With the start of a new year, I thought it’d be a good time to provide a recap of all the bank account bonuses I earned in 2020.
This past year was a big year for me on the bank account bonus front. All told, I earned over $10,000 in bank account bonuses (the exact numbers were $6,436 for me and $3,802 for my wife). That’s a significant chunk of money – around $850 per month worth of bank account bonuses!
It takes a decent amount of research and planning to make this much in bank account bonuses and my results definitely aren’t typical. But don’t be intimidated either. I’m in my fifth year of playing the bank account bonus game, so with years of experience under my belt, I’ve gotten very comfortable with managing multiple bank accounts at the same time. Indeed, I now regularly open 20 or more bank accounts every year. That’s something you don’t need to do though – even a handful of bank account bonuses will get you $1,000 or more and should be easy enough for most people to handle.
In this post, I’ll recap all of the bank account bonuses I earned in 2020 and talk a little bit about some of the different things I did this year to maximize my earnings.
Bank account bonuses are a large topic, so if you’re interested in learning more, be sure to check out my other post: The Ultimate Guide To Bank Account Bonuses.
My Bank Account Bonuses for 2020
As previously mentioned, 2020 was a big year for me when it comes to bank account bonuses. I earned 28 total bank account bonuses in my name over the past year. My wife brought in 19 additional bank account bonuses. Combined, we earned a grand total of $10,238 in bank account bonuses between 47 different banks (I know – that’s a lot of bank accounts to open in one year).
Below is a table that lists every bank bonus I personally earned in 2020:
| Bank | Bonus |
|---|---|
| Chase (Savings Account) | $200 |
| Fifth Third Bank | $500 |
| CIBC | $200 |
| Chase (Business Checking) | $500 |
| Regions Bank | $200 |
| M&T Bank | $250 |
| Suntrust | $200 |
| Stash | $70 |
| Connexus Credit Union | $250 |
| Marcus by Goldman Sachs | $100 |
| BMO Harris (Business Checking) | $500 |
| BBVA Compass Bank | $250 |
| Wells Fargo | $400 |
| Ally Bank | $250 |
| SkyOne Federal Credit Union | $200 |
| Armed Forces Bank | $100 |
| Tastyworks | $165.90 |
| HSBC (Savings Account) | $125 |
| PenFed Federal Credit Union | $200 |
| Bank of America (Business Checking) | $500 |
| Northwest Federal Credit Union | $300 |
| Current | $50 |
| BMO Harris (Personal Checking) | $200 |
| Service Credit Union | $300 |
| SoFi Money | $75 |
| Porte | $50 |
| St. Mary's Bank | $100 |
| Chase (Personal Checking) | $200 |
And here’s a table that lists every bank bonus my wife earned in 2020:
| Bank | Bonus |
|---|---|
| Chase (Savings Account) | $200 |
| BBVA Compass Bank | $250 |
| PNC Bank | $300 |
| Connexus Credit Union | $250 |
| Marcus By Goldman Sachs | $100 |
| Incredible Bank | $102 |
| Bank of the West | $250 |
| SkyOne Federal Credit Union | $200 |
| Tastyworks | $295.02 |
| PenFed Federal Credit Union | $200 |
| Citi Bank | $400 |
| US Bank | $300 |
| Northwest Federal Credit Union | $300 |
| NorthOne Business Checking | $75 |
| Current | $55 |
| Service Credit Union | $100 |
| Chase (Checking Account) | $300 |
| SoFi Money | $75 |
| Porte | $50 |
While I had a lot of successes, I also had a decent number of failures as well. The big failure for me this year was with Armed Forces Bank and Academy Bank, two banks that are both run by the same organization. These two banks are, without a doubt, the worst banks I’ve ever used in my life. The main problems had to do with debit cards that didn’t work and customer service hold times that were unbelievably long. Each time I called, I had to wait on hold for over an hour before someone finally picked up. That’s completely unacceptable.
In the end, of the four bank accounts I had between these two banks, I was able to earn one $100 bonus. The rest I had to cut my losses with because I couldn’t meet the requirements by the deadline.
The lesson here is that sometimes you’ll run into problems with some banks. Most of the time it’s simple enough to solve. But there can be frustrating issues like the one I ran into here that ultimately cost me a bunch of time.
