The Final, Definitive Thread on Bank Bonuses

[whodidntante]

Some posters indicated an interest in such a thread. Let’s see if it gains momentum or sputters out.

Today, I checked my CapitalOne360 Savings account and found a nice surprise. My $1,000 for 100k deposit bonus posted! This required a 100k deposit for 90 days, and the account was one of those “high-yield” jobs that pay decent interest. All told, I estimate a 7.2% yield on a non-trivial amount of money from this arrangement.

Here’s a mini-FAQ:
What kind of bonuses are available?
Checking, savings, and money market accounts sometimes pay bonuses. Checking accounts are less capital intensive, typically. For example, I just completed a $600 Huntington Bank bonus that only required 25k for a few days.

How do I find bonuses?
Check doctorofcredit.com and look at the bingo board as you drive by your local banks and credit unions. Some of the best deals I have ever done were regional/local. Sometimes there are loan specials to be had also, which will allow you to borrow at below-market rates. I borrowed 90% of my home value at 0% for six months, just by paying attention as I drive around. I used this money to run the aforementioned bonuses and purchased T-bills with the remainder.

There are so many opportunities. How do I pick?
Prefer the highest payout for requirements that you find acceptable, and while tying up an amount of money you find acceptable. This should not be stressful, but a fun game. If a bonus has too many requirements, or requirements I don’t want to do, I simply move on to the next one.

Is the bonus taxable?
Bank bonuses generally are taxable at your marginal tax rate.

How much can I earn?
It depends on how much capital you have and how much time you spend. I easily earn 10k per year when including brokerage, bank, and credit card bonuses. But I’ve been at this a while, so I’m locked out of certain opportunities. If you have enough capital and patience, you can easily earn more.

Can I repeat (churn) the bonuses?
Sometimes. I keep a tracking spreadsheet, which is one reason I know how much I earn. If you are going to churn, it is important to record the date the account is opened, the date the bonus is paid, and the date the account is closed. These milestone dates may be referenced in the T&C for the next bonus that you consider doing.

With full credit to Boglehead legend Earl Lemongrab for inspiration. We miss you, buddy.

[JoMoney]

FWIW, I think "Bank Account Bonuses" and "Credit Card Bonuses" deserve their own categories/threads. They tend to have different requirements, different taxes, and different reasons someone might be looking for one but not the other.

[whodidntante]

True. I edited it to limit the scope to bank bonuses.

[Pu239]

What's a bingo board?

[JBTX]

The past several years I have done a few of these. Usually focusing on the larger bonuses, but never putting more than $20k in there. I’ve done chase personal and chase business and that is always fairly easy. I tend to do more credit card bonuses, I find the bank bonuses a bit more of a hassle due to tying up funds.

Recently I’ve done less, party due to tying up more liquidity in ibonds. They just don’t seem as attractive to me given your can earn 3-4% just sticking into a high yield account of treasuries.

I’ve always used Dr of Credit for both banks and cards.

[MrJedi]

Currently getting bank account bonuses from Huntington, Citizens, Chase.

For credit cards I've been on the Chase Ink train for awhile now. That's been particularly lucrative.

[erp]

imo doctorofcredit is all you need to follow. The comments there are usually better than the ones here for working out details/timing of deals (more data points).

The brokerage bonus thread here is useful since BH users tend to be higher networth and DoC users won't have as many data points as here.

[tj]

Yeah, this probably won't get as much participation as the brokerage thread, but hopefully people keep it updated when especially exciting offers become available.

[uberme]

Scored $300 bucks from Chase for a new checking account. Very happy! Was going to leave BOA anyhow. Only required payroll direct deposit setup.

[whodidntante]

What's a bingo board?

Banks that are located on high-traffic roads tend to have electronic signs that flash numbers and short messages. When I find a sweet enough deal, I shout "bingo!" and make a mental note to stop in. You can take it from there.

[jebmke]

What's a bingo board?

Banks that are located on high-traffic roads tend to have electronic signs that flash numbers and short messages. When I find a sweet enough deal, I shout "bingo!" and make a mental note to stop in. You can take it from there.

all I've ever seen is the temperature

[lakpr]

I bit today on Hells Fart Go bank offer for $325 bonus for opening a new checking account and add direct deposit.

$500 opening amount to avoid monthly fees
$1000 direct deposits required within first 90 days, I am opting to do this within 30 days via $500 per paycheck
Leave the money for 90 days to get the bonus then drain down the balance to $500 for additional 90 days to serve out the clawback period

$325 return on an outlay of $1500 for 6 months equals 43% rate of return. After taxes it is more like 28% return.

Intend to close after 6 months. Will be eligible again only in 2027.

