Opening new accounts for cash bonuses

January 30th, 2008 at 06:47 pm

I've always resisted opening new bank accounts just to snag bonuses, but I think I'm going to give it a try. I just got mail from a local bank offering me $50 for opening a no minimum, no fee checking account. I figure I've really got nothing to lose by sticking $100 in their bank for however long I'm required to have it there to claim the $50.

I may even do the ING thing for $25. I don't know how many of those offers I've passed up over the years.

Does anyone else do this?

Posted in Personal Finance | 10 Comments »

10 Responses to “Opening new accounts for cash bonuses”

mom-from-missouri Says:
January 30th, 2008 at 06:53 pm

I did the ING thing. I opened an account in my name, and each of the childrens named. We each got $25. I also did my credit union account there-each new account was $15 and we referred each other, so the referee got $10. Except the last child--no one left for her to refer....

When I first moved here, a local bank was offering $150 for opening an account. However, the catch there was you had to have your paycheck electronically deposited monthly. (but you could then move it out to another account without any charges). I could not do it, as I sub teach. Some months I don't even get called.
Broken Arrow Says:
January 30th, 2008 at 07:10 pm

Hehe, I did that with a brick & mortar as well. $50 for an online sign-up, and the only condition was for me to keep the account open for 6 months.

I figured, why not?
davera Says:
January 30th, 2008 at 07:27 pm

You might want to check if the $50 bonus will be reported to the IRS as interest and will be therefore taxable. May not make a difference to you, but it's good to know in advance.
Ima saver Says:
January 31st, 2008 at 05:30 am

I did it with ING!!
mom-sense Says:
January 31st, 2008 at 05:48 am

I made $250 dollars doing that last year including 2 - $25 e trades.
disneysteve Says:
January 31st, 2008 at 06:57 am

davera - It will be reported to IRS as interest, but so what? It is free money. I'll still net $38 for doing virtually nothing.
davera Says:
January 31st, 2008 at 07:37 am

Yes, $38 for free is a winner. About a month ago, Chase was offering $250 bonus for opening a business account. You do not need a registered business for that. I think any sideline would qualify, like ebay or surveys.
thriftorama Says:
January 31st, 2008 at 08:20 am

Just so you know, a record of your account opening habits appears in your CheckSystems (Chexsystems?) report. Banks can see that you've been doing this and may eventually be unwilling to open an account for you. But until then, there's no harm...
scfr Says:
January 31st, 2008 at 08:44 am

I'd say go for it!

I've done it maybe 4 times in the past 5 years or so:
- MMA for Costco members (don't remember but think it was $50 bonus)
- ING $25 opening bonus, back when ING's rates were much better
- Currently doing the Suze Orman / TD Ameritrade "Save Yourself Plan" (will be getting $50 bonus)
- Wachovia --- $75 Visa Check Card

Be sure to read the fine print to make sure there aren't requirements such as automatic deposits.
baselle Says:
January 31st, 2008 at 08:45 pm

Go for it - the only thing is that it fractures your accounts. An account here, an account there, another one, and another and pretty soon you wish you just had it in one place. Maybe a set of "away team" accounts to shift things and take advantage of offers like that.

Know yourself!

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Opening new accounts for cash bonuses

10 Responses to “Opening new accounts for cash bonuses”

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