Some Different Strategies I Used In 2020
2020 was a different year for all of us. In the bank bonus world, I utilized a few different strategies that I hadn’t really done in the past. Here are some of the things I did this past year.
Opening Bank Accounts While Traveling
A strategy I used at the end of 2019 and the beginning of 2020 was to open bank accounts in different cities while I was traveling. This allowed me to earn even more from bank account bonuses than what I could have earned otherwise.
If you’re wondering what this is about, there are a myriad of regional banks that offer bank account bonuses. The limitation here is that most of these regional banks won’t let you open an account online if you live out-of-state. The workaround with this is that many of these banks will let you open an account in-person, even with an out-of-state address. I don’t know why they let you do this, but for our purposes, the fact that they let us open the account is what matters.
Obviously, opening a bank account in-person is problematic when there isn’t a branch near you, but if you’re traveling, it’s possible to plan a few bank visits during your travels. Before the pandemic hit, I had a trip to Chicago where I opened two bank accounts – one with Fifth Third Bank and another with CIBC Bank. These two bonuses earned me $500 and $200 respectively.
On a different trip to Indianapolis, I opened a bank account at Regions Bank. This one was worth $200 and I was able to open this account before I went to watch a football game.
And then on a trip to Washington DC to visit my parents, I opened an account at Suntrust Bank, earning $200 in the process. It took me about 30 minutes to open each bank account, so the time spent doing this was well worth it.
When you add it up, you can see that I made $1,100 from bank accounts I opened while I was traveling. These bonuses would have paid for these trips if I wasn’t already using points and miles to do these trips for free anyway. I would have opened more out-of-state bank accounts in 2020, but of course, all of my travel plans were cut short this year.
It can be a little nerve-wracking opening an out-of-state bank account. You do have to be comfortable with talking with a retail banker. The key thing to remember is that these bankers want to open an account for you (it helps them meet their quota). Most bankers won’t even ask why you’re opening an account with an out-of-state license, but if they do, my response is either that I’m planning to move to the area or that my parents live in the area and I want a local bank account for when I’m visiting.
One final note. Not every regional bank lets you open an out-of-state bank account, so if you do plan to utilize this strategy, you’ll need to do some research in advance to see which banks work for this.
Combining Bank Bonuses With Credit Cards
Business credit cards are a bit of a secret weapon when it comes to earning points and miles. While the business credit cards from the main banks (i.e. Chase, American Express) are generally easy to get, there are some decent business credit cards from the “other” banks that can be more difficult to get without any sort of existing banking relationship. In those cases, it can often make sense to open a bank account in order to earn a bonus and get a business credit card at the same time.
That’s exactly what I did this past year. In 2020, I opened a Bank of America Business Checking Account that was offering a $500 bonus. Once I had my business checking account opened, I then applied for the Bank of America Business Advantage Cash Rewards Card, which was offering a $500 statement credit after spending $5,000 in 3 months. By combining these two different types of accounts, I was able to make $1,000.
Earlier this year, I also opened a Wells Fargo checking account that was offering a $400 bonus. Wells Fargo also has the Wells Fargo Business Platinum Card, which offers a $500 bonus after spending $5,000 in 3 months (current offer as of the date of this post). The catch is that to qualify for this card, you have to have a Wells Fargo checking account that’s been open for at least 1 year. I’ll hit the 1-year mark early next year, so I’ll open this card once I’m eligible.
At some point, I may try for a US Bank Business Credit Card. US Bank is a bit hit or miss when it comes to getting their business card, but it seems like having a checking account with them could be helpful in getting approved as well. I tend to get a new US Bank bonus each year, so I may time this checking account with a credit card too.
In short, bank account bonuses can work in tandem with getting new credit cards too. You just have to plan ahead.
Final Thoughts
Bank account bonuses are one of the low hanging fruit you can grab if you’re looking to either earn some extra money or get a better rate of return on your idle cash. They can be intimidating when you first start, so my advice is to start off slow. Do only a few at a time to see how comfortable you are with them and so that you don’t get overwhelmed. With a little bit of experience under your belt, you’ll find that they get easier to manage (and read my guide on bank account bonuses to get more info about how they work).
These bank account bonuses have paid off for me. Over the past five years, I’ve earned over $24,000 in bank bonuses. That’s a pretty incredible sum of money for not much work.
