Saturday, January 25, 2014

Checking Account Bonus Rewards

Recently I received two similar offers in the mail to receive a cash bonus for opening a new checking account with that company.  I've seen these before, and generally I don't partake because it requires too much money or many requirements like direct deposit that take a lot of hassle, but these were different.  They had a small minimum opening deposit required and nothing else.  Naturally, this caught my attention.

The first:

Discover Banking
All that was needed was a minimum deposit of $25.  On 3/14/2014 a bonus of $50 will be deposited.  There are no monthly fees.  Easy.  I wait 3 months to triple my money.

This offer has already expired but check their website frequently for similar offers.

The second:

Chase Checking 
With a minimum deposit of $100 they will give you $125.  Now this one's not quite as simple as the Discover one.  They deposit the $125 as soon as you put $100 in but the fine print states that if you close the account within 6 months of opening it, you forfeit the bonus.  So this means I have to leave the account open for 6 months to really secure the bonus.  The also have a monthly fee of $10, so after the six months, my profit will only be $65 but it's still free money!

You can take advantage of this offer still until March 31.  Go here:

So if you get offers like these, don't just toss them.  You may be able to easily qualify and get some free money!  I'm not going to keep these accounts.  Once I have fulfilled all the requirements to get the money and retain it, I will close them.  This is especially important for the Chase account since there is a monthly fee involved.

Important things to look at (this means reading that tiny print):
  • How much money is required as a deposit to get the bonus?
  • How long do I have to keep the account open to keep the bonus?
  • Are there other requirements to maintain an open account and/or get the bonus?
  • Is there a monthly fee?  And if so, is it still worth opening the account with the bonus?

Then set a reminder on your phone for whenever you need to close the account and enjoy your free money!

I probably received these because I have credit cards with these companies so I'm already a trusted customer (see Make Money With Credit Cards).  If you have seen other companies with similar offers, feel free to mention them!

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