Bank Bonus Offers

[njhowie]

Thanks to njhowie!!!!!!!! I owe you a beer.

I am on way to collecting a nice reward from Discover Bank.

You're very welcome - love to hear folks collecting money for simply moving digital money around.

I really love the Discover Bank offer, because they credit the bonus so darn fast and there are no fees or requirements to keep the money there or the account open past the payment. Huge APY as a result.

 

[njhowie]

If you live in an area where Fifth Third Bank operates, here is a great offer, but you have to go in to the bank to open the account:

https://accounts.53.com/banking/offer/checking

• Open new checking account by 12/31
• Deposit $500 within 45 days
• Maintain $500 balance for 60 days
• Collect $250 within 10 days after the 60 day period

That's 50% in 60 days.

 

[wdwwildbill]

Thanks njhowie,,, I was able to open 2 simple accounts before the deadline. Super easy
Thanks for finding that for us

 

[kaneohe]

Would a bank send you notice of an offer if you weren't eligible? I know I had an acct there but don't remember what type acct it was. Terms say only first time owners of a particular type of acct are eligible. Would hate to put multiples of 10K at almost no interest only to find I'm not eligible for bonus.

 

[njhowie]

Would a bank send you notice of an offer if you weren't eligible? I know I had an acct there but don't remember what type acct it was. Terms say only first time owners of a particular type of acct are eligible. Would hate to put multiples of 10K at almost no interest only to find I'm not eligible for bonus.

Personally, I would not chance it by going ahead with it not knowing for sure. I would call whatever information phone number is given on the notice you received and ask them. They should be able to quickly look up what type of account you had and if you'd be eligible for what they sent you. If it was a very long time ago, and the account has been inactive and removed, they may not even have a record of it.

Another alternative, when you had the prior account, do you remember if it was in your name? Joint with spouse? If it was titled one way, you should be able to open an account now, titling it differently and be eligible.

 

[kaneohe]

Personally, I would not chance it by going ahead with it not knowing for sure. I would call whatever information phone number is given on the notice you received and ask them. They should be able to quickly look up what type of account you had and if you'd be eligible for what they sent you. If it was a very long time ago, and the account has been inactive and removed, they may not even have a record of it.

Another alternative, when you had the prior account, do you remember if it was in your name? Joint with spouse? If it was titled one way, you should be able to open an account now, titling it differently and be eligible.

good pts.......went back to tax records 2008/2009 but must have trashed the
1099INTs so not sure of titling (may not have been sure even w/ 1099). Bank statements also gone but cash flow records show reasonably equal (and significant quarterly interest amounts and the notation of mature at end so feels like a CD. The new eligible account is negligible interest checking acct w/ bonus so it sounds different.

Thanks for your thread ........may have gotten me back in the madness.......will probably need to undo the credit freeze.

 

[dvalley]

Subscribed!

I opened the Simple account as well as a Wells Fargo checking that offers $400 bonus. The catch is it requires direct deposits of at least $3k every month for 3 months. I plan to redirect my paycheck from BoA to Wells Fargo.

 

[njhowie]

Discover Savings Account
https://www.discover.com/online-banking/savings-lng-04/?TPR=069
Open account by 11/4, fund it to $15,000/$25,000 by 11/18, collect $150/$200 by 12/2. This one is the best - your money is there for a maximum of two weeks and you collect 1%. In reality, Discover credits the bonus even quicker and once that happens, you are free to transfer all the money out and close the account - no penalties or fee for early account closure.

Also, as an FYI - Discover continually recycles this offer. The qualifier at the end of the URL may change, but it's easy to locate the current offer by googling for "Discover Savings Bonus". So, if you don't open the account by tomorrow, don't worry, the offer is very likely not disappearing.

 

[Golden sunsets]

Also, as an FYI - Discover continually recycles this offer. The qualifier at the end of the URL may change, but it's easy to locate the current offer by googling for "Discover Savings Bonus". So, if you don't open the account by tomorrow, don't worry, the offer is very likely not disappearing.

I did sign up for one of the Discovery offers yesterday in my name. As you pointed out it was easy to do. It only made sense of course because the bonus is paid within 2 weeks. I won't have enough cash to do a second offer until December, so perhaps I'll be able to sign up for DH. I love making money work hard at the end of the year for a few thousand in bonus offers. Capitol One's offer is cheap this year, compared to last year.

 

[GrayHare]

One downside to this is the more your spread your personal information around, such as to more banks, the more likely it gets hacked and stolen.

 

[Sunset]

If you live in an area where Fifth Third Bank operates, here is a great offer, but you have to go in to the bank to open the account:

https://accounts.53.com/banking/offer/checking

• Open new checking account by 12/31
• Deposit $500 within 45 days
• Maintain $500 balance for 60 days
• Collect $250 within 10 days after the 60 day period

That's 50% in 60 days.

Just did it, depositing the $500 for the first $250.

The offer also has a second part, put in $20K for 90 days and get another $250.
Banker told me if I increase the $20K to $25K, I can get 1.5% in their MM account while I wait the 90 days to earn the $250 bonus.

That way I'm not wasting the earning power of the first $20K by having it sit in a low earning bank account.

So after 90 days (roughly) I'll have $250 + $250 + $93.75 earnings.

