Bank Bonus Offers

[Dtail]

Fabulous!

@njhowie
As a general observation, would you say that these bonus deals would be available to non current BUT former customers as a general rule?

i.e. do you find most of these deals to be one shot and done (setting aside multiple family members), or there is the ability to open and close accounts each year for new deals with the same bank?

 

[derick]

These are incredible offers. I think I am going to see to it. The one from Citibank is great

 

[njhowie]

@njhowie
As a general observation, would you say that these bonus deals would be available to non current BUT former customers as a general rule?

i.e. do you find most of these deals to be one shot and done (setting aside multiple family members), or there is the ability to open and close accounts each year for new deals with the same bank?

Sometimes, after a period of time (a few years later), you can do it again if still being offered. We did one of the Chase savings account offers a second time for DD after a two year waiting period. As we discussed on the Discover, theirs is one and done.

Overall, I'm not sure how many let you redo them, or restrictions between different offers at the same bank. I do know that cross-product will generally work. You can do a banking or credit card offer and then turn around and do the other. We did that with HSBC. Did a $200 checking account bonus (on a $1500 deposit), then turned around and did their credit card for $150 bonus for charging $500 in the first three months.

What I also know is that over time most banking offers have gone to requiring some level of direct deposit. Until now I've always stayed away from them, but with audreyh1's comment, I may try a few which do have direct deposit requirement and transfer the money from our brokerage account. Last year, one local bank specifically indicated that plain vanilla ACH transfers counted so we did that one, merely transferring money in/out of our primary bank.

 

[njhowie]

These are incredible offers. I think I am going to see to it. The one from Citibank is great

derick, I'm going to sound like a damn broken record here, but (if you have the money available) do the Discover offer (first). See Golden sunset's comment just above - deposited the money, had the bonus one day later, and was able to transfer it all out immediately - no fees or any other requirements. You can put the money into Discover, get the bonus quickly (a few weeks later at most), and then roll it in to Citibank, where there is a longer requirement.

 

[OldConch]

SoFi. Transfer $100 into SoFi and they give you a $50 bonus. Took me about five minutes to set up my account and plug in my routing/account numbers for the transfer. Bonus posted almost immediately and was available for withdrawal when transfer was complete.

There's a $50 referral bonus so, after referring DW, we had $150 in bonuses for less than 15 minutes effort. $10,000 limit on referral bonuses.

Debit card shipped quickly and we used it on a trip to Ensenada. No foreign transaction fee and they rebated the $3.55 ATM fee immediately.

You can close this account immediately but the debit card worked so well I may keep at least one account open.

 

[Dtail]

Sometimes, after a period of time (a few years later), you can do it again if still being offered. We did one of the Chase savings account offers a second time for DD after a two year waiting period. As we discussed on the Discover, theirs is one and done.

Overall, I'm not sure how many let you redo them, or restrictions between different offers at the same bank. I do know that cross-product will generally work. You can do a banking or credit card offer and then turn around and do the other. We did that with HSBC. Did a $200 checking account bonus (on a $1500 deposit), then turned around and did their credit card for $150 bonus for charging $500 in the first three months.

What I also know is that over time most banking offers have gone to requiring some level of direct deposit. Until now I've always stayed away from them, but with audreyh1's comment, I may try a few which do have direct deposit requirement and transfer the money from our brokerage account. Last year, one local bank specifically indicated that plain vanilla ACH transfers counted so we did that one, merely transferring money in/out of our primary bank.

Okay thanks.

 

[Finance Dave]

I did this at a local 5th/3rd bank recently. For opening an account and keeping it open I got some amount, then if I deposited $20k and left it there for 3 months I got an additional amount. I forget the split, but the total was $550. I took it out at 93 days.

 

[dvalley]

Can one of the mods please make this a sticky?!

 

[dvalley]

derick, I'm going to sound like a damn broken record here, but (if you have the money available) do the Discover offer (first). See Golden sunset's comment just above - deposited the money, had the bonus one day later, and was able to transfer it all out immediately - no fees or any other requirements. You can put the money into Discover, get the bonus quickly (a few weeks later at most), and then roll it in to Citibank, where there is a longer requirement.

