I have taken advantage of both cc and bank bonus offers for years. This works. But the key is paying attention to the details and keeping records. This video helped me with my problem. I don’t have an employer paycheck to deposit due to early retirement so I haven’t done any bank offers for years thinking I can’t qualify without paycheck deposits. Your video gives me hope that I can start again! By the way cc offers aren’t taxed as bank offers are. 😊
Yes, you absolutely need to keep track and read the fine print! They have gotten me a few times by stating some tiny detail that I missed, so I didn't get the bonus. Fidelity CMA for the win! It usually qualifies for dd for most banks, so it's a great account to have for that!
Not having a way to do the “direct deposit”/ not wanting to make my wife go through the process of changing her w2 direct deposit every few months kept me from trying these. We are financially independent now, so we definitely don’t have a large direct deposit coming in. Thanks for sharing the resource that explains what difference banks count as “direct deposits!” I may give the bank bonuses a try now.
Hi Zach, Thanks for the video! Three thoughts/questions: - I suspect that most folks are not so interested in the ROI calculation, since it's not like you can invest as much money as you want at that ROI. Rather, I think viewing it as a $200 per month side hustle is a nice way of looking at it, and also evaluating how much time you are having to spend (researching, opening, closing an account) to earn a bonus. - You did not mention the Chex system. Have you run into any issues with banks declining your account due to too many recent account openings? - Since you have been doing this for a while, and there are only a limited number of banks offering bonuses, have you gotten to the point yet where you are opening a second or third account with the same bank (having previously received a bank bonus and closed that account)? If so, have you found that acceptable to banks, or problematic? Thanks!
Thank you for watching! -Yes that's true. The ROI is high, but with limited options. The amount earned per time spent is pretty high and you can do it on the couch haha. -I have had it happen a few times, but not enough to where it is a major issue. This is why I don't usually go after the smaller bonuses. I also have P1 and P2 (spouse). -I am just now entering the point where I am opening accounts for the second time because most bonus requirements seem to reset after 12-24 months. It is all done online so I have never had any problems as long as I follow the terms. Banks don't really care, they just want deposits so they can lend out much more multiples of that as loans :)
Hi there! Just got my first bank bonus and I'm really interested in these. One question for you: do you worry about opening and closing accounts, getting on radars? If so, any rule of thumb on that? I saw on DOC someone said they felt like opening 10 accts per year would be fine. Thoughts?
I don't do it at a rapid pace, less than 10 per year, per person. There is a "chex systems" that collects bank account opening data, and some banks reject applications because of it. My only real rule of thumb has to do personally with my Return based on how much cash I need to deposit and how long I need to keep it there, also the size of the bonus to begin with. I usually stick to $100+ bonus and less than $5k deposit required per account.
thanks for your reply! I did your style of FI and your videos. I will do similar, I will try to do ~10 a year. And Ally has one that is 200 , but honestly i consider switching from marcus to over there, so I might as well do it now, get bonus, keep it open. I've just started and I've got 4 bonus in process. I imagine it'll be over the next 4 months they are all done, so it won't seem very dramatic. @@OnCashFlow
Hi Zach, Thanks for your reply. I did think of two additional questions for you: - Re: CC accts, do you typically close them shortly after reaching the required spend amount and receiving the bonus? Or do you wait a year or so? - With CC accounts, my experience is that you have to call customer service to close the account. With bank accounts, though, after receiving the opening bonus (and meeting any account duration requirement), and withdrawing all your funds - does the account then close automatically, or are you able to close it online, or do you also have to call customer service to close it? For accounts that have a minimum balance to avoid a monthly fee, do you have to be concerned about them assessing that fee (after you have withdrawn all funds) if you do not call to specifically close it? Thanks, JOhn :)
-I usually close them before the next year because of the annual fees, but pay attention to closing an account then immediately applying for a new one. Some cc will get denials if you do it back to back. -It really just depends on the bank. Most can be closed online through online chat. Some annoying ones require a phone call. Same with CCs. If you withdrawal all your $$$ then ask for account closure I have never had an issue with being charged the fee.
Yay! I was waiting for this video. Thank you Zach for doing it. I have a question about the tax part on these bonuses. Could you walk us through that part? I saw at least some of these bonuses might classify as an interest gain and in that case the bank might file a 1099-INT form for you. How does it work? Have you handled that in your previous chasing on bank bonuses?
