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Bank Account Bonuses

January 5th, 2021 at 07:58 pm

For the past few years, I've been using bank account bonuses as a way to make a little extra cash without too much effort on my part.  I have access to update my direct deposit on my own via ADP, and I'm already used to managing multiple accounts, so it's worth it to me.  I tend to stick to those that don't require minimum balances, and only want you to have funds directly deposited.  I also don't mind transaction requirements if they're within reason.  Since I am working remotely, and not in NYC for the time being, I am also sticking to banks that have a branch local to me, in case I need to go withdraw it on payday to deposit into my main checking.

In early December, I saw a bonus for Capital One.  Open a checking account (no fees on this kind of account), have $1,000 in total direct deposits within 60 days of account opening, and receive a $400 bonus.  I opened the account 12/2, and completed my DD requirements by 12/31.  Based on their schedule, I should receive the bonus by the endof April, although I expect it'll come sooner.  I am hoping to put this completely into savings.  There are no fees or minimum balance requirements to keep this account open, so I'll keep it open for 6 months just in case - sometimes there's a stipulation that the accunt has to be open otherwise they can claw the bonus back.  Once the bonus is credited, I'll withdraw the majority of the balance, leaving a few dollars in there, and leave it be until mid-June.  

The next bonus I chose was an HSBC bonus.  I plan to open that account today (just waiting on my replacement printer ink to be delivered....I like printing out the offer pages and account confirmation screens just in case).  This one nets a $200 bonus with monthly recurring DD totaling $500 received for 3 consecutive months.  To avoid a monthly fee of $25, I'll need to keep a recurring DD going into this account.  Once the initial 3 months have passed, I'll reduce it to $100 a paycheck or something like that.  The bonus should take 8 weeks once qualifying activities are completed, or 5 months after DD begins.  If I open the account today, I don't think it would go into effect for my next paycheck, so I am looking at July 1 or so for the bonus.  

Once that's done, I'll see what else is around that I am eligible for and seems easy enough to complete.  The downside to these bonuses is that you do get a 1099 on them, but it usually doesn't amount to so much that it drastically changes my tax situation.  

5 Responses to “Bank Account Bonuses”

  1. pittsburghconcrete Says:

    That is an interesting tactic. I might have to give it a try.

  2. LuckyRobin Says:

    You must be very organized. It's a great way to earn a little extra cash if you can keep track of it all.

  3. FocusedinmyForties Says:

    You definitely need to be very organized to keep track of the different bonus requirements/dates, accounts, deposits, etc. I keep detailed notes Smile

  4. rob62521 Says:

    You have a great thing going. You must be quite organized. Way to go!

  5. imagination shaper Says:

    Thank you for sharing blog. It is a really great way to earn to lil bit money.

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