[Samosa22]

Huntington bonus doesn't seem to be nationwide based on blog title on DOC. For folks who did this bonus; were you an out-of-state applicant by any chance? thanks

[safari]

U.S. Bank is offering $600 bonus for a new checking account with 2 or more direct deposits totalling $10,000 over 60 days. Seems worthwhile for spending under 1 hour total time without tying up any money. You can transfer the money elsewhere right away and keep $0 balance until you get the bonus and then close the account, if you no longer need it.

https://www.doctorofcredit.com/u-s-bank ... ortal/amp/

[Samosa22]

U.S. Bank is offering $600 bonus for a new checking account with 2 or more direct deposits totalling $10,000 over 60 days. Seems worthwhile for spending under 1 hour total time without tying up any money. You can transfer the money elsewhere right away and keep $0 balance until you get the bonus and then close the account, if you no longer need it.

https://www.doctorofcredit.com/u-s-bank ... ortal/amp/

This deal is even sweeter considering that right now US bank is allowing initial deposit of up to $3,000 with a credit card. So a simple 2% cashback card such as citi double cash would give $60 cashback (tax free)!

[mikeyzito22]

I bit today on Hells Fart Go bank offer for $325 bonus for opening a new checking account and add direct deposit.

$500 opening amount to avoid monthly fees
$1000 direct deposits required within first 90 days, I am opting to do this within 30 days via $500 per paycheck
Leave the money for 90 days to get the bonus then drain down the balance to $500 for additional 90 days to serve out the clawback period

$325 return on an outlay of $1500 for 6 months equals 43% rate of return. After taxes it is more like 28% return.

Intend to close after 6 months. Will be eligible again only in 2027.

No disrespect. I just find this interesting. There are some people on the board that see moves into the 10's of thousands of dollars, if not more in their portfolio values in a single day. I really like $325 dollars. Don't think I don't!

However, it seems like I would rather be spending time with something else than following continual bank bonuses. I get it though. It just seems like I would increase my equity allocation. I think you may see the forest through the trees.

[safari]

U.S. Bank is offering $600 bonus for a new checking account with 2 or more direct deposits totalling $10,000 over 60 days. Seems worthwhile for spending under 1 hour total time without tying up any money. You can transfer the money elsewhere right away and keep $0 balance until you get the bonus and then close the account, if you no longer need it.

https://www.doctorofcredit.com/u-s-bank ... ortal/amp/

This deal is even sweeter considering that right now US bank is allowing initial deposit of up to $3,000 with a credit card. So a simple 2% cashback card such as citi double cash would give $60 cashback (tax free)!

That's interesting. I wonder why the credit card issuer is treating this type of transaction as a purchase, as opposed to a cash advance? You can make the $3,000 deposit with a 2% cashback card, earn $60, transfer that money from U.S. Bank checking to a high yield savings account for a month, make another $10 or so, and then pay off the credit card before the due date.

[Samosa22]

U.S. Bank is offering $600 bonus for a new checking account with 2 or more direct deposits totalling $10,000 over 60 days. Seems worthwhile for spending under 1 hour total time without tying up any money. You can transfer the money elsewhere right away and keep $0 balance until you get the bonus and then close the account, if you no longer need it.

https://www.doctorofcredit.com/u-s-bank ... ortal/amp/

This deal is even sweeter considering that right now US bank is allowing initial deposit of up to $3,000 with a credit card. So a simple 2% cashback card such as citi double cash would give $60 cashback (tax free)!

That's interesting. I wonder why the credit card issuer is treating this type of transaction as a purchase, as opposed to a cash advance? You can make the $3,000 deposit with a 2% cashback card, earn $60, transfer that money from U.S. Bank checking to a high yield savings account for a month, make another $10 or so, and then pay off the credit card before the due date.

Whether a bank account funding is coded by the credit card issuer as cash advance or purchase or is even outright declined is highly dependent on the Credit card issuer. The trick to this game is that before attempting to fund a bank account one should lower their cash advance limit to as close to zero as allowed by the credit card issuer. This way if the issuer's system is recognizing the transaction as cash advance it wont go through because of being over the limit. There are usually data points on doctorofcredit as to which credit cards are coding such funding as a purchase. Citi double cash is usually as safe bet.

[Pu239]

Huntington bonus doesn't seem to be nationwide based on blog title on DOC. For folks who did this bonus; were you an out-of-state applicant by any chance? thanks

In-state for me, so no help. Search for Huntington on the DoC website, find the latest bank bonus announcement, and review the comments section looking for out-of-state successes.

[Pu239]

What's a bingo board?

Banks that are located on high-traffic roads tend to have electronic signs that flash numbers and short messages. When I find a sweet enough deal, I shout "bingo!" and make a mental note to stop in. You can take it from there.

Ahhh, OK. In your experience, are these "bingo" deals associated with the smaller banks and credit unions? I'm assuming that major bank branches don't have the freedom to offer special local incentives.

[whodidntante]

What's a bingo board?

Banks that are located on high-traffic roads tend to have electronic signs that flash numbers and short messages. When I find a sweet enough deal, I shout "bingo!" and make a mental note to stop in. You can take it from there.

Ahhh, OK. In your experience, are these "bingo" deals associated with the smaller banks and credit unions? I'm assuming that major bank branches don't have the freedom to offer special local incentives.

It's typically local banks, credit unions, and regional banks that do this. The largest banks tend to advertise via direct mail, on their website, or with ads posted in the branch. I honestly find a lot of deals just by paying attention. It could be that banks are more aggressive about attracting customers where I live. But I see bonuses when I travel, also.

