Bank Bonus offers

I know there was an old thread about this years ago but the search function was no help so I’m starting a new one.

We seem to be in a golden era in options for easy money in opening accounts and then transferring the bonus out into another new account.

You have to read the terms closely and make sure you can meet the requirements as many have a lot of fine print. You also have to have the cash available to both open the account and not need it during the term to beat the requirement. Also having an income or access to a direct deposit is helpful or required to meet the terms. Others just require a certain amount of debit purchases, which can be a nickel at a gas pump if needed.

You also should calculate the return on the money based on the time requirement to obtain the bonus. In every case I have used, it’s well above MM and CD rates for cash investments. And of course these are still small returns historically to the stock market, but have no risk.

The easiest $150 or $200 out there right now is with Discover Bank if you have $15,000 or $25,000 to access. They pay the bonus within days of opening the account and no fees to close the account. It also pays above 2% while the cash is sitting there. Here is a link to the program.

https://www.discover.com/online-banking/savings-lng-04/?TPR=069&cmpgnid=ps-bk-ggl-bndOSApromo&src=MD19&van=Dbank&gclid=EAIaIQobChMI3-zw_M-g4gIVC5SzCh3BuAX0EAAYASAAEgJXkPD_BwE&gclsrc=aw.ds

Wow, this actually looks good. I may do this one.

It's a trap!!!!! (-;

Capital One money market is $500 for $50,000 balance (90 day minimum balance requirement) with code "EARN500". Ends May 19, 2019 though. Must be new customer; i.e. not have had a Capital One savings product since January 1, 2016. 2% APY on balances over $10,000. Bonus deposited within 60 days of meeting requirement (up to 150 days from opening). After the 5 months, you would have, what, like $900 with the bonus?

For small bonuses, local/regional banks may be better. Key Bank (Ohio, PA, NY, CT) had $100 bonus on $10 minimum opening deposit no-checks "checking" account after a single ACH transfer or direct deposit of at least $500. Account must be open for 120 days, but no fees (and lost interest on $14 left in account is negligible.) It should be valid through end of month, but Key has removed promo from website. Fifth Third has $250 for checking account. $500 minimum daily balance for 60 days after reaching $500 balance, though $1500 is required to avoid fees unless you have "free" checking available in your location. This one must be opened in branch after receiving offer code online.

I had an awful experience with a Citi savings / checking bonus. I followed all the rules and getting them to pay took way longer than it should have and required more emails, calls, and hold time than it was worth.

I had a similar experience with Cap One. Actually, their online bank Capital 360 misplaced about $20,000 of mine and it took several contacts with FINRA before they released the funds. I had to contact FINRA, the Consumer Protection Agency and the NY State AG before they would even admit the money was missing.

You forgot the Office of the Comptroller of the Currency

Quote: billryan

I had a similar experience with Cap One. Actually, their online bank Capital 360 misplaced about $20,000 of mine and it took several contacts with FINRA before they released the funds. I had to contact FINRA, the Consumer Protection Agency and the NY State AG before they would even admit the money was missing.

It wasn't funny at the time. I couldn't believe when they called me to tell me they couldn't find my money and there was nothing to be done. Everyone makes mistakes, but it was their arrogance that peeved me off. FINRA was helpful but moves at the speed of a glacier.
CPA was amazing. A week after they forwarded a copy of the letter they sent to Cap One 360, I had some senior VP from Cap call me and my lost money was traced down.

Quote: billryan

It wasn't funny at the time. I couldn't believe when they called me to tell me they couldn't find my money and there was nothing to be done. Everyone makes mistakes, but it was their arrogance that peeved me off. FINRA was helpful but moves at the speed of a glacier.
CPA was amazing. A week after they forwarded a copy of the letter they sent to Cap One 360, I had some senior VP from Cap call me and my lost money was traced down.

Imagine that. One letter and they mysteriously come up with the "missing" money.

I have had some bad encounters with Cap 1 also. I am considering doing the Discover deal.

I think it ends in a few weeks

Here is a link to a site that lists many of the current promotions with a great name.

https://www.hustlermoneyblog.com/

Again, note the requirements and ensure you can meet them or you many not get the bonus.

Also a consideration is to calculate is Checking vs Savings and if you are actually going to use the account or just leave the money sit in the account. A higher initial bonus in an account that pays little or no interest eats away the bonus compared to a higher paying MM or savings account with a lessor bonus.

Which is why the Discover account with the immediate bonus and no time requirements is still the best deal out there. You can have your money in and out in less than a week with the $150 or $200 bonus for 10 minutes or less of online paperwork.

Quote: Boz

Here is a link to a site that lists many of the current promotions with a great name.

https://www.hustlermoneyblog.com/

Again, note the requirements and ensure you can meet them or you many not get the bonus.

Also a consideration is to calculate is Checking vs Savings and if you are actually going to use the account or just leave the money sit in the account. A higher initial bonus in an account that pays little or no interest eats away the bonus compared to a higher paying MM or savings account with a lessor bonus.

Which is why the Discover account with the immediate bonus and no time requirements is still the best deal out there. You can have your money in and out in less than a week with the $150 or $200 bonus for 10 minutes or less of online paperwork.

Not to pooh pooh this, but it is taxable. So cut a third off the top.
Credit Card AP I think gets more value (but it is not in cash, in miles).

No reason not to do both!