For some beginner bank bonuses, here are two easy beginner bonuses that I recommend for people looking to dip their toe into the bank bonus waters. All of these accounts are 100% free and the bonuses post immediately once you meet the requirements.
- Chime. As of the date of this post, Chime is currently offering $75 if you use a referral link and have a direct deposit of $200 or more. The terms require a real direct deposit, but in reality, an ACH transfer from any bank will trigger the direct deposit requirement. I used Discover when I did this bonus, but it appears that any bank will work. This bank also lets you refer people, so if you open an account and refer your spouse or partner, you’ll end up with $225 for a few minutes of work.
- SoFi Money. SoFi Money is offering $50 if you use a referral link and fund the account with $500 or more. You can refer people with your own link as well, so if you refer your spouse or partner, you’ll have a net gain of $150.
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More Recommended Ebike/Scooters
Check out these other ebikes and scooters I've reviewed:
- Urban Arrow Ebike – Last year, I made one of the largest purchases I’ve ever made – I bought a $9,000 electric cargo bike from Urban Arrow. In my Urban Arrow review, I will discuss what it is and why I decided to buy this bike, as well as discuss how impactful a bike like this can be on your journey to financial independence.
- Troxus Explorer Step-Thru Ebike – The Troxus Explorer Step-Thru is a fat-tire ebike that I’ve had the pleasure of riding for a while now. It has amazing power, great looks, and awesome range. If you’re looking for a great fat-tire ebike that offers a lot for the price, the Troxus Explorer Step-Thru is definitely one for you to consider. Check out my Troxus Explorer Step-Thru Review.
- Hovsco HovBeta Ebike – The HovBeta is a folding ebike with great specs and a lot of interesting features, and importantly, it’s sold at a good price point. I’ve had a blast commuting with it and using it to do deliveries with DoorDash, Uber Eats, and Grubhub. Check out my Hovsco HovBeta Ebike Review.
- Vanpowers Manidae Ebike – The Vanpowers Manidae is a fat tire ebike that I’ve been riding as my primary winter commuting bike and have also been using it to do food delivery with apps like DoorDash, Uber Eats, and Grubhub. After clocking in a decent number of miles with this ebike, I wanted to write a post sharing what my experience with the Vanpowers Manidae ebike has been like. Check out my Vanpowers Manidae Review.
- Sohamo S3 Step-Thru Folding EBike Review – A Great Value Folding Ebike – The Sohamo S3 Step-Thru Folding Ebike is an entry-level folding ebike that offers a lot of value for the price point. I’ve been riding the Sohamo S3 for a while now, putting the bike through its paces, and I have to say, this bike has exceeded all of my expectations. Check out my Sohamo Review.
- KBO Flip Ebike – The KBO Flip is an excellent bike. I’ve had a great time riding it and think it’s a versatile bike that can be used for a lot of purposes and can fit a variety of lifestyles. It’s worked out great for me as a general commuter bike and as a food delivery bike. Check out my KBO Flip Review.
- Hiboy P7 Commuter Ebike – The Hiboy P7 is an excellent electric commuter bike that’s offered at an affordable price point. The range and speed of this bike are both very good, so you won’t have any trouble getting anywhere you need to go with it. As a food delivery vehicle, this is also good – with how much range it offers, you’ll be able to work all day on a single charge. Check out my Hiboy P7 Commuter Electric Bike Review.
- Himiway Escape Ebike – The Himiway Escape is an interesting bike for anyone looking for a moped-style ebike. If you’re a gig economy worker, the Himiway Escape is particularly interesting and it’s possible to think of it as an investment, especially if you can opt to do deliveries with the Himiway versus using a car. It’s not cheap, but you can definitely make your money back when you compare the mileage you’ll put on your car versus using an ebike. Check out my Himiway Escape Bike Review.
- Espin Sport Ebike – The Espin Sport is a good ebike for someone who is looking for an ebike that feels and rides more like a regular bike. There are many ebikes that are really only bikes in name. In reality, they’re basically electric mopeds. The Espin Sport, by contrast, is a bike you could probably ride without the battery and you’d feel like you’re just riding a regular bike. Check out my Espin Sport Review.
