Best savings account bonuses for February 2026

Savings account bonuses can be a lucrative incentive to anyone in the market for a new deposit account. Who wouldn’t want to potentially earn a couple hundred dollars just for making a switch to something that serves you better? Earning a bonus for a few minutes of your time can be one of the smartest ways to make your money work for you.  

Below are Fortune’s top picks for the best savings account bonuses. 

Editor’s Picks: Best savings account bonuses of February 2026

Bank and account(s)	Max bonus	Offer expiration date	Learn more
Capital One 360 Performance Savings	$1,500	Unspecified	View offer at Bankrate
PNC Virtual Wallet with Performance Select	$400	February 26, 2026	View offer at MoneyLion
SoFi® Checking and Savings (Member FDIC)	$50 or $300 (depending on direct deposit amount)1	Dec. 31, 2026	View offer at SoFi
TD Bank Simple Savings	$200	January 31, 2026	View offer at MoneyLion
E*TRADE	$2,000	Feb. 28, 2026	View offer at MoneyLion

Capital One 360 Performance Savings	View offer at Bankrate
Max bonus	$1,500
Offer expiration date	Unspecified
PNC Virtual Wallet with Performance Select	View offer at MoneyLion
Max bonus	$400
Offer expiration date	February 26, 2026
SoFi® Checking and Savings (Member FDIC)	View offer at SoFi
Max bonus	$50 or $300 (depending on direct deposit amount)1
Offer expiration date	Dec. 31, 2026
TD Bank Simple Savings	View offer at MoneyLion
Max bonus	$200
Offer expiration date	January 31, 2026
E*TRADE	View offer at MoneyLion
Max bonus	$2,000
Offer expiration date	Feb. 28, 2026

Details accurate as of February 5, 2026.

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Find the best savings account bonus offer for you

Capital One 360 Performance Savings: Up to $1,500 bonus

Why we like this bonus

Capital One offers a generous reward for opening a new high-yield savings account and depositing funds that are not held by Capital One already. The more you deposit, the higher your bonus can be—up to a whopping $1,500:

• $20,000 deposit — $300 bonus 
• $50,000 deposit — $750 bonus 
• $100,000 deposit — $1,500 bonus

To qualify, use promo code BONUS1500 and deposit the funds within 15 days from account opening. You must also maintain your account balance for 90 days after the initial 15-day hold period. Your bonus will then deposit within 60 days.

This account earns 3.30% APY. Capital One savings accounts don’t charge maintenance fee, either—so you won’t have to worry about monthly fees eroding the value of your bonus.

It’s worth noting that you won’t be eligible for this bonus if you are (or were) a primary or secondary account holder with Capital One since Jan. 1, 2022, for either a 360 Performance Savings, 360 Savings, 360 Money Market, Savings Now, or Confidence Savings account.

Offer details reviewed on Feb. 5, 2026.

PNC Virtual Wallet with Performance Select: Up to $400 bonus

While not strictly a savings account, you can open linked checking and savings with PNC (called Virtual Wallet with Performance Spend) for a generous and accessible bonus of $400 . You’ll have 60 days to meet the direct deposit requirement of $5,000 in the Spend account from one or more qualifying direct deposit. After you meet this requirement, your cash reward should deposit within 90 days.

If you’re not sure you can meet the requirements for more lucrative bonus offers on this page, PNC offers a sizable bang for a reasonable deposit requirement. Just note that there’s a monthly service fee of $25, waived with one of the following:

• $5,000 in monthly qualifying direct deposits to your Spend account
• $5,000 average monthly balance between Spend and up to seven linked checking accounts
• $25,000 monthly balance between your PNC investment accounts and any linked PNC deposit accounts

The availability of this offer may vary based on your location.

Offer details reviewed on Feb. 5, 2026.

Learn more: Read our full review of PNC Bank.

SoFi Checking & Savings: Up to $300 bonus

Through Dec. 31, 2026, SoFi is offering up to $300 for opening SoFi Checking and Savings and depositing $5,000 or more in eligible direct deposits within 25 days from account opening. If you can’t reach that threshold, you can instead earn a $50 bonus with eligible direct deposits of as little as $1,000.

