Saving Account Bonuses and APY: How to Maximize Your Returns
Top Savings Accounts with High APYs and Lucrative Sign-Up Bonuses to Help You Save More
In a previous article, we covered checking account sign-up bonuses, and today we’re diving into the world of savings account bonuses and APYs. In general, savings account bonuses tend to have higher deposit requirements than checking accounts, but with the added benefit of higher APYs, they can still be highly rewarding.
Reminder: Any sign-up bonus you earn from checking/saving is subject to taxes, and you'll receive a Form 1099-INT (for U.S. persons) or Form 1042-S (for non-resident aliens).
1. Upgrade Premium Savings
APY: 4.69%
Sign-up bonus: Up to $200 (details below)
Monthly fee: $0
Bonus Requirements:
Deposit at least $5,000 in the first 30 days and leave it for 60 days to qualify for the bonus.
Bonus structure:
$5,000 - $24,999: $25
$25,000 - $49,999: $50
$50,000 - $99,999: $100
$100,000+: $200
Exceptional APY:
Earn 4.69% APY on balances of $1,000 or more. No monthly account fees or transfer fees, making it an excellent choice for those looking to start saving with flexibility.
2. Marcus by Goldman Sachs Savings
APY: 4.40%
Sign-up bonus: No direct bonus, but offers referral incentives.
Monthly fee: $0
Referral Bonus:
By using a referral link, both you and the referrer can earn an additional 1% APY for 3 months, boosting your rate to 5.40%.
Can refer up to 5 people per year, each adding 1% APY for 3 months.
AARP Member Bonus:
AARP members get an additional 0.1% on their savings.
Joining AARP is accessible to anyone, not just retirees. The membership can be as low as $12 for the first year if enrolled in autopay. Through Topcashback, you can even receive up to $12.60 cashback for signing up.
Summary: With referral bonuses and an additional APY boost for AARP members, Marcus is an excellent option for those who want to maximize returns.
3. Discover Online Savings Account
APY: 4.35%
Sign-up bonus: $150-$200 (depending on deposit amount)
Offer expiration: 3/13/2025
Monthly fee: $0
Bonus Requirements:
For new customers only (no prior Discover Savings Accounts).
Deposit $15,000 for the $150 bonus or $25,000 for the $200 bonus within 30 days of opening.
Bonus is paid quickly after meeting the deposit requirements, making it one of the fastest payouts.
Summary: Discover provides a strong APY of 4.35%, coupled with a quick payout bonus for new customers, making it one of the best options available.
4. Capital One 360 Performance Savings
APY: 4.30%
Sign-up bonus: Up to $1,500 (details below)
Monthly fee: $0
Bonus Requirements:
For new customers only (if you’ve had a Capital One savings account after 1/1/2022, you’re ineligible).
Deposit $20,000, $50,000, or $100,000 in new money within 15 days and maintain it for 90 days to earn:
$300 for $20,000
$750 for $50,000
$1,500 for $100,000
Summary: Capital One offers one of the largest savings bonuses, but the deposit requirements are substantial. However, the APY remains competitive, and the flexibility with no fees makes it a top choice for large deposits.
5. Chase Savings
APY: 0.01% (extremely low)
Sign-up bonus: $200 + $400 (details below)
Offer expiration: 1/22/2025
Monthly fee: $5 (can be waived, see below)
Bonus Requirements:
For new customers only (you can’t have or have had a Chase Savings Account in the last 90 days).
$200 bonus: Deposit at least $15,000 of new money within 30 days and maintain it for 90 days.
$400 bonus: Must also open a Chase Total Checking account alongside the savings account.
Waive the Monthly Fee:
Maintain a daily balance of at least $300.
Have a repeating automatic transfer of at least $25 from a Chase Checking Account.
Account holder is under 18 years old.
Connect with premium Chase accounts (Premier Plus Checking, Premier Platinum Checking, etc.).
Summary: While the APY is extremely low, the sign-up bonus makes it worth opening the account for the reward. You can consider closing the account after six months to avoid the low returns, as the bonus won’t be recaptured after that.
Conclusion
Savings accounts with sign-up bonuses offer a fantastic way to boost your savings, especially when paired with competitive APYs. Be sure to review the deposit requirements, bonus conditions, and any potential fees to maximize your earnings.
If you found this guide helpful, follow for more tips on maximizing savings and bonuses! Feel free to leave a comment below with any questions or share your own experiences with these accounts.