Best Savings Account Bonuses 2026
Earn up to $300 in free money just for opening a high-yield savings account. Here are the best bonus offers available right now.
💰 Top Bonus Offers at a Glance
How Savings Account Bonuses Work
Banks offer sign-up bonuses to attract new customers. The typical structure:
- Open a new account (must be a new customer)
- Deposit a minimum amount within 30 days
- Maintain the balance for 60-90 days
- Receive bonus within 14-30 days after requirement met
The bonuses are real cash—fully taxable as income, but free money nonetheless.
SoFi Checking & Savings
SoFi's tiered bonus rewards larger deposits, maxing out at $300 for $50K+. The direct deposit requirement can be satisfied with employer payroll or even ACH transfers from some external banks.
Read full review →Barclays Online Savings
Barclays offers a straightforward bonus with no direct deposit requirement. Combine the $200 bonus with their competitive 4.00% APY for excellent total returns.
Read full review →Discover Online Savings
Discover's bonus matches Barclays, plus you get their 1% cashback debit card. The pending Capital One acquisition adds some uncertainty, but the bonus is currently valid.
Read full review →UFB Direct
UFB Direct combines a solid bonus with a competitive 4.01% APY and no direct deposit requirement.
Bonus Math: Is It Worth It?
Let's calculate the effective return on a $25,000 deposit with Barclays:
90-Day Return on $25,000
That 7.2% effective rate beats any savings account, CD, or Treasury bill available today. The bonus essentially doubles your returns for those first 90 days.
Bonus Stacking Strategy
Savvy bonus hunters can chain multiple offers throughout the year:
- Q1: Open SoFi with $50K → Earn $300 + interest
- Q2: Move to Barclays with $25K → Earn $200 + interest
- Q3: Move to Discover with $25K → Earn $200 + interest
- Q4: Settle into your favorite long-term account
Total bonus earnings: $700+ per year, plus competitive interest throughout.
Caution: Bonus hunting requires organization and attention to holding periods. Missing a requirement means no bonus. Also, bonuses are taxable income—set aside ~25% for taxes.
Banks Without Bonuses (But Still Great)
Some excellent banks don't offer bonuses but compensate with higher rates:
- Pibank: 4.60% APY, no bonus
- Ally: 3.70% APY, no bonus
- Marcus: 3.65% APY, no bonus
If you don't want to chase bonuses, these steady options still beat traditional banks by miles.
Tax Implications
Bank bonuses are taxable as ordinary income. The bank will send you a 1099-INT or 1099-MISC for bonuses over $10.
On a $300 bonus, expect to owe $60-90 in federal taxes depending on your bracket. Still worth it—$210+ in free money after taxes.
The Bottom Line
Savings account bonuses are genuine free money if you can meet the requirements. For a $25,000 deposit held 90 days, you can effectively earn 7%+ annualized—far better than any standard savings rate.
Our top picks:
- Best overall: SoFi ($300 with $50K, plus ongoing 4% APY)
- Easiest: Barclays ($200 with $25K, no DD required)
- Best for existing Discover users: Discover ($200 + cashback debit)
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