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Home Smart Money Guide

The Beginner’s Guide to Bank Bonus Hunting: How to Get Started

John Huynh by John Huynh
October 5, 2024 8:58 pm CDT
in Smart Money Guide
0
Earn a $300 cash bonus with BlueVine!
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New to bank bonuses? This beginnerโ€™s guide explains everything you need to know to start earning money from bank sign-up offers, including how to meet requirements, track deadlines, and avoid fees.

Table of Contents
  • Introduction: What is Bank Bonus Hunting?
  • Step 1: Finding the Right Offers for Beginners
    • Where to Find These Offers:
  • Step 2: Meeting the Bonus Requirements
    • Common Bonus Requirements:
  • Step 3: Organizing Your Bank Bonus Applications
    • Create a Spreadsheet
    • Set Reminders
    • Why Staying Organized Matters
  • Step 4: Avoiding Fees and Common Mistakes
    • Avoid These Common Mistakes:
  • Step 5: Closing Accounts Without Losing the Bonus
  • Frequently Asked Questions
    • How much money can I make from bank bonuses?
    • Can I sign up for more than one bonus at a time?
    • Do bank bonuses affect my credit score?
    • What are the most common requirements for earning a bank bonus?
    • How long does it take to receive a bank bonus?
    • Can I close the account after receiving the bonus?
    • Are bank bonuses taxable?
  • Final Thoughts: Why Bank Bonus Hunting is Perfect for Beginners

Quick Takeaways:

  • Bank bonus hunting is an easy way to earn extra money by opening new bank accounts with promotional offers. For example, you can earn up to $600 with this offer
  • Itโ€™s important to track deadlines and understand each bankโ€™s requirements to qualify for bonuses.
  • Beginners can start small by focusing on simple offers with no fees and direct deposit requirements.

Introduction: What is Bank Bonus Hunting?

If youโ€™ve never heard of bank bonus hunting, get ready to discover a simple way to make extra cash by signing up for new bank accounts. Many banks offer attractive bonusesโ€”sometimes as high as $5000 or moreโ€”to new customers just for opening an account and meeting a few basic requirements. Think of it as a bank paying you to become a customer.

Sounds great, right? But thereโ€™s a bit more to it than just opening accounts. In this guide, Iโ€™ll explain everything you need to know to get started, from how to find the best offers to meeting those all-important requirements. Whether you’re looking to earn extra spending money or build your savings, bank bonus hunting can be a smart and simple way to do itโ€”especially if youโ€™re new to the game.

If you’re eager to jump straight into the latest bank bonuses, check out our full list of the best offers available right now. One of our favorites is the BMO Bank promotion, where you can earn up to $600 with fairly simple requirements!

best-business-checking-bonus-banner-image-laptop-black-piggy-bank

Step 1: Finding the Right Offers for Beginners

As a beginner, your first step is to find bank bonuses that fit your current banking habits and financial situation. Some bonuses are easier to achieve than others, so youโ€™ll want to start with simpler offers. Hereโ€™s what to look for:

  • No-Fee Accounts: Start with bank bonuses that donโ€™t require a large balance to avoid fees. This keeps things low-risk while you get the hang of it. Many checking offers make it easy for you to avoid monthly fees. For example, Chase checking accounts have multiple ways for you to avoid monthly maintenance fees.
  • Low Direct Deposit Requirements: Many offers require you to set up direct deposit (usually from your paycheck), but some accounts have easier alternatives like transferring money between accounts. Here is a list of bank bonuses that have no direct deposit requirements.
  • Trusted Banks: Look for bonuses from well-known, reputable banks to ensure you’re dealing with legitimate offers. Chase, Citibank, and Wells Fargo are examples.

Where to Find These Offers:

  • Bank websites: Many banks promote their bonuses directly on their websites.
  • Bank bonus trackers: Bookmark and follow our blog to get regularly updated lists of the best bank bonus offers available.
  • Email sign-ups: Sign up for emails from major banks. They often send targeted offers to attract new customers.

