Rewards for opening bank accounts

[FiguringItOut]

You know those deal where you open a savings account with $10K of "new money" and checking account with direct deposit and they deposit $200-300 into your account in 90 days.

How many take advantage of those?

I just did that with TDBank and Chase and just yesterday saw an offer from HSBC.  TD also 'sold' me a credit card - $100 for $500 spend in 3 month.  So I figured between TD, Chase, and HSBC I will net $850 by March 2016 in free cash rewards from banks for just depositing and holding $10K in their accounts. 

However, I find all of this to be a hassle and I am weighing on whether or not it's worth it.  Constantly shuffling money between banks.  Changing my direct deposit information every month.  Granted, between the $850 mentioned above and $100 statement credit I just got on one of my Citi credit cards and $75 in Amazon gift cards I got from BoA credit card, I now have $1,000 in my travel fund in addition to various miles and rewards I've earned with my credit cards.

I find it hard to keep track of various accounts and balances and remembering what account to use to pay bills with since my direct deposit location keeps changing.  I use YNAB, but even that is not making it easier.  I can't imaging how I'd keep track of all of this without YNAB. 

At what point do you decide that this is not worth it?
How many here have taken advantage of these deals?  Do you find them a convenient way to make a quick buck or a hassle like I do?  Will you continue doing them?

On the other hand, both Citi and HSBC have much better deals with $800 and $750 rewards for $100K deposit.  To be honest, if I had $100K in cash just sitting in the bank account, which I don't, I seriously doubt that I'd go after these deals.  $100K just seems to be like too much cash to be shuffling around.  And why does one have $100K in cash anyway.  I'd think it would be better stashed in some sort of IRA or brokerage account.

[cars+FIRE]

I went through a round of this a while back with Chase (this might have been actually with Washington Mutual, before they got bought out).  When I was doing it the terms were much less onerous, and I was working at a company where it was easy to set up direct deposit.  Netted probably $500 over a year. (they also didn't have any x/year limitations)

But now, with all the minimum balances, minimum spend, etc.  I haven't mustered up the energy to do another round of this.  I have thought about it though.

If you get a system down, it is certainly is rewarding from a $/hr perspective.

[ChaseJuggler]

We are on bank bonus #5 and credit card #8 so far this year.

The $/hour for it is miles ahead of what I make at my real job. Plus the credit card stuff is tax free! (But you REALLY need to know what you're doing before you dive in.)

[YK-Phil]

I've done it several times in the past few years, and would redo it even with the hassles involved. The last one was an offer from Alberta Treasury Branch offering a cash bonus of $300 to open a savings account, plus another $150 for referring someone. I received the $300, plus $150 for referring my wife, who also received $300 when she opened hers. Monthly fees were $5/month each, and we had to meet a few conditions (automatic payroll deposit for 3 months). In total, we got $850, and we paid $30 in monthly fees, for a net bonus of $820. Not bad return for the hassle. I also took advantage of a TB Bank offer last year and received 25,000 Aeroplan points when combined with a TD Aeroplan Visa that gave me 40,000 points and no fee for year 1, for a total of 65,000 points. Closed all accounts after three months. Tangerine also gives a bonus when i refer someone and they open a new account. We both get a bonus. They also give a $100 bonus after three months of payroll deposits, pre-authorized payments, or bill payments, if an existing client opens a new free checking account. I'm waiting to get the bonus.

[FIRE me]

You know those deal where you open a savings account with $10K of "new money" and checking account with direct deposit and they deposit $200-300 into your account in 90 days.

How many take advantage of those?
[...]
At what point do you decide that this is not worth it?

I'm at $875 for the past 12 months. Two credit card bonuses, and three checking / savings bonuses. It is a PITA having three checkbooks (the two bonus checking accounts, plus my regular credit union checking) and two savings registers.

I haven't yet paid out of the wrong account, but once I recorded a payment in the wrong check book. Quickly realized the error, and fixed it.

All in all, I think the cost per hour, and the hassle, is worth it. $875 for less than 8 hours “work” (counts my time searching for deals, time at the bank branch signing up, changing direct deposit at work, keeping track of multiple accounts, and eventually closing the account) is hard to beat.

[tallen]

I've only done it twice so far but imho it's worth it, at least how I do it. I have USAA as my main bank account and just link the new account to USAA and transfer the money there to pay bills and whatnot. New account is just a "go between" in order to satisfy the bonus requirements. Easy peasy.