I did the Discover bank offer in 2018 and it was a pleasant experience. Sadly it's not open to prior customers of their savings accounts so I'll have to sit this one out

 

[njhowie]

Excellent! We have two Marcus bonuses hitting over the weekend, then the money transfers out to Simple on Tuesday for the next one.

Was a little concerned when the Marcus bonus progress indicator didn't show a "Completed" status on our accounts, the date to keep the balance intact had passed two days ago, and Simple took the money today. Then later in the day today, the completion status finally updated. Maybe had something to do with the completion date being Sunday and then yesterday was a holiday?

In any case, completed the Marcus bonus, and Simple now has the money for the next couple months.

 

[Montecfo]

"Simple now has the money"

Njhowie, it sounds like you now have "bank bonus offers" as part of your regular AA!



Not a bad idea for some of these.

 

[Golden sunsets]

Was a little concerned when the Marcus bonus progress indicator didn't show a "Completed" status on our accounts, the date to keep the balance intact had passed two days ago, and Simple took the money today. Then later in the day today, the completion status finally updated. Maybe had something to do with the completion date being Sunday and then yesterday was a holiday?

In any case, completed the Marcus bonus, and Simple now has the money for the next couple months.

NJ: I've done the Simple x 2 and the Discover x 2. In your opinion what is the next best deal?

And yes please Mods, make this a sticky.

 

[njhowie]

"Simple now has the money"

Njhowie, it sounds like you now have "bank bonus offers" as part of your regular AA!



Not a bad idea for some of these.

It is a very small portion in the bigger picture, but yes, I would say that you are correct.

I'm as frugal as they come, and if you offer me free money with few hoops to jump through, I'm going to take it.

Moments ago, I booked flights PHL/MIA round trip for $29 (actually $28.64 - $14.32 each way). I'll sit in the lavatory for that price!

 

[njhowie]

NJ: I've done the Simple x 2 and the Discover x 2. In your opinion what is the next best deal?

I'll have to look again. In the past, the HSBC checking account offers have been extremely good. Last year I did the cheap one - $200 for $1500 deposit, no other strings. I think the current ones require direct deposit, but the amounts on them are pretty good from what I remember.

 

[Dtail]

NJ: I've done the Simple x 2 and the Discover x 2. In your opinion what is the next best deal?

And yes please Mods, make this a sticky.

The Fifth Third Bank deal sounds like a good one if you have a branch in your area.

 

[Golden sunsets]

The Fifth Third Bank deal sounds like a good one if you have a branch in your area.

Yes. I was all ready to jump on that but alas, none in my area.

The Chase $1,000 for a $75,000 deposit sounds good. I was wondering if there is anything better. I don't think I want to get into direct deposits though, so HSBC is out.

 

[calmloki]

A decent bonus with CIT bank, particularly for those with an account there:
https://www.cit.com/cit-bank/savings-builder-account-bonus-direct/

$150 for $25k new money; maintain account 90 days. $300 bonus for $50k. That's on top of the 1.85% they are paying in interest.

For current CIT account holders it is the same deal except you only need the money there for 30 days.

I happen to have a CIT account and signed up for this today and arranged for funds transfer - by the time the whole funding period (which I don't need) and other thumb twiddling banker time is accounted for CIT says I will be qualified for the bonus on 12/29, then they may take a couple weeks to get me the bonus. So one month looks like it stretches to two. Still, decent interest.

 

[Golden sunsets]

For current CIT account holders it is the same deal except you only need the money there for 30 days.

Ooh this is good. Thanks. Camloki. I have an account there.

 

[njhowie]

...CIT says I will be qualified for the bonus on 12/29, then they may take a couple weeks to get me the bonus. So one month looks like it stretches to two. Still, decent interest.

Well, unless there is language to the contrary, you only need to maintain the balance until the day you qualify for the bonus. You can move the money elsewhere at that point and you'll still get the bonus - the account just needs to remain open until they deposit your bonus.

