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Score One of These Great Savings Account Sign-Up Bonuses

4 minute read

By Jim Greene

Online commerce has really transformed the financial services industry. It’s turned into a business that’s laser-focused on customer satisfaction. Big banks in particular are flexing their financial muscle, offering lucrative sign-up bonuses to new savings account customers. It’s an ongoing campaign to outperform competitors. These offers typically require customers to open a new savings account, make a minimum deposit, and maintain a minimum balance for a specified period of time. Meet those conditions, and you’ll collect the bonus. If that sounds doable to you, there are plenty of big banks happy to offer you hundreds of dollars. The large volume of available savings account sign-up bonuses means you’ll need to do careful research, though. These bonus amounts vary, alongside their terms and conditions.

We’ve gotten you started by curating a selected collection of savings account bonus offers from high-profile financial institutions. Some of these offers come with deadlines. If they have passed by the time you read this article, don’t worry — new offers emerge all the time. The information here will help familiarize you with what you can expect to find as you shop around.

Chase Down an Extra $150

New York City-based Chase started promoting a generous $150 offer in 2019 to customers who open a new savings account. To earn the reward, all you need to do is open a new Chase savings account (online or in person), deposit at least $10,000 within the first 20 business days, then maintain a daily balance of at least $10,000 for 90 calendar days. You’ll need a code if you open the account online, which will be emailed to you after you fill in the pertinent details on the bank’s promotional page.

A few caveats to note. You won’t qualify for this offer if you’ve closed a Chase checking account within the past 90 days or terminated a Chase checking account while holding a negative balance. Customers who have a Chase fiduciary account also can’t take advantage of this offer. However, if you’re able to meet the requirements, you can expect your cool $150 to show up in your account within 10 business days of fulfilling all conditions.

Combine Citibank Accounts For Up To $600 in Bonuses

Citibank’s Account and Priority Account package combines checking and savings features. They can deliver lucrative bonuses of up to $600. Here’s how it works. First, open a new Citibank Account or Priority Account in person, online, or over the phone. Then, deposit $15,000 within 30 days of opening the account. You’ll have to maintain that as your minimum balance for 60 days, and voila! You’ll be rewarded with a $400 bonus. Up the ante to $50,000 in deposits and you’ll grab $600 instead. That’s the equivalent of an immediate 1.2% bonus, which is pretty generous for a major bank.

Once you meet these requirements, Citibank will pay the bonus within 90 days. One thing to note, though. You won’t qualify if you’ve had an active Citibank checking account within the past six months.

Earn Up to $1,000 with Citizen Bank CollegeSaver

Citizen Bank has a great option for new customers with kids under the age of 12. If you meet the terms and conditions, you could earn a cool $1,000 bonus. While this offer takes some time to complete, it is also the single most generous bonus we could find. It’s intended to give parents a boost as they help their child save for college.

If your child is under age six, you’ll need to deposit at least $25 when you open the account, then add at least $25 every month until your child turns 18. Kids between the ages of six and 11 also qualify, but you’ll need to open the account with at least $50. Then, you’ll need to meet annual savings minimums every year. These annual minimums differ, depending on your child’s age. However, if you continue to hit the required minimums, Citizen Bank will give you $1,000 plus interest when your child’s 18th birthday passes.

Cash in With Capital One

For the easiest $25 you’ll ever make, head to Capital One’s promotion page. Then sign up for a 360 Savings account. The bank will get you started with an easy $25 reward when you make an initial deposit of $250 or more. It’s that easy! The one and only caveat is that you won’t be able to withdraw the bonus for the first 30 days. Your other funds will be available, though.

Final Thoughts

While these savings account sign-up bonuses are lucrative and offer customers an easy way to earn a little extra money, they also come with fine print. Make sure you understand every aspect of the terms and conditions before you proceed. Remember that some savings accounts also carry monthly fees that can eat into your earnings. In many cases, the bank will waive these monthly fees if you maintain a minimum balance, but the requirements vary. Don’t assume that such terms and conditions will be the same from bank to bank, either.

As an alternative to savings account sign-up bonuses, you can also consider opening a new high-interest savings account. These accounts offer interest rates that far outperform typical averages, and they don’t usually ask for minimum deposits or minimum balances. However, they typically cost you more in fees or penalties to access the money if you need to withdrawal. They’re well worth considering if you want your money to work harder, but don’t currently have a large sum to commit to saving.

Scattered Cash with Piggy BankShutterstock

Jim Greene


Jim Greene is a freelance writer based in the Toronto, Canada area. He has been writing professionally since 2001 and has an extensive professional background in consumer research, personal finance and economics.


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