Author Topic: Bank account churning: how to make $1600 in a year by being organized  (Read 57612 times)

tj

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #250 on: December 16, 2017, 03:04:33 PM »
2017 Recap:
    Chase checking: $300
    Chase savings: $200
    Santander checking: $225
    BMO Harris checking: $200
    TD bank checking: $300
    Citibank checking: $300
    Bank of America Checking: $300
    M&T Checking - ezchoice: $150
    M&T Checking - mychoice: $150
    SunTrust Checking - Signature Advantage, downgrade to Select: $300
    Hancock Whitney Access checking: $300
    Discover savings: $200
    Discover AAII + AAA savings: $400
    BBVA Compass ClearChoice Free Checking: $200
2017 Total: $3,525

First year doing bank bonuses. Looking forward to churning some of these next year, hopefully with $400 Regions and PNC checking offers, when available. Learned a lot from this thread, thanks again!

Congrats! Glad I was able to in some way introduce you to the fun. I think I only did Discover x1 this year. :)
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soccerluvof4

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #251 on: December 18, 2017, 03:29:57 AM »
This is amazing to me. I dont know why I feel intimidated starting this. Guess I just dont know where to begin. Kudos to you all. I gotta start doing this it would go along ways since I am fire'd
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Roots&Wings

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #252 on: December 18, 2017, 07:32:54 AM »
Thanks tj! Talking to seasoned veterans definitely helped :)

soccerluvof4, it took me ages to finally start (this thread is 2 years old...I tend to be a massive researcher). Per the OP, Doctor of Credit is great place to start for current offers: http://www.doctorofcredit.com/best-bank-account-bonuses/.

Pick an offer and go! Good luck to all of us late starters!!
« Last Edit: December 18, 2017, 07:34:59 AM by Roots&Wings »

ThatGuy

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #253 on: December 19, 2017, 01:52:02 PM »
Thanks tj! Talking to seasoned veterans definitely helped :)

soccerluvof4, it took me ages to finally start (this thread is 2 years old...I tend to be a massive researcher). Per the OP, Doctor of Credit is great place to start for current offers: http://www.doctorofcredit.com/best-bank-account-bonuses/.

Pick an offer and go! Good luck to all of us late starters!!

NerdWallet is a pretty good source for bank deals too. https://www.nerdwallet.com/blog/banking/best-bank-bonuses-promotions/

tj

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #254 on: December 19, 2017, 09:08:15 PM »
Thanks tj! Talking to seasoned veterans definitely helped :)

soccerluvof4, it took me ages to finally start (this thread is 2 years old...I tend to be a massive researcher). Per the OP, Doctor of Credit is great place to start for current offers: http://www.doctorofcredit.com/best-bank-account-bonuses/.

Pick an offer and go! Good luck to all of us late starters!!

NerdWallet is a pretty good source for bank deals too. https://www.nerdwallet.com/blog/banking/best-bank-bonuses-promotions/

At this point, NW is a corporate monster. DoC is a couple of dudes. They don't have affiliate links in the effort to remain unbiased, so they have better content IMO :)
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ThatGuy

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #255 on: December 20, 2017, 07:54:28 PM »
Thanks tj! Talking to seasoned veterans definitely helped :)

soccerluvof4, it took me ages to finally start (this thread is 2 years old...I tend to be a massive researcher). Per the OP, Doctor of Credit is great place to start for current offers: http://www.doctorofcredit.com/best-bank-account-bonuses/.

Pick an offer and go! Good luck to all of us late starters!!

NerdWallet is a pretty good source for bank deals too. https://www.nerdwallet.com/blog/banking/best-bank-bonuses-promotions/

At this point, NW is a corporate monster. DoC is a couple of dudes. They don't have affiliate links in the effort to remain unbiased, so they have better content IMO :)

DoC does have affiliate links but they point out that they're affiliate links.  Either way it doesn't matter to me, I'm just looking for bank and credit card bonuses where ever I can find them.

Jaayse

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #256 on: December 21, 2017, 11:48:28 AM »
Has anyone else been told by discover that they "are not able to approve the Discover Bank deposit account you recently requested, based upon the information you provided in your application."  I can't think of what the application asked that they would disagree with, I have a high income (over 100k) and good credit (818).  This is very strange to me and the first time I've ever been turned down for anything financially.
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Duke03

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #257 on: December 22, 2017, 10:49:34 PM »
I did my first bank account churning today.  Thank God for Chase Bank...they are the gift that keeps on giving.  I did the checking for $300 bonus and the savings for a $200 bonus.  I'll be back to do the business checking for another $300 and will also take my wife up there to rinse and repeat.  I had a question on getting my wife a checking account.  She doesn't work so in order to get a direct deposit my employer allows me to split my check into several accounts as little as $25 a month.  Does anyone know if that will fit their direct deposit requirement so she will get the $300 bonus.  Funny thing is I had the private client guy drooling from the mouth once they started asking investing and net worth questions.  I simply had to smile and tell him as a fee conscious investor I didn't see how he'd be able to help me.....

