Bank account churning: how to make $1600 in a year by being organized

[fh2000]

Replying to my own post.  So, I opened Citi Regular checking account online.  I found out by talking to 2 Citi new account support agents that both of these requirements above need to be satisfied.  I am transferring $15,000 from another bank,  also setting up payroll direct deposit. The fund will need to stay there for 30 days.  I plan to close it once I receive the bonus.

FH2000- wjich 2 requirements do you refer to? I opened a Citi checking,  funded with 15,000, I did no direct deposit but did 250 in debit transactions, so I assume I qualify, but I have not received the bonus yet, hmmm....

Here below is the qualification.  There are 2 bullet points.  For bullet point #2, I am doing the direct deposit.  You are doing the $250 debit card transaction, I guess.
On Doctor of Credit site, it was mentioned that direct deposit not required.  I just wanted to make sure it does in my case.  On our HR site, it is easy to switch direct deposit, which is why I prefer that way.
==================
To qualify for a $300 cash bonus, open a new eligible consumer checking account in The Citibank Account Package by 4/14/2017.


.Within 45 days after account opening, make a qualifying deposit of $15,000 or more in new-to-Citibank funds into the new checking account or your new or existing Citibank Savings Plus Account or Citi Savings Account and maintain a minimum balance of $15,000 for 30 consecutive calendar days following the date you made your qualifying deposit.

.Within 45 days after account opening, complete 1 qualifying Direct Deposit to your checking account or make 1 or more qualifying purchase transactions with your Citibank Debit Card totaling $250.

[Roots&Wings]

I just opened the Citibank checking too, and transferred $15k from Chase (in 2 transactions, since Chase limits $10k per transfer, which Citi confirmed will still qualify).

For direct deposit, I'm hoping ING (now CapOne) still qualifies as "direct deposit" with Citi. If not, I'll either link Paypal and do a direct deposit from Paypal, or change paycheck direct deposit once I get the BMO Harris bonus for 2 direct deposits.

It's interesting each bank has different requirements for "direct deposit". Dr of Credit is awesome for this: http://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/

Currently at $1,525 for bank bonuses this year (Chase checking/savings $500, Santander $225, BMO Harris $200, TD Bank $300, and Citibank $300). Will see what else comes up!

[Roots&Wings]

Currently at $1,525 for bank bonuses this year (Chase checking/savings $500, Santander $225, BMO Harris $200, TD Bank $300, and Citibank $300). Will see what else comes up!

Now targeting $2,025 this year for bank bonuses with PNC checking $300 bonus (deposit $5k and 10 debit transactions) and Suntrust $200 (deposit $600 and 10 debit transactions). The debit transactions will be a minor inconvenience...thinking maybe just do ten $5 amazon gift cards or similar, which shouldn't take too much time.

[nanu]

Currently at $1,525 for bank bonuses this year (Chase checking/savings $500, Santander $225, BMO Harris $200, TD Bank $300, and Citibank $300). Will see what else comes up!

Now targeting $2,025 this year for bank bonuses with PNC checking $300 bonus (deposit $5k and 10 debit transactions) and Suntrust $200 (deposit $600 and 10 debit transactions). The debit transactions will be a minor inconvenience...thinking maybe just do ten $5 amazon gift cards or similar, which shouldn't take too much time.

why $5? you can do $0.50 Amazon reloads, or even just transfer money to people over Venmo/Facebook/Paypal/Google wallet with debit card for free

See more here: http://www.doctorofcredit.com/bank-accounts/how-to-meet-minimum-debit-credit-transaction-requirements/
Make sure to opt out of pinless debit with Amazon

[kpd905]

I'll confirm that you can go small on the Amazon reloads with PNC.  I did 10 of them between 50 and 99 cents, about 2-3 per day.  My bonus posted last week.

Also, data point: Discover bank ACH transfer counted as a direct deposit to PNC.  I used it for roughly 1/3 of the required $5k DD.

My wife and I are at $1750 so far this year for bonuses, with $1050 more pending.