All interest (bonuses) you get paid is taxable income, regardless of whether or not you are issued a 1099-INT. A lot of banks only issue one if they pay over $600.
I'm not sure if UK banks offer bonuses for signing up, as I have no banking experience there, but I would guess that it is very similar, so most likely you can!
Delta community refused me. Very frustrating. While it was not written anywhere, they eather said my code from mail was not to my own name. Or I had to click on their link. But I fufill everything on thir list.
What i don’t like is that the site doesn’t let you know if you should close the account in 6 months or not because most banks do require this when doing a bonus
Doctor of Credit usually does tell you the minimum holding period. It's also usually in the fine print on the promo page of the bank. I always take note of the minimum time that each account needs to be open to avoid penalty or forfeiture of the bonus.
@@OnCashFlow exactly I do as well. I’m trying to take advantage of the chase $900 offer now but I know they have a 6 month closing period but I didn’t see that on the chase site nor on the doctor credit page
Want to know some more easy side hustles to make a few extra $? Then watch my other video:
ua-cam.com/video/FG96YpPMSJ8/v-deo.html
I have taken advantage of both cc and bank bonus offers for years. This works. But the key is paying attention to the details and keeping records. This video helped me with my problem. I don’t have an employer paycheck to deposit due to early retirement so I haven’t done any bank offers for years thinking I can’t qualify without paycheck deposits. Your video gives me hope that I can start again! By the way cc offers aren’t taxed as bank offers are. 😊
Yes, you absolutely need to keep track and read the fine print! They have gotten me a few times by stating some tiny detail that I missed, so I didn't get the bonus. Fidelity CMA for the win! It usually qualifies for dd for most banks, so it's a great account to have for that!
I got my first one today! $400 from Wells Fargo
Nice! That's a big ROI if you calculate it!
This is my favorite hustle! I’ve been doing this for years. And now that I’m married I open them up in his name as well😈
Nice!
Your content is really good! You’re very conscientious. I will “like” the video as requested and plan to share with family :).
thank you so much for your kind words! I'm so glad you enjoyed :)
Not having a way to do the “direct deposit”/ not wanting to make my wife go through the process of changing her w2 direct deposit every few months kept me from trying these. We are financially independent now, so we definitely don’t have a large direct deposit coming in. Thanks for sharing the resource that explains what difference banks count as “direct deposits!” I may give the bank bonuses a try now.
I'm so happy I could help! The dd would be a barrier for me too if some transfers didn't work!
@@OnCashFlow does this hurt your credit with the soft pulls
@@dantedlane2 No, soft pulls don't affect your credit score.
@@OnCashFlow they do a soft pull....
Didn't know this was a side hassle thing! I got an offer in the mail from my old bank and was considering it.
Absolutely! It's a pretty good passive one, you just have to be good at keeping track and understanding the requirements!
Hi Zach, Thanks for the video! Three thoughts/questions:
- I suspect that most folks are not so interested in the ROI calculation, since it's not like you can invest as much money as you want at that ROI. Rather, I think viewing it as a $200 per month side hustle is a nice way of looking at it, and also evaluating how much time you are having to spend (researching, opening, closing an account) to earn a bonus.
- You did not mention the Chex system. Have you run into any issues with banks declining your account due to too many recent account openings?
- Since you have been doing this for a while, and there are only a limited number of banks offering bonuses, have you gotten to the point yet where you are opening a second or third account with the same bank (having previously received a bank bonus and closed that account)? If so, have you found that acceptable to banks, or problematic? Thanks!
Thank you for watching!
-Yes that's true. The ROI is high, but with limited options. The amount earned per time spent is pretty high and you can do it on the couch haha.
-I have had it happen a few times, but not enough to where it is a major issue. This is why I don't usually go after the smaller bonuses. I also have P1 and P2 (spouse).
-I am just now entering the point where I am opening accounts for the second time because most bonus requirements seem to reset after 12-24 months. It is all done online so I have never had any problems as long as I follow the terms. Banks don't really care, they just want deposits so they can lend out much more multiples of that as loans :)
This man is spilling the best of beans, y’all. 👀👀👀💯💯💯
Thank you!
