Good afternoon everyone, I hope your week is going well. 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 10 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 10 years, I have made $26,775 in bank account bonuses. You will receive 1099-INT / 1099-MISC 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 spending threshold / milestone to earn more rewards. Here are my results from the last 10 years with links to corresponding yearly summaries:
Drum roll please… Here are the 12 new accounts Laura and I opened in 2024 that paid out $2,755 in bonuses:
| Bank Account Name |
Opened |
Closed |
Bonus |
Notes |
| WeBull Brokerage (Laura) |
01/01/24 |
02/21/24 |
$180 |
30 free stocks (worth $180) |
| Citi Access Checking |
01/01/24 |
04/26/24 |
$200 |
|
| PSECU Checking |
01/04/24 |
05/31/24 |
$300 |
$100 credit card funding |
| PenFed Credit Union Checking |
01/04/24 |
11/08/24 |
$250 |
|
| M1 Finance |
01/06/24 |
02/20/24 |
$250 |
|
| NASA Federal Credit Union Checking |
01/09/24 |
04/26/24 |
$300 |
$400 credit card funding |
| Redwood Credit Union Checking |
01/26/24 |
04/26/24 |
$250 |
$500 credit card funding |
| Raisin Account @ Grand Bank |
01/26/24 |
08/15/24 |
$150 |
Rakuten cash back: 10,000 AMEX MR Points ($150 value) |
| Upgrade Rewards Checking Plus |
03/05/24 |
05/11/24 |
$150 |
|
| Upgrade Premier Savings |
03/07/24 |
08/15/24 |
$200 |
|
| One Finance Savings |
11/08/24 |
12/28/24 |
$225 |
Rakuten cash back: 15,000 AMEX MR Points ($225 value) |
| Chase Total Checking (Laura) |
11/11/24 |
Open |
$300 |
|
|
|
|
$2,755 |
|
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