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• Barclays, Bask, Alliant and Live Oak Bank all offer interest-bearing accounts with special promotions.
• All of these bonuses will no longer be available on or shortly after the start of 2025.
• It’s better to act sooner than later as banks can end promotions early.

Bank account bonuses can be a nice incentive to open a new bank account. If you’re having trouble choosing between different bank account options, a checking or savings account bonus can help you decide.

Savings account bonuses can be harder to find than noninterest-bearing checking account bonuses. We’ve put together a list of some high-interest account bonuses from Barclays, Bask Bank, Alliant Credit Union and Live Oak Bank – but keep in mind that most of these end on December 31, 2024 or shortly after, so you don’t have much Time to use them.

Compare today’s bank offers

This is how you get an interest-bearing account bonus

Barclays, Live Oak Bank, and Alliant Credit Union all offer bonuses on their high-interest savings accounts. They offer bonuses of $200, $300, and $100 respectively when you open an account and meet some additional requirements.

Bask Bank is offering a bonus of a different kind: an additional 2% interest rate on its high-interest checking account for a limited period of time. You will receive this higher interest rate for at least one month if you meet the requirements. However, the sooner you open the account, the more interest you will receive.

In the table below we have broken down how you earn the bonuses and how long you have to earn each bonus. All of these accounts come from online banks and credit unions.

When to use an opening bonus

Opening a savings account with a bonus can help you earn a little more from your savings and get closer to your savings goals faster. However, to make it worthwhile, you need to know that you can meet the bonus requirements. You should also plan on using the account beyond the bonus period.

You shouldn’t open an account just for the bonus – especially if the savings account comes with monthly banking fees or other costs that will put a strain on your balance.

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Alternatives to the savings account bonus

Choosing the right savings account often depends on the interest rate of the account and its requirements. You may earn more by putting your money into a certificate of deposit with one of the best CD rates than if you tried to earn a bonus.

You don’t have easy access to your money in a CD – you’ll have to pay CD prepayment penalties if you withdraw money before the account’s term is up – but you’ll still earn interest if you do need to withdraw some money in an emergency. If you do not meet the bonus requirements of your savings account, you will not receive a bonus.

With a high-interest savings account at an online bank or credit union, you can earn hundreds or thousands of dollars in interest each year, even without a bonus, and you may find maintaining this account easier.

For example, if you open a savings account with 5% interest with an opening deposit of $25,000 and make no further contributions, you’ll earn over $400 in interest over four months and over $1,000 in interest over one year. Many high-yield savings accounts don’t require you to meet balance requirements to get a high interest rate. This means you have more flexibility to withdraw from your account than if you were trying to earn a bonus.