How To Get the Best Savings Account Bonuses

Savings account bonuses can help put extra cash in your pocket. Here's what you need to know.

Bonus card in envelope with red ribbon and piggy bank on blue background (savings account bonus)
(Image credit: Getty Images)

Choosing the right bank account can have many benefits, including a savings account bonus. Many high-yield savings accounts are now offering impressive APYs, providing a guaranteed rate of return on your savings. Some banks further compete for deposits by offering a cash incentive in the form of an account bonus. But as the Fed's rate hiking campaign ends, the boon to CD rates and rates on high yield savings accounts is also coming to an end.

Savings rates have been on the rise since March 2022 as the Federal Reserve raised interest rates in an attempt to combat soaring inflation. However, at its latest meeting in March, the central bank held interest rates steady once again. This pause in rate hikes means the fed funds rate will remain at a target range of 5.25% to 5.5%, the highest it’s been in 23 years. And rate cuts are expected for later this year. The Federal Reserve maintains its projection that there will be three interest rate cuts in 2024, reducing the federal funds rate to a range of 4.5% to 4.75%

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Erin Bendig
Personal Finance Writer

Erin pairs personal experience with research and is passionate about sharing personal finance advice with others. Previously, she was a freelancer focusing on the credit card side of finance, but has branched out since then to cover other aspects of personal finance. Erin is well-versed in traditional media with reporting, interviewing and research, as well as using graphic design and video and audio storytelling to share with her readers.