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We’ve researched the best savings account promotions among national, regional, and online banks, and here are our top picks for July 2024.
If you’re looking for additional bank account bonuses, consider going through our best checking account bonuses guide.
Compare the Best Savings Account Bonus Offers
The best savings account bonuses are mostly for regular savings accounts.
Some of these savings accounts — specifically the ones from Alliant Credit Union and Bask Bank — also do not charge any monthly service fees, so they’re good options if you’re searching for free savings accounts.
U.S. Bank Standard Savings Account
Fees
$4 monthly service fee
Annual Percentage Yield (APY)
0.01%
Minimum Opening Deposit
$25
- $25 minimum opening deposit
- You may qualify to waive the monthly fee
- Low APY
- $4 monthly service fee
Product Details
- Earn up to $100 with a new Standard Savings account.
- -Make new money deposit(s) totaling $15,000 or more by July 31, 2024
- -Maintain the minimum total account balance of $15,000 or more through October 31, 2024
- Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
- Over 2,200 branches in 26 US states
- Free access to around 4,500 ATMs
- Waive $4 monthly service fee by maintaining a $300 daily balance, OR average $1,000 monthly balance, OR being under age 18
- Interest compounded daily, paid monthly
- FDIC insured
Alliant High-Rate Savings Account
Fees
no monthly service fee
Annual Percentage Yield (APY)
3.10%
Minimum Opening Deposit
$30 online/phone and $5 through paper, banking, loan applications
- Competitive APY
- Alliant covers your $5 minimum opening deposit
- No monthly service fee if you opt for eStatements instead of paper statements
- Interest compounded monthly, not daily
- Minimum $100 balance to earn interest
Product Details
- Several ways to become a member; the easiest is to join Foster Care for Success (Alliant will cover your $5 membership fee)
- Earn $100 bonus when you deposit at least $100 a month for 12 consecutive months and have a balance of $1,200 or more at the end of the 12-calendar-month period (offer expires December 31, 2024)
- Must maintain $100 balance to earn interest
- Interest compounded monthly
- Federally insured by the NCUA
Bask Bank Mileage Savings Account
Fees
no monthly service fee
Annual Percentage Yield (APY)
None
Minimum Opening Deposit
$0
20,000 AAdvantage® bonus miles
- No minimum opening deposit
- No monthly service fees
- Earn American Airlines AAdvantages miles
- May not be easy to deposit cash
Product Details
- Earn 20,000 AAdvantage® bonus miles.
- To qualify for this offer, you must be a first time Bask Mileage Savings Account customer, open a Bask Mileage Savings Account between June 1, 2024 and August 31, 2024, fund your Bask Mileage Savings Account within 15 business days following the initial account opening and maintain a minimum daily account balance of $50,000 for 180 consecutive days out of the first 210 days following the initial account opening.
- Earn 2.5 American Airlines AAdvantage miles for every $1 saved annually on a Bask Bank Mileage Savings Account
- Must provide your AAdvantage account number to receive AAdvantages miles
- AAdvantage miles earned through the Bask Mileage Savings Account can’t be used toward boosting your American Airlines elite status
- Miles awarded monthly
- Deposits FDIC insured through Texas Capital Bank
Best Savings and Money Market Account Bonuses
- U.S. Bank Standard Savings Account: Earn up to $100 for opening a new Standard Savings account and completing qualifying activities (offer expires July 31, 2024 )
- Alliant High-Rate Savings Account: Earn $100 bonus when you deposit at least $100 a month for 12 consecutive months and have a balance of $1,200 or more at the end of the 12-calendar-month period (offer expires December 31, 2024)
- Bask Bank Mileage Savings Account: Earn 20,000 AAdvantage® bonus miles for new Bask Mileage Savings Account customers who open and fund their account within 15 business days from account opening and maintain a minimum daily balance of $50,000 for 180 consecutive days out of the first 210 days (open account by August 31, 2024)
How to Qualify for the Best Savings Account Bonuses
The top savings account bonuses are for new customers who haven’t recently opened a savings account with the banks mentioned. To earn the savings account bonus, you’ll usually need to use a promo code or apply directly through a promotional page.
U.S. Bank Standard Savings Account
Bonus amount: $100
Expiration date: July 15, 2024
Who qualifies: You must be a new U.S. Bank customer. Existing U.S. Bank saving or money market account customers can’t get the bonus. You also aren’t eligible if you owned a U.S. Bank savings or money market account in the last six months or received a savings or money market account bonus in the last 12 months. The bonus may not be available if you don’t live near U.S. Bank locations or are a client of U.S. Bank or State Farm.
What you need to do:
- Open the U.S. Bank Standard Savings Account with a $25 opening deposit through the promotional page by July 15, 2024
- Deposit a total of $15,000 or more in new money by July 31, 2024
- Keep at least $15,000 in your account until October 31, 2024
When you’ll receive the bonus: You’ll get the bonus within 30 days of meeting all the requirements.
U.S. Bank Savings Account Review
Alliant High-Rate Savings Account
Bonus amount: $100
Expiration date: December 31, 2024
Who qualifies: You must be a new Alliant Credit Union member. You also cannot have closed an Alliant savings account within the last 180 days.
What you need to do:
- Open an account on the Ultimate Opportunity Savings promotion page by December 31, 2024
- Deposit a minimum of $100 per month into the account for 12 consecutive months
- Maintain a minimum average daily balance of $100 throughout the 12 months
- Have a balance of at least $1,200 at the end of the 12-month period
When you’ll receive the bonus: The $100 will show up in your account within four weeks after the 12-month period ends.
Bask Bank Mileage Savings Account
Bonus amount: 20,000 AAdvantage® bonus miles
Expiration date: May 31, 2024
Who qualifies: New Bask Bank Mileage Savings Account customers are eligible.
What you need to do:
- Open a Bask Bank Mileage Savings Account by May 31, 2024 and fund your account in the first 15 days
- Maintain a minimum daily balance of $50,000 for 90 consecutive days out of the first 120 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.
Best Savings Account Bonuses: FAQs
Yes, a few financial institutions like U.S. Bank, Alliant Credit Union, and Bask Bank have savings account bonuses.
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.
Some banks offer bank account bonuses for savings accounts in order to appeal to new customers.
You typically 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.
Yes. When you file taxes for the year, you’ll have to include your savings account bonus as income and pay income tax.
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.
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.
