A bank-opening bonus can beat a high-yield savings account (HYSA) over a short qualifying period, but a HYSA can pay more when cash stays put longer. In 2026, compare total dollars after fees and tax—not the headline bonus or savings rate alone. For example, a $200 bonus on $10,000 equals 2% before tax. A 3.40% annual percentage yield, or APY, would produce about $340 if the rate and balance remained unchanged for one year.
Table of Contents
- Bonuses and APYs measure different things
- What the Chase offer actually requires
- When a HYSA can provide more value
- Compare the full cash result
- Check deposit insurance before moving cash
Bonuses and APYs measure different things
A bank bonus is a one-time payment for completing stated requirements. An APY estimates a deposit account's interest over one year, including compounding. That difference makes headline numbers easy to misread.
A $200 bonus does not mean the account pays a 2% APY, even when the required deposit is $10,000. Federal advertising rules recognize this distinction. The CFPB requires bonus advertisements to disclose the APY, qualifying balance, time requirement, and payout timing under Regulation DD.
What the Chase offer actually requires
chase's current savings offer pays $100 for $5,000 to $9,999.99 in qualifying new money, or $200 for $10,000 or more. The offer expires October 14, 2026. Customers must deposit the qualifying funds within 30 days and maintain them for 90 days from enrollment.
Chase says it pays the bonus within 15 days after the requirements are met, according to the current offer terms. The underlying account pays a 0.01% variable APY, effective June 26, 2026. A $5 monthly fee applies unless the customer meets a listed waiver condition, such as maintaining a $300 daily balance.
When a HYSA can provide more value
A hysa pays interest for as long as the balance remains in the account, though its variable APY can change. That makes the account easier to compare over longer periods than a one-time bonus. Marcus lists a 3.40% variable APY on its Online Savings Account, with no fees or minimum deposit. The rate was current August 6, 2026 and may change after opening, according to Marcus by Goldman Sachs.
Ally lists a 3.00% variable APY as of August 21, 2026, with no minimum opening deposit. It limits certain withdrawals and transfers to 10 per statement cycle. Promotional yields need the same scrutiny as cash bonuses. Marcus's referral promotion adds one percentage point for three months, then returns the account to its standard APY at that time.
Compare the full cash result
Start with the dollars you expect to receive during the period you plan to keep the account. Then subtract costs and account for restrictions.
Taxes also reduce the practical value of a bonus. Chase treats its savings bonus as interest reportable on Form 1099-INT or 1042-S, so the advertised amount may exceed the after-tax benefit.
- Confirm how much new money the offer requires.
- Note the deposit deadline and required holding period.
- Calculate expected interest during that same period.
- Subtract any monthly fees you cannot waive.
- Check the account's rate after the promotion ends.
Check deposit insurance before moving cash
A bonus account and a HYSA may both qualify for FDIC insurance. The standard limit is $250,000 per depositor, per insured bank, per ownership category, as explained by the FDIC.
Accounts held at the same insured bank may need to be combined when applying that limit. Before transferring a large balance, total the deposits you already hold at that bank under the same ownership category.
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