This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. What is written in the article is the editor's opinion.
I opened 3 new checking accounts last week. And will earn a total bonus of $900 after making the required number of transactions and/or direct deposits.
That’s a super easy way to make $900. And I didn’t even have a credit pull.
I have around 30 credit cards. And currently can’t get most Chase, Citi, or Amex cards because:
- Chase has 5/24
- Citi limits to “family of brands” every 24 months when you open OR close an account
- Amex has the once per lifetime (AKA every ~7 years) rule
I’m not interested in any Barclaycards. Or US Bank cards. And I can’t get more Discover cards (limit 2).
So, scraping the bottom of the barrel. But it’s not so bad down here! I’ve been following more checking account bonuses recently – a new world indeed.
How I got $900 in a week from checking account bonuses
The first bonus was $450 from a new Regions account. My mom banks with Regions, so I had her refer me to a new account. She’ll get $50 and I’ll get $400 – $450 in total.
I opened the account online. And then had to go in person to “sign the signature card” (???). It seemed like a waste of time. But I wanted to ask about their business checking and mortgage opportunities just in case. Plus, it’s always good to have a relationship with a new banker.
The signature card thing took all of 2 minutes. Then we chatted about investment properties and getting a DBA on file – super helpful stuff.
That got him talking about another $200 for opening a new business checking account.
He said I could refer myself to that account from my newly opened personal checking account and earn $50 for the referral. And $150 for opening it.
I went back a few days later and opened the account.
So we’re up to $650 for the 2 accounts. I was already beyond thrilled. And I legit needed to open a business checking account with a DBA on file.
Then, I saw I could get an easy $250 by opening a Wells Fargo checking account.
I could theoretically transfer $500 from Regions to Wells Fargo (then make 10 debit card transactions) to satisfy the requirements. Within a few minutes, I filled out the application and sent it on its way.
So when that cash hits, I’ll be up to $900 earned from checking account bonuses. That’s pretty cool.
What to look out for
It’s not all sunshine and fields of cash.
Then again, neither are credit card bonuses. With those, you have to spend $X,000 amount and track it for X months.
With checking account bonuses, you have to make XX transactions and/or direct deposit $X00 within X months.
There are ways to earn both types of bonus within a few minutes. I’m not worried about it, but it’s a consideration.
I just make sure I track when I met the requirements and when the bonus is supposed to hit in case I have to follow up.
The bigger issue is the recurring monthly account fees, usually around $10. There are ways to waive them, but you have to be on top of it – for at least for a few minutes per month. Then, once the bonus cash hits, you can simply close the account. Or if you like it for other reasons, keep it.
Usually, the fee is waived for a month or two anyway. And I recommend paying it for a couple of months anyway (or getting it waived) just so it doesn’t look as obvious that you only wanted the bonus.
It does require some tracking, time management, and mental headspace keeping track of it all. But again, so do credit card bonuses…
Checking account bonuses aren’t as sexy as 100,000 point sign-up bonuses and award trips in international First Class. But $900 relatively free and clear – who wouldn’t want that?
Because I can’t get most current credit card offers, I’m paying attention to checking account bonuses more (and a huge thanks to Doctor of Credit for tirelessly tracking them all). It’s a whole new world with new rules and guidelines.
But the way I see it, a few minutes of time this past week nearly paid my mortgage for a month.
I know other peeps must be in a similar position. Would you consider signing up for checking accounts while you wait for the next eligible credit card deal?
BEST Current Credit Card Deals
- BRAND NEW Amex Hilton Small Business Card - 100,000 Hilton points - Does NOT count against 5/24!
- Chase Sapphire Reserve - 50,000 Ultimate Rewards points - My review of this card.
- Discover it® Cashback Match™ Card - $50 after 1st purchase within 3 months of account opening - Why I love this card!
- Hilton Ascend Amex - 100,000 Hilton points - Why I picked up this card.
- Chase Ink Cash - $300 cash back (30,000 Chase Ultimate Rewards points) - Excellent 5X bonus categories and NO annual fee. COMPARE HERE.