Good morning everyone, happy last Friday of the year! A long, long time ago, before Doctor of Credit was as popular as he is now, he did a guest post for me back in March 2014: Guest Post from Doctor of Credit: Bank Account Sign Up Bonuses. DOC has always been a big fan of bank account bonuses, but it took me a long time to get on the bandwagon and now I am hooked. Earlier this year, I wrote about my 2016 Roundup of Bank Account Bonuses. In 2015, I made $1,175 in bank account bonuses. In 2016, I made $2,850 in bank account bonuses. And this year, I made $3,700 in bank account bonuses.
Here are all the bank accounts I opened, the date they were closed and the bonus I received. To be fair, I am still waiting for the $200 bonus to post from my Capital One 360 Money Market account, but I met the requirements already, so now I just need to wait. I learned about all of these bonuses on DOC and he keeps a very detailed and up-to-date bank account bonuses page.
One of the great features of opening a new bank account is that you are often allowed to fund the opening deposit with a credit card. As you can see, I used a variety of credit cards for my opening deposit. I was able to meet my minimum spend on my Barclays Arrival Plus Credit Card and Wells Fargo Propel Credit Card by charging the opening deposit to those credit cards. I did not include the value of the sign up bonus, but if I did, it would be several hundred dollars more. To calculate the $82.25 in credit card rewards, I multiplied the opening deposit amount by the value of the miles, points or cash back earned to get the cash value of paying the opening deposit with a credit card. Also, not all bank accounts let you fund the opening deposit with a credit card, so I had to do a bank transfer (ACH) instead, which earned $0 cash back.
If you like the idea of funding bank accounts with a credit card to earn rewards, DOC has a great resource that shows which banks allow credit card funding. Don’t worry, 99% of the time the charge codes as a purchase, not a cash advance, so you will earn miles, points, or cash back on the opening deposit. If you are worried about being hit with a cash advance fee, call your credit card company and tell them to lower your cash advance limit to $0 before you charge the opening deposit.
Lastly, most of the bank accounts have requirements to meet in order to earn the bonus. That can range from just making you first deposit, to receiving a direct deposit, to keeping a minimum daily balance, to making purchases on their debit card (or a combination of those requirements). Make sure you read the requirements carefully and do everything they tell you to do. You also need to be on top of what the requirements are to waive the monthly fee. If you pay monthly fees, you are giving part of your sign up bonus back to the bank. Don’t do that!
Have you received any bank account bonuses this year? What was your total haul this year? If you have any questions about bank account bonuses, please leave a comment below. Have a great day everyone!