Completed

2 x Wells Fargo = $500
BMO Harris Checking + savings = $500
Santander = $150
2 x Associated bank = $300
PNC = $300

Pending

Bank of America $150
Citi checking $300
BMO checking $300
First Bank Financial Centre $300

[Roots&Wings]

nanu & kpd905 thanks for the debit card tips! I'm fairly new to bank bonuses, learning lots :)

kpd905, are the BMO savings and Associated bank offers still active? I couldn't locate those.

[kenaces]

threads like this are why i love MMM :)

i was planning on shopping around for new bank as my wife and i are not happy with TDbank.  I was looking for better interest but seeing this thread I realize shopping bonus will be more $ for us than best interest as we keep relatively low balance in our checking accounts

only challenge is we have to find bonuses that don't require auto deposit as we are both self-employed

[nanu]

i was planning on shopping around for new bank as my wife and i are not happy with TDbank.  I was looking for better interest but seeing this thread I realize shopping bonus will be more $ for us than best interest as we keep relatively low balance in our checking accounts

I actually keep a very large cash position, both as an emergency fund and for opening bank accounts and getting the bonuses (and for gift card reselling - I need cash to float those).
Churning bank account bonuses provides a very nice return on the investment, with pretty much zero risk...

[kpd905]

kpd905, are the BMO savings and Associated bank offers still active? I couldn't locate those.

There is a BMO checking offer on Doctor of Credit for $200 online sign up, but the savings (and $300 checking) require a mailed flyer.  You also have to go to the branch to sign up.

The Associated Bank accounts are only available to residents of Illinois, Minnesota, and Wisconsin: http://www.doctorofcredit.com/il-mn-va-wi-only-associated-bank-150-promotion-when-you-open-a-packers-checking-account-no-direct-deposit-required/

[Roots&Wings]

^ Ah, gotcha, thanks for info kpd!

Like nanu, I'm using cash emergency funds for bank bonus churning. It's providing a nice return and working well so far!

Just got another Chase $300 Total Checking (not premier)/$200 savings coupon exp 6/15, which I can't use. If anyone wants the coupon code, feel free to PM (unsure if you physically have to go into a Chase branch with the coupon code or can open online).

[sleepyjen]

What's the deposit threshold on that offer? I might take it off your hands.

[Roots&Wings]

What's the deposit threshold on that offer? I might take it off your hands.

Chase Total checking $300 Bonus - open new account ($25 minimum initial deposit) + setup direct deposit within 60 days of opening account. Maintain $2,500 in the account to avoid monthly fees. Keep account open for 6 months (otherwise bonus is forfeit).

Chase savings $200 Bonus - open new account and deposit $15k within 10 days and maintain $15k for 90 days. After bonus posts, maintain $300 to avoid fees. Keep account open 6 months (otherwise bonus is forfeit).

I did this back in Jan, received both bonuses, and am now holding until 6 month period is up to close the accounts. You can receive the bonus once per calendar year. Actually really like the Chase checking account, super easy to link and transfer with all my other external accounts, great customer service so far.

[.22guy]

I need to withdraw money and close my Chase accounts. Has anyone had any problems with that? To be honest I feel a little guilty. The rep who opened my account was such a nice guy, I'll feel jerksish telling him I'm closing the account, with the bare minimum of transactions.

[kpd905]

I need to withdraw money and close my Chase accounts. Has anyone had any problems with that? To be honest I feel a little guilty. The rep who opened my account was such a nice guy, I'll feel jerksish telling him I'm closing the account, with the bare minimum of transactions.

Get the balance down to zero and just send a secure message online to close your account.  Otherwise if you don't get the balance down to zero they will send you a check for the balance.

[fh2000]

Just finished Citi checking with only my name on it.  Transferred $15,000 and completed a payroll direct deposit.  Waiting for my $300 bonus.

I wonder, if anyone tried to do the same with your spouse?   Can I ask my wife to apply and receive her $300 bonus?

[sleepyjen]

Thanks--I think I'll stick with what I've got going now, for now.