- Varla Eagle One Scooter – The Varla Eagle One is an excellent scooter that can make sense for a lot of people. It can work as a primary mode of transportation. You can use it to work on gig economy apps like DoorDash, Uber Eats, and Grubhub. And it can also be a recreational vehicle if you’d prefer to use it for that. Check out my Varla Eagle One Review.
- Varla Falcon Scooter – The Varla Falcon is an excellent scooter that offers a good amount of power at a lower price point compared to more powerful scooters. It’s not exactly an entry-level scooter, nor is it a high-powered scooter. I think it fits somewhere in-between those two categories – an intermediate scooter if I had to give it a category. Check out my Varla Falcon Review.
- Hiboy S2 Scooter – The Hiboy S2 is an excellent entry-level commuter scooter that's perfect for someone looking to save some money in transportation costs and improve their commute. Check out my Hiboy S2 Review.
- Hiboy S2R Scooter – The Hiboy S2R is one of the more interesting electric scooters I’ve been able to test out. It’s not a high-powered scooter, but for an everyday transport option, it’s very useful, especially given some of the unique features that it has. Indeed, for the price, the Hiboy S2R might be the best value scooter I’ve used. Check out my Hiboy S2R Review.
- Fucare H3 Scooter – The Fucare H3 is a fun scooter and I’ve enjoyed testing it out. For a daily commuter or quick trips or errands, the Fucare H3 is probably the scooter I’ll use. It’s portable and easy to maneuver, so it’s just easier to take on the road when I need it. Check out my Fucare H3 Scooter Review.
More Recommended Investing App Bonuses
For additional investing app bonuses, be sure to check out the ones below:
- M1 Finance ($100) – This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account. Check out my M1 Finance Referral Bonus – Step-By-Step Guide.
- SoFi Invest ($25) – SoFi Invest is an easy brokerage account bonus that you can earn with just a few minutes of work. Use my SoFi Invest referral link, fund your SoFi Invest brokerage account with just $10 and you’ll get $25 of free stock. I also have a step-by-step guide for the SoFi Invest referral bonus.
- Webull (20 free stock shares) – Webull's current promotion gives you 20 free shares valued between $3-$3,000 each if you open an account using my referral link. Here’s a guide I wrote about how to earn your free shares using Webull.
- Moomoo (15 free stocks) – Moomoo is a free investing app currently offering 2 different referral bonuses if you open an account using a referral link. Read my Moomoo referral bonus guide for more information.
- Robinhood (1 free stock) – Robinhood gives you a free stock valued between $2.50-$225 if you open an account using my referral link.
- Public (1 free stock) - Public gives you a free stock valued between $3-$70 if you open an account using my referral link.
More Recommended Bank Account Bonuses
If you’re looking for more easy bank bonuses, check out the below options. These bonuses are all easy to earn and have no fees or minimum balance requirements to worry about.
- Upgrade ($200) – Upgrade is a free checking account that’s currently offering a $200 referral bonus if you open an account and complete a direct deposit. These bonus terms are easy to meet, so it’s well worth doing this bonus as soon as you can. Here’s a post I wrote with more details: Upgrade $200 Referral Bonus – Step By Step Directions.
- Ally Bank ($100) – Of all the banks out there, Ally is, without a doubt, my favorite. At the moment, Ally is offering $100 to customers who open an eligible Ally account and meet the requirements. Here are the step-by-step directions to earn your Ally Bank referral bonus.
- Fairwinds Credit Union ($175) – Fairwinds Credit Union is offering a referral bonus for users that sign up using a referral link. Fairwinds has no fees or minimum balance, so this is a particularly easy bonus to earn. Since this is a smaller credit union, my gut instinct tells me this offer won’t be around long, so if you’re in a position to meet the bonus requirements, grab this bonus before it’s gone. Here is my step-by-step guide on how to earn your Fairwinds Credit Union bonus.
- Chime ($100) - Chime is a free bank account that offers a referral bonus if you use a referral link and complete a direct deposit of $200 or more. In practice, any ACH transfer into this account triggers the bonus. This bonus is easy to earn and posts instantly, so you’ll know if you met the requirements as soon as you move money into the account. I wrote a step-by-step guide on how to earn your Chime referral bonus that I recommend you check out.
- US Bank Business ($900) – This is a fairly easy bank bonus to earn, since there are no direct deposit requirements. In addition, you can open the Silver Business Checking account, which comes with no monthly fees. Check out how to earn this big bonus here.