Step 2: Meeting the Bonus Requirements

Once youโ€™ve chosen an offer, itโ€™s time to understand and meet the bonus requirements. This is the most important step because missing even one requirement could mean losing the bonus.

Common Bonus Requirements:

  1. Opening the Account: The first step is always opening a new account. Be sure to read the termsโ€”some banks wonโ€™t offer a bonus if youโ€™ve been a customer in the past few years.
  2. Direct Deposit: Many bonuses require a qualifying direct deposit. Typically, this means having your paycheck deposited into the account, but sometimes bank-to-bank transfers or government benefits count too. Always check the terms!
  3. Maintaining a Minimum Balance: Some bonuses require you to keep a certain amount of money in the account for a specific period of time.
  4. Transactions: Some offers may require you to make a certain number of debit card purchases or bill payments within the first few months.

Pro Tip: If youโ€™re new to this, focus on direct deposit requirements and low balance accounts that wonโ€™t lock up your money for too long. These are the easiest offers for beginners to complete without much hassle.


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BMO Bank logo square
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Open a new BMO Smart Advantage Checking or BMO Smart Money Checking account and earn a $350 cash bonus* when you receive at least $4,000 in qualifying direct deposits within the...Show More
Open a new BMO Smart Advantage Checking or BMO Smart Money Checking account and earn a $350 cash bonus* when you receive at least $4,000 in qualifying direct deposits within the first 90 days. Enjoy no monthly maintenance fees, no minimum balance requirements, and access to over 40,000 fee-free ATMs nationwide. Act now before it ends 5/2/24. Show Less
Earn $350
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Step 3: Organizing Your Bank Bonus Applications

Once you start signing up for multiple bank bonuses, it can get overwhelming quickly. That’s why staying organized is key. Here’s a simple system for beginners to track your progress:

Create a Spreadsheet

A spreadsheet is a great way to track all the important details, such as:

  • Bank Name: Keep a list of the banks you’re applying to.
  • Account Opening Date: Mark the date you opened the account.
  • Bonus Requirements: List requirements like direct deposits or transaction counts.
  • Bonus Payout Timeline: Note when you expect the bonus to be credited.
  • Account Closure Eligibility: Some banks require you to keep the account open for a set periodโ€”make sure to track when you can safely close it.

Staying on top of deadlines ensures you meet all the criteria and don’t miss out on any bonuses.

Here’s an example:

Bank Name Account Opened Requirements Bonus Payout Timeline When to Close Account
BMO Bank January 5, 2024 Direct Deposit, 10 Transactions Within 90 days May 5, 2024
Chase Bank February 1, 2024 Direct Deposit Within 60 days April 1, 2024

Set Reminders

Use your phone’s calendar or a task app to set reminders for key dates, such as:

  • When to make a direct deposit.
  • When the bonus is expected to hit your account.

This extra step can help you avoid missing important deadlines and ensure youโ€™re earning the bonus you’ve worked for.

Why Staying Organized Matters

Missing a deadline or forgetting a requirement means you wonโ€™t receive the bonus. By keeping things organized from the beginning, you’ll make sure you collect every dollar youโ€™ve earned.


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Unlock the power of your savings with Raisinโ€™s exclusive network of 70+ insured banks and credit unions, offering top-tier savings rates with zero fees. With just one secure...Show More
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Step 4: Avoiding Fees and Common Mistakes

As a beginner, itโ€™s important to be aware of the potential pitfalls when hunting for bank bonuses. Some small mistakes can cost you more than the bonus itself, but the good news is theyโ€™re easy to avoid.

Avoid These Common Mistakes:

  • Missing the Fine Print: Always read the terms and conditions carefully to make sure you understand whatโ€™s required. Some offers have hidden requirements like keeping the account open for a certain number of months.
  • Overlooking Monthly Fees: Many banks charge monthly maintenance fees if you donโ€™t meet specific conditions (like maintaining a minimum balance). Make sure to factor these in so they donโ€™t eat up your bonus.
  • Too Many Credit Pulls: Some banks will perform a hard credit check when you open an account, which can temporarily lower your credit score. Stick to banks that use soft credit pulls, especially if youโ€™re opening several accounts at once.