[safari]

U.S. Bank is offering $600 bonus for a new checking account with 2 or more direct deposits totalling $10,000 over 60 days. Seems worthwhile for spending under 1 hour total time without tying up any money. You can transfer the money elsewhere right away and keep $0 balance until you get the bonus and then close the account, if you no longer need it.

https://www.doctorofcredit.com/u-s-bank ... ortal/amp/

This deal is even sweeter considering that right now US bank is allowing initial deposit of up to $3,000 with a credit card. So a simple 2% cashback card such as citi double cash would give $60 cashback (tax free)!

That's interesting. I wonder why the credit card issuer is treating this type of transaction as a purchase, as opposed to a cash advance? You can make the $3,000 deposit with a 2% cashback card, earn $60, transfer that money from U.S. Bank checking to a high yield savings account for a month, make another $10 or so, and then pay off the credit card before the due date.

Whether a bank account funding is coded by the credit card issuer as cash advance or purchase or is even outright declined is highly dependent on the Credit card issuer. The trick to this game is that before attempting to fund a bank account one should lower their cash advance limit to as close to zero as allowed by the credit card issuer. This way if the issuer's system is recognizing the transaction as cash advance it wont go through because of being over the limit. There are usually data points on doctorofcredit as to which credit cards are coding such funding as a purchase. Citi double cash is usually as safe bet.

This would also be an easy way to generate some manufactured spending when chasing credit card bonuses. Talk about killing two birds with one stone

[whodidntante]

U.S. Bank is offering $600 bonus for a new checking account with 2 or more direct deposits totalling $10,000 over 60 days. Seems worthwhile for spending under 1 hour total time without tying up any money. You can transfer the money elsewhere right away and keep $0 balance until you get the bonus and then close the account, if you no longer need it.

https://www.doctorofcredit.com/u-s-bank ... ortal/amp/

This deal is even sweeter considering that right now US bank is allowing initial deposit of up to $3,000 with a credit card. So a simple 2% cashback card such as citi double cash would give $60 cashback (tax free)!

That's interesting. I wonder why the credit card issuer is treating this type of transaction as a purchase, as opposed to a cash advance? You can make the $3,000 deposit with a 2% cashback card, earn $60, transfer that money from U.S. Bank checking to a high yield savings account for a month, make another $10 or so, and then pay off the credit card before the due date.

Bank account funding is a well-utilized means of manufactured spending. Sometimes it is a cash advance, which obviously doesn't work for manufactured spending purposes and should be avoided. The main way to find out is to see what other people say.

It's pretty fantastic when you can layer a bank account bonus with meeting the requirements for a credit card bonus. A 2:1 special.

[lakpr]

No disrespect. I just find this interesting. There are some people on the board that see moves into the 10's of thousands of dollars, if not more in their portfolio values in a single day. I really like $325 dollars. Don't think I don't!

However, it seems like I would rather be spending time with something else than following continual bank bonuses. I get it though. It just seems like I would increase my equity allocation. I think you may see the forest through the trees.

No disrespect taken either. Completely understand your viewpoint, however the same argument can also be argued about credit card bonuses: "why bother about credit card bonuses when the bonus amount is dwarfed by the daily movement of one's portfolio" ...

Arguments both for and against are equally valid.

[slickracer]

U.S. Bank is offering $600 bonus for a new checking account with 2 or more direct deposits totalling $10,000 over 60 days. Seems worthwhile for spending under 1 hour total time without tying up any money. You can transfer the money elsewhere right away and keep $0 balance until you get the bonus and then close the account, if you no longer need it.

https://www.doctorofcredit.com/u-s-bank ... ortal/amp/

This deal is even sweeter considering that right now US bank is allowing initial deposit of up to $3,000 with a credit card. So a simple 2% cashback card such as citi double cash would give $60 cashback (tax free)!

Unless the funding card views it as a cash advance

[mikeyzito22]

No disrespect. I just find this interesting. There are some people on the board that see moves into the 10's of thousands of dollars, if not more in their portfolio values in a single day. I really like $325 dollars. Don't think I don't!

However, it seems like I would rather be spending time with something else than following continual bank bonuses. I get it though. It just seems like I would increase my equity allocation. I think you may see the forest through the trees.

No disrespect taken either. Completely understand your viewpoint, however the same argument can also be argued about credit card bonuses: "why bother about credit card bonuses when the bonus amount is dwarfed by the daily movement of one's portfolio" ...

Arguments both for and against are equally valid.

I find this wholly different. A 2% cash back card is something one can use for a lifetime. Chasing rates is not like that, unless that is someone who opens a bunch of cards? I have two credit cards and not planning on anything more. I must be a simpleton, or am I too bored to give a damn?

[MrJedi]

No disrespect. I just find this interesting. There are some people on the board that see moves into the 10's of thousands of dollars, if not more in their portfolio values in a single day. I really like $325 dollars. Don't think I don't!

However, it seems like I would rather be spending time with something else than following continual bank bonuses. I get it though. It just seems like I would increase my equity allocation. I think you may see the forest through the trees.

No disrespect taken either. Completely understand your viewpoint, however the same argument can also be argued about credit card bonuses: "why bother about credit card bonuses when the bonus amount is dwarfed by the daily movement of one's portfolio" ...