You are incredible @@OnCashFlow
Hi there! Just got my first bank bonus and I'm really interested in these. One question for you: do you worry about opening and closing accounts, getting on radars? If so, any rule of thumb on that? I saw on DOC someone said they felt like opening 10 accts per year would be fine. Thoughts?
I don't do it at a rapid pace, less than 10 per year, per person. There is a "chex systems" that collects bank account opening data, and some banks reject applications because of it. My only real rule of thumb has to do personally with my Return based on how much cash I need to deposit and how long I need to keep it there, also the size of the bonus to begin with. I usually stick to $100+ bonus and less than $5k deposit required per account.
thanks for your reply! I did your style of FI and your videos. I will do similar, I will try to do ~10 a year. And Ally has one that is 200 , but honestly i consider switching from marcus to over there, so I might as well do it now, get bonus, keep it open. I've just started and I've got 4 bonus in process. I imagine it'll be over the next 4 months they are all done, so it won't seem very dramatic. @@OnCashFlow
Hi Zach, Thanks for your reply. I did think of two additional questions for you:
- Re: CC accts, do you typically close them shortly after reaching the required spend amount and receiving the bonus? Or do you wait a year or so?
- With CC accounts, my experience is that you have to call customer service to close the account. With bank accounts, though, after receiving the opening bonus (and meeting any account duration requirement), and withdrawing all your funds - does the account then close automatically, or are you able to close it online, or do you also have to call customer service to close it? For accounts that have a minimum balance to avoid a monthly fee, do you have to be concerned about them assessing that fee (after you have withdrawn all funds) if you do not call to specifically close it?
Thanks, JOhn :)
-I usually close them before the next year because of the annual fees, but pay attention to closing an account then immediately applying for a new one. Some cc will get denials if you do it back to back.
-It really just depends on the bank. Most can be closed online through online chat. Some annoying ones require a phone call. Same with CCs. If you withdrawal all your $$$ then ask for account closure I have never had an issue with being charged the fee.
I started churning bank bonuses in 2023. It’s come in handy for an extra $1000+ per year for just moving my own money around! LOL…
Haha Yeah, same here. It's pretty easy if you keep a good spreadsheet and reminders! I've been making over $2k/yr easily
Yay! I was waiting for this video. Thank you Zach for doing it.
I have a question about the tax part on these bonuses. Could you walk us through that part? I saw at least some of these bonuses might classify as an interest gain and in that case the bank might file a 1099-INT form for you. How does it work? Have you handled that in your previous chasing on bank bonuses?
All interest (bonuses) you get paid is taxable income, regardless of whether or not you are issued a 1099-INT. A lot of banks only issue one if they pay over $600.
Will open and close bank account regularly have a negative impact on credit report?
No, because there is no credit check for opening bank accounts usually. Only for accounts that allow you to borrow money.
After closing the account at the 3-month maturity period, how soon can you apply in the same bank to get another bonus from them?
Depends on the bank (each has it's own terms) but most are 24 months, some are 12 months.
@@OnCashFlow thanks
Can you do this in the uk?
I'm not sure if UK banks offer bonuses for signing up, as I have no banking experience there, but I would guess that it is very similar, so most likely you can!
I typically do 5-7 bonuses a year. it's easy money. i do use legit direct deposit
Nice, that's a good balance in my opinion. Maybe 1 bonus per month would be ideal haha
Delta community refused me. Very frustrating.
While it was not written anywhere, they eather said my code from mail was not to my own name. Or I had to click on their link. But I fufill everything on thir list.
Some of the banks are very strict and tricky with getting their bonuses..
Is this also possible for Europeans?
I'm not sure, I would look up to see if banks in Europe offer similar bonuses!
I have netspend and sofi
Never heard of netspend, but I did a Sofi bonus a long time ago
thank you
Thank you!
What i don’t like is that the site doesn’t let you know if you should close the account in 6 months or not because most banks do require this when doing a bonus
Doctor of Credit usually does tell you the minimum holding period. It's also usually in the fine print on the promo page of the bank. I always take note of the minimum time that each account needs to be open to avoid penalty or forfeiture of the bonus.
@@OnCashFlow exactly I do as well. I’m trying to take advantage of the chase $900 offer now but I know they have a 6 month closing period but I didn’t see that on the chase site nor on the doctor credit page
Did you get the 900 bonus
I’m getting $800 from Robinhood next month
Dang, great deal!
😊😊😊😊😊
:)