- GO2Bank ($50) - GO2Bank is an easy bank bonus that I recommend people take advantage of if they have an easy way of meeting the direct deposit requirement. I like that it’s easy to open the account and that the bonus pays out quickly. Check out my step-by-step guide on how to earn your GO2Bank $50 referral bonus.
- Current ($50) – Current is a free fintech bank that’s offering new users a $50 referral bonus after signing up for an account using a referral link. Current is an easy bonus to earn and also gives you access to three savings accounts that pay you 4% interest on up to $2,000. That means you can put away up to $6,000 earning 4% interest. That’s very good and makes Current an account I recommend to everyone. Check out my step-by-step guide on how to earn your Current Bank bonus.
- Novo Bank ($40) - Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. In addition to being a good bank bonus, Novo is also a good business checking account. It has no monthly fees or minimum balance requirements and operates a good app and website. Indeed, it’s the business checking account I currently use for this blog. Check out my post on how to easily open a Novo account.
- Varo ($25) – Varo is a free fintech banking app similar to Chime or Current. It’s currently offering a $25 bonus to new users that open a new Varo account with a referral link. The bonus for this bank is very easy to meet, all you need to do is spend $20 within 30 days of opening your Varo account. Check out my step-by-step guide to learn how to earn this bonus.
Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.
Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.
Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:
- SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $300 if you complete a direct deposit.
- 5% Savings Accounts. I'm currently getting 5.24% interest on my savings through a company called Raisin. Opening a Raisin account takes minutes to complete, it's free, and all of your funds are FDIC-insured. I explain how it works, why I'm now using it to store my emergency fund and any other cash savings I have, and why I recommend everyone check it out in this review.
- US Bank Business. US Bank is currently offering new business customers a $900 signup bonus after opening a new account and meeting certain requirements.
- M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account.
- Empower. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.
Feel free to send Kevin a message here.
Another great post Kevin,
I stumbled on your Ultimate Guide to Bank Bonuses post in mid-2019 that led me down this rabbit hole, and I’m glad to report that I’ll be on the way to earning about $11000 for this tax year. Thankfully I have a P2, can easily do DD changes via electronic payroll, and have a business that I can maximize this income stream.
At this point of time I’m at a bit of a crossroads. I’m in the process of figuring out how much of my assets I should keep in cash and how much I should pump into stocks after maximizing 401k & Roth IRA contributions. I’m currently invested in index funds and know that time in the market and compound interest is king. However the interest earned from bank bonuses is no joke, I’m getting at least 20% APY just for the amount of cash I have. Unfortunately this bank bonus strategy isn’t scalable and is limited once you get through all the bonuses available in your state, apply for all out of state bonuses available online, and there’s only so much traveling to out of state bank branches you can do once the pandemic subsides (which I haven’t done yet but plan on doing when the opportunity arises). My question is: how much cash do you think one needs to maximize returns from bank bonuses (including those with savings requirements) and high yield savings accounts, which can also doubles as an emergency fund?
On a side note Kevin, I also opened up a Wells Fargo business account 12/2019 (for the $1000 bonus, biggest one I’ve been able to land) and was also going to open up a Platinum Business credit card after the 12 month period, but alas, it’s dropped from a $500 bonus down to $300.
I personally think 5k or 10k set aside for bank bonuses is sufficient. That’s basically what I do.
Bummer on the Wells Fargo biz card. Just noticed that they changed it to $300 for $3k spend, vs the previous $500 for $5k spend. Weird they dropped it since it’s been at $500 for years. I wonder if it’ll come back.
How did you both get a Porte bonus? I also did Porte but they told me I couldn’t get the bonus because I already got other Netspend bonuses and they are part of netspend.
I dunno. I got the bonus though. I’m not very high on Porte though, as I know there has been some issues with it.
Hi, Kevin! Do you have to invest $2,000 at Tastyworks to receive bonus stocks or just keep it as cash?
You don’t have to invest. Just fund the account.
your old google doc used to be prepopulated. I can understand why you would now have a blank document especially if you had sensitive information on it but one of the things it had was when you closed the accounts. I was wondering if you could share the dates of when you opened and closed your accounts or even make a post detailing that for popular banks. My concern is I don’t want to close them too early
Chadina, hope you do not mind me responding. When you see a bank promotion, make a copy of the fine print that the banking institution must provide. Sometimes, I have to refer to the information.