Arguments both for and against are equally valid.

I find this wholly different. A 2% cash back card is something one can use for a lifetime. Chasing rates is not like that, unless that is someone who opens a bunch of cards? I have two credit cards and not planning on anything more. I must be a simpleton, or am I too bored to give a damn?

Funny, I see it from the other side. I think 2%, what's the point?

I get around $10,000-15,000 every year between new credit cards and bank accounts. To get $10,000 back on a 2% card requires $500,000 in credit card spending. Something that would probably take me about 10 years to hit.

I get that it's not for everyone though. It does take a bit of organization and the payoff usually takes several months before you see the reward. It's almost like a hobby for me though. Some call it beer money but $10,000+/year pays more than just beer for me!

Edit: typo

[tj]

No disrespect. I just find this interesting. There are some people on the board that see moves into the 10's of thousands of dollars, if not more in their portfolio values in a single day. I really like $325 dollars. Don't think I don't!

However, it seems like I would rather be spending time with something else than following continual bank bonuses. I get it though. It just seems like I would increase my equity allocation. I think you may see the forest through the trees.

No disrespect taken either. Completely understand your viewpoint, however the same argument can also be argued about credit card bonuses: "why bother about credit card bonuses when the bonus amount is dwarfed by the daily movement of one's portfolio" ...

Arguments both for and against are equally valid.

I find this wholly different. A 2% cash back card is something one can use for a lifetime. Chasing rates is not like that, unless that is someone who opens a bunch of cards? I have two credit cards and not planning on anything more. I must be a simpleton, or am I too bored to give a damn?

Funny, I see it from the other side. I think 2%, what's the point?

I get around $10,000-15,000 every year between new credit cards and bank accounts. To get $10,000 back on a 2% card requires $500,000 in credit card spending. Something that would probably take me about 10 years to hit.

I get that it's not for everyone though. It does take a bit of organization and the payoff usually takes several months before you see the red reward. It's almost like a hobby for me though. Some call it beer money but $10,000+/year pays more than just beer for me!

How are you earning so much? I feel like the well has dried up vs a few years ago, especially with banks putting limitations on how long you have to wait before repeating the offer.

[MrJedi]

No disrespect. I just find this interesting. There are some people on the board that see moves into the 10's of thousands of dollars, if not more in their portfolio values in a single day. I really like $325 dollars. Don't think I don't!

However, it seems like I would rather be spending time with something else than following continual bank bonuses. I get it though. It just seems like I would increase my equity allocation. I think you may see the forest through the trees.

No disrespect taken either. Completely understand your viewpoint, however the same argument can also be argued about credit card bonuses: "why bother about credit card bonuses when the bonus amount is dwarfed by the daily movement of one's portfolio" ...

Arguments both for and against are equally valid.

I find this wholly different. A 2% cash back card is something one can use for a lifetime. Chasing rates is not like that, unless that is someone who opens a bunch of cards? I have two credit cards and not planning on anything more. I must be a simpleton, or am I too bored to give a damn?

Funny, I see it from the other side. I think 2%, what's the point?

I get around $10,000-15,000 every year between new credit cards and bank accounts. To get $10,000 back on a 2% card requires $500,000 in credit card spending. Something that would probably take me about 10 years to hit.

I get that it's not for everyone though. It does take a bit of organization and the payoff usually takes several months before you see the red reward. It's almost like a hobby for me though. Some call it beer money but $10,000+/year pays more than just beer for me!

How are you earning so much? I feel like the well has dried up vs a few years ago, especially with banks putting limitations on how long you have to wait before repeating the offer.

Mostly credit cards, but I'd say a good $4000 or so from bank accounts each year.

Every year:
Citizens ($400)
Wells Fargo ($300)
Huntington ($600)
Huntington business ($750)
Fidelity ($100-150, I normally only go for $300+ but this one is so easy and I maintain accounts there regularly anyway and they don't require closing old accounts)


Every 2 years:
PNC ($400)
5/3 ($400)
Chase ($600 but recently $900!)
Chase business ($750)
US Bank ($500)

Plus usually end up with a couple new ones each year that don't necessarily allow churning. Like last year I did Laurel Road for $300+240), SoFi for $300+$100.

Also it helps to have a spouse who cooperates too, which effectively doubles everything.

[whodidntante]

Pretty tempting offer. $525 for 25k on deposit for 60 days. The downside is it appears to require opening an account in a branch.
https://bonusoffer.wf.com/savingsbonus? ... 1677364228

[lakpr]

Pretty tempting offer. $525 for 25k on deposit for 60 days. The downside is it appears to require opening an account in a branch.
https://bonusoffer.wf.com/savingsbonus? ... 1677364228

Fine print says you cannot be the beneficiary of any other WF offer that required a promotional code. Since, as I posted above, I bit the $325 offer on checking account, I assume I am (and other posters who may be in my position) ineligible.

Edit: I suppose I can persuade my spouse to open the account instead

[safari]

Pretty tempting offer. $525 for 25k on deposit for 60 days. The downside is it appears to require opening an account in a branch.
https://bonusoffer.wf.com/savingsbonus? ... 1677364228

Since I'd have to pull $25K from another account yielding close to 5% APY, the actual bonus earned would be around $300, which is ok, but not that exciting, given a trip to the branch is required.

