Here at HustlerMoneyBlog we strive to give you the best content to meet all your banking needs. You may have seen many articles throughout our site regarding different bank bonuses when you sign up for a certain account. In the bank’s perspective, they are trying to persuade you to switch to their accounts and use them for all your banking functions. However, by using their money-hungry tactics against them, we can show you how to easily make a profit without breaking a sweat. In this article, I will show you all the basics that you need to know when deciding whether or not to open a new bank account for a bonus.
|HSBC Premier checking account: Earn $450 bonus for eligible new customers who open a new HSBC Premier checking account and complete the following qualifying activities. Make recurring monthly Direct Deposits totaling at least $5,000. Member FDIC Terms|
|Huntington 25 Checking: Earn $300 bonus when you open a Huntington 25 Checking account and make cumulative new money deposits of at least $25,000 within 60 days of account opening. The $300 bonus will be deposited into your Huntington 25 Checking account after all requirements are met. Apply Now---Huntington 25 Checking Review|
|Discover Online Savings Account: Earn $200 Bonus/$150 Bonus with promo code HMB21 by 12/15/2021 along with a competitive interest rate of 0.40% APY. Fund your first savings account with a minimum of $25K within 30 days of account open date to earn the $200 Bonus. No minimum opening deposit, no minimum balance requirement, and no monthly fees. See advertiser website for full details.
Apply Now---Discover Savings Review
Table of Contents
Different promotions require different criteria you’ll need to meet in order to earn the full bonus. However, some of the common requirements you’ll find when signing up for a bank account are direct deposits, debit card transactions, and bill payments.
- Direct Deposit (DD): This is probably the most common requirement among bank bonuses. Banks want you to send all your earnings from your work into their bank account. Some banks have a specific direct deposit amount they want you to meet in order to meet the promotion’s criteria, and in some other cases, the amount can be vague. What you need to know is that some banks are unclear about what transactions are considered a direct deposit. We’ve written a different guide to show you which banks consider you meeting The Direct Deposit Requirement.
- Debit Card Transactions: Meeting the debit card transaction requirement is a pretty simple task. Banks mainly require you to make a certain number of debit card transactions because they earn a certain percentage from each transaction. If you are looking for ways to complete the requirement while also saving money, then head over to either our Best Cash Back Shopping Portals or Discounted Gift Cards. You’ll find that these lists offer lower prices compared to the original, so you’ll be saving money while also being on your way to completing the requirement.
- Bill Payments: The bill payment requirement is probably the easiest to complete. Bonuses require you to make a certain number of bill payments for their promotion, but you can easily split up the bill into different smaller payments to meet the number of payments required.
Avoiding The Fees:
The most common fees that come with bank accounts are monthly service fees and early termination fees. You’ll need to know what you’re dealing with in order avoid expenses and save more money at the end of each month.
- Monthly Fees: Among the “fee realm,” this is the most common one that you’ll find, and the most common one you’ll forget. Some accounts require a minimum balance to be maintained while others require just a direct deposit. Our articles should give you a good idea of what banks require to avoid the fees, but if you’re not sure, then check with a customer service representative.
- Early Termination Fees (Closing Account Fees): These fees happen when you close your account way too early in the process. You may have earned the bonus and didn’t want to deal with the account anymore, but somewhere in the fine print it said to “keep the account open for at least XX amount of days/months.” By just keeping the account open and avoiding the fees, you shouldn’t have anything to worry about. Just don’t close the account prematurely.
Soft Pull vs Hard Pull:
Why are we talking about how hard someone is tugging your arm? Well, we’re not. Each time you open a bank account, there is a certain pull on your credit score, and knowing the difference between the two can be a huge factor in determining whether or not to open a bank account. To put it simply, hard pulls negatively affect your credit while soft pulls do not. For more information, check out our list of Banks that Perform Soft or Hard Pulls.
Credit Card Funding:
If you have applied for a credit card recently and you’re looking to meet the minimum spending requirement, then you can possibly use the credit card to fund a minimum deposit for the bank account. Oddly enough, some banks allow this to happen. That means if you have a cash back credit card, you can make a transaction to your new bank account and earn a cash back percentage as well as meeting requirements for both your credit card and bank promotion. Here is a list of Banks that Allow Credit Card Funding.
Where to Find the Best Bonuses:
Now you are well-prepared and ready to earn different bank bonuses, but where do you find them? Well, you can find them on this site, silly! HustlerMoneyBlog provides our readers with the most complete information for all your banking needs. On this site, you’ll be able to find our full list of Best Bank Bonuses, and see which bonuses are available for your region.
Tell Us About Bonuses and Get Paid!
We are constantly updating our content and trying to provide you with the best information possible. If you come across an entirely new bank bonus, tell us about it and get paid! For each new bank bonus that we don’t have, we’ll give you $10! It’s as simple as that. Check out our Rewards Program for more information.
By reading this article, you should be well on your way to earning bank bonuses. From avoiding fees to knowing which accounts are soft or hard pull, you’ll know which promotions provide the most benefit for you. Be sure to follow all of the rules and regulations to bank bonuses and to meet all the requirements to earn bonuses in full. Also, tell us about your experience earning new bank bonuses! We love knowing that our readers are earning money easily and hustling hard each and every day.
The Chase Ink Business Cash Card offers $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening.
You'll earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year, 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year, & 1% cash back on all other card purchases with no limit to the amount you can earn.
This card comes with no annual fee. You'll be able to take advantage of employee cards at no additional cost.