Banks will post how long to keep the account open. Some state 180 days, others 6 months, all of them state the account must be open when the promotional money is deposited.
Armed with all the rules I must follow to get the bonus, I maintain a MS Word file with the rules for each bank promotion so I do not close the account too early. I wanted to go for the Citizens Bank offer, but it stated you could not have had a Citizens Bank account within 6 months. I missed it by 2 days, so I will wait for their next bank promotion.
Thank you for responding! I may be over looking it but I do not see the rules of closing sometimes. For example I’m interested in the PNC bonus at the moment and nowhere on the advertisement does it mention how long you need to keep the account open so that you’re not penalized. Many of the banks of been looking at also do not. I have posted an ad here: https://www.pnc.com/en/personal-banking/banking/checking/campaigns/checking-vw-tiered-offer.html?&WT.srch=1&WT.mc_id=VW_GOOGLE_Search_NE_S_G_B_VW_Banking%20General_E%7Cdp1:g&e=GOOGLE&m=p&k=pnc%20bank%20bonus&&gclid=EAIaIQobChMI8cOC2aaD7gIVhbKGCh0kZgMYEAAYASAAEgLXt_D_BwE&gclsrc=aw.ds#
I did post a long answer Chadina Blue…Maybe Kevin is reviewing it because it has disappeared from my screen.
The short answer in the small print: The account must remain open until you receive the promotion money. After that you can close the account.
It also stated, you can not have earned a PNC promotion within 2 years. I received a PNC promotion on 11-1-2019 , so I have to wait 10 months before I open another PNC account.
Hey Joe, I think your long response is still in the comments somewhere. I didn’t delete it or anything.
Chadina Blue, After you open your link, at the bottom of the page it reads:
Important Legal Disclosures & Information
Click on it to open it. make a copy of it and save it as a ‘PNC Bonus Rules’ to guide you over the next 5 months. Also read the fine print to avoid fees after your account is opened.
Thank you so much Joe! you have been a great help!
You are welcome Chadina. Yesterday I counted 181 days that I opened M&T Bank, so I made it to their 180 days of having the account open. I closed it today! I also updated my records since I can not go back to M&T Bank for 12 months.
You’ll need to look at the Fee Schedule for these banks to see if there is any early termination fee. For PNC, if you close it before six months, you have to pay $25 early termination fee. It’s usually not charged in practice, but the terms say $25 if you close before 6 months.
Thank you Kevin!
Here are my general rules for when I close accounts:
1) If the account has a minimum balance requirement and/or fees and I have to do something to avoid the fees, I close the account as soon as I can. (some banks have an early termination fee, so you have to check to see if there is one or not. And obviously, you can’t close an account before you earn the bonus).
2) If the account has no fees, no minimum balance requirement, and no early termination fee, then I generally leave a few cents or a few dollars in the account and leave it open for 6 months, then close. My rationale is that I don’t want to make it so obvious that I just opened the account for the bonus and then immediately closed it.
3) If the account has no fees or minimum balance requirement and lets you refer people, then I keep the account open forever.
Awesome job! I hit things hard earlier in the year when things got shut down a bit and my job was uncertain. But then things picked up for me later in the year, working more than ever and in healthcare to boot. I was too stressed to do much in the 2nd half of 2020 but still managed to get just shy of $4k. I did quite a few that you didn’t, but then there are a lot that you did as well. My job has calmed down just a little bit so I’m hoping to get back on the horse soon.
Sweet! $4k is nothing to sneeze at!
Don’t forget to churn some of the same accounts over and over. A lot of the big banks let you earn the bonus every 12 months or so.
Thanks for the post Kevin. It is impressive to see your ability to take advantage of bank bonuses. We took a break in 2020 given that we refinanced our home, bought a rental property and are in the process of refinancing other properties. We will see how 2021 behaves but I agree in that this is indeed a semi-hassle free option to get some “free” money. I still think the main challenge lies in most bonuses requiring to have ACH type deposits. That said there are a few that don’t so maybe start with those. Thanks again and appreciate you sharing your list.