[tashnewbie]

$400 Truist offer to folks in certain states (AL, AR, GA, FL, IN, KY, MD, MS, NC, NJ, OH, PA, SC, TN, TX, VA, WV or DC) with qualifying direct deposits.

DD: 2 deposits totaling at least $1000 within 90 days of account opening

Link: https://www.truist.com/checking/checking-bonus-offer1

[Pu239]

Pretty tempting offer. $525 for 25k on deposit for 60 days. The downside is it appears to require opening an account in a branch.
https://bonusoffer.wf.com/savingsbonus? ... 1677364228

Fine print says you cannot be the beneficiary of any other WF offer that required a promotional code. Since, as I posted above, I bit the $325 offer on checking account, I assume I am (and other posters who may be in my position) ineligible.

Edit: I suppose I can persuade my spouse to open the account instead

Tecjnically, the fine print says that you cannot be a beneficiary of any other WF savings offer with a promotional code.

[mikeyzito22]

No disrespect. I just find this interesting. There are some people on the board that see moves into the 10's of thousands of dollars, if not more in their portfolio values in a single day. I really like $325 dollars. Don't think I don't!

However, it seems like I would rather be spending time with something else than following continual bank bonuses. I get it though. It just seems like I would increase my equity allocation. I think you may see the forest through the trees.

No disrespect taken either. Completely understand your viewpoint, however the same argument can also be argued about credit card bonuses: "why bother about credit card bonuses when the bonus amount is dwarfed by the daily movement of one's portfolio" ...

Arguments both for and against are equally valid.

I find this wholly different. A 2% cash back card is something one can use for a lifetime. Chasing rates is not like that, unless that is someone who opens a bunch of cards? I have two credit cards and not planning on anything more. I must be a simpleton, or am I too bored to give a damn?

Funny, I see it from the other side. I think 2%, what's the point?

I get around $10,000-15,000 every year between new credit cards and bank accounts. To get $10,000 back on a 2% card requires $500,000 in credit card spending. Something that would probably take me about 10 years to hit.

I get that it's not for everyone though. It does take a bit of organization and the payoff usually takes several months before you see the reward. It's almost like a hobby for me though. Some call it beer money but $10,000+/year pays more than just beer for me!

Edit: typo

I think I'd rather go to a show, go see friends, cook good food and vacation than run that mess. No disrespect.
Different strokes for different folks.

[patrick]

U.S. Bank is offering $600 bonus for a new checking account with 2 or more direct deposits totalling $10,000 over 60 days. Seems worthwhile for spending under 1 hour total time without tying up any money. You can transfer the money elsewhere right away and keep $0 balance until you get the bonus and then close the account, if you no longer need it.

https://www.doctorofcredit.com/u-s-bank ... ortal/amp/

This offer demonstrates why you should check the rules (which the DoC posts normally include) and keep track of past bonuses:

Offer is not valid if you or any signer on the account has an existing U.S. Bank consumer checking account, had a U.S. Bank consumer checking account in the last two years, or received other U.S. Bank bonus offers within the past two years.

Which prevents me from using this offer because I did a US Bank bonus last year.

[whodidntante]

Pretty tempting offer. $525 for 25k on deposit for 60 days. The downside is it appears to require opening an account in a branch.
https://bonusoffer.wf.com/savingsbonus? ... 1677364228

Fine print says you cannot be the beneficiary of any other WF offer that required a promotional code. Since, as I posted above, I bit the $325 offer on checking account, I assume I am (and other posters who may be in my position) ineligible.

Edit: I suppose I can persuade my spouse to open the account instead

Tecjnically, the fine print says that you cannot be a beneficiary of any other WF savings offer with a promotional code.

Methinks those who reaped a checking offer can earn this savings bonus. After all, Wells Fargo likes to create lots of accounts.

[lakpr]

Pretty tempting offer. $525 for 25k on deposit for 60 days. The downside is it appears to require opening an account in a branch.
https://bonusoffer.wf.com/savingsbonus? ... 1677364228

Fine print says you cannot be the beneficiary of any other WF offer that required a promotional code. Since, as I posted above, I bit the $325 offer on checking account, I assume I am (and other posters who may be in my position) ineligible.

Edit: I suppose I can persuade my spouse to open the account instead

Tecjnically, the fine print says that you cannot be a beneficiary of any other WF savings offer with a promotional code.

You are not eligible for this offer if:

You are a current owner of a Wells Fargo consumer savings account
You have received any other consumer savings offer bonus or promotional rate that required a bonus offer code within the past 12 months.
You are a Wells Fargo employee

I regard the bold portion as unrelated to the consumer savings account specifically. If you received 0.25% reduction in mortgage rate due to a bonus offer code, then you are ineligible for this offer. Similarly, getting a $325 bonus on checking account could also disqualify you for this offer.