Also, recently, I've been seeing many of the banks pay up very quickly once the requirement is met. I know that Citibank and HSBC do take lots of time - all the way to the end of the period they indicate. However, Marcus just paid one day after they notified of meeting the terms, and we know Discover is extremely fast.

Report back how quickly CIT pays after 12/29 - that is one I haven't worked with in the past.

 

[MrsHaloFIRE]

update on discover bank bonus

So Im in process of wringing bonus money out of discover bank thank to the lead on this forum. Went after the 150 on 15k for 2 week soak, times 2 accounts 1 for me one for DH. Funds had to be there Monday. They were. I see today the bonus $150 has POSTED already. And I can draft everything back to my cash hoard on Friday when discover makes the funds available. So 5 day soak on 30k to get 300. Im looking around now for my next big payday. Christmas cash here i COME.

 

[MrsHaloFIRE]

Is there any kind of "direct deposit" you can sign up for, without having a j*b?

Yes I think you can google "what banks count as a direct deposit" and someone took the time to make a chart showing by bank, from what other bank they consider ACH transfers a direct deposit. I know for a fact USAA views ACH transfers from Wells as a direct deposit.

Editted to Add
Better, heres the link
https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/

 

[njhowie]

So Im in process of wringing bonus money out of discover bank thank to the lead on this forum. Went after the 150 on 15k for 2 week soak, times 2 accounts 1 for me one for DH. Funds had to be there Monday. They were. I see today the bonus $150 has POSTED already. And I can draft everything back to my cash hoard on Friday when discover makes the funds available. So 5 day soak on 30k to get 300. Im looking around now for my next big payday. Christmas cash here i COME.

Good Job!!!

One thing to keep in mind...consider leaving a $25 (or more) balance in each account until month end and interest gets credited. You are going to be receiving interest for the time the money was in the account, which will amount to something...maybe a few dollars. You're going to want to transfer that out as well. However, if I remember correctly, Discover has a $25 minimum when ACHing. I seem to remember having to ACH $25 back to Discover, just so I could ACH that small amount of interest out.

 

[Lagniappe]

Good Job!!!

One thing to keep in mind...consider leaving a $25 (or more) balance in each account until month end and interest gets credited. You are going to be receiving interest for the time the money was in the account, which will amount to something...maybe a few dollars. You're going to want to transfer that out as well. However, if I remember correctly, Discover has a $25 minimum when ACHing. I seem to remember having to ACH $25 back to Discover, just so I could ACH that small amount of interest out.

I emptied and closed my discover account last week, after I received the cash bonus. When I called to close the account, the customer service rep asked if I wanted my $6.22 interest as part of the ACH or as a separate check. Since I had already done the ACH, I took the check. It arrived in 3 business days and has already been deposited in my Fifth Third account, where I am working on getting a $250 reward for depositing $500 for 90 days.

 

[Dtail]

I emptied and closed my discover account last week, after I received the cash bonus. When I called to close the account, the customer service rep asked if I wanted my $6.22 interest as part of the ACH or as a separate check. Since I had already done the ACH, I took the check. It arrived in 3 business days and has already been deposited in my Fifth Third account, where I am working on getting a $250 reward for depositing $500 for 90 days.

Good to know when I close the Discover account next week, since transferred out all the monies already besides the unknown interest.

 

[Russman]

Thanks for the scoop on the online banks. I was hesitant going with online banks, but after thinking about it, they probably are as safe, or more safe than some of the brick and mortar banks out there....just a mindset transform. I was thinking of going with Discover & Capital, as their savings accounts also pay 1.8% interest (in addition to the bonus), and rather than locking up money in a CD, you can move it sooner.
Have you encountered any issues with how long you have to maintain the balance, beyond the 90 days ? For instance, I saw one bank that required 6 months.
Also, once I set it up the acocunt & transfer money from my usual bank to Discover or Capital One, do you ever encounter problems when you want to transfer the money from Discover or Capital One back to your normal bank ?
Thanks.