What's the deposit threshold on that offer? I might take it off your hands.

Chase Total checking $300 Bonus - open new account ($25 minimum initial deposit) + setup direct deposit within 60 days of opening account. Maintain $2,500 in the account to avoid monthly fees. Keep account open for 6 months (otherwise bonus is forfeit).

Chase savings $200 Bonus - open new account and deposit $15k within 10 days and maintain $15k for 90 days. After bonus posts, maintain $300 to avoid fees. Keep account open 6 months (otherwise bonus is forfeit).

I did this back in Jan, received both bonuses, and am now holding until 6 month period is up to close the accounts. You can receive the bonus once per calendar year. Actually really like the Chase checking account, super easy to link and transfer with all my other external accounts, great customer service so far.

[sleepyjen]

My husband and I both just opened Santander checking accounts for the bonus. I don't see why you couldn't.

Just finished Citi checking with only my name on it.  Transferred $15,000 and completed a payroll direct deposit.  Waiting for my $300 bonus.

I wonder, if anyone tried to do the same with your spouse?   Can I ask my wife to apply and receive her $300 bonus?

[johnny847]

My husband and I both just opened Santander checking accounts for the bonus. I don't see why you couldn't.

Just finished Citi checking with only my name on it.  Transferred $15,000 and completed a payroll direct deposit.  Waiting for my $300 bonus.

I wonder, if anyone tried to do the same with your spouse?   Can I ask my wife to apply and receive her $300 bonus?

Occasionally a bank bonus's terms say one per household. I don't recall which banks say that.

[sleepyjen]

Ye old fine print, eh?

My husband and I both just opened Santander checking accounts for the bonus. I don't see why you couldn't.

Just finished Citi checking with only my name on it.  Transferred $15,000 and completed a payroll direct deposit.  Waiting for my $300 bonus.

I wonder, if anyone tried to do the same with your spouse?   Can I ask my wife to apply and receive her $300 bonus?

Occasionally a bank bonus's terms say one per household. I don't recall which banks say that.

[fh2000]

Just finished Citi checking with only my name on it.  Transferred $15,000 and completed a payroll direct deposit.  Waiting for my $300 bonus.

For Citi bank checking bonus, this is what I have done:
1. deposited $15,000
2. finished one payroll direct deposit.

I called Citi help line and spoke with one CSR.  This is what she told me to do in order to receive my $300 bonus.
1.  finish 2nd payroll direct deposit.
2.  no money withdraw for 3 months.  This will take me to the end of June.
3.  In another 3 months, the $300 bonus will post.  This will take me to the end of September.

Is this the same deal for anyone trying to get Citi bank checking account $300 bonus?

[2Birds1Stone]

I've had a blast doing this.

Progress.

Account     Month Open Bonus
Citi Checking   August 11   $400
Chase Savings   October 15   $200
Chase Checking   October 15   $300
HSBC Checking   September 24   $350
TIAA Savings   November 29   $250
Capital One MM   December 7   $100
M&T Bank Checking   December 8   $150
TD Bank Checking   December 8   $300
Schwab Brokerage   December 20   $100
Discover Savings   January 7   $100
Wells Fargo Check   January 26   $250
Santandar Checking   February 18   $225
BMO Harris   March 28   $200
Total      $2,925

[MasterStache]

I've had a blast doing this.

Progress.

Account     Month Open Bonus
Citi Checking   August 11   $400
Chase Savings   October 15   $200
Chase Checking   October 15   $300
HSBC Checking   September 24   $350
TIAA Savings   November 29   $250
Capital One MM   December 7   $100
M&T Bank Checking   December 8   $150
TD Bank Checking   December 8   $300
Schwab Brokerage   December 20   $100
Discover Savings   January 7   $100
Wells Fargo Check   January 26   $250
Santandar Checking   February 18   $225
BMO Harris   March 28   $200
Total      $2,925

Dang, good work. Do most of those require large initial deposits? I am just getting started but don't intend to get crazy with it. Opened a Huntington checking with only 1K deposit required for $200 rewards bonus.