$300 a solid bonus, though nothing otherworldly. What makes the deal even better is its APY bonus for new customers. A SoFi high-yield savings account offers up to 3.30%² APY at the time of writing. But new customers who open both a Checking and Saving account—along with enrolling in SoFi Plus—have an opportunity to earn a 4.00% annual percentage yield (APY) on their savings through March 30, 2026. This represents a 0.70% APY boost on top the standard 3.30% rate. The maximum time period for the boosted APY is six months. (Terms apply. Rates are variable and subject to change.)³

If you’re looking for a good place to park your savings long term, the APY on a SoFi high-yield savings account makes it an attractive option: up to 3.30%² at the time of writing. Plus, the checking account’s APY is 0.50%, which is a pretty good deal considering traditional checking accounts generally yield no interest at all. In short, banking with SoFi can continue to reward you even after you’ve earned the $300 bonus as a new customer.

The institution is offering complimentary SoFi Plus for customers with eligible direct deposit until March 30, 2026. The normal cost of membership is $10 per month as of this writing. Benefits of SoFi Plus include a 10% boost on cash-back rewards earned with certain SoFi credit cards, a 1% match on recurring deposits to SoFi Invest (paid in rewards points) and unlimited one-on-one planning sessions from SoFi Wealth.

Offer details reviewed on Feb. 5, 2026.

E*TRADE: Up to $2,000 bonus

E*TRADE offers up to $2,000 in bonus cash when opening a Premium Savings Account by Feb. 28, 2026. You must use promo code SAVE26 when you open your account and deposit “new money” (funds not currently held with Morgan Stanley) within 30 days to qualify. Here’s what you’ll get:

• $20,000-$49,999 — $300 bonus
• $50,000-$74,999 — $750 bonus
• $75,000-$99,999 — $1,000 bonus
• $100,000-$199,999 — $1,500 bonus
• $200,000 or more — $2,000 bonus

When you maintain your balance for at least 45 days after the initial funding period, you should qualify to earn the bonus.

An E*TRADE Premium Savings account doesn’t charge minimum fees, so you won’t have to worry about ancillary charges eating away at your bonus. Plus, the account earns a solid 3.35% APY.

Offer details reviewed on Feb. 5, 2026.

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How savings account bonuses work

Banks will oftentimes offer sign-up bonuses as a strategic marketing tool to attract your business. These incentives are meant to encourage you to open a new account. Banks will often specify eligible activity to achieve the bonus, such as:

• Receiving a minimum amount in eligible direct deposits.
• Maintaining the account for a specified period as a condition of receiving the bonus.

Banks should stipulate when you can expect to receive your bonus after meeting the requirements—often within a couple months after completing the qualifying activities.

There’s really nothing to lose by taking the steps to earn a savings account bonus; but there are a few terms you should know before you set your sights on one.

Clawbacks/early closure fees

Obviously, banks don’t want to lose money—and they don’t like when you open a savings account exclusively for the welcome bonus. To prevent this, some banks charge a fee if you close your account within a certain time frame after account opening. Others may reverse the bonus you’ve earned to prevent you from “gaming” their system.

Be aware of these potential penalties, especially if you’re hoping to change banks frequently to get multiple bonuses

Bonus restrictions

Not everyone is eligible for all savings account welcome offers. You’ll often find terms such as:

• One bonus per customer: Even if you have a legitimate reason to open more than one savings account, each individual will generally only be eligible for one promotional intro offer.
• Time restrictions: Banks won’t let you open rapidly open and close bank accounts to receive multiple bonuses. These bonuses tend to be for “new” customers, which a bank may define as someone who hasn’t had an account for a year or two.

Taxes

The IRS considers bank account bonuses taxable income, typically reported on Form 1099-INT or Form 1099-MISC. This means you’ll need to include the bonus amount when filing your taxes, which will be taxed at your regular income tax rate.

It’s important to note that, even if you don’t receive a 1099 form from the bank for a new savings account bonus, you’re still obligated to report the bonus on your tax return. To avoid surprises come tax season, it’s wise to set aside a portion of your bonus to cover potential tax liabilities. Consider consulting with a tax professional to understand how a bank bonus might impact your overall tax situation.

Are savings account bonuses worth it?

Savings account bonuses can absolutely be worth it for someone in the market for a new savings account. Whether you’re looking to shift funds from an existing account or optimize your current savings strategy, getting a one-time account bonus is the icing on the cake.

Bank account bonuses, including those on savings accounts, can rise and fall at various times throughout the year. When you’re evaluating a new savings account, check to see if the bank lists an expiration date on their bonus offer so you’ll know if you have a deadline to make your decision.

