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MoneyWatch: Managing Your Money
By Joshua Rodriguez
Edited By Matt Richardson
/ CBS News
It's never a bad time to explore yourbank account options. As financial institutions continue to compete for new clients, they're offering compelling bonuses on new checking, savings and other bank accounts. In fact, you can earn bonuses worth thousands of dollars when you move your money to some financial institutions.
Then again, banks don't usually just hand bonus money over because you've opened an account. There are usually other requirements that you'll need to meet to access your bonus cash. In most cases, you'll need to make minimum deposits and maintain minimum balances for a predetermined period of time.
Nonetheless, today's leading financial institutions are offering bonuses that are hard to ignore. Below, we'll list some of the best ones to explore this month.
Compare today's leading savings accounts here now.
4 best savings account bonuses for April 2024 (up to $600)
If you're looking for the best savings account bonuses, consider opening one of the accounts below (note that all bonuses listed below are only available to new customers):
- Wells Fargo - $525 bonus: You could earn a $525 bonus by opening a Wells Fargo savings account. However, you'll need to deposit $25,000 within the first 30 days of opening your account and maintain a $25,000minimum balancefor 90 days to access the bonus. The account comes with other features, too, like free financial health resources and automatic transfers. This offer is valid through June 25, 2024.
- Barclays - $200 bonus: Barclays is offering a $200 sign-up bonus to new customers who open savings accounts. In order to access the bonus, you'll have to deposit $25,000 within 30 days of opening your account and maintain a $25,000 minimum balance for 120 consecutive days. The account also features no minimum balances and direct deposits to bring simplicity to your savings. This offer is valid through May 3, 2024.
- TD Bank - $200 bonus: You can earn a $200 bonus by opening a new savings account with TD Bank. In order to qualify for the stated bonus, you'll have to deposit at least $10,000 into your new account within 20 days of opening it. You'll also need to maintain a $10,000 balance in your account for 90 consecutive days. You can also use the account to put your savings on autopilot with freeautomatic transfersfrom your TD Bank checking account to your savings account. This offer is valid through June 30, 2024.
- Alliant Credit Union - $100 bonus: A new savings account with Alliant Bank could add an extra $100 to your savings account balance after a year. To qualify, you'll need to deposit at least $100 per month for 12 consecutive months. If you've maintained your savings, and have at least a $1,200 balance at the end of the 12-month period, you'll receive a $100 bonus. This offer is valid through December 1, 2024.
Open a high-yield savings account now to earn more on your money.
Other bank bonuses to consider
If you're interested inopening a new checking accountor other type, you could gain access to a meaningful bonus:
- Huntington National Bank (Platinum Perks) - $600 bonus: You can earn a $600 bonus when you make a total of $25,000 of deposits into a new Huntington National Bank Platinum Perks checking account within 90 days of opening it. You'll also need to keep your account open for 90 days after meeting the minimum deposit requirement above. Huntington National Bank's terms and conditions don't say that you need to maintain any minimum balance to qualify for the bonus. But, you'll pay a $25 fee if you don't maintain a $25,000 total relationship balance (the total balance between all of your Huntington National Bank accounts). This offer is valid through June 7, 2024.
Though the following are not specific to savings account bonuses, they do involve opening savings accounts. Here are a couple of other bank bonuses to consider:
- PNC Bank - $400 bonus: New PNC Bank Virtual Wallet customers can earn up to $400 in bonuses. Earn a $100 bonus by making direct deposits totaling $500 or more within the first 60 days of opening your account or earn $200 by making $2,000 or more in direct deposits in your first 60 days. However, if you want the maximum $400 bonus you'll need to make $5,000 in direct deposits in your first 60 days. This offer is valid through April 30, 2024.
- Sofi - $300 bonus: You can earn a $300 bonus when you open a SoFi checking and savings account. You'll need to set up direct deposit to earn the bonus and the amount of money you direct deposit between now and June 30, 2024 will determine the size of your bonus. Deposit between $1,000 and $4,999.99 and you'll earn a $50 bonus. If you receive $5,000 or more in direct deposits by the end of the promotional period, you'll get a $300 bonus. This offer is valid through June 30, 2024.
Make your money work for you with a savings account today.
The bottom line
You could earn hundreds of dollars in bonuses by opening bank accounts with leading financial institutions. While that's exciting news, it's also important to consider factors like the long-term return rate on your savings and how other new accounts might fit in with your financial needs. So, as you compare bonuses, make sure you also compare APYs, fees and other features.
