Banking bonuses are a lucrative and unforgotten part of the points and miles hobby. Even when taking a break between credit card sign-ups, you can still earn money via banking accounts. In fact, it's a great way to offset the cost of annual fees on premium credit cards. The money and requirements can vary by bank and time of year. A few simple clicks and meeting some minimal effort banking requirements can put cash in your pocket.
First off, always make sure you can meet the requirements before opening an account. Second, you should have a plan for the account after the bonus is earned. This means you need to decide if you plan on closing the account afterwards or how you will move forward. Finally, if the account has fees, explore what options there are to avoid those fees.
All my current bank accounts have ways to waive fees. For many bank accounts, continuing to make direct deposits is a great way to avoid fees. Doctor of Credit is a great resource, not only for bank account bonus lists, but direct deposit posting rules. With my Chase checking account, they were able to waive my fees since I am a veteran.
It is not recommended to choose a bank you plan to close after earning the bonus if you have a credit card relationship with it. Good banking and credit card relationships are important. Also, if you want a credit card from that bank in the future, I would not close an account.
As I do with credit card offers, I try and take screen shots of everything to include the offer and code. If I can screen shot my sign-up process, I try and get as many as possible. This helps if there are any issues or if the bank claims you did not use a specific offer.
How it Works
Once you have chosen your bank and verified the requirements, in most cases you can sign up online in just a few minutes. Many may even let you fund with a credit card, even if for a small amount. As most will require a direct deposit, get that set up right away. I try and meet all the requirements as quickly as possible in case there are any delays in setting up direct deposits.
Chase is currently offering $200 for a checking account, $200 for opening a savings account, and a $100 bonus for doing both ($500 total). You can review all of the details here. Requirements are as follows:
- Open an account
- Have a direct deposit made within 90 days.
- Open an account
- Deposit $15,000 in new money within 20 business days.
- Maintain a balance of $15,000+ for 90 days.
As always, check the terms and conditions to make sure you are eligible and to avoid monthly fees.
There are various offers floating around and some tend to change without notice. This one is $200 + $200 +$100, for a total of $500 if you open both accounts. While not the highest historical offer (there was $300 +$200 +$100 earlier in 2020), a $500 bonus is worth your consideration!
Bank account bonuses are a nice addition to the points and miles hobby. It also can give you a way to make some extra money in between signing up for credit cards. I tend to use my bonuses for travel and helping erase other costs. In 2020, I am up to a modest $800 with three accounts and it has helped me pay for two different trips.
Have you done bank account bonuses? Come over to our Facebook group and let us know your thoughts.