[ducky19]

I'm at $1300 YTD, plus an additional $300 in referrals. Still trying to get the DD to trigger on Santander, so might miss out on that one. It's definitely been more to manage than churning credit cards, but the payout has been worth it.

[MasterStache]

Found a targeted KeyBank offer for a few select cities. $300 for opening a checking with only a $500 DD within 90 days. No other stipulations. Trying to convince the wifey to get in on this. Just got started and already looking at $500 for only a few minutes worth of work. So far it's been much easier than CC churning. I know I will miss out on some good ones not having much money to work with. Maybe in time as I build up my personal savings. 

[2Birds1Stone]

I've had a blast doing this.

Progress.

Account     Month Open Bonus
Citi Checking   August 11   $400
Chase Savings   October 15   $200
Chase Checking   October 15   $300
HSBC Checking   September 24   $350
TIAA Savings   November 29   $250
Capital One MM   December 7   $100
M&T Bank Checking   December 8   $150
TD Bank Checking   December 8   $300
Schwab Brokerage   December 20   $100
Discover Savings   January 7   $100
Wells Fargo Check   January 26   $250
Santandar Checking   February 18   $225
BMO Harris   March 28   $200
Total      $2,925

Dang, good work. Do most of those require large initial deposits? I am just getting started but don't intend to get crazy with it. Opened a Huntington checking with only 1K deposit required for $200 rewards bonus.

None of the checking ones did, just debit/DD requirements.

Once you have a Cap One 360 and Discover Savings account you can do ACH "push" transactions into a lot of accounts and it will code as DD.

Most of the savings one had a $10-15k initial funding requirement where you had to keep the money in there anywhere from 2 weeks to 90 days.

[MasterStache]

I've had a blast doing this.

Progress.

Account     Month Open Bonus
Citi Checking   August 11   $400
Chase Savings   October 15   $200
Chase Checking   October 15   $300
HSBC Checking   September 24   $350
TIAA Savings   November 29   $250
Capital One MM   December 7   $100
M&T Bank Checking   December 8   $150
TD Bank Checking   December 8   $300
Schwab Brokerage   December 20   $100
Discover Savings   January 7   $100
Wells Fargo Check   January 26   $250
Santandar Checking   February 18   $225
BMO Harris   March 28   $200
Total      $2,925

Dang, good work. Do most of those require large initial deposits? I am just getting started but don't intend to get crazy with it. Opened a Huntington checking with only 1K deposit required for $200 rewards bonus.

None of the checking ones did, just debit/DD requirements.

Once you have a Cap One 360 and Discover Savings account you can do ACH "push" transactions into a lot of accounts and it will code as DD.

Most of the savings one had a $10-15k initial funding requirement where you had to keep the money in there anywhere from 2 weeks to 90 days.

There is a lot of information about what counts as DD, its a bit confusing. I don't have either of those accounts but I did read ACH from USAA counts as a DD for Keybank. Seems to be different for different banks.

[johnny847]

I've had a blast doing this.

Progress.

Account     Month Open Bonus
Citi Checking   August 11   $400
Chase Savings   October 15   $200
Chase Checking   October 15   $300
HSBC Checking   September 24   $350
TIAA Savings   November 29   $250
Capital One MM   December 7   $100
M&T Bank Checking   December 8   $150
TD Bank Checking   December 8   $300
Schwab Brokerage   December 20   $100
Discover Savings   January 7   $100
Wells Fargo Check   January 26   $250
Santandar Checking   February 18   $225
BMO Harris   March 28   $200
Total      $2,925

Dang, good work. Do most of those require large initial deposits? I am just getting started but don't intend to get crazy with it. Opened a Huntington checking with only 1K deposit required for $200 rewards bonus.

None of the checking ones did, just debit/DD requirements.

Once you have a Cap One 360 and Discover Savings account you can do ACH "push" transactions into a lot of accounts and it will code as DD.

Most of the savings one had a $10-15k initial funding requirement where you had to keep the money in there anywhere from 2 weeks to 90 days.

