Good evening everyone, happy New Year’s Eve! 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 8 years, I have been opening new checking accounts, savings accounts, brokerage accounts, and cash management accounts for the new member bonuses. At the end of each year, I share my results on the blog. Over the last 8 years, I have made over $20,000 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 8 years with links to corresponding yearly 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 (summary)
- 2022: $4,485 (this post)
Drum roll please… Here are the 18 new accounts I opened in 2022 that paid out $4,485 in bonuses:
The list above includes traditional checking accounts, savings account, and brokerage accounts. I include everything above since the process is basically the same. The Charles Schwab Brokerage bonus was in the form of $101 in stock slices across 5 different stocks. The American Express Business Checking bonus was in the form of 20,000 American Express Membership Rewards Points, which I value at $300 (1.5 CPP per AMEX MR Point) – wish I knew the bonus would increase to 60K AMEX MR Points later in the year. The Fidelity Bloom Save and Fidelity Bloom Spend were easy online savings accounts from Fidelity. The Oxygen Business Checking bonus was paid out as a $100 cash bonus + iPad ($329 value).
The requirements vary quite a bit between the accounts: several debit card purchases, recurring direct deposits, and large initial funding deposits. I don’t mind jumping through hoops to open new accounts, like funding accounts, moving money around, changing direct deposits, keeping track of bonuses, and then closing accounts. I try to focus on bonuses that pay more than $100 unless the bonus is very easy and quick.
There are 4 other accounts that I opened in 2022 but the bonus has not posted yet, so those will count toward my 2023 numbers. The US Bank Credit Card Merchant Services required a single credit card to be processed for $50. The 3 other accounts required deposits and some debit card transactions. Here are the 4 accounts with $1,250 in bonuses pending:
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 2022, 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 New Year’s Eve everyone!