Best Savings Account Bonuses and Promotions

A bonus can be worth more than a higher rate, but only if you can meet the rules. Here is each offer we verified, what it takes, and what it is worth next to a high yield savings account with no strings.

Savings bonuses and boosts compared

Offer	What you get	What it takes	Deadline
E*TRADE Premium Savings	$400 or $800 cash, plus 4.25% APY for 6 months	New account with code SAVE800; $20,000 or more in new money within 30 days, kept for the next 45 days	Open by Jan 10, 2027
SoFi Checking and Savings	$50 or $400 cash, plus a 1.10% APY boost for up to 6 months	Direct deposits of $1,000 ($50) or $5,000 ($400) within 25 days of your first one	First direct deposit by Dec 31, 2027
Axos ONE Savings	Up to 5.00% APY for the first 6 months	Monthly direct deposits and balance rules in Axos ONE Checking	Open by Oct 31, 2026

Terms checked on each bank’s website on Oct 16, 2026. Offers can change or end early. Bonuses are generally reported as interest income and are taxable.

E*TRADE Premium Savings: up to $800

Open a new Premium Savings Account between Sep 15, 2026 and Jan 10, 2027 with promo code SAVE800 and fund it within 30 days. Deposit at least $20,000 in new money in the first 30 days, then keep at least that tier’s balance on average for the 45 days after. E*TRADE pays the bonus within 30 days after that.

• $20,000 to $99,999: $400 bonus, keep $20,000.
• $100,000 or more: $800 bonus, keep $100,000.

New accounts opened Sep 22, 2026 to Jan 10, 2027 also earn a guaranteed 4.25% APY for six months, then the base rate, 3.75% APY as of Oct 27, 2026. Money moved from other E*TRADE or Morgan Stanley accounts does not count as new money, and existing Premium Savings customers are not eligible. Deposits are held at Morgan Stanley Private Bank (FDIC 34221).

SoFi Checking and Savings: up to $400

SoFi pays a bonus to members who have never set up direct deposit with SoFi. After your first eligible direct deposit, which must arrive by Dec 31, 2027, SoFi adds up your direct deposits for 25 calendar days: $1,000 to $4,999.99 earns $50 and $5,000 or more earns $400. SoFi pays it within 7 business days of meeting the rules.

New savings accounts opened by Dec 31, 2027 can also get a 1.10% boost on SoFi’s 3.30% savings APY, for 4.40% for up to six months, as long as eligible direct deposit continues. Without direct deposit, SoFi’s savings rate needs $5,000 in deposits every 31 days.

Axos ONE: 5.00% APY for six months

New Axos ONE customers whose accounts are created between Oct 1 and Oct 31, 2026 can earn up to 5.00% APY on savings for the first six months. Each month you need either $1,500 in direct deposits and a $1,500 average daily balance in Axos ONE Checking, or $5,000 in deposits and a $5,000 average daily balance. After the boost, the standard rate is 4.21% APY on balances up to $249,999 (as of Oct 27, 2026). See Axos ONE 5.00% APY promo explained.

What are these offers really worth?

Deposit and offer	Bonus	Interest for 6 months	Total
$20,000 at E*TRADE (4.25%)	$400	About $421	About $821
$100,000 at E*TRADE (4.25%)	$800	About $2,103	About $2,903
$20,000 at Peak Bank (4.27%, no bonus)	$0	About $423	About $423
$100,000 at Peak Bank (4.27%, no bonus)	$0	About $2,113	About $2,113

Interest compounded at the APY for six months with nothing withdrawn. Peak Bank Envision 4.27% APY as of Oct 1, 2026, checked Oct 15, 2026. Illustration only; rates can change.

E*TRADE’s boosted rate is about the same as Peak’s standard rate, so the cash bonus is the real prize. On $10,000, SoFi’s 1.10% boost adds about $55 over six months and Axos’s boost adds about $39 compared with their standard rates, so for most savers the cash bonus matters more than the boost.

How to choose a savings bonus

• Can you meet the deposit rule with money you already have? Do not move money you may need during the holding period.
• Does it need direct deposit? SoFi and Axos want your paycheck. Switching it can be a hassle, and the rate may drop if you move it back.
• What happens after the offer? Compare the standard rate with our best high yield savings accounts. A bonus is a one time payment; the rate is what you earn every month after.
• Check the fine print. Bonuses usually need a new account, exclude money moved from the same bank, and can be taken back if you close the account early.

How we picked these offers

We list bonuses only from savings accounts we track, and only after reading the terms on the bank’s own site. A bigger bonus or a higher commission never changes our account ratings, which follow our published scorecard. For checking account offers, see our best checking account bonuses.

Frequently asked questions

What is the best savings account bonus right now?

The largest we verified is E*TRADE’s: $800 for $100,000 or more in new money in a new Premium Savings Account with promo code SAVE800, opened by Jan 10, 2027. $20,000 to $99,999 earns $400.

Are savings account bonuses taxable?

Generally yes. Banks usually report bonuses as interest income, so they are taxed like the interest you earn.

Is a savings bonus better than a higher rate?

It depends on your balance and how long you keep the money there. A bonus is paid once; a higher rate pays every month. Compare the total over the time you plan to save.

Does SoFi’s $400 bonus need direct deposit?

Yes. SoFi’s bonus is based on eligible direct deposits: $5,000 or more within 25 days of your first one earns $400, and $1,000 to $4,999.99 earns $50.

How long do I have to keep the money for the E*TRADE bonus?

Deposit it in the first 30 days, then keep at least the tier’s minimum balance on average for the next 45 days.