So that is what I'm doing.
Easy Peasy....

 

[Sunset]

One downside to this is the more your spread your personal information around, such as to more banks, the more likely it gets hacked and stolen.

But, with it all spread around, if they hack your original bank, they will only get a tiny bit instead of it all

 

[njhowie]

Just did it, depositing the $500 for the first $250.

The offer also has a second part, put in $20K for 90 days and get another $250.
Banker told me if I increase the $20K to $25K, I can get 1.5% in their MM account while I wait the 90 days to earn the $250 bonus.

That way I'm not wasting the earning power of the first $20K by having it sit in a low earning bank account.

So after 90 days (roughly) I'll have $250 + $250 + $93.75 earnings.

So that is what I'm doing.
Easy Peasy....

Awesome!!!

I saw the second part for the $20k, but didn't put that in the post because the return is so much smaller compared to getting the $250 for the first $500. Wonderful that you can get the MM rate while waiting for the bonus money on the extra amount.

 

[Retireby45ish]

Are we we forgetting that this is all taxed as ordinary income? At the highest rates!
So the 2% rate is really only 1.4% if you are in the 30% tax bracket. And on small amounts of money. I don’t know if it’s worth the effort. I always think about it but rarely do it.
And you know the banks are sending the 1099InT in to Uncle Sam..

 

[Dtail]

Are we we forgetting that this is all taxed as ordinary income? At the highest rates!
So the 2% rate is really only 1.4% if you are in the 30% tax bracket. And on small amounts of money. I don’t know if it’s worth the effort. I always think about it but rarely do it.
And you know the banks are sending the 1099InT in to Uncle Sam..

Bah humbug. lol
Many retired folks not being taxed at 30%, especially before RMD's.
The Simple account opening and transfer took 6 minutes total for me for 500 taxed dollars. I'll take it.

 

[njhowie]

Are we we forgetting that this is all taxed as ordinary income? At the highest rates!
So the 2% rate is really only 1.4% if you are in the 30% tax bracket. And on small amounts of money. I don’t know if it’s worth the effort. I always think about it but rarely do it.
And you know the banks are sending the 1099InT in to Uncle Sam..

Well heck, if you don't make any money, then you won't owe any taxes at all.

As far as the 2% rate, what time frame are you making it in? 3 months? Then it's 8% APY (before tax of course). 2 weeks? Then it's 52% APY.

You're not even getting 2% for leaving your money in a savings account for a full year. If you don't think it's worth earning that amount on some portion of your money for a fraction of the time, then ignore.

Most of these require nothing more than clicking a few buttons, moving digital money around, and letting it sit. You know of an easier way to make a guaranteed risk free return on your money? Seriously - how much effort is there with these?

I'm giving you free money. If you have to pay taxes on it, are you still left with free money or not?

 

[NW-Bound]

Capital One
https://www.capitalone.com/save1000/
Open account by 12/31, deposit $10,000 within 10 days of opening account, maintain balance for 90 days, collect $200. If you have $150,000 you can do it for $1000, but getting $200 for $10,000 is obviously the better bang for the buck.

$200 over 90 days with $10K principal is 8% annual. Not shabby at all.

But man, it still takes some work.

I have been trying to make $100 with each $10K principal in one month with selling cash-covered put options. Of course it is quite more risky, but that adds spice to life.

 

[njhowie]

$200 over 90 days with $10K principal is 8% annual. Not shabby at all.

But man, it still takes some work.

I have been trying to make $100 with each $10K principal in one month with selling cash-covered put options. Of course it is more risky, but that adds spice to life.

NW-Bound - do the Discover - I cannot stress enough how tremendous that one is ... they give you the bonus within 2 weeks...and you are free to withdraw it all and close the account, no fees or requirements to keep it there for any period longer.

 

[Dtail]

NW-Bound - do the Discover - I cannot stress enough how tremendous that one is ... they give you the bonus within 2 weeks...and you are free to withdraw it all and close the account, no fees or requirements to keep it there for any period longer.

Hasn't that deadline passed on 11/04?

 

[njhowie]

Hasn't that deadline passed on 11/04?

See my last comment about it on prior page...gets recycled monthly.

Now:
- open by 12/2
- deposit by 12/16
- collect by 12/30

https://www.discover.com/online-banking/savings-lng-04/?TPR=069

 

[Golden sunsets]

See my last comment about it on prior page...gets recycled monthly.

Now:
- open by 12/2
- deposit by 12/16
- collect by 12/30

https://www.discover.com/online-banking/savings-lng-04/?TPR=069

Oh this is great. So once I receive the bonus on 12/2 on my account, I can recycle the money for a new account in DH's name for another $200.

 

[Dtail]

Oh this is great. So once I receive the bonus on 12/2 on my account, I can recycle the money for a new account in DH's name for another $200.

Thinking the same concept here.

 

[mn54]

Thinking the same concept here.

Offer not good for existing or prior customers of discover.

 

[njhowie]

Offer not good for existing or prior customers of discover.

Can do it for every individual in your household.

Not good if existing or prior "Discover Savings Account" customer. If you have/had a Discover credit card or any other Discover non-savings account product you are eligible.

 

[Dtail]

Offer not good for existing or prior customers of discover.

Did it for DGF and now will do it for me.