HoustonSker

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #258 on: December 23, 2017, 10:44:24 AM »
I did my first bank account churning today.  Thank God for Chase Bank...they are the gift that keeps on giving.  I did the checking for $300 bonus and the savings for a $200 bonus.  I'll be back to do the business checking for another $300 and will also take my wife up there to rinse and repeat.  I had a question on getting my wife a checking account.  She doesn't work so in order to get a direct deposit my employer allows me to split my check into several accounts as little as $25 a month.  Does anyone know if that will fit their direct deposit requirement so she will get the $300 bonus.  Funny thing is I had the private client guy drooling from the mouth once they started asking investing and net worth questions.  I simply had to smile and tell him as a fee conscious investor I didn't see how he'd be able to help me.....

I canít say with certainty regarding Chase, but I routed my direct deposits to a BoA account that was under my wifeís name and received the bonus.  Cheers

cantgrowone

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #259 on: January 02, 2018, 02:49:06 PM »
How do you continue this year after year? There are only so many banks out there.
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Tainted Nate

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #260 on: January 02, 2018, 03:34:51 PM »
Big thanks to OP.  Made over $1000 in the past 12 months with little effort.

lexde

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #261 on: January 02, 2018, 06:58:04 PM »
How do you continue this year after year? There are only so many banks out there.
Most banks have a 12 month limit on bonuses so you can “churn” the bonus each year.

aperture

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #262 on: January 02, 2018, 07:33:14 PM »
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Lan Mandragoran

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #264 on: January 03, 2018, 07:09:19 AM »
Seems to me alot of these bonuses, are not as good or equal to just putting it in an index fund on average. Saw a chase one for 300$, but thats 25k required to be sitting for 3 months. 

Thoughts? Am I missing something? I don't need an emergency fund of like 20k, and that seems to be a good amount to start doing this.
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secondcor521

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #265 on: January 03, 2018, 08:32:12 AM »
Has anyone else been told by discover that they "are not able to approve the Discover Bank deposit account you recently requested, based upon the information you provided in your application."  I can't think of what the application asked that they would disagree with, I have a high income (over 100k) and good credit (818).  This is very strange to me and the first time I've ever been turned down for anything financially.

Probably something in your ChexSystems report.  It's like your credit report, but it's only on your banking activity.  Some banks will turn you down for a new account if your ChexSystems report shows that you've opened a lot of accounts recently because they don't want to deal with churners.

I think you can order a copy and see what's on there.
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CanuckExpat

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #266 on: January 03, 2018, 09:53:36 AM »
Seems to me alot of these bonuses, are not as good or equal to just putting it in an index fund on average. Saw a chase one for 300$, but thats 25k required to be sitting for 3 months. 

Thoughts? Am I missing something? I don't need an emergency fund of like 20k, and that seems to be a good amount to start doing this.

I think the same concern was discussed upthread. Comes down to specific offers, and whether you would already be holding cash or not:

You have to do the math on each offer. I wouldn't pursue the one you posted for example.
But to pick a current real example: You can get $550 for tying up $10,000 for 90 days (or only $5,000 if you can make direct deposits into the account).

That's over 20% annualized, or double that with direct deposit (actually sounds too good, am I doing the math wrong?)

Many people, including me, keep liquid cash for certain purposes (liquidity, upcoming major purchase, emergency fund, or just for opportunity like this). The best you are going to earn in savings account is maybe 1.5%, and perhaps 2-5% on CD's or special account if you push it. So this seems tempting as way to put that money to use productively. Most bank bonuses are FDIC approved, and if you need the money in an emergency, you have full liquidity, you just lose the bonus, but in an emergency, I imagine you won't care

HipGnosis

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #267 on: January 03, 2018, 09:12:59 PM »
I never really got bank bonuses.  Sure you get $200, but you tie up 20k for six months.  Thatís a 2% return

You have to do the math on each offer. I wouldn't pursue the one you posted for example.
But to pick a current real example: You can get $550 for tying up $10,000 for 90 days (or only $5,000 if you can make direct deposits into the account).

That's over 20% annualized, or double that with direct deposit (actually sounds too good, am I doing the math wrong?)

Many people, including me, keep liquid cash for certain purposes (liquidity, upcoming major purchase, emergency fund, or just for opportunity like this). The best you are going to earn in savings account is maybe 1.5%, and perhaps 2-5% on CD's or special account if you push it. So this seems tempting as way to put that money to use productively. Most bank bonuses are FDIC approved, and if you need the money in an emergency, you have full liquidity, you just lose the bonus, but in an emergency, I imagine you won't care
I can't freely agree to annualizing the ROI, because that assumes you have another offer available every time you finish an offer.
But...  your statement has me thinking that bank churning should be considered every time someone asks where to put money for a relatively short term.
« Last Edit: January 03, 2018, 09:15:01 PM by HipGnosis »

Tainted Nate

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #268 on: January 06, 2018, 12:02:38 PM »
One thing I've learned from all of this churning is that PNC bank absolutely sucks.

Paul der Krake

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #269 on: January 06, 2018, 01:25:18 PM »
Does it? I used them as our main local bank for years. No issues ever. Curious to hear what you didnít like.