That's MY INTERPRETATION of the offer terms, feel free to disagree. I don't want to take chances, as depositing $25k for 60 days and not ending up with the bonus means a loss of $300 that I could have gotten elsewhere (T-bills, for example), negating the entire checking account bonus. I won't, therefore, bite. [ But as I said, will try to persuade missus to ...; boy she hates visiting branches, so I have my work cut out for me ]

[Pu239]

I regard the bold portion as unrelated to the consumer savings account specifically. If you received 0.25% reduction in mortgage rate due to a bonus offer code, then you are ineligible for this offer. Similarly, getting a $325 bonus on checking account could also disqualify you for this offer.

That's MY INTERPRETATION of the offer terms, feel free to disagree. I don't want to take chances, as depositing $25k for 60 days and not ending up with the bonus means a loss of $300 that I could have gotten elsewhere (T-bills, for example), negating the entire checking account bonus. I won't, therefore, bite. [ But as I said, will try to persuade missus to ...; boy she hates visiting branches, so I have my work cut out for me ]

Well, point taken. I'm thinking about this bonus as well but am planning to ask WF for clarification. The $25k can be put to good use elsewhere if needed.

[bbrock]

Thanks for creating this thread whodidntante.

Took advantage of this PNC offer.

https://www.doctorofcredit.com/pnc-up-t ... ing-bonus/

Met all the qualifications now waiting on the $400 bonus. Question for anyone who is taken advantage of this:
1) Do the direct deposits need to sit at PNC until I get the bonus, or can those be transferred out immediately before the bonus posts?
2) Does PNC only need to record and have proof of direct deposits so they could be transferred out?

[tashnewbie]

Thanks for creating this thread whodidntante.

Took advantage of this PNC offer.

https://www.doctorofcredit.com/pnc-up-t ... ing-bonus/

Met all the qualifications now waiting on the $400 bonus. Question for anyone who is taken advantage of this:
1) Do the direct deposits need to sit at PNC until I get the bonus, or can those be transferred out immediately before the bonus posts?
2) Does PNC only need to record and have proof of direct deposits so they could be transferred out?

I haven't done this offer yet but am planning to before the 6/30 end date.

My understanding is that the direct deposits do not need to sit in the account. There is a monthly fee for the Performance Select account which can be avoided in one of these ways:

Average monthly balance of $5,000 or more
Qualifying direct deposits of $2,000 or more
$10,000 in linked eligible account

[boglegirl]

Funny, I see it from the other side. I think 2%, what's the point?

I get around $10,000-15,000 every year between new credit cards and bank accounts. To get $10,000 back on a 2% card requires $500,000 in credit card spending. Something that would probably take me about 10 years to hit.

I get that it's not for everyone though. It does take a bit of organization and the payoff usually takes several months before you see the reward. It's almost like a hobby for me though. Some call it beer money but $10,000+/year pays more than just beer for me!

Edit: typo

Good for you! I hope to make at least $10k this year. That's on top of the AA/BA/Hyatt etc travel rewards I earn.

I don't understand why someone whose portfolio swings $10k/day would compare that to spending a couple hours a month to earn $10k in a year, as if they are mutually exclusive. My portfolio is going to do what it's going to do, whether or not I earn my "mad money" by opening bank accounts. I'm not otherwise employed and I love contributing to our household finances this way.

[MrJedi]

I've done PNC bonus a few times. I pull deposits and bonus as soon as they post. No requirement to leave it in. There is a direct deposit tracker if you do the version with savings account (the savings account has a boosted interest with qualifying direct deposit and has a requirement tracker, so if you are tracking for the boosted interest you should be tracking for the checking bonus too). In the past they had a 6 month early termination fee, but you could at least downgrade your account to a lower tier after the bonus paid (there's an online button to downgrade for the version with savings, otherwise you need to talk to a rep if you do checking only). In the past year or so they removed the early termination, so you can just empty your account and close right away after the bonus. Or if you like to keep it open for a little bit to look less game-y, I recommend downgrading after bonus. For the couple reasons above I recommend doing the checking and savings combo, not checking only. When it comes time to close, you can just as easily close the combo accounts together as a checking only.

[rich126]

Without too many details how are you getting the $10K?

I see some $500-750 bank bonuses but I doubt I could see getting $5K in bank bonuses.

In the past I've done well with miles/points and I currently have a total over 1,000,000 in points/miles. In a single year I could probably see getting around $5K in miles/points if you sign up for a couple of 100K cards and maybe 4-5 50K-75K cards.

Personally I rarely use a 1.5-2% card unless it is for a non-bonused category. Restaurants I'm always getting 3-4 points per $, grocery stores a minimum of 3X, etc. And usually most places you can cash in points for a worst case of 1 cent so that is a 3-4% return at a minimum.

[MrJedi]

Without too many details how are you getting the $10K?

I see some $500-750 bank bonuses but I doubt I could see getting $5K in bank bonuses.

In the past I've done well with miles/points and I currently have a total over 1,000,000 in points/miles. In a single year I could probably see getting around $5K in miles/points if you sign up for a couple of 100K cards and maybe 4-5 50K-75K cards.

Personally I rarely use a 1.5-2% card unless it is for a non-bonused category. Restaurants I'm always getting 3-4 points per $, grocery stores a minimum of 3X, etc. And usually most places you can cash in points for a worst case of 1 cent so that is a 3-4% return at a minimum.

