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Making more than $10,000 per year in bank bonuses

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I recently stumbled on the concept of making money with bank bonuses. Many different banks offer you referral bonuses or sign-on bonuses when you setup a recurring deposit or deposit a certain amount of cash. This is their way of attracting new customers. These bonuses range from $50 to as high as $1000 with most of them being offered at $250 or less. It turns out some finance-savvy people spend the time to investigate bank bonuses throughout the United States, signing up for as many as 30 different banks each year to earn bank bonus income. I found one particular couple that made just over $10,000 in bank bonuses in 2020. Imagine having your spouse do the same thing so you can earn more together. Based on the rules of each bank, you can re-apply for a new account bonus every 3, 6, or 12 months. For the majority of these bonuses, you need to keep the account open for 30 to 60 days to get the bonus.

While earning “free money” is attractive, you have to be careful as some of these banks could charge minimum balance fees, high monthly fees, and have poor customer service making it difficult to setup or cancel your new accounts. It can be very difficult to manage, let alone remember your 30+ bank accounts. According to bankrate.com, these are the top bank bonus offers as of January 2021:

Best checking account bonuses

Best checking and savings account bonus

Best referral bonuses

  • Axos Bank: $20 for referral and referee
  • Chase: $50 for each referral up to $500
  • Chime: $50 for referral and referee
  • TD Bank: $50 for referral and referee

Checkout BankRate’s article for more details on each bonus listed above. My wife and I recently discussed consolidating our bank accounts into the best high yield bank we can find, but now we may need to have another discussion as some of these bonuses are easy to meet.

Hyder A.

Hyder is the engineer and blogger behind Finance Throttle, a blog that helps you accelerate your net worth through personal finance. With a Master’s degree and 10+ years of experience in manufacturing, Hyder is well versed in the topics of engineering economics and financial studies helping him to invest in equipment and reduce manufacturing costs. Hyder is passionate about cars and earning money as he bought a Porsche at 21, became a landlord at 24, and paid off $40,000 in student loans at 25. Along with his wife, they are currently on track in paying off their $282,000 mortgage by 2026 (Only 7 years!)