Not always, but many savings bonuses require one. A savings bonus is cash a bank pays when you open a new savings account and meet its rules.
Those rules vary by bank and offer. Some bonuses focus on the deposit amount. Others focus on new money, account activity, or how long funds stay in place.
Table of Contents
- How minimum balances work in bonus offers
- Do you have to keep the money there?
- What counts toward the minimum?
- Can the balance requirement cost you money?
- What to check before you apply
How minimum balances work in bonus offers
Many offers set a deposit threshold you must reach to qualify. You open the account, fund it to the stated level, and keep it there through the qualification period. Other offers have no stated minimum balance.
They may instead require direct deposit, recurring transfers, or a new checking relationship. Read the terms to see which type you are considering. A minimum for the bonus is separate from a minimum to avoid fees. An account can waive a monthly fee at one balance and pay a bonus at a higher balance.
Do you have to keep the money there?
Often yes. Many bonuses measure your balance on specific dates or use an average daily balance over several weeks or months.
A drop below the line, even for one day, can disqualify you under strict terms. Other terms allow normal ups and downs as long as the average stays high enough.
- Check the start date and end date for the balance requirement.
- Check whether the bank uses daily balance, average balance, or ending balance.
- Check whether withdrawals, transfers out, or pending deposits affect the count.
- Check how long you must keep the account open after the bonus is paid.
What counts toward the minimum?
Most bonus terms count only cleared funds in the new savings account. Pending deposits, checks on hold, or money in a linked account often do not count. Many banks also require new money from outside the bank.
Moving funds from another account at the same bank may not satisfy the offer. Timing matters as well. A deposit made before the offer period starts or after the funding deadline may not qualify. Fund the account within the stated window and let the deposit fully post.
Can the balance requirement cost you money?
It can tie up cash you might need elsewhere. Money held for a bonus cannot also cover bills, emergencies, or higher-interest debt payments. Low-rate savings can also mean lost earnings while you wait.
Compare the bonus against lost interest, possible fees, and the hassle of tracking dates and balances. Choose an offer with a balance you can hold comfortably. If meeting the threshold would strain your budget, a lower-requirement offer is usually the better fit.
What to check before you apply
Look for the full bonus terms, not just the headline. Focus on required balance, funding deadline, holding period, fees, and payout timing.
Also check eligibility limits. Many bonuses exclude current customers, recent account closures, or customers who already earned a bonus. Confirm the account type, ownership rules, and tax treatment before you move funds.
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