Banks Offering Big Perks to Lure New Savers

Skittish consumers are finally saving more money -- and now the banks are trying all sorts of gimmicks to get their hands on it, including offering some pretty nice upfront perks.

Americans socked away 5% of their disposable income in January, pushing the personal savings rate to a 14-year high, according to the Commerce Department. (To put that in perspective: from 2005 to early 2008, the quarterly personal-savings rate only once topped 1% -- and, at one point, even fell into negative 1% territory.)

“Everyone is running scared right now,” says Sam Gott, a San Antonio-based certified financial planner.

That fear could pay off. Hoping to lure newfound savers into their branches -- and bolster their own balance sheets -- some banks are offering sign-up bonuses of up to $100 and attractive rates that far surpass the current record-low fed funds rate of 0% to 0.25%.

Here’s how (and where) to dig up these bank deals:

If you’re willing to jump through a few hoops, you could earn as much as 6% by opening a so-called reward account. To get that enticing rate, you’ll need to meet (and stick to) some strict requirements, including a set number of debit purchases each month, signing up for direct deposit and opting out of paper statements. Fail to stick to the plan and your rate will drop to less than 0.50%. (For more on how reward accounts work, click here.) Here are some of reward account deals currently being offered:

To woo new customers, many banks are offering sign-on bonuses when you open a new checking or savings account. While big-name banks such as Citibank (C) and HSBC offer widely-promoted deals, local community banks and credit unions may also extend such bonuses, says Gott. Wainwright Bank & Trust in Boston, for example, currently offers a $200 savings bond for new customers who open a Value Checking account and fund it with at least $10. (You’ll need $500 in the account, however, to avoid a monthly maintenance fee.) Here are some more offers you can find:

Don't want to jump through all the hoops of a reward account to get a better rate? Try going online where you can still snag an inflation-beating annual percentage yield of more than 2.5%, says Greg McBride, senior financial analyst for Bankrate.com. Here are some of the best yields currently being offered: