Maximizing Bank Account Bonuses in the USA

Maximizing Bank Account Bonuses in the USA

When it comes to banking in the USA, one of the most appealing aspects is the lucrative bonuses offered for opening new accounts. Over time, I’ve personally earned an incredible $4,800 in account-opening bonuses, with more still on the way! Here are my insights and experiences during this rewarding journey. 💵

1️⃣ Is It Worth the Effort?

My evaluation standard is simple: “Is the hourly rate I earn from opening this account equal to or greater than my current salary?” If the process feels too stressful and the rewards don’t measure up to what I could earn in my job, then it’s not worth pursuing.

Fortunately, most of these bonuses are quite worth it, requiring only a few clicks online, some direct deposits, or additional deposits to earn several hundred dollars! 😏

2️⃣ Recommended Bonuses

Among the various offers I’ve explored, here’s how they rank:

• Top Tier: US Bank ($450), SoFi ($600), Chase ($900)
• Second Tier: BoA ($200), Capital One ($1,800), Citi ($450)
• Third Tier: PNC ($400), SFCU ($820)

It’s worth noting that I opened my HSBC account primarily for global fee-free real-time transfers, not specifically to chase bonuses. The Capital One savings account requires a $100,000 deposit for three months, but this can be advantageous given its interest rate of 3.5%-3.7%. I had my money in there for 111 days, yielding a total of $2,568, leading to an actual annualized return of 8.3%. 💰

While SFCU seems to boast a large bonus, achieving it is challenging. There are numerous tasks to complete, plus a monthly spending requirement of $1,000, making it less appealing overall. 😞

3️⃣ How to Manage Multiple Accounts

Managing numerous bank accounts can be tricky, so I created an Excel spreadsheet (see image) to keep track of them. Occasionally, I close accounts that I haven’t used in a while and reapply after a year or two.

Besides leaving a small amount in each account to avoid monthly fees, most of my funds are transferred to Wealthfront, where I earn 4.5% interest. The experience with Wealthfront has been quite positive; transfers typically reach my account within two business days, while withdrawals arrive on the same day, sometimes even within minutes! 😄

4️⃣ Closing Accounts and Reapplying

Recently, I closed my BoA account. After struggling to reach customer service for online closures, I opted for an in-person visit, and the banker handled it efficiently in just ten minutes! 👍🏻

There are also attractive bonuses to be found with Wells Fargo, BMO, and others. However, I learned from a Wells Fargo banker that non-citizens or green card holders aren’t eligible. As for BMO, I couldn’t find an online application portal, so I decided against the hassle. 😅

Lastly, it’s essential to remember that these bonuses need to be reported as income. Be prepared to fill out the 1099-INT/1099-MISC tax forms the following year, which will reduce your net gains. 💼

Conclusion

Overall, taking advantage of bank account bonuses in the USA can lead to substantial earnings with a bit of effort and organization. Weigh the benefits against the requirements to ensure a rewarding experience! Happy banking! 💳