There is a lot of information about what counts as DD, its a bit confusing. I don't have either of those accounts but I did read ACH from USAA counts as a DD for Keybank. Seems to be different for different banks.

http://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/

[MasterStache]

This is quite fun so far. Just got started two weeks ago. Made $200 already with $500 pending. Haven't funded anything with a CC yet but will certainly look into that. 

[dividendman]

posting to follow

[Roots&Wings]

This is quite fun so far. Just got started two weeks ago. Made $200 already with $500 pending. Haven't funded anything with a CC yet but will certainly look into that.

In case you haven't already, be sure to change your cash advance limit to $0 on whatever credit card you'll be using to fund the account. Some code as "purchase", some as "cash advance". It's not a fun surprise when it's cash advance (newbie mistake I made), but setting to $0 will save you this headache & automatically reject any cash advances.

[MasterStache]

This is quite fun so far. Just got started two weeks ago. Made $200 already with $500 pending. Haven't funded anything with a CC yet but will certainly look into that.

In case you haven't already, be sure to change your cash advance limit to $0 on whatever credit card you'll be using to fund the account. Some code as "purchase", some as "cash advance". It's not a fun surprise when it's cash advance (newbie mistake I made), but setting to $0 will save you this headache & automatically reject any cash advances.

Will do. Appreciate the heads up ( :

[johnny847]

Got my $400 Regions bonus recently. This is one case where procrastinating paid off - initially there was a $300 offer but I never got around to it. All I had to do with open the account and make 10 debit card transactions - which I fulfilled by sending money to my friend via Square Cash (and he sent it back later).

Plus, I signed up for a student checking account so there's no min balance requirement or monthly account fees.

[Bimmy]

Just got my $300 Chase bonus. Thanks OP for the post

[MasterStache]

Just got my $300 Chase bonus. Thanks OP for the post

Think I am working on this one next. Did you go into the local branch for this? Got a targeted offer but have to go into the local Chase branch. I know these offers are a dime a dozen. 

[kpd905]

Think I am working on this one next. Did you go into the local branch for this? Got a targeted offer but have to go into the local Chase branch. I know these offers are a dime a dozen.

You do always have to go in branch for Chase offers, unfortunately.  Still worth the hassle though.

[MasterStache]

Think I am working on this one next. Did you go into the local branch for this? Got a targeted offer but have to go into the local Chase branch. I know these offers are a dime a dozen.

You do always have to go in branch for Chase offers, unfortunately.  Still worth the hassle though.

Good to know. There is a Chase Branch only a couple miles from my house.

[Bimmy]

You do have to go into the branch, but I agree with kpd905 - totally worth it. The $300 hit my account 10 days after my first direct deposit hit the account.

[MasterStache]

How long do you typically wait to close your accounts? I know some have early account closure fees. But for those that don't do you close as soon as you get the bonus? I got the Huntington bonus and there is no fee for early account closure. Debating on whether I should keep it open.

I am also considering their $500 business checking bonus.

[johnny847]

If there's no penalty for closing early, I close ASAP because most of these bonuses can be repeated so long as you haven't had the account in the past X days. The sooner I start that clock the better

[nanu]

Think I am working on this one next. Did you go into the local branch for this? Got a targeted offer but have to go into the local Chase branch. I know these offers are a dime a dozen.

You do always have to go in branch for Chase offers, unfortunately.  Still worth the hassle though.

Actually, they do have offers when opening an account online, but those are pretty rare.

[kpd905]

How long do you typically wait to close your accounts? I know some have early account closure fees. But for those that don't do you close as soon as you get the bonus? I got the Huntington bonus and there is no fee for early account closure. Debating on whether I should keep it open.

I am also considering their $500 business checking bonus.

I closed my wife's Huntington account 3 days after the bonus posted.  I left mine open because I also want to try for the business bonus.  I don't want them to see that I opened and closed an account in a week.

