Introduction to Savings Account Bonuses and Promotions
Savings account bonuses are an exciting way to earn extra money when opening a new savings account with a bank. These bonuses are typically offered to attract new customers and may include cash rewards or other incentives. Banks like SoFi, CIT Bank, Barclays, TD Bank, and Bask Bank are currently offering some of the best savings account promotions in March 2025. These promotions often require specific actions, such as making a qualifying deposit, maintaining a minimum balance, or setting up direct deposits. Understanding the requirements and benefits of these bonuses can help you make informed decisions about where to open your next savings account.
SoFi® Checking and Savings – A Top Pick for High-Yield Savings
SoFi® Checking and Savings stands out as one of the top savings account promotions for March 2025. This account offers a maximum bonus of $300 for eligible customers who set up qualifying direct deposits. Additionally, it provides an impressive Annual Percentage Yield (APY) of up to 3.80% on savings balances, which includes Vaults, if you have a qualifying deposit or direct deposit. The account also comes with no monthly service fees, no minimum opening deposit, and FDIC insurance for $2 million, making it a secure and high-yield option for savers. Other perks include early direct deposit, savings tools, and the option to open a joint account. However, there are some drawbacks, such as declined purchases if you overdraw by more than $50 and no reimbursement for out-of-network ATM fees. Overall, SoFi® Checking and Savings is a strong choice for those looking for high interest rates and easy access to their money.
CIT Bank Platinum Savings – Earn Up to $300 Bonus
CIT Bank Platinum Savings is another excellent option for those looking to earn a sign-up bonus. New customers can earn up to $300 by opening a CIT Bank Platinum Savings account and making qualifying deposits within the first 30 days. The bonus structure is tiered: depositing $25,000 to $49,999.99 earns you $225, while a deposit of $50,000 or more earns $300. The bonus will be deposited into your account within 60 days after meeting the requirements. CIT Bank Platinum Savings also offers a competitive APY of up to 3.80% and has no monthly maintenance fees or minimum opening deposit. However, this account is available only online, and there are no check-writing privileges. CIT Bank Platinum Savings is a solid choice for those who want a high-yield savings account with a significant bonus for meeting the deposit thresholds.
Barclays Tiered Savings – $200 Bonus for New Customers
Barclays Tiered Savings offers a $200 bonus for new customers who open a savings account, deposit at least $25,000 within the first 30 days, and maintain that balance for 120 days. This account has no monthly maintenance fees, no minimum opening deposit, and offers an APY of 4.15% to 4.40%. Barclays Tiered Savings is an online-only bank, and while it offers a high APY, it may not be ideal for those who want to manage their accounts in person. The bonus is a great incentive for those who can meet the deposit and balance requirements, but the high balance requirement may be a barrier for some. Additionally, the bonus is not available to existing Barclays savings account or CD customers, so this is a good option if you’re new to Barclays.
TD Signature Savings and TD Simple Savings – $200 Bonuses
TD Bank is offering two savings account promotions: TD Signature Savings and TD Simple Savings. Both accounts offer a $200 bonus for new customers who deposit at least $10,000 within the first 20 days and maintain a balance of at least $10,000 for 90 days. These bonuses are available to new TD Bank savings account customers who do not currently have an account or have closed one in the last 12 months. The accounts have no monthly maintenance fees and offer competitive interest rates. However, the bonuses may not be as high as some other options, and the requirements for maintaining the balance for 90 days may not be feasible for everyone. These accounts are good choices for those who can meet the deposit and balance requirements and want to bank with a well-established financial institution.
Bask Bank Mileage Savings Account – Earn 10,000 AAdvantage® Bonus Miles
For those who love to travel, the Bask Bank Mileage Savings Account offers a unique bonus: 10,000 AAdvantage® bonus miles for new customers who open an account, fund it within 15 business days, and maintain a minimum daily balance of $50,000 for 180 consecutive days out of the first 210 days. This account is ideal for frequent flyers who can meet the high balance requirement. However, the bonus is not as straightforward as cash bonuses, and the miles may take six to eight weeks to post to your AAdvantage® account. Bask Bank Mileage Savings Account is a good option for those who value travel rewards and can manage the high balance requirement.
Understanding Savings Account Bonuses and Choosing the Best Option
To maximize the benefits of a savings account bonus, it’s important to understand how these bonuses work. Typically, you’ll need to open a new account, make a qualifying deposit, and maintain the balance for a specified period. Bonuses vary by bank, and some may require direct deposits or other specific actions. When evaluating savings account bonuses, consider not only the bonus amount but also the interest rate, fees, and overall features of the account. For example, SoFi® Checking and Savings offers a high APY and no monthly fees, while Barclays Tiered Savings provides a tiered interest rate structure. On the other hand, TD Signature Savings and TD Simple Savings are good for those who want to bank with a traditional bank. Ultimately, the best savings account bonus is one that aligns with your financial goals and preferences. By carefully reviewing the requirements and benefits, you can make an informed decision and earn the most from your savings account.