I posted above some of the banks I do regularly (every 1-2 years). My wife participates too, so that effectively doubles everything. The Chase one alone is $900/each. I generally only go for the ones that are $300+. That's about my threshold for being worth the effort.

Same for credit cards. Lately we've been hitting the Chase Ink cards pretty hard. Each one is worth about $1100-$1150. Late last year it was $900+$200 referral, now it's $750+$400 referral, we refer each other. One of the cards we recently got was the $750+$400 referral but Chase matched the $750 up to $900 when I asked, so it ended up being $900+$400 referral. Between the two of us we've gotten 5 of them so far since last November, so about $6000 in about half a year just in credit cards. On top of that, those cards come with 0% APR for 12 months. I've been milking that too...pay the minimum and set aside cash in a tbill or MMF until promo ends.

[bbrock]

I've done PNC bonus a few times. I pull deposits and bonus as soon as they post. No requirement to leave it in. There is a direct deposit tracker if you do the version with savings account (the savings account has a boosted interest with qualifying direct deposit and has a requirement tracker, so if you are tracking for the boosted interest you should be tracking for the checking bonus too). In the past they had a 6 month early termination fee, but you could at least downgrade your account to a lower tier after the bonus paid (there's an online button to downgrade for the version with savings, otherwise you need to talk to a rep if you do checking only). In the past year or so they removed the early termination, so you can just empty your account and close right away after the bonus. Or if you like to keep it open for a little bit to look less game-y, I recommend downgrading after bonus. For the couple reasons above I recommend doing the checking and savings combo, not checking only. When it comes time to close, you can just as easily close the combo accounts together as a checking only.

Tx MrJedi.

I did the Performance Select. I had already EFT'ed $5k from Ally to just keep at PNC to avoid the monthly fees while DD'ing from my workplace. I notice at DoC people saying they did EFT's from their banks to qualify as DD, but my Ally transfer did not show as a DD on the online PNC transaction activity. So, I had 3 DD from my workplace over 6 weeks, met all the qualifications to avoid monthly fees and should get the bonus.

I appreciate you telling me DD could be pulled at anytime. Too bad I did not know that earlier. I'll pull them out now, downgrade the account if I can, and maintain that $5k or however much is necessary on the downgraded acct. to avoid the monthly fee, get the bonus, and then close the account. I don't think it matters in PNC's eyes if it appears that I was gaming them or not. If I wait the 24 months (I think that is how long I have to wait to do it again) I will just open again if/when they have a bonus at that time. Or, I will have my wife do it. However, it is more of a pain to set her DD from her workplace as she doesn't have an online portal to accomplish such small mundane things.

[MrJedi]

I've done PNC bonus a few times. I pull deposits and bonus as soon as they post. No requirement to leave it in. There is a direct deposit tracker if you do the version with savings account (the savings account has a boosted interest with qualifying direct deposit and has a requirement tracker, so if you are tracking for the boosted interest you should be tracking for the checking bonus too). In the past they had a 6 month early termination fee, but you could at least downgrade your account to a lower tier after the bonus paid (there's an online button to downgrade for the version with savings, otherwise you need to talk to a rep if you do checking only). In the past year or so they removed the early termination, so you can just empty your account and close right away after the bonus. Or if you like to keep it open for a little bit to look less game-y, I recommend downgrading after bonus. For the couple reasons above I recommend doing the checking and savings combo, not checking only. When it comes time to close, you can just as easily close the combo accounts together as a checking only.

Tx MrJedi.

I did the Performance Select. I had already EFT'ed $5k from Ally to just keep at PNC to avoid the monthly fees while DD'ing from my workplace. I notice at DoC people saying they did EFT's from their banks to qualify as DD, but my Ally transfer did not show as a DD on the online PNC transaction activity. So, I had 3 DD from my workplace over 6 weeks, met all the qualifications to avoid monthly fees and should get the bonus.

I appreciate you telling me DD could be pulled at anytime. Too bad I did not know that earlier. I'll pull them out now, downgrade the account if I can, and maintain that $5k or however much is necessary on the downgraded acct. to avoid the monthly fee, get the bonus, and then close the account. I don't think it matters in PNC's eyes if it appears that I was gaming them or not. If I wait the 24 months (I think that is how long I have to wait to do it again) I will just open again if/when they have a bonus at that time. Or, I will have my wife do it. However, it is more of a pain to set her DD from her workplace as she doesn't have an online portal to accomplish such small mundane things.

Most bank DDs should work. Fidelity worked for me last time when I did it. The transaction category is not a good way to determine if it worked. The DD tracker for the savings account is a good way to see. Most banks do not have this kind of tracker though so you kinda have to hope that data points online are accurate for other bonuses. In my experience, it is not common for bonuses to be stingy on deposit source even if the line item says something like P2P transfer.

I would wait until the bonus is paid before downgrading. Otherwise you may not get the correct bonus.

