These 2 Savings Accounts Offer High Rates -- and a Bonus if You Sign Up Soon

If you're looking to open a new savings account, you may want to consider choosing a financial institution that will offer you a reward for doing so.

Plus, there are some great accounts out there that not only provide you with a sign-up bonus, but that are actually worth keeping your money in for the long haul.

In fact, here are two options offering competitive yields that -- for the time being -- will pay you to become a new customer.

1. SoFi Checking and Savings

SoFi currently has some of the best bank accounts out there, and the current bonus offer is just the cherry on top. The bonus offer runs through June 30, 2024. Here are the details:

• You must make at least one Direct Deposit of $1,000 or more into your SoFi account by 11:59 p.m. ET on June 30, 2024 to qualify for a bonus.
• You'll receive a $50 bonus if your direct deposits are between $1,000 and $4,999.99 during the Direct Deposit Bonus period. That period starts when your first deposit is made and ends 25 calendar days later.
• You'll receive a $300 bonus if your direct deposits during the Direct Deposit Bonus period add up to $5,000 or more. You're only eligible for one bonus, so if you get the $300, you won't also get the $50.

Once you've earned your bonus, it will be credited to your account within seven business days of the time the Direct Deposit Bonus period ends.

Why SoFi's account is worth opening

The SoFi Checking and Savings is worth opening not just for this bonus money, but also because it's a great account in general. Here's what it has to offer:

• If you set up direct deposits, you'll earn up to 4.60% APY on savings balances and a 0.50% APY on checking balances. There's no minimum amount you must direct deposit to get the higher APY as long as some money is being deposited from an approved source (although you do need to meet the minimum requirements mentioned above to get your bonus).
• There's no minimum balance required on your account to avoid fees.
• There are no account fees and you even get fee-free overdraft coverage.
• You can get access to your paycheck up to two days early

There are savings accounts out there paying a higher rate. But there's often a catch that doesn't apply to the SoFi account. For example, the Western Alliance Bank High-Yield Savings Premier account offers 5.36% APY but you need $500 to open the account -- and you won't get a bonus when you do. Plus, SoFi's checking account pays you interest, while many checking accounts pay no interest at all.

You do need to have direct deposit to make this account worthwhile though. Without it, you'll earn a much lower APY on your savings balance -- although you'll still get the same 0.50% APY on your checking account.

2. Barclays Online Savings

If you have a bigger account balance to deposit, you may want to take advantage of the promotion currently on offer to those who open a new Barclays Online Savings account. Specifically, you can qualify for a $200 bonus if you deposit at least $25,000 as a new Barclays customer.

To qualify for this bonus, which runs through May 3, 2024, here's what you need to do:

• Not have an existing Barclays savings account or CD account.
• Open a new account between March 4, 2024 and May 3, 2024.
• Make a combined total of $25,000 in deposits within 30 days of opening your account. Unlike with SoFi, no direct deposits are required. And you can make multiple money transfers to reach $25,000.
• Starting from the time you've deposited $25,000, you'll need to maintain your balance in the account for 120 consecutive days.

Once you've met the 120 day requirement, you'll receive your $200 bonus deposited into your Barclays account within 60 days.

Why Barclays account is worth opening

Barclays Online Savings also offers some great features that make it worth your time, even apart from the bonus. These include:

• A 4.35% APY as of April 17, 2024.
• No minimum balance required to open an account (although you do need the $25,000 balance to get the bonus)
• No monthly maintenance fees
• Unlimited monthly withdrawals

Again, while this isn't the absolute highest rate available, there's no catch to earn it. In fact, while SoFi requires a direct deposit to get its best rate on its savings account, Barclays customers don't have this rule. If you don't have a direct deposit to make, the Barclays account is definitely your better bet.

The bottom line is, both of these accounts have great bonus offers right now, and once you've earned that bonus, you can still be happy knowing your funds are in a good savings account. So, consider signing up soon while the bonus offers are still good.

If neither of these accounts seem right for you, you can also check out The Ascent's guide to the best high-yield savings accounts. You'll find plenty of other options paying competitive rates and offering favorable terms.