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 monthly account fee
- Welcome bonus up to $300 (direct deposit required)
- ATM access
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured (up to $3M with opt-in to SoFi Insured Deposit Program)
- Early access to direct deposits
- Tools to help you track savings goals
- Combo account only; no stand-alone savings or checking
- Maximum Savings APY requires direct deposit
- No branch access; online only
- Overdraft protection requires monthly direct deposit minimum
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, new customers earn a bonus of up to $300 with eligible direct deposit. 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.
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 3.80% 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
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.