Step 5: Closing Accounts Without Losing the Bonus

Once youโ€™ve received your bonus, you might think you can close the account right away, but not so fast! Many banks have rules that require you to keep the account open for a certain periodโ€”often 90 to 180 daysโ€”after you receive the bonus. If you close the account too soon, the bank may revoke the bonus or even charge a penalty fee.

Hereโ€™s what to do:

  • Mark your calendar: Note the date when itโ€™s safe to close the account without losing the bonus.
  • Keep an eye on fees: If there are monthly maintenance fees, make sure you know how to avoid them while waiting to close the account. Sometimes, this means keeping a small balance in the account.

TRENDING DEAL:

โ–ถ GET A $300 CASH BONUS FOR A NEW CHECKING ACCOUNT WITH CHASE

chase small square logo

Frequently Asked Questions

How much money can I make from bank bonuses?

Many offers range from $100 to $500, but experienced bonus hunters can earn several thousand dollars a year by stacking multiple offers. There are single offers as high as $3,000, such as this one from Chase Private Client, but this offer has higher requirements to meet. Typically, bonuses fall in the $100, $200, or $300 range with much lower requirements. BMO has an offer worth up to $600 that is a happy medium. By strategically stacking these offers, you can easily earn thousands each year.

Can I sign up for more than one bonus at a time?

Yes, you can sign up for multiple bonuses at once. However, as a beginner, it’s a good idea to start with one or two bonuses to ensure you can meet the requirements without feeling overwhelmed.

Do bank bonuses affect my credit score?

Some banks perform a hard pull on your credit when you open an account, which can temporarily impact your credit score. It’s important to check whether the bank uses a soft or hard pull before applying for a bonus to avoid unnecessary hits to your credit score.

What are the most common requirements for earning a bank bonus?

Common requirements include setting up a direct deposit, maintaining a minimum balance, or making a certain number of debit card transactions within a specified time. Always read the terms carefully to ensure you can meet the requirements before applying.

How long does it take to receive a bank bonus?

The time frame varies depending on the bank and the bonus offer. Most bonuses are credited within 60 to 90 days after meeting the requirements, but some banks may take longer. Be sure to track the timeline so you know when to expect your bonus.

Can I close the account after receiving the bonus?

Many banks require you to keep the account open for a few months after receiving the bonus to avoid penalties or losing the bonus. Check the fine print for any early closure fees or time limits on how long the account needs to remain open.

Are bank bonuses taxable?

Yes, bank bonuses are generally considered taxable income. Most banks will send you a 1099-INT form if your total bonuses exceed a certain threshold. Make sure to account for this when filing your taxes.

bank bonus banner

Final Thoughts: Why Bank Bonus Hunting is Perfect for Beginners

Bank bonus hunting is one of the simplest and most accessible ways to boost your incomeโ€”no special skills or experience required. By following the steps outlined above and staying organized, you can easily pocket hundreds, if not thousands, of dollars each year just by opening a few bank accounts.

For beginners, this is a low-risk, high-reward strategy. Itโ€™s an excellent way to grow your savings or earn some extra cash with minimal effort. Start with offers that align with your financial situation and gradually work your way up as you become more comfortable with the process. The beauty of bank bonus hunting is that it rewards consistency and attention to detail, making it an ideal entry point into personal finance strategies. With a little time and organization, youโ€™ll be surprised at how quickly those bonuses add up!

READ MORE: SEE THE BEST BANK BONUSES HERE

For further reading, seeย The Ultimate Guide to Bank Bonuses: Strategies, Tips, and Must-Read Articles.

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John Huynh

John Huynh

As a passionate advocate for financial wellness, I am dedicated to uncovering and sharing the top bonus deals to maximize your earning and savings potential. In my free time, I am a seasoned traveler, constantly creating itineraries for my next adventurous journey.

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