Thanks! Yeah, the direct deposit requirement is what separates the easy bonuses from the harder bonuses. Most of the time, you can find something that will work as a direct deposit, but it does require some trial and error and doing some research to see what’s worked in the past. I’m fortunate in that my wife’s payroll provider lets us switch our direct deposits as often as we want.
For Laura Cottril, Opening bank accounts are a Soft Pull on your credit score, meaning, it has no impact. However, if you open a Credit Union account to take advantage of a promotion, that is a Hard Pull on your credit score, which will impact your credit score. So, just stay away from credit union’s promotions.
The key to opening so many accounts to take advantage of its bank promotion lies in ones ability to manage bank openings/ paid promotion dates/bank closing dates, as well as paying attention to detail which is in the bank’s fine print.
So, you got all this free money from bank promotions that you have to pay tax on….What will you do so that free money keeps growing for you? Spend it, invest it?
Some CU’s don’t do a hard pull, I’ve opened checking accounts at them many times. Check Doctor of Credit for deets if it’s a hard pull or not.
Impressive! Folks that are thinking of doing this should just be aware that the bonuses are taxed as ordinary income. So, depending on your tax bracket and whether you pay state taxes, the actual returns could be a lot lower. Just something to consider when determining whether going after a particular bonus is worth it.
Yep. Indeed, all income is taxed. Personally, I’ve never thought about earning less in order to avoid paying taxes.
How much money do you have to spend to trigger all the bonuses??
Generally you don’t have to spend anything. Some of these bonuses may have had requirements that were something like, do 5 debit card transactions. I always buy 50 cent amazon gift cards to meet these requirements, so essentially at most, I spend $2.50 to get some Amazon gift cards (I buy enough stuff from Amazon that an Amazon gift card is basically a cash equivalent for me).
So I have done 5 bank account churns so far for bonuses and I have been updating my direct deposit at work to go to the new accounts. Have you ever heard of a scenario where the HR department gets annoyed at an employee for having their direct deposit change so much? So far nobody has said anything to be but part of me is a little bit nervous that if almost every paycheck is going into some different combination of accounts.
That’s really up to you and your comfort level. If your HR department has to do the update, then I’m guessing they’ll get annoyed. Ideally, you want a situation where you can change it yourself whenever you want. That’s my current situation, which is why I’m able to do bank bonuses so easily.
Thanks Kevin! Have used your advise this year and it’s been great. Now I’m moving to Canada is there a Kevin equivalent that you know of that can help us out there? Happy new year !
Coops,
I found this site for Canadian Bank Promotions
https://www.savvynewcanadians.com/bank-account-promo-offers/
https://www.genymoney.ca/canadian-new-bank-account-promos-2018-a-free-ipad-or-350-cash/
https://youngandthrifty.ca/the-best-bank-promotions-in-canada/
https://maplemoney.com/best-bank-promotions-canada/
Hey. I’m actually not sure of a Canadian equivalent, haha. If you find one, definitely let us know!
What do you do with all the open bank accounts and credit cards? Do you use them, close them after awhile? Does this affect your credit rating having so many accounts open?
Thanks!
Hey Laura,
Bank accounts have no impact on credit score. Every single one I open does a soft pull, which doesn’t do anything to your credit. Unless I have a reason to keep the bank account open (for example if they have referrals), then I always close the account as soon as I can.
For credit cards, I either downgrade to a no-fee version or close if no reason to keep the card. My credit score is high 700s low 800s and has gone up over the years from opening cards.
Very nice work Kevin on maximizing 2020 Bank Bonus money! My first big year doing bank promotions, I earned $2790. I have banks open now that will pay in 2021,that total is already up to $2,000! Which means I will exceed 2020 totals next year!
Awesome!
Insightful post, Kevin!
I love that you monetized on your travels by opening regional bank accounts to get the bonuses. Aligns perfectly with the “monetizing your life” mantra.
I took a bit of a break from travel hacking and bank bonus hacking since March but looking forward to getting back into the game after I close on my new house in February. Thanks for all the details, this (along with your bank account bonus guide) is a great resource for people to get started.
Thanks Gary. I would have opened an account when I was in Austin for your wedding, but I couldn’t get the schedule right and the banks weren’t in the right location. I was looking at Hancock Whitney (or is it Whitney Hancock?), which I think lets you open bank accounts out-of-state.