How Much Did I Make Last Year?
If you have been reading this site for a while, you probably have noticed many articles about bank bonuses. Some people avoid them while others see them as a way to rack some easy money throughout the year. I don’t just write about bank bonuses. I also for them myself when I’m eligible. However, lately I have focused on better ones, and skipped some that are $200 or less.
If you are not familiar with these types of bonuses, you can check out my tips on how to churn bank accounts. There you can see my numbers from 2015. And yes, that’s a picture of my debit cards from many years ago. I also have a list of bank bonuses that is continuously updated, where you can find bonuses available in your state. Having a significant other, or even more family members, can double and triple your bonuses.
2022 Bank Bonus Results
We saw some great offers in 2022. That made it a very good year without having to actually open many accounts. Here I’ll go over all the bonuses that posted in 2022. That includes accounts that might have been opened in late 2021, but excludes those that I opened in late 2022, if the bonus posted in 2023. One example is this Amex Business Checking bonus, which I’ll count for 2023.
- Albert App: This was a great bonus that didn’t last long. You could get $500 for signing up and $500 for referrals. It was capped to three referrals, which I maximized. But here I’ll only count the referral for P2. So that’s a $500 bonus for myself, $500 for referring P2, and a $500 bonus for P2. The total is $1,500.
- Axos: This was a business checking bonus that got me $200.
- Chase: I got the maximum bonus of $500 with a business checking account. I only did one bonus, so that’s another $500.
- Current: This offer is still available, but it’s lower now. I did this bonus back in April I believe, when the total bonus was $170.
- Kabbage: I earned only one bonus from Kabbage, $300.
- Santander: The bonus comes in two parts and it required large direct deposits, and a $6,500 daily balance for three months. But it as worth it for $600.
- Teachers FCU: It got a little messy, but I was able to get the bonus from Teachers Federal Credit Union. That’s another $400.
- Wells Fargo: This was one of the best bonuses ever, and an easy $1,500 for opening a new business checking account. I opened one for myself, and dragged P2 to a Wells Fargo branch as well to open a second account. That was a total bonus of $3,000.
This is probably one of my slowest years when it comes to the total number of accounts. but that’s still a total of $6,670 in income just from bank bonuses.
Useful Tips to Improve Your Bank Bonus Results
Once you start opening bank accounts, for yourself an maybe family members, you’ll soon realize that keeping track of everything becomes overwhelming. If you’re just starting out, you should create a spreadsheet or any type of list, where you can note opening dates, requirements, monthly fees and requirements to avoid them if possible, closing dates, whether you’ve received the bonus and when and possibly other things.
Closing dates are helpful to note for good reason. You’ll need them to figure out if you’re eligible for an account bonus which you’ve already received in the past. And also you don’t want to forget about the money you have in those accounts. I made that mistake, and just discovered a $521 balance from a First Horizon bonus in 2017.
Being able to change your direct deposit often is a great plus in bank account churning. However bank transfers will usually qualify as direct deposits.
Use Mint, Google Calendar and tools to keep track of balances, deposits, dates etc. because things can get messy quickly and service/insufficient funds fees will add up. Also keep an eye on your ChexSystems report.
Most of the bank bonuses I earned last year were easily done from home with little effort. Wells Fargo was the only one that required a branch visit.
When it comes to bank bonuses it’s worth mentioning that they are subject to income tax and you must report them to IRS. They are the same as interest from a savings or money market account. They are taxed according to your effective tax rate.
Another thing to consider is that with higher interest rates, there’s an opportunity cost. If you need to keep larger balances in the account to earn a bonus, then you’re losing out on interest you could have earned at another bank that offers a higher APY.
But, overall I think bank bonuses are definitely worth doing. Keep a spreadsheet, keep track of all accounts you open, and make sure you fulfill the requirements.
Let me know what you think of bank bonuses. And what do your bank bonus results look like compared to mine!