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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 October 2023.
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
BMO Relationship Plus Money Market Account
Fees
$10 monthly service fee
Annual Percentage Yield (APY)
1.00% to 3.56%
Minimum Deposit Amount
$25
up to $3,500 (earn up to $4,100 total if you qualify for both the BMO personal checking account and Relationship Plus Money Market Account offers)
- Low minimum opening deposit
- Includes a debit card and paper checks
- Low minimum opening deposit
- Includes a debit card and paper checks
Product Details
- Keep a certain balance in your new Relationship Plus Money Market account and earn up to a $3,500 cash bonus.
- Within 30 days of opening your account, deposit $25,000 or more of new money into it. On Day 30, you will be placed in one of five tiers. Maintain a qualifying balance from Day 31 to Day 120 to earn your bonus.
- Around 500 branches in 9 US states
- Free access to over 40,000 BMO and Allpoint ATMs
- This account is meant to be bundled with the BMO Relationship Checking Account
- Tiered interest rates: Earn a higher rate when your balance reaches $25k, $100k, and $250k
- Waive the $10 monthly service fee by maintaining a $5,000 minimum daily ledger balance in your account
- Interest compounded daily, paid monthly
- Member FDIC
U.S. Bank Standard Savings Account
Fees
$4 monthly service fee
Annual Percentage Yield (APY)
0.01%
Minimum Deposit Amount
$25
Bonus
up to $400 (earn up to $1,000 total if you qualify for both Smartly Checking and Standard Savings account offers)
- $25 minimum opening deposit
- You may qualify to waive the monthly fee
- Low APY
- $4 monthly service fee
Product Details
- Earn up to $400 with a new Standard Savings account and earn up to $1,000 total If you open Smartly Checking and Standard Savings accounts at the same time.
- •Make new money deposit(s) totaling $25,000 to $49,999.99 to earn $200 or $50,000 or more to earn $400 by September 30, 2023 •Maintain that balance until March 31, 2024
- Earn an additional $100 for opening both the Standard Savings account and the U.S. Bank Smartly® Checking
- Over 2,000 branches in 26 US states
- Free access to around 4,700 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 Deposit Amount
$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)
- 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 Deposit Amount
$0
Bonus
up to 5,000 bonus AAdvantage® miles
- No minimum opening deposit
- No monthly service fees
- Earn American Airlines AAdvantages miles
- May not be easy to deposit cash
Product Details
- Earn up to 5,000 Bonus AAdvantage® miles. To qualify for this offer, you must be a first time Bask Mileage Savings Account customer, open a Bask Mileage Savings Account between September 1, 2023 and November 30, 2023, fund your Bask Mileage Savings Account within 15 business days following the initial account opening and maintain a minimum daily account balance of $25,000 for 90 consecutive days out of the first 120 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
- BMO Relationship Plus Money Market Account: Earn up to $3,500 cash bonus with qualifying transactions within 120 days of account opening (earn up to $4,100 total if you qualify for both the BMO personal checking account and Relationship Plus Money Market Account offers)
- U.S. Bank Standard Savings Account: Earn up to $400 when you open a new U.S. Bank Standard Savings Account online and complete qualifying activities (earn up to $1,000 total if you qualify for both Smartly Checking and Standard Savings account offers)
- Alliant High-Rate Savings Account: Earn a $100 bonus when you deposit at least $100 a month for 12 consecutive months
- Bask Bank Mileage Savings Account: Earn up to 5,000 bonus AAdvantage® miles for new Bask Mileage Savings Account customers who fund their account within 15 business days from account opening and maintain a minimum daily balance of $25,000 for 90 consecutive days out of the first 120 days (open account by 11/30/2023)
Savings Account Bonuses: FAQs
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.
How to Qualify for the Best Savings Account Bonuses
BMO Relationship Plus Money Market Account
Bonus amount: up to $3,500 (earn up to $4,100 total if you qualify for both the BMO personal checking account and Relationship Plus Money Market Account offers)
Expiration date: December 8, 2023
Who qualifies: You must be a new BMO personal money market customer or someone who hasn’t closed a BMO personal money market account in the last 12 months.
What you need to do:
- Open a new BMO Relationship Plus Money Market Account online, by phone, or at a branch by December 8, 2023, using a promotional code
- Fund your account with new money within the first 30 days of account opening (New money means any funds that aren’t currently in a BMO bank account or were in a BMO account in the last 14 days)
- To earn $300, deposit $25,000 to $49,999.99 in new money
- To earn $500, deposit $50,000 to $99,999.99 in new money
- To earn $1,000, deposit $100,000 to $249,999.99 in new money
- To earn $2,500, deposit $250,000 to $499.999.99 in new money
- To earn $3,500, deposit $500,000 or more in new money
- To earn up to $4,100 in total at BMO, you must also open a BMO personal checking account and meet certain qualifying transactions
- Maintain your new money balance from Day 31 to Day 120
When you’ll receive the money: The cash bonus will be deposited into your money market account approximately 130 days after account opening.
U.S. Bank Standard Savings Account
Bonus amount: up to $400 (earn up to $1,000 total if you qualify for both Smartly Checking and Standard Savings account offers)
Expiration date: October 31, 2023
Who qualifies: You must open a new U.S. Bank Standard Savings Account online. You won’t be eligible if you currently have a U.S. Bank savings or money market account, owned a U.S. Bank savings or money market account in the last six months, or you received a bonus from a U.S. Bank savings or money market account in the last two years. You’re eligible if you live in AZ, AR, CA, CO, ID, IL, IN, IA, KS, KY, MN, MO, MT, NE, NV, NM, NC, ND, OH, OR, SD, TN, UT, WA, WI, or WY.
What you need to do:
- Open a new account by October 31, with a minimum opening deposit of $25 and using the promotional page; if you open it anywhere other than the promotional page, use the code 2023JUL.
- Make new money deposit(s) totaling $25,000 to $49,999.99 to earn $200, or $50,000 or more to earn $400 by November 30, 2023
- Maintain that balance until March 31, 2024
When you’ll receive the money: The money will be deposited into your account within 30 days of verifying your savings balance.
Alliant High-Rate Savings Account
Bonus amount: $100
Expiration date: December 31, 2023
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, 2023
- 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 money: The $100 will show up in your account within four weeks after the 12-month period.
Bask Bank Mileage Savings Account
Bonus amount: up to 5,000 bonus AAdvantage® miles
Expiration date: November 30, 2023
Who qualifies: New Bask Mileage Savings Account customers are eligible.
What you need to do:
- Open a Bask Bank Mileage Savings Account between September 1 and November 30 and fund your account in the first 15 days
- Maintain a minimum daily balance of $25,000 for 90 consecutive days and 120 days following the account opening
- Provide an AAdvantage account number
When you’ll receive the miles: 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.
Why You Should Trust Us: Experts’ Advice on the Best Bank Account Bonuses
We consulted banking and financial planning experts to inform these picks and 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.
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