Ranked: The 3 Top Bank Account Bonuses Available Now
KEY POINTS
- The SoFi Checking and Savings account offers a bonus worth up to $300 on top of an extremely competitive APY.
- The Huntington Platinum Perks Checking℠ account offers a pretty substantial bonus, but not everyone will have the income necessary to claim it.
- The Bank Smartly® Checking account has one of the largest bonuses available right now, though its regular perks aren't that impressive.
Bank account bonuses shouldn't be the deciding factor when deciding whether to open a new savings or checking account. But they can be a tiebreaker if you're torn between two or more accounts.
They're most common among brick-and-mortar banks, but some online banks are getting in on the action as well. Below, we'll take a closer look at some of the most valuable bank account bonuses available and what you have to do to get them.
1. SoFi Checking and Savings account (Up to $300 bonus)
On SoFi's Secure Website.
Member FDIC.
SoFi Checking and Savings
On SoFi's Secure Website.
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- Competitive APY on both Savings and Checking
- No account fees³
- Welcome bonus up to $300 (direct deposit required)¹
- Early access to direct deposits⁶
- Tools to help you track savings goals
- Unlimited number of external transfers (up to daily transaction limits)
- ATM access⁵
- FDIC insured (up to $2M with opt-in to SoFi Insured Deposit Program)⁴
- Combo account only; no stand-alone savings or checking
- Maximum Savings APY requires direct deposit
- Overdraft protection⁷ requires monthly direct deposit minimum
- No branch access; online only
For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings (Member FDIC) is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns an above-average rate, too -- which is a rare perk. Plus, there's the opportunity for a bonus of up to $300¹ and a long list of extra account features. Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships.
You can earn the maximum APY either by making direct deposits into checking or savings, or by depositing $5,000 or more every 30 days. Learn more.
SoFi disclosure:
¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
SoFi members with Direct Deposit can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
² SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional
FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms
See list of participating banks at SoFi.com/banking/fdic/receivingbanks
⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
Though it doesn't have the highest dollar value on the list, the SoFi Checking and Savings account bonus is compelling because the account offers some of the best regular perks. This includes an up to 4.00%² APY on savings account funds and a lack of common fees.
The bonus is also fairly easy to achieve, though some won't qualify for the top amount. To earn it, you must set up direct deposit and receive a certain amount of qualifying funds into the account within the first 25 days after account opening. The total of the direct deposits during that time corresponds to the bonus as follows:
- $1 to $999.99: No bonus
- $1,000.00 to $4,999.99: $50 bonus
- $5,000.00 or more: $300 bonus
Those who qualify will get the corresponding bonus within seven days of the end of the bonus period.
2. Huntington Platinum Perks Checking℠ account ($600 bonus)
New Huntington Platinum Perks Checking℠ account customers can earn $600 if they open an account by Oct. 7, 2024 and deposit at least $25,000 into the account within 90 days of account opening. This is among the largest cash bonuses available today, though some might find the deposit requirements too steep.
This account earns interest, but it also has a monthly fee, so it's only worth opening if you think you can avoid it. Plus, the offer is only available in Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Dakota, West Virginia, and Wisconsin.
3. Bank Smartly® Checking account (Up to $450 bonus)
The Bank Smartly® Checking account bonus is worth considering if you want to work with a large, national bank. To qualify, you have to open your account by Sept. 26, 2024 and enroll in the U.S. Bank mobile app or online banking within 90 days of account opening. You must also make at least two direct deposits and their amount will determine the size of your bonus as follows:
- Earn $250 when the combined total of your direct deposits is between $2,000.00 and $4,999.99.
- Earn $350 when the combined total of your direct deposits is between $5,000.00 and $7,999.99.
- Earn $450 when the combined total of your direct deposits is $8,000.00 or more.
The reason this offer doesn't rank higher on the list is because the Bank Smartly® Checking account isn't as appealing as some of the other accounts on the list. It has a monthly fee, though you can waive it. And it doesn't offer you the opportunity to earn interest on your funds, so once you earn the bonus, your checking account balance will only grow through your contributions.
Each offer has its pros and cons. It doesn't hurt to compare each account before deciding which, if any, is right for you. If you don't see any you like right now, that's OK. Bank account bonus offers come and go and it's possible that something more appealing will open up in the future.
Our Research Expert
Kailey Hagen has been covering personal finance topics, including banks, insurance, and retirement since 2013.
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