Good afternoon everyone, this is a sequel to my 2017 post titled How Much Money Did I Make from Bank Account Bonuses in 2017? and from my 2016 post titled My 2016 Roundup of Bank Account Bonuses (1099-Int Tax Season). To recap, in 2015, I made $1,175 in bank account bonuses. In 2016, I made $2,850 in bank account bonuses. And in 2017, I made $3,700 in bank account bonuses. Would 2018 be a record breaking year… unfortunately not.
In 2018, I opened a total of 15 bank accounts (split between checking, savings, and brokerage cash accounts). 8 of those accounts are now closed, 7 accounts are still open, and I am still waiting for bonuses from 2 of those accounts to post. 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 $125 bonus to post to my Meriwest Credit Union Checking Account and the $150 bonus to post to my TIAA Bank Yield Pledge Checking Account, but I met the requirements already, so now I just need to wait. Doctor of Credit 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 Chase Marriott Rewards Business Credit Card by charging the opening deposit to that credit card. 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 $123 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, Doctor of Credit 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!