Banks need to attract new customers and are even including cash bonuses to get them. Many banks are also offering high interest savings accounts that pay 50x more interest than a traditional bank. Here are some banks offering seniors these great promotions.

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Most banking institutions are customer-focused and try to acquire as many new clients as possible. Offering these new customer promotions is seen as more cost effective than paying for an advertising campaign.

Consumers should find the bank with the best deals considering there are new accounts offers as large as $600. Opening a new account can quickly be done right at home online. Some of the banks that offer opening bonus deals online include.

High-yield saving accounts are just like traditional saving accounts, but with much higher interest rates. As such, you can earn more money without putting in so much effort.

Since there so many high-yield saving accounts with different interest rates in the market, finding the best one can be difficult. Banks often use confusing language to describe their products which can also make it difficult to pick the right high-yield savings account for your needs.

In this brief article, we’ll cover the best high-yield bank accounts as well as bank accounts with cash sign up bonuses currently available.

Citi Accelerate Savings Account by Citibank (Interest Rates–1.05% APY)

Account Overview

Citi Accelerate is a high-yield savings account that was launched in 2019 by Citibank. The account offers users a higher interest rate than the rates offered by some of the nation’s largest banks. You don’t require any minimum balance requirement to open an account or to earn the APY. However, Citi Accelerate is only available in select markets.

Fees

The account fees vary, depending on whether you have other Citibank accounts.  The account also carries a monthly service fee of $4.50 if you don’t link the Citi Accelerate Saving account to a Citi Checking account. Nonetheless, the bank can waive this fee if you keep an average monthly balance of at least $500.

T-Mobile Money Savings Account (Interest Rate–4.00% APY)

Account Overview

T-Mobile Money is offering a whopping 4.00% interest on deposits of up to $3,000 right now. To qualify for the 4% interest you must be a T-Mobile wireless customer. This is more than 50x more than you can expect to earn from a traditional bank savings account. Another major benefit is that you can get paid up to 2 days early thanks to their direct deposit feature. With this account you will earn 4% interest on your first $3,000 in savings and 1% on the balance above $3,000.

Fees

There are no fees associated with the T-Mobile Money account. Absolutely no maintenance fees, monthly fees or overdraft fees.

PNC High Yield Savings (Interest Rate–1.00% APY)

Account Overview

Just like the other high-yield saving accounts, opening a PNC High Yield Saving Account is easy.  You don’t require any minimum opening deposit and once you open the account, you’ll instantly start earning interest.

Fees

You’ll not incur any monthly charges. But if you close your account within 180 days of opening, then you will pay a $25 fee.  The only downside to this high-yield saving account is that it’s only available in selected regions. So first check if your locality is eligible for PNC.  

CIBC Agility Online Savings Account (Interest Rate–0.90% APY)

Account Overview

To use the CIBC Agility Online Savings Account, you need a minimum balance of $1,000. After opening the account, you won’t pay any maintenance fees or monthly fees. Also, you will still earn an interest rate, regardless of the amount in your savings account.

Fees

None

Live Oak Bank High-Yield Online Savings (Interest Rate- 0.85% APY )

Account Overview

The Live Oak Bank High-Yield Online Saving account is like a personal savings account, but with great interest rates. Users don’t have to deposit any minimum amount, and the interest gets compounded daily.  What’s even better, users can manage their accounts via a mobile banking app.

Fees

None

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How to Pick the Right High-Yield Saving Account

With help of the right high-yield account, your money will grow significantly faster than if you were to leave it sitting in a checking account. This growth will be quite helpful down the road for meeting your future financial needs.

Nevertheless, it’s important to understand that high-yield accounts differ. So you need to research online and compare the different account options offered by banks. Researching will help you find high-yield accounts in your area with competitive interest rates.

Also, to look at the different requirements of saving accounts such as a minimum deposit or minimum balance.  Don’t forget to check the different fees charged as well.

Chase Total Checking Account with $200 Bonus

Apply to open online or in-person a Chase Total Checking account using the coupon from the promotional page. When you deposit $25 within 60 days of opening the account you can expect to get a $200 signup bonus deposited within 10 days.

Multiple Account Chase Offer – $600 Bonus

The other appealing offer from Chase is for opening multiple account types. You can get a $300 cash bonus when you open a Chase Total Checking account and set up a direct deposit within 60 days.

Similarly, when you open a Chase Saving account and make a deposit of at least $15,000 and maintain it for 90 days another $200 cash bonus will be added to your account.

If you are eligible and fully complete both of the above bonuses, Chase will add another $100 kicker which brings the total amount you can get from Chase to $600.

Finn by Chase Offers $100 Bonus

When you open a new checking and savings account with Finn you are eligible to receive a $100 signup bonus. The first requirement is that you make a $25 deposit to the checking account. The second is to make 10 qualifying transactions within 60 days of opening the account. Qualifying transactions can be bill payments, direct deposits, debit card purchases or the like.

Once the account has been active for at least 6 you can receive a bonus of $100 within 10 business days after the qualified transactions were posted into your account. Should you fail to adhere to any of the requirements, Chase may deduct the bonus upon the closing of the account.

Bank of America Gives out $100 Bonus

This offer is quite easy to get. All you need is to open a Core Checking or Interest Checking account, make two or more direct deposits of at least $250 within the first 90 days to get a $100 bonus.  A $100 deposit is needed to open an Interest Checking account while $25 is needed to open a Core Checking account.

TD Bank offers a $300 Bonus

To qualify for this cash bonus offers you must apply for two different accounts offered by TD Bank online.

The first option is the Premier account with a $25 maintenance fee per month unless a balance of at least $2,500 is maintained. If you can make a direct deposit of at least $2,500 within the first two months, you are entitled to get the $300 cash bonus.

The other choice is to open the Premier Checking account. This requires a maintenance fee of $15 should the balance go below $100. At least a $500 direct deposit is needed in the first 60 days to get this bonus.

Unity Financial Credit Union with a $100 Cash Bonus

Another great bank to open an account is with Unity. Anyone who opens free checking or e-checking account are eligible to get a bonus offer. By simply having at least a $500 recurring direct deposit within the first 90 days, a cash bonus of $100 will be credited to your account by the end of the 90 day period.

Though residents from all the 50 states can take advantage of the offer, one needs to be a Unity Financial Credit Union member to qualify for the offer.

Final Thoughts

These promotions are quite generous and don’t take much work to sign up for. It’s worth grabbing these opportunities while they exist.

With help of a high-yield account, your money will grow significantly faster than if you were to leave it sitting in a checking account. This growth will be quite helpful down the road for meeting your future financial needs. So, weigh your desire for a good interest rate vs. a great cash bonus.

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Offers vary bank to bank, so make sure that you open an account with the bank that will benefit you the most. The best part is that you may find your new bank account offers more features and benefits than your old bank account did. When this happens it is like you are being paid money to switch to a better product. Talk about a win-win situation.