High APY or a Cash Sign-Up Bonus? These 3 Banks Have Both

We all want our checking and savings accounts to help us grow our wealth in addition to keeping our cash safe. But it's not always easy to tell which accounts are best.

Some offer high APYs, which are especially great for those with large balances. Then, there are bank accounts that offer sign-up bonuses worth hundreds of dollars for new customers.

High APYs are most common with online banks, while many brick-and-mortar bank accounts come with sign-up bonuses. But every once in a while, you luck out with an institution that offers both. Here are three of the best right now.

1. SoFi Checking and Savings

• The APY: up to 4.00%² (savings), 0.50% (checking)
• The sign-up bonus: up to $300

SoFi® has one of the most compelling bank account offers available right now in its SoFi Checking and Savings account. Not only does it offer an APY that's 10 times the national average right now, but it also has no minimum balance requirements or monthly fees.

Our Picks for the Best High-Yield Savings Accounts of 2024

Product	APY	Min. to Earn
American Express® High Yield Savings Member FDIC. APY 3.80% Rate info 3.80% annual percentage yield as of January 9, 2025. Terms apply. Min. to earn $0 Open Account for American Express® High Yield Savings On American Express's Secure Website. Member FDIC.	3.80% Rate info 3.80% annual percentage yield as of January 9, 2025. Terms apply.	$0	Open Account for American Express® High Yield Savings On American Express's Secure Website.
Capital One 360 Performance Savings Member FDIC. APY 3.80% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening. Min. to earn $0 Open Account for Capital One 360 Performance Savings On Capital One's Secure Website. Member FDIC.	3.80% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.	$0	Open Account for Capital One 360 Performance Savings On Capital One's Secure Website.
Western Alliance Bank High-Yield Savings Premier Member FDIC. APY 4.40% Rate info The annual percentage yield (APY) is accurate as of Jan. 2, 2025, and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. Min. to earn $500 to open, $0.01 for max APY Open Account for Western Alliance Bank High-Yield Savings Premier On Western Alliance Bank's Secure Website. Member FDIC.	4.40% Rate info The annual percentage yield (APY) is accurate as of Jan. 2, 2025, and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.	$500 to open, $0.01 for max APY	Open Account for Western Alliance Bank High-Yield Savings Premier On Western Alliance Bank's Secure Website.

New customers can also collect a bonus worth up to $300 by signing up and setting up direct deposit. The amount of the direct deposits you receive within the first 26 days of account opening dictates the size of your bonus.

One of the interesting things about SoFi® is that it's a checking account and savings account together. This is a big plus if you prefer to do all your banking with one institution. It also makes transferring your funds between accounts easy. But if you're only interested in one type of account, you may want to consider some of the other options on this list.

2. Axos Bank Rewards Checking

• The APY: 0.40% (up to 3.30%)
• The sign-up bonus: up to $500

The Axos Bank Rewards Checking account offers one of the highest APYs you'll find on a checking account when you qualify. It's even higher than what many savings accounts offer.

The cash bonus is also very high, especially considering its requirements. You'll need monthly direct deposits of $1,500 or more and maintain an average daily balance of $3,000 or more. But this isn't actually that much compared to other bank account bonuses.

One of the biggest drawbacks to this account is the fact that the bank uses a tiered APY system. To earn the max APY, you have to check several boxes, including setting up direct deposit, making a certain number of debit card transactions per month, and having an Axos Bank loan and investment account.

Most people won't manage all of these. But even if you don't qualify for the max APY, you can still earn an above-average rate.

3. Discover® Online Savings

• The APY: 3.75%
• The sign-up bonus: up to $200

The Discover® Online Savings account's interest rate isn't the highest out there, but it's still very competitive. The account is also known for charging surprisingly few fees, which can help you hold onto more of your cash.

For a limited time, the bank is also offering a sign-up bonus of up to $200 to new customers who deposit a certain amount of money in their accounts within the first 45 days of account opening.

The account could be a contender if you already have a Discover credit card and hope to manage all your finances in one place. It has highly rated mobile apps and above-average reviews from J.D. Power. The bank also has a checking account if you're interested in both account types.

If none of these offers are jumping out at you right now, that's OK. Think about the type of account you're most interested in -- checking or savings. Then, do some digging into some of the top accounts out there, comparing their fees and features to find which is best for you.