can use these miles for flights on American Airlines or any of its 20+ partner airlines. Annual Percentage Yield (APY) Earn 2.5 American Airlines AAdvantage® miles for every $1 saved annually instead of interest. Minimum balance None Monthly fee None [ Return to account summary ]

BMO Savings Builder Account

While the BMO Savings Builder Account offers a relatively low APY, it motivates you to not touch your savings since you get rewarded every month during your first year if you maintain a minimum of $200 in savings. Annual Percentage Yield (APY) 0.01% APY Minimum balance $0.01 and above Monthly fee None [ Return to account summary ]

Virtual Wallet from PNC Bank

The Virtual Wallet® from PNC Bank stands out for offering one of the highest cash bonuses of $400 for a relatively doable direct deposit requirement of $5,000. Depending on which Virtual Wallet you choose, you can also score a pretty good interest rate on your savings. Annual Percentage Yield (APY) Up to 4.00% APY on select Virtual Wallet Growth accounts with relationship rates Minimum balance Varies depending on the Virtual Wallet account Monthly fee Ranges from $7 to $25 depending on the Virtual Wallet account, with options to waive [ Return to account summary ]

SoFi Checking and Savings

SoFi Checking and Savings offers checking and savings features all in one, making the task of managing your finances a bit easier. And not only does this account offer the highest savings interest rate currently on this list, but its checking account also accrues interest. The only requirement to get the higher APY on your savings is to set up direct deposit. Annual Percentage Yield (APY) Members with direct deposit earn 4.60% APY on savings and Vaults balances and .50% APY on checking balances; members without direct deposit earn 1.20% APY on savings and Vault balances and 0.50% APY on checking balances. Minimum balance None Monthly fee None [ Return to account summary ]

TD Bank Personal Savings Accounts

The TD Bank Personal Savings Account stands out for offering two different types of personal savings accounts, depending on how big your balance is. With Simple Savings, your monthly fee can easily be waived by maintaining a $300 minimum daily balance, and with Signature Savings, you have the chance to score a higher interest rate with a larger deposit. Annual Percentage Yield (APY) APYs vary depending on TD Bank Signature Savings account or TD Bank Simple Savings account Minimum balance Minimum balances required to waive monthly fee depends on TD Bank Signature Savings or TD Bank Simple Savings Monthly fee Monthly fee depends on TD Bank Signature Savings or TD Bank Simple Savings, with options to waive [ Return to account summary ]

U.S. Bank Standard Savings

The U.S. Bank Standard Savings account is ideal for those who prefer to do their banking with brick-and-mortar banks and want to be rewarded for having larger balances. Annual Percentage Yield (APY) 0.01% APY Minimum balance $25 to open Monthly fee $4 per month, with options to waive [ Return to account summary ]

FAQs What is a savings account bonus? A savings account bonus is essentially free cash or some other offering (i.e. bonus airline miles like with Bask Bank) that a bank will advertise, usually as an incentive for new customers to sign up.

There are often qualifications to "earn" the bonus, which may include things like setting up direct deposit or meeting a specified minimum balance within a certain time frame. When are savings account bonuses offered? Savings account bonuses are offered sort of at random. They are typically labeled as promotions that don't last long (which is why many have an expiration date), so if you see one that catches your eye you're best off acting quickly. Should I open a savings account for the bonus? You shouldn't always open a savings account just for the bonus. Know that bonus offer amounts can range, and higher-end bonuses tend to require a higher deposit of cash. Make sure to read the fine print to understand all the requirements needed to get the bonus cash, as well as understand any ongoing account fees like monthly maintenance costs. It's important to weigh the fees and other factors like interest rates before signing up for any new bank account. Which bank has the highest welcome bonus? At the time of writing this article, the banks with the highest savings welcome bonuses are PNC and U.S. Bank, which both offer up to a $400 bonus.

Bottom line

These savings accounts offering welcome bonuses up to $400 or thousands of airline miles can be a good option to move your money to, just make sure you read the qualifications beforehand.

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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 review 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 accounts.

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. This insurance protects and reimburses you up to your balance and the legal limit if your bank or credit union fails. Product and feature availability vary by market, so these accounts and bonuses may not be offered depending on 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. Catch up on CNBC Select's in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date. * SoFi members with direct deposit can earn up to 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 4.60% APY for savings. Members without direct deposit will earn up to 1.20% annual percentage yield (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 12/12/23. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.