[bbrock]

I've done PNC bonus a few times. I pull deposits and bonus as soon as they post. No requirement to leave it in. There is a direct deposit tracker if you do the version with savings account (the savings account has a boosted interest with qualifying direct deposit and has a requirement tracker, so if you are tracking for the boosted interest you should be tracking for the checking bonus too). In the past they had a 6 month early termination fee, but you could at least downgrade your account to a lower tier after the bonus paid (there's an online button to downgrade for the version with savings, otherwise you need to talk to a rep if you do checking only). In the past year or so they removed the early termination, so you can just empty your account and close right away after the bonus. Or if you like to keep it open for a little bit to look less game-y, I recommend downgrading after bonus. For the couple reasons above I recommend doing the checking and savings combo, not checking only. When it comes time to close, you can just as easily close the combo accounts together as a checking only.

Tx MrJedi.

I did the Performance Select. I had already EFT'ed $5k from Ally to just keep at PNC to avoid the monthly fees while DD'ing from my workplace. I notice at DoC people saying they did EFT's from their banks to qualify as DD, but my Ally transfer did not show as a DD on the online PNC transaction activity. So, I had 3 DD from my workplace over 6 weeks, met all the qualifications to avoid monthly fees and should get the bonus.

I appreciate you telling me DD could be pulled at anytime. Too bad I did not know that earlier. I'll pull them out now, downgrade the account if I can, and maintain that $5k or however much is necessary on the downgraded acct. to avoid the monthly fee, get the bonus, and then close the account. I don't think it matters in PNC's eyes if it appears that I was gaming them or not. If I wait the 24 months (I think that is how long I have to wait to do it again) I will just open again if/when they have a bonus at that time. Or, I will have my wife do it. However, it is more of a pain to set her DD from her workplace as she doesn't have an online portal to accomplish such small mundane things.

Most bank DDs should work. Fidelity worked for me last time when I did it. The transaction category is not a good way to determine if it worked. The DD tracker for the savings account is a good way to see. Most banks do not have this kind of tracker though so you kinda have to hope that data points online are accurate for other bonuses. In my experience, it is not common for bonuses to be stingy on deposit source even if the line item says something like P2P transfer.

I would wait until the bonus is paid before downgrading. Otherwise you may not get the correct bonus.

Got it. Tx MrJedi.

The stipulations for this one though, even when I spoke with PNC via phone, she said that the DD from my workplace had to go into the Virtual wallet (which I guess is the checking). What is this, or how do you access this, direct deposit tracker for the savings account?

[MrJedi]

I've done PNC bonus a few times. I pull deposits and bonus as soon as they post. No requirement to leave it in. There is a direct deposit tracker if you do the version with savings account (the savings account has a boosted interest with qualifying direct deposit and has a requirement tracker, so if you are tracking for the boosted interest you should be tracking for the checking bonus too). In the past they had a 6 month early termination fee, but you could at least downgrade your account to a lower tier after the bonus paid (there's an online button to downgrade for the version with savings, otherwise you need to talk to a rep if you do checking only). In the past year or so they removed the early termination, so you can just empty your account and close right away after the bonus. Or if you like to keep it open for a little bit to look less game-y, I recommend downgrading after bonus. For the couple reasons above I recommend doing the checking and savings combo, not checking only. When it comes time to close, you can just as easily close the combo accounts together as a checking only.

Tx MrJedi.

I did the Performance Select. I had already EFT'ed $5k from Ally to just keep at PNC to avoid the monthly fees while DD'ing from my workplace. I notice at DoC people saying they did EFT's from their banks to qualify as DD, but my Ally transfer did not show as a DD on the online PNC transaction activity. So, I had 3 DD from my workplace over 6 weeks, met all the qualifications to avoid monthly fees and should get the bonus.

I appreciate you telling me DD could be pulled at anytime. Too bad I did not know that earlier. I'll pull them out now, downgrade the account if I can, and maintain that $5k or however much is necessary on the downgraded acct. to avoid the monthly fee, get the bonus, and then close the account. I don't think it matters in PNC's eyes if it appears that I was gaming them or not. If I wait the 24 months (I think that is how long I have to wait to do it again) I will just open again if/when they have a bonus at that time. Or, I will have my wife do it. However, it is more of a pain to set her DD from her workplace as she doesn't have an online portal to accomplish such small mundane things.

Most bank DDs should work. Fidelity worked for me last time when I did it. The transaction category is not a good way to determine if it worked. The DD tracker for the savings account is a good way to see. Most banks do not have this kind of tracker though so you kinda have to hope that data points online are accurate for other bonuses. In my experience, it is not common for bonuses to be stingy on deposit source even if the line item says something like P2P transfer.

I would wait until the bonus is paid before downgrading. Otherwise you may not get the correct bonus.

Got it. Tx MrJedi.

The stipulations for this one though, even when I spoke with PNC via phone, she said that the DD from my workplace had to go into the Virtual wallet (which I guess is the checking). What is this, or how do you access this, direct deposit tracker for the savings account?

I don't have an account right now so I can't give you specifics, but if you opened the version that includes savings account, there's a spot in the online banking for the savings account that tracks your direct deposits into your checking account. The reason is because the savings account has an interest booster if you have enough direct deposits into the linked checking account. I am pretty sure if it tracks for the interest booster it should for the bonus as well, since the language is the same about workplace deposit, etc. As mentioned, many bonuses stipulate that but a minority actually enforce work DD vs. P2P transfer DD. If you opened the version that does not have savings account, you won't see the tracker.