The best savings account bonuses and promotions of September 2023: Earn up to $400 or thousands of airline miles

Editor’s Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes. CNBC Select will update as changes are made public.

Switching savings accounts may not be at the top of your financial to-do’s, but making the move can sometimes pay off, literally.

Just like they do with checking accounts and credit cards, banks will sometimes offer welcome bonuses for customers who sign up for certain savings accounts. These bonuses can be an easy way to pocket a couple hundred dollars by simply setting up a direct deposit or by meeting a minimum balance in your account. (Although some minimums can be drastically higher than others.)

To determine the top savings account bonuses, CNBC Select looked at what’s being offered by brick-and-mortar and online-only banks, as well as credit unions. All of the banks on this list are either NCUA- or FDIC-insured. Note that these accounts might not always offer the highest interest rates, so depending on how much you deposit, they might not always be the best deal. (See our methodology for more information on how we choose the best savings account bonuses.)

Bonus: $100

Expiration: Dec. 31, 2023

How to earn the bonus: New Alliant Credit Union members who open The Ultimate Opportunity Savings Account must deposit at least $100 a month for 12 consecutive months; after those 12 consecutive months (and thus at a balance of $1,200 or more), they’ll get a $100 bonus automatically deposited into their account.

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Bonus: 4,000, 10,000 or 20,000 American Airlines AAdvantage^® bonus miles

Expiration: Aug. 31, 2023

How to earn the bonus: New and existing Bask Mileage Savings Account holders must make new deposit(s) totaling at least $10,000, $25,000 or $50,000 and maintain the new deposit for 180 consecutive calendar days. The miles awarded will correspond to the deposit tiers, respectively: 4,000 bonus miles for a minimum $10,000 deposit, 10,000 bonus miles for a minimum $25,000 deposit and 20,000 bonus miles for a minimum $50,000 deposit.

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Bonus: $150 or $200 with code GOBR623

Expiration: Sep. 14, 2023

How to earn the bonus: First-time account holders of the Discover Online Savings Account can earn $150 when they deposit at least $15,000 within 30 days of the account open date or earn $200 when they deposit at least $25,000 within 30 days of the account open date.

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Bonus: $100, $200 or $400

Expiration: Aug. 31, 2023

How to earn the bonus: New Virtual Wallet® from PNC Bank account holders earn $100 when they make direct deposits of $500 or more to their new Virtual Wallet, $200 when they make direct deposits of $2,000 or more to their new Virtual Wallet with Performance Spend and $400 when they make direct deposits of $5,000 or more to their new Virtual Wallet with Performance Select. All direct deposits must be made within the first 60 days.

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Bonus: $50 to $250

Expiration: N/A

How to earn the bonus: SoFi Checking and Savings account holders who sign up and set up direct deposit can get a cash bonus of $50 to $250, depending on their direct deposit amount: $1,000 to $4,999.99 gets a $50 cash bonus, while $5,000 or more gets a $250 cash bonus. Direct deposits must be made within a 25-day bonus period.

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Bonus: $200 or $400 with code 2023JUL

Expiration: Sep. 6, 2023

How to earn the bonus: New account holders of the U.S. Bank Standard Savings account earn $200 when they deposit at least $25,000 in new money by Sep. 30, 2023, and maintain a minimum total account balance of $25,000 to $49,999.99 until Mar. 31, 2024; or they earn $400 when they deposit at least $50,000 in new money by Sep. 30, 2023, and maintain a minimum total account balance of $50,000 or more until Mar. 31, 2024.

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The Ultimate Opportunity Savings Account stands out for offering a decent APY for standard savings and a welcome bonus that encourages you to make saving a habit — it only pays out after you’ve made 12 consecutive monthly deposits of $100 or more. Plus, anyone can become a member of Alliant Credit Union and it’s free to do so. The easiest way to join is by supporting Alliant’s partner charity, Foster Care to Success. However, you don’t need to pay the charity directly since Alliant pays $5 on your behalf when you apply to join the credit union.

Annual Percentage Yield (APY)

3.10% APY

Minimum balance

$100

Monthly fee

None if you elect eStatements

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The Bask Mileage Savings Account stands out for offering interest in the form of American Airlines AAdvantage miles instead of the standard cash bonus model. You can use these miles for flights on American Airlines or any of its 20+ partner airlines.

Annual Percentage Yield (APY)

Earn 2.5 American Airlines AAdvantage® miles for every $1 saved annually instead of interest.

Minimum balance

None

Monthly fee

None

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While the BMO Savings Builder Account offers a relatively low APY, it motivates you to not touch your savings since you get rewarded every month during your first year if you maintain a minimum of $200 in savings.

Annual Percentage Yield (APY)

0.01% APY

Minimum balance

$0.01 and above

Monthly fee

None

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The Virtual Wallet® from PNC Bank stands out for offering one of the highest cash bonuses of $400 for a relatively doable direct deposit requirement of $5,000. Depending on which Virtual Wallet you choose, you can also score a pretty good interest rate on your savings.

Annual Percentage Yield (APY)

Up to 4.00% APY on select Virtual Wallet Growth accounts with relationship rates

Minimum balance

Varies depending on the Virtual Wallet account

Monthly fee

Ranges from $7 to $25 depending on the Virtual Wallet account, with options to waive

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SoFi Checking and Savings offers checking and savings features all in one, making the task of managing your finances a bit easier. And not only does this account offer the highest savings interest rate currently on this list, but its checking account also accrues interest. The only requirement to get the higher APY on your savings is to set up direct deposit.

Annual Percentage Yield (APY)

Members with direct deposit earn 4.50% APY on savings and Vaults balances and .50% APY on checking balances; members without direct deposit earn 1.20% APY on savings and Vault balances and 0.50% APY on checking balances.

Minimum balance

None

Monthly fee

None

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The TD Bank Personal Savings Account stands out for offering two different types of personal savings accounts, depending on how big your balance is. With Simple Savings, your monthly fee can easily be waived by maintaining a $300 minimum daily balance, and with Signature Savings, you have the chance to score a higher interest rate with a larger deposit.

Annual Percentage Yield (APY)

APYs vary depending on TD Bank Signature Savings account or TD Bank Simple Savings account

Minimum balance

Minimum balances required to waive monthly fee depends on TD Bank Signature Savings or TD Bank Simple Savings

Monthly fee

Monthly fee depends on TD Bank Signature Savings or TD Bank Simple Savings, with options to waive

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These savings accounts offering welcome bonuses up to $400 or thousands of airline miles can be a good option to move your money to, just make sure you read the qualifications beforehand.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every savings account review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best savings accounts.

To determine which consumer savings accounts provide the best place to deposit your money and earn a bonus, CNBC Select analyzed dozens of U.S. savings accounts offered by the largest national banks, credit unions and online-only financial institutions.

In addition to looking at savings account bonuses, we considered the requirements to earn their bonuses, plus any account fees, perks and interest rates offered. All the accounts included on this list are FDIC- or NCUA-insured of up to $250,000. This insurance protects and reimburses you up to your balance and the legal limit if your bank or credit union fails.

Product and feature availability vary by market, so these accounts and bonuses may not be offered depending on where you live. Most brick-and-mortar banks require you to enter your zip code online for the correct account offerings. The rates and fee structures for savings accounts are subject to change without notice. Any return on your savings depends on any associated fees and the balance in your savings account. To open a savings account, most banks and institutions require a deposit of new money, meaning you can’t transfer money you already had in an account at that bank.

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