How To Make $3,500 in Free Checking Account Bonuses — Reddit Found a Way
Everyone likes a nice bank bonus, but most people stop after claiming just one. One Reddit user, though, recently realized a much bigger opportunity exists: Instead of signing up for a single promotion, why not stack several of the best checking account offers together?
After spending a few hours researching available promotions, this person put together a strategy in a Reddit thread that could earn nearly $3,500 in bonus cash over the course of several months. Here’s how they did it – and how you could do the same.
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Stack Multiple Checking Account Bonuses
The Redditor’s strategy is relatively straightforward. Rather than chasing one bank promotion, they compiled nine checking account bonuses from major banks that, when added together, totaled $3,475:
Truist: $500
First Horizon: $450
Chase: $400
SoFi: $400
Huntington: $400
PNC: $400
Fifth Third: $350
Wells Fargo: $325
Capital One: $250
The Redditor didn’t try to complete every bonus at once; instead, they estimated that it would take about three months to make all of the required direct deposits and another couple of months for every bank to pay out the sign-up bonuses.
Make Each Bank’s Bonus Requirements
Getting the money isn’t as simple as opening an account. Each bank requires customers to complete specific qualifying activities before the bonus is paid.
For most offers, this means setting up qualifying direct deposits within a certain time frame. Some banks only require $500 in direct deposits, while others require $2,000 or even $5,000. A few promotions also require debit card transactions or other account activity before the cash bonus is released to you.
The Redditor mapped out each requirement in advance so they could complete them on schedule without missing any deadlines.
Stay Organized To Avoid Fees
Many checking accounts come with monthly maintenance fees, but those are frequently waived if you meet certain conditions, such as receiving regular direct deposits. That’s why experienced bonus hunters recommend keeping a spreadsheet or calendar with important dates (when each account was opened, when qualifying bonuses must be completed, when the bonus is expected to arrive and when the account can be closed) in order to stay on top of it all.
Several Reddit commenters in the thread said that staying organized is the difference between earning hundreds of dollars in bonuses and accidentally paying fees that eat into your profits.
Know the Potential Downsides
While many commenters said checking account bonuses are one of the easiest ways to earn extra cash, they also pointed out a few drawbacks. One redditor replied with a good rundown of every consideration and caution, including the wait time to receive bonuses (or apply again), and having to dicker with both your company's HR as well as the bank's customer service to actually receive earned bonuses.
Opening too many checking accounts in a short period can make it harder to qualify for new accounts because some banks review your banking history through ChexSystems. Others noted that bank bonuses are taxable income, meaning you may receive a Form 1099 at tax time.
Finally, this strategy works best if your employer makes it easy to change or split your direct deposits, since many promotions require payroll deposits to quality.
The Bottom Line
This $3,500 checking account bonus strategy on Reddit is a little tricky, but if you’re willing to keep track of the deadlines and requirements, these checking account bonuses can be an easy way to earn extra money with relatively little ongoing effort. Just remember to factor in taxes, read all the fine print and avoid opening more accounts than you can comfortably manage.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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