Comments on: Churning Bank Accounts for Cash Bonus Rewards

By: Joel

Joel — Wed, 27 Oct 2021 17:51:46 +0000

In reply to Jamie. Hey Jamie! There are a few ways to set up direct deposit. You can change it with your employer (but this can take some time to change -- then change back afterwards)... The other way is to just ACH transfer between your other bank accounts. Like "paying yourself". Some banks accept this as a form of direct deposit, and others don't so it's best to check this page here here which shows which banks accept what types based on user experience. Hope this helps!

By: Jamie

Jamie — Wed, 27 Oct 2021 03:31:38 +0000

I love this idea! But how do you set up the direct deposits? Do you just keep changing the account your paycheck goes into? Or do you set up direct deposit from another one of your bank accounts?

By: Joel

Joel — Wed, 21 Oct 2020 15:57:21 +0000

In reply to TB from Midwest.

Hey TB… YES! The best place is Doctor of Credit —> https://www.doctorofcredit.com/best-bank-account-bonuses/ This site is updated almost every day it seems :)

Sounds like the one you got might be a “targeted offer”. These are typically only mailed to select people and require a unique code or something special to sign up. Either way, congrats on the $500 and glad you were able to avoid the fees. Great work!

By: TB from Midwest

TB from Midwest — Wed, 21 Oct 2020 15:08:24 +0000

Hey Joel – this is a great post! I received a $500 promotional flyer in the mail recently for a regional bank. Basically provides $400 upon opening the checking account and then a chance to get an additional $100 within the first 90 days by performing various actions (3 transactions a month, 1 ACH deposit over $500, etc.). There are monthly fees associated, but can be reduced to $0 if I sign up for electronic statements and maintain monthly average balance of (only!) $1,500. This seems like a no brainer. My question for you is, do you know of any websites/blogs that track these banking (checking/savings) promotional offers, similar to places that track the credit card offers?

By: Joel

Joel — Fri, 02 Oct 2020 20:38:47 +0000

In reply to JoeHx. Let me know how it goes. I was curious about that too, being my first year. The promos will eventally run out and i'll have to either go for the low value ones (might not be worth my time) or just wait out the time period. Cheers!

By: JoeHx

JoeHx — Fri, 02 Oct 2020 20:33:52 +0000

I did this a few years ago and netted over a thousand dollars. I think I quickly ran out of banks, though. Being that it’s been a few years, I’m probably eligible to do it again. Maybe I should.

By: Joel

Joel — Tue, 29 Sep 2020 20:35:59 +0000

In reply to Impersonal Finances. Cool! Yes it's much better if you have an existing login to the bank. Mint is a lifesaver. I have like 50 connected accounts haha!

By: Impersonal Finances

Impersonal Finances — Tue, 29 Sep 2020 17:46:01 +0000

Great article and a great reminder that there is free money to be made (and taxed unfortunately) if you know where to look! I have gotten into credit card rewards but didn’t even consider opening new bank accounts. I plan on opening credit cards with many of these banks anyway in the future so it doesn’t hurt to have an account set up with them to help me keep track.

And thank god for Mint to track them all!

By: Joel

Joel — Tue, 29 Sep 2020 17:20:29 +0000

In reply to Nate.

Honestly I’ve been shutting them down about 2 months after I get the bonus. The reason I started with banks that have physical branches near me is I can go into the branch, get a cashiers check for the entire balance, then ask them to close the account right then and there. Then I take the cashiers check and deposit it right at my main bank.

I never continue the direct deposit because most fees can be waived with just a minimum balance. At least the ones that I’ve signed up for so far.

The only accounts I have open still are the “virtual ones” with no fees. Chime and SoFi. Although referrals aren’t my main motive, I have made a few $ from sharing with friends so I keep these open just if they want to open an account real quick. Bonuses for Chime and SoFi are very quick and easy.

By: Joel

Joel — Tue, 29 Sep 2020 17:13:43 +0000

In reply to Grateful Kae.

My wife and I do the same. I use a Sharpie Pen to write on my wife’s credit cards… “GAS only” or “USE THIS ONE”. Tracking has become easier over time, but I know what you mean about being overwhelming. I’ve gotten into the habit of shutting down old accounts, so I don’t have too many just sitting around doing nothing. :)
Cheers Kae!