[Rosy]

Thanks for the reminder, I haven't opened a single account this year. Made $1200 last year:)

OP - I'm another doctorofcredit fan, besides the cc's and bank accounts, he often has cool deals in his newsletter - that's how I found Danny the Deal Guru which brought in another $135 for things like test driving a car. Fun:)

[Morning Glory]

Saw your thread and it inspired me to try this. It seems like a pretty good reward for minimal effort, and my work allows me to split my direct deposits among up to 10 accounts, and change them any time. The first one I signed up for is a $200 BMO Harris checking bonus. This one appealed to me because there is no minimum account balance required. I encountered some website glitches and am still waiting to fund my account.

There is no Chase branch in my state, but I am thinking of visiting them for the $300 checking bonus when I go to visit relatives later this month. I don't want to withdraw $15k from investments to do the savings one (probably just a psychological reason, as I have room to TGH).

In your opinion, is it worth it to pursue bonuses in the $150 range?

[MasterStache]

In your opinion, is it worth it to pursue bonuses in the $150 range?

I probably will once I max out higher bonuses.

[kpd905]

I've been doing some of the $150 bonuses as I wait to be eligible for some of the bigger ones again.  I try to have every paycheck go toward hitting a direct deposit requirement, otherwise it just feels like a waste.  It is almost always less than an hour of time to do these, so $150 is still not bad.

[MasterStache]

It is almost always less than an hour of time to do these, so $150 is still not bad.

That's how I view it. If it takes 1/2 an hour to earn $150. I earned $300/hr. Pretty darn good rate!

[Morning Glory]

Do you look at effective APR as well? e.g the Chase checking bonus ties up $1500 for 6 months to get $300. So 300/1500 x 2 = 40% effective APR. OTOH, the savings bonus ties up 15k for 90 days to get 200, so 200/15000 x4 = 5.3 % effective APR. This makes the checking a no brainer. The savings is still great because it is a safe 5.3%, but it is not likely to beat the market. At what APR would you decide to do the bonus rather than leaving the money in Vanguard? I am thinking around 7% because that is the average market return, but there is the safety factor and also the fact that Vanguard is easier.

[MasterStache]

Do you look at effective APR as well? e.g the Chase checking bonus ties up $1500 for 6 months to get $300. So 300/1500 x 2 = 40% effective APR. OTOH, the savings bonus ties up 15k for 90 days to get 200, so 200/15000 x4 = 5.3 % effective APR. This makes the checking a no brainer. The savings is still great because it is a safe 5.3%, but it is not likely to beat the market. At what APR would you decide to do the bonus rather than leaving the money in Vanguard? I am thinking around 7% because that is the average market return, but there is the safety factor and also the fact that Vanguard is easier.

The money I am using is from my conventional savings, not from investments. I won't churn any bank accounts that tie up large sums of money for extended periods of time. I have some money set aside for my transition to part-time contract work. I am using this as an easy way to increase that sum. 

[Ebrat]

I would probably only do the savings deals with emergency funds/cash savings, not as a long-term investment alternative. Another factor to keep in mind is that the savings bonus is taxed as interest (at your marginal tax rate), whereas the investment is taxed as a long-term capital gain if you keep it in there long enough.

I don't have $15k in cash, but I've started to do checking bonuses. Trying to ease into it. I got a local bank bonus in January, the Chase bonus last month, and am currently working on the requirements for another local bank. Hoping to average an account every other month to clear $1200-1500 this year.

[SubL stache]

Thank you for this thread.  I carry a 16k emergency fund and have found this to be a nice way to earn a little more on that idle money.  I haven't tried any of the checking direct deposit bonuses yet, but may try that out.

I have already got the Discover savings bonus x 2 $200 (wife).

Last week I earned the $200 Capital One 360 bonus.  The other 200$ for my wife is pending as I wait to move more funds around.

My question, is it legal to open this account for my child?  I have 2 kids and I could just repeat the same procedure to earn them 200$ each moving the same funds around.  Has anyone tried this or know more about the legality of opening a savings account for a 4 and 6 year old?

I could be wrong, but I believe if a minor earns less than $1050 unearned income they don't have to file, so if this is legal it's tax free.