[MsFrugalista]

I've been doing the bank bonus game for 2 years now. I do it for both my partner and I (I fill out the application and manage the bonus requirements, he has to call in occasionally to verify or confirm things, but he puts up with it :)). I have been doing the credit card bonus game for 3 years now. I have a spreadsheet with 7-8 worksheets to track and manage it all (it sounds crazy, but not too bad), I enjoy it and it's more of a hobby and the extra cash is just a bonus for us. In 2014 we received $325 in bank bonuses and in 2015 we have received $900 and 30,000 American Airline miles. So not too shabby for a few hours of work.

[Sailor Sam]

I play the bank game when something good falls into my lap. So far this year I'm up 30,000 points a credit card, and $500 for opening a new checking & savings account. The bank accounts need a 15k balance for 6 months, and one direct deposit, or the bonus is rescinded. But I don't mind because $500 > 0.75% yield.

[ChaseJuggler]

I've been doing the bank bonus game for 2 years now. I do it for both my partner and I (I fill out the application and manage the bonus requirements, he has to call in occasionally to verify or confirm things, but he puts up with it :)). I have been doing the credit card bonus game for 3 years now. I have a spreadsheet with 7-8 worksheets to track and manage it all (it sounds crazy, but not too bad), I enjoy it and it's more of a hobby and the extra cash is just a bonus for us. In 2014 we received $325 in bank bonuses and in 2015 we have received $900 and 30,000 American Airline miles. So not too shabby for a few hours of work.

It's amazing when you can get your partner on board. 2x leverage on every good deal!

[2Birds1Stone]

I do this with CC's and have earned over $2000 in cash value from sign up bonuses in 4 short months.

[FiguringItOut]

Thanks for the feedback. I seems that people keep doing this regardless of inconveniences. 

I still have to complete HSBC checking account bonus and finish with sign on rewards for two credit cards I have going right now.  Been doing CC rewards for a year now and collected some impressive reward points and miles.  As for bank accounts I just got these two (Chase and TD Bank) done this month and will do HSBC.  Then I'm taking a break on all of this for the winter.  Will reassess come spring and my work schedule will ease up.  I may get back in the game again.

[Kaikou]

where do you guys find all these offers at?

[FiguringItOut]

I got targeted offers (fliers) in the mail for Chase and TD Bank few month ago.  Plus TD upsold me on the credit card when I went to open checking account.  The credit card they gave me is $100 deposit for $500 spent in 3 months. 
Just today got Citi targeted offer in the mail.  And I saw HSBC advertise their offer in their window of my local branch.  My local Citi branch also advertised their offer, but it was not as good as the one I got in the mail today.

What I got in the mail was $300 for Citigold checking account requiring two bill payments one in each of the two consecutive months in 60 day period.  There is $30/mo fee and $300 deposited after 90 days.  Fee is waived if you have $50K deposit.  I figured it will cost me $90 for 3 months fees and I'll get $210 if I make two bill payments.  So deposit $200, make two payments for a total of approximately $90 or less (my internet and part of my gas bill will suffice), pay 3 months of $30 monthly fee, collect $300 and get out.  I wonder if Citigold can be downgraded to a regular Citi checking account with smaller fee after two month.  I'll ask them.

What I saw advertise in Citi window was something like $750 for $100K deposit, no other details were mentioned. 

[Kaikou]

I got targeted offers (fliers) in the mail for Chase and TD Bank few month ago.  Plus TD upsold me on the credit card when I went to open checking account.  The credit card they gave me is $100 deposit for $500 spent in 3 months. 
Just today got Citi targeted offer in the mail.  And I saw HSBC advertise their offer in their window of my local branch.  My local Citi branch also advertised their offer, but it was not as good as the one I got in the mail today.

What I got in the mail was $300 for Citigold checking account requiring two bill payments one in each of the two consecutive months in 60 day period.  There is $30/mo fee and $300 deposited after 90 days.  Fee is waived if you have $50K deposit.  I figured it will cost me $90 for 3 months fees and I'll get $210 if I make two bill payments.  So deposit $200, make two payments for a total of approximately $90 or less (my internet and part of my gas bill will suffice), pay 3 months of $30 monthly fee, collect $300 and get out.  I wonder if Citigold can be downgraded to a regular Citi checking account with smaller fee after two month.  I'll ask them.

What I saw advertise in Citi window was something like $750 for $100K deposit, no other details were mentioned.

Oh yeah I blocked myself from offers via the gov. that's probably why. oh well. I don't remember if I did permanent or the 3-5 year one.

