Savings Account Promotions

The following banks with large branch networks are offering cash bonuses for new account holders. Some smaller banks or credit unions near you may also be offering their own promotions or matching these promotions.


Major Banks Offering Savings Promotions - Dec 13, 2019


Chase Savings Account

Find Chase branches near you.

Rate Information: 0.01% APY on all balances.

Promotions:

  • In late 2019, Chase offered a $2,000 cash bonus to new Private Client customers depositing $250,000 in a new Private Client account and maintaining it there for a minimum of 3 months. The promotion is available to those who have not taken advantage of a new Chase savings account offer within the prior 12 months. Certain branches have extended this offer into 2020 and you will need to meet with a Chase banker at a local branch..
  • Chase also sends postcards offering customers either $150 or $200 bonuses when they open a new Chase Savings account. To earn the bonus, you must deposit a total of $10,000 or more in new money within 10 days & maintain a $10,000 balance for 90 days. These offers are routinely extended to customers without postcards.
  • Chase sends postcards offering certain targeted customers a higher bonus. Residents of Florida and Massachusetts routinely get postcards offering this same promotion with either a $300 bonus or a $500 bonus. Residents of certain zip codes in New York City (10021, 10023, 10024, 10028, 10128) and Los Angeles (90272, 90027. 90028 and 90038) may be targeted for a $600 bonus. These offers are not extended to customers without postcards.
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Availability: AZ, CA, CO, CT, DC, FL, GA, ID, IL, IN, KY, LA, MA, MI, NJ, NV, NY, OH, OK, OR, PA, TX, UT, WA, WI, WV.

Cons:

  • Chase Savings Accounts charge monthly fees including a $5 monthly fee that can be easily waived with a $15,000 daily balance. Chase also charges domestic wire fees, overdraft fees, and a statement fee of $6 per statement if you receive a paper statement.
  • Chase charges $2.50 for any inquiries, transfers or withdrawals while using a non-Chase ATM in the U.S., OR $5 per withdrawal and $2.50 for any transfers or inquiries at ATMs outside the U.S.
  • The interest rate on Chase accounts is just 0.01% as of November 2019.
  • Cash bonuses extended by postcards are available to new Chase customers only.

Citibank Savings Account

Find Citibank branches near you.

Rate Information: Varies, but very low.

Promotions:

  • Until the end of 2019, Citibank is offering a $1,500 cash bonus to new customers opening a Citi Priority Package Account with over $200,000 so long as the money is held in the account for two months. The Citi Priority Package Account is a new program offering on-demand financial guidance, digital tools and benefits designed to match those of Chase Private Client services.
  • New customers opening a Citibank Account Package with a savings account and a checking account and funding it with $15,000 may ordinarily be eligible to receive a $400 bonus so long as the money is held for three months. Some customers may not be eligible.

Availability: Nationally

Cons:

  • Citibank Savings Accounts charge monthly fees that may or may not be easily waived.
  • Citibank also charges fees for inquiries, transfers or withdrawals while using a non-Citibank ATM in the U.S., and any ATMs outside the U.S.
  • The interest rate on Citibank savings accounts is not competitive.

Capital One Savings Account

Find Capital One branches near you.

Rate Information: 1.80% APY on all balances.

Promotions:

  • Capital One is offering a $100 bonus for any new accounts open in branch.

Availability: Nationally

Cons:

  • Capital One Bank’s savings rate is well below the rate offered by online savings banks, including Capital One 360.

Bank Of America Savings Account

Find Bank of America branches near you.

Rate Information: 0.03% APY on all balances.

Promotions:

  • Get a $100 bonus when you open a Bank Of America Savings account in-branch with $10,000 minimum deposit.

Availability: Nationwide

Cons:

  • Bank of America may charge monthly fees and for the use of out-of-network ATMs
  • The interest rate on savings accounts at Bank of America is not competitive.

The following online bank is offering cash promotions for new account holders.

Discover Savings Account

Rate Information: 1.80% APY on all balances.

Promotions:

  • Discover is offering a $150 or $200 bonus to those opening online savings accounts before December 2, 2019 and funding the account by December 16, 2019. A $15,000 deposit gets a $150 bonus and a $25,000 deposit gets a $200 bonus. You must call Discover and get a promo code to enter when applying for an account.

Availability: Nationally