Good afternoon everyone. Doctor of Credit has a Best Bank Account Bonuses page that he keeps up to date with the best offers each month. In that master post, he links to individual bank account bonuses with helpful information regarding the bonus details, how to avoid monthly fees, when to close the account, how often you can open a new account, and much more. For the last 5 years, I have been opening new checking accounts for the new member bonuses. And at the end of each year, I share my results on the blog. Over the last 5 years, I have made $11,450 in bank account bonuses. You will receive 1099-INT tax forms every year, so you have to pay taxes on the bank account bonuses, but sometimes you can fund the opening deposit with a credit card and earn miles, points, or cash back. If you are lucky, you can meet a minimum spending requirement by funding a new checking account or reach a high spending target to earn more rewards. Here are my results from the last 5 years with links to corresponding blog post summaries:
- 2015: $1,175 (no post)
- 2016: $2,850 (summary)
- 2017: $3,700 (summary)
- 2018: $2,725 (summary)
- 2019: $1,000 (this post)
Drum roll please… Here are the 3 new checking accounts I opened in 2019:
There are 3 main reason why my 2019 total is so much lower than previous years. For starters, there are only so many nationwide bank account bonuses (much fewer than previous years) and only so many local banks and credit unions in Northern California. Smaller banks and credit unions only want customers near their branches and in their region. Secondly, most banks implement rules where you cannot open, then close, then reopen a new checking account within a certain amount of time (usually 1-2 years). And lastly (and probably more importantly), my wife did not want me to open so many new checking accounts (happy wife = happy life). I don’t mind jumping through hoops to open new checking accounts (funding accounts, moving money around, changing direct deposits, keeping track of bonuses, and then closing accounts). That might not sound fun to you (or my wife), but I enjoyed the process.
If you do bank account bonuses, let me know how much you made this year and whether your total is higher or lower than previous years. Thanks for reading and have a great day.