[MsFrugalista]

What I got in the mail was $300 for Citigold checking account requiring two bill payments one in each of the two consecutive months in 60 day period.  There is $30/mo fee and $300 deposited after 90 days.  Fee is waived if you have $50K deposit.  I figured it will cost me $90 for 3 months fees and I'll get $210 if I make two bill payments.  So deposit $200, make two payments for a total of approximately $90 or less (my internet and part of my gas bill will suffice), pay 3 months of $30 monthly fee, collect $300 and get out.  I wonder if Citigold can be downgraded to a regular Citi checking account with smaller fee after two month.  I'll ask them.

I just completed a similar bonus - but I took the 30,000 American Airlines instead of $300 (as I value 300K miles more than $300 for travel needs). The monthly fee is waived automatically for two months, so there is only 1, possibly 2 months, of fees that you may have to pay. In my situation however, I completed the requirements within a week of opening the account and received my bonus around 60 days later. I downgraded to the regular checking account (you only need to keep $1,500 to waive the fee) by calling them as soon as my miles posted to my AAdvantage account. I did not have to pay any monthly fee. YMMV very much, but feel free to give it a try!

[Rosy]

@Kaikou - www.doctorofcredit.com is the best blog I have found if you are considering doing any of these offers. Just look under bank bonus guide in the side tab.

I've only done three offers - one credit card and two banks. One was a targeted mail offer for a local bank, the other two I found on the blog. I have not paid any banking fees, because I followed the information on how to avoid paying the fees on the blog.
Since you will receive a tax document 1099 at the end of the year - there will be enough deductions anyway.

The next two I will put on a spreadsheet, it is easier to keep track that way and it is important to meet all the guidelines.

[Kaikou]

@Kaikou - www.doctorofcredit.com is the best blog I have found if you are considering doing any of these offers. Just look under bank bonus guide in the side tab.

I've only done three offers - one credit card and two banks. One was a targeted mail offer for a local bank, the other two I found on the blog. I have not paid any banking fees, because I followed the information on how to avoid paying the fees on the blog.
Since you will receive a tax document 1099 at the end of the year - there will be enough deductions anyway.

The next two I will put on a spreadsheet, it is easier to keep track that way and it is important to meet all the guidelines.

bomb thx

[kpd905]

+1 to Doctor of Credit.

So far this year we've gotten:  PNC ($300), 2 x Chase ($600), 2 x Discover ($100), and one Bank of America ($300).

We are going to get one more Bank of America account, then probably another $600 total with two Associated Bank accounts and two Northshore bank accounts.

So $2200 in checking accounts bonuses for the year.  The good thing is we can do the Chase ones and Bank of America ones again a year after closing them.

It's too bad that checking rewards are taxable unlike credit cards, but we get around $5,000 in untaxed credit card rewards per year as well.

[HipGnosis]

We are on bank bonus #5 and credit card #8 so far this year.

The $/hour for it is miles ahead of what I make at my real job. Plus the credit card stuff is tax free! (But you REALLY need to know what you're doing before you dive in.)

OK, HOW do I get to know what I'm doing before diving in?!?

[Elle 8]

I recently opened two new accounts for the bonuses:
TIAA-CREF - $1000 in direct deposit within 90 days for $75
Capital One - 2 direct deposits of at least $250 each for $200

I haven't actually gotten the bonuses yet so I hope it all goes as planned.  I was offered these bonuses directly in my email.  And I just got an offer from citibank for $300 for making two bill payments over two consecutive months so I'll think I'll do that one too.  I feel like I'm adjusting my direct deposit every week!  But since I can do it myself online it's fine.  Also, my employer allows, I think, ten direct deposit accounts at any given time.  I plan on closing these accounts once the bonuses come through.

[ChaseJuggler]

We are on bank bonus #5 and credit card #8 so far this year.

The $/hour for it is miles ahead of what I make at my real job. Plus the credit card stuff is tax free! (But you REALLY need to know what you're doing before you dive in.)

OK, HOW do I get to know what I'm doing before diving in?!?

r/churning and the doctor of credit blog are great places to get started. The travelmiles101 online course is also excellent.

Sent from my XT1031 using Tapatalk

[Rosy]

@chasejuggler thanks for the r/churning I had never heard of that. I'm still taking things slow, but every bit of good information helps.

There was a link to magnifymoney I followed from r/churning which had a couple of good calculators to determine which reward cards might suit your own situation best.

[locass316]

plus 2 on doctor of credit and r/churning.

good info at both of those sites