A quick Internet search to see how any current offers compare to any previous offers can help you decide if the time is right to sign up for a particular account or if you might have a better shot at a higher offer if you wait.

How to choose the best savings account bonus

The highest savings account bonus doesn’t mean it’s the best. Keep these questions in mind to find the perfect bonus for your situation/.

Can you meet the eligibility requirements?

Here’s a typical bank bonus truism: The higher the welcome bonus, the more funds you’ll probably need to deploy to achieve it. For example, a bonus of $200 might require a direct deposit of $5,000, while a bonus of $2,000 might require $200,000 or more.

These examples are generalities—specifics of course will vary by institution and over time.

At the risk of stating the obvious, make sure to carefully read the fine print on bonus offers. To qualify for the bonus, you may need to complete specific actions, such as setting up direct deposits or maintaining a minimum balance for a certain period.

All to say, don’t cannonball into a bank bonus offer that you can’t realistically meet the criteria to qualify for.

Will fees lower your bonus?

Many banks charge monthly fees on savings accounts that can cut into your principal. Look for accounts that don’t have a monthly fee, or at least waive these fees with activities that you can easily achieve.

Again, some accounts require you to maintain a hefty minimum balance to open an account, avoid fees, or earn the advertised interest rate. Make sure you can comfortably meet these requirements. 

Does the bank suit your long-term needs?

There’s nothing wrong with opening a bank account because of a generous welcome bonus. That’s why banks offer them in the first place—to convince you to kick the tires on a product that they’re confident you’ll love.

Ideally, you’ll open a bonus with a bank account that meets your financial goals in other ways than a simple bonus. So it’s worth taking stock of any limitations before you jump in. Does the bank have limited physical presence in your area? Does it have tight restrictions on the number of withdrawals you can make per month? Understand the limitations of the bank account before you open it.

What’s the opportunity cost?

While the allure of a sign-up bonus can be tempting, look beyond the initial offer and consider the long-term value of opening the savings account. A bank account with superior APY but no welcome bonus may be more valuable to you than that glimmering intro offer draped in shiny ribbons.

Do actions by the Fed impact your savings account?

In short, yes. The Federal Reserve does not directly set the annual percentage yield (APY) on your savings account. That’s set by your bank or credit union. However, financial institutions often adjust the rates they offer when the Fed hikes or cuts the federal funds rate.

Throughout much of 2025, the central bank kept its benchmark rate steady at 4.25%-4.50%. At the final three meetings of 2025 the Fed finally changed course, cutting the federal funds rate by 0.25% each time.

At the most recent Federal Open Market Committee (FOMC) on Jan. 28, 2026, the Fed kept its benchmark rate unchanged at 3.50%-3.75%. Because of this, we can expect the current savings account APYs to more or less hold steady.

Note that financial institutions may also change the rates they offer for reasons not connected to Fed actions.

Frequently asked questions (FAQs)

How can I get a bank account bonus?

Some banks will offer eligible new account holders a cash bonus for opening a new account with their institution. There are strings attached however. For example, you may have to deposit a minimum account within a specified period of time to earn the bonus and/or keep the account open with those funds for a minimum period of time. Most of the time the qualifying opening deposit has to be via ACH or direct deposit to be eligible for the bonus. Make sure you fully understand the terms and conditions of any bank account bonus you’re considering.

Are bank account bonuses taxable?

Yes, bank account bonuses are considered interest income, which is taxable. Even if you do not receive a 1099 form for any bonus you’ve received, it’s still your responsibility to report this interest on your taxes.

Are bank account bonuses worth it?

That depends on your circumstances. If you’re already in the market for a new bank account and an account that fits your needs offers one, there’s little reason not to go for it, just make sure you’re clear on the terms required to earn the bonus.

Should I have more than one savings account?

Whether or not you own one or more savings accounts is a personal decision. Some people may prefer to have different savings accounts for different savings goals, such as earmarking one for emergency savings and another for savings goals etc. But some may find it too cumbersome to track more than one savings account, especially if they are split between different institutions. There’s no one best choice for everyone, just the best choice for you.

Can I open multiple accounts and get the bonus at all of them?

You typically can’t open multiple accounts at the same institution and earn a bonus on all of them, but if you can meet the requirements across multiple banks, you may be able to earn bonuses with different banks.

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SoFi disclaimer

1:

New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults)and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

2:

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

3: 0.70% Savings APY Boost

Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 3/30/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.