Most money after tax and fees
BonusThe bonus pays about $82.10 more than leaving $15,000 in savings for 3 months, after tax and fees. That works out to about 8.25% a year on your money.
SwitchWize decision guide
Bank Bonus vs High-Yield Savings: Which Pays More on Your Money?
A bonus is not free money. While your cash sits in the new account, it stops earning savings interest. The bonus wins only if it is bigger than that lost interest, after tax and fees.
What you can expect
- No login required
- No credit pull
- Assumptions shown
- Sources included
Quick answer
Take a bonus when it clearly beats the savings interest you give up, and you are sure you can meet every rule.
A bank bonus pays more when it is bigger than the savings interest you give up while the money sits in the new account. Example: $15,000 kept 3 months at 4% earns about $148 in savings. A $300 bonus beats that, unless fees or a missed rule eat the difference.
See current bank bonusesIf bonus
Wins when the bonus is large next to the deposit and the months it must stay.
If savings
Wins when the deposit is large, the money must stay a long time, or a fee applies.
Key number to watch
With $15,000 for 3 months, the bonus must be about $179.97 or more.
Test your situation
See your result in dollars
Change any number below to match your situation. No login is required. Saved decisions stay on this device, and signed-in users can revisit them across devices.
$
The money you would move out of savings to earn the bonus.
months
How long the offer says the money must stay in the new account.
$
The cash bonus in the offer.
%
APY is what you earn in a year, counting interest on interest. The page starts at a tracked rate. Replace it with the rate at your bank.
%
What the new account pays while your money sits there. Checking accounts often pay close to nothing.
Your answer so far
The bonus pays about $82.10 more than leaving $15,000 in savings for 3 months, after tax and fees. That works out to about 8.25% a year on your money.
See the full breakdownThe bonus pays about $82.10 more than leaving $15,000 in savings for 3 months, after tax and fees. That works out to about 8.25% a year on your money.
Bonus
$205
expected bonus plus interest, after tax and fees
Savings
$123
interest after tax
Try a scenario
What could change this
With $15,000 for 3 months, the bonus must be about $179.97 or more.
How certain: high
The bonus stays ahead if the money must stay 4 months or less.
How certain: high
Check these assumptions
- • Bonus offers change often and come with rules: new customers only, direct deposit amounts, deadlines and a time the account must stay open. Read the offer terms.
- • A bonus is usually taxable. Check the tax form the bank sends you.
- • The chance of missing a requirement is a test you enter, not a forecast.
- • Deposit insurance covers up to $250,000 per depositor, per insured bank, per ownership category.
What matters most
Least work
SavingsSavings needs no new account, no direct deposit and no deadlines to track.
Side-by-side comparison
What you earn
- Bonus
- A one-time bonus, plus a low rate on the deposit
- Savings
- Interest at the savings rate
What you must do
- Bonus
- Open an account and meet every rule in the offer
- Savings
- Nothing
Who can get it
- Bonus
- Often new customers only
- Savings
- Anyone with the account
Fees
- Bonus
- Check for a monthly fee and an early closing fee
- Savings
- Often none
Tax
- Bonus
- Usually taxable
- Savings
- Interest is taxable
Deposit insurance
- Bonus
- Up to $250,000 per insured bank
- Savings
- Up to $250,000 per insured bank
What could go wrong
Bank account bonus
- What needs to work
- You meet every rule on time and keep the account open long enough.
- Common problem
- A direct deposit does not count, or a deadline passes.
- What it could cost
- No bonus, plus the savings interest you gave up.
- How to prepare
- Fair. You can move the money back, but a fee may apply.
High-yield savings account
- What needs to work
- The bank keeps paying a fair rate.
- Common problem
- You skip a bonus that would have paid well.
- What it could cost
- The bonus you did not take.
- How to prepare
- Easy. Take the next good offer.
A simple backup plan
Use savings as home base
Keep your cash in savings. Move only the amount a bonus needs, only for as long as it needs it.
- 1Read the offer: deposit, direct deposit, deadline and how long to keep it open.
- 2Enter the numbers here to see if the bonus beats savings.
- 3Put every deadline on your calendar.
- 4Move the money back to savings once the bonus pays and the account can close free.
Educational illustration only. The right amount depends on your needs and timing.
What to do next
Question 1
Can you meet every rule in the offer, such as direct deposit?
Yes: Go to the next question.
No: Stay in savings.
Question 2
Is the bonus bigger than the break-even bonus the calculator shows?
Yes: Go to the next question.
No: Stay in savings.
Question 3
Will you keep the account open long enough to avoid a fee?
Yes: The bonus is worth taking.
No: Count the fee, then decide.
Plain-text decision tree. Can you meet every rule in the offer, such as direct deposit? If yes, Go to the next question. If no, Stay in savings. Is the bonus bigger than the break-even bonus the calculator shows? If yes, Go to the next question. If no, Stay in savings. Will you keep the account open long enough to avoid a fee? If yes, The bonus is worth taking. If no, Count the fee, then decide.
When to check again
- A new bonus offer appears.
- Your savings rate changes by 0.5 percentage point or more.
- The bonus pays out and the account can close.
- Your tax rate changes.
Methodology
The calculator compares the two over the months the money must stay. The bonus option is the bonus times the chance you meet the rules, plus interest in the new account, after tax, minus fees. The savings option is the interest you would have earned, after tax.
The savings rate starts at a rate SwitchWize tracks. The offer numbers are plain examples, not a real offer. Replace them with the terms of the bonus you are looking at.
- • The chance of missing a rule is a test you enter. It is not a forecast.
- • Banks may report a bonus on a different tax form than interest. The model taxes both at the same rate.
- • It does not count the time it takes to open and close an account.
- • It assumes the savings rate stays steady while the money is away.
The starting savings rate refreshes with the SwitchWize rate system. Assumptions are reviewed every quarter. Editorial conclusions do not depend on affiliate availability.
Sources
FDIC: Deposit insuranceChecked October 20, 2026 · high confidence
IRS Topic No. 403: Interest receivedChecked November 5, 2026 · high confidence
Most interest you can withdraw without penalty is taxable in the year it becomes available.
SwitchWize tracked savings ratesChecked November 5, 2026 · moderate confidence
Starting value only. Enter the rate you would really earn.
Frequently asked questions
Is a bank bonus worth it?
It is worth it when the bonus beats the savings interest you give up, after tax and fees. You give up that interest while the money sits in the new account. The calculator shows the smallest bonus that wins for your deposit.
How do I work out what a bonus is worth?
Take the bonus. Subtract the interest your money would have earned in savings for the months it must stay. Subtract any fees. Count tax on both the bonus and the interest.
Are bank bonuses taxable?
Usually, yes. Banks often report them on a tax form at the end of the year. Check the form your bank sends and ask a tax pro if you are unsure.
What rules do bank bonuses have?
Common rules are a minimum deposit, a direct deposit of a set amount, a deadline, and a time the account must stay open. Many offers are for new customers only. Read the offer terms.
What happens if I close the account early?
Some banks charge a fee or take back the bonus if you close too soon. The offer terms say how long to keep the account open.
Is my money insured in the bonus account?
Yes, if the bank is insured. The FDIC covers deposits up to at least $250,000 per depositor, per insured bank, per ownership category.