Good afternoon everyone, I hope you had a great weekend. 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 7 years, I have been opening new checking accounts, savings accounts, brokerage accounts, and cash management accounts for the new member bonuses. Tt the end of each year, I share my results on the blog. Over the last 7 years, I have made $15,850 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 7 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 (summary)
- 2020: $800 (summary)
- 2021: $3,600 (this post)
Drum roll please… Here are the 13 new accounts I opened in 2021:
The above list includes traditional checking accounts, savings account, brokerage accounts, and cash management accounts. I include everything above since the process is basically the same. The Tastyworks Brokerage bonus was in the form of 100 shares of stock that was worth about $2 per share. The Betterment Checking bonus was in the form of American Express Membership Rewards Points from Rakuten. The requirements vary quite a bit between the accounts: deposit $10,000 for 3 months, to having a few direct deposits, to making a few debit card purchases, to funding the account with $100. I don’t mind jumping through hoops to open new accounts (funding accounts, moving money around, changing direct deposits, keeping track of bonuses, and then closing accounts), but I don’t get very excited about earning $50 or $100 in Swagbucks or MyPoints for opening new accounts from small online banks.
As you can see, I only have 5 accounts still open today (December 13). The Kabbage by AMEX Checking is currently paying 1.1% interest, so that will probably become my go to online savings account for 2022. The Marcus Online Savings account is currently paying 0.7% interest since I referred a few people, but that rate is not as competitive as Kabbage. I keep my Brex Cash and Betterment Checking accounts open since there is no monthly fee, but I am not using them right now. I will probably close my Fidelity Cash Management account in the next month or so.
If you are interested in bank account bonuses, I recommend checking out Doctor of Credit’s Best Bank Account Bonuses page. If you did any bank account bonuses in 2021, please 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 everyone!