The Snowball Wealth Financial Roadmap
There’s an old saying that goes “there is no such thing as free lunch”. The saying basically reiterates that nothing in the world comes without some work. One way to get some extra money with minimal work is using bank bonuses to your advantage.
A bank bonus is offered by a bank or financial institution for opening a checking or savings account with them. This reward is typically in the form of money deposited into the account after a specified period of time. Most banks will require you to have a direct deposit of a certain amount into the account and keep the account open for a certain period of time in order to qualify.
There are a few things to consider when it comes to opening an account for a bank bonus. The first is whether or not you can actually meet the minimum direct deposit required for the bonus. Some banks will require a minimum of say $250 direct deposit in order to qualify and others may require more.
Another consideration is whether you want to leave your current bank completely or have multiple accounts. Some people prefer to have multiple accounts to separate their savings and spending. It all depends on your preference.
There are plenty of banks and financial institutions that will offer you a bonus for moving your money with them. The key is to make sure you do your research on each institution to make sure it is a good fit for you. Here are just two of the many offers available.
Right now, TD Bank is offering new customers a $200 bank bonus when you have $500 in qualifying direct deposits into your checking account within 60 days. If you can have $2,500 deposited into the account within 60 days, the amount increases to a $300 bonus. Of course, make sure you read the terms and conditions.
Fifth Third Bank
Another option is Fifth Third Bank. Right now, if you open a checking account before 9/30/22 and make direct deposits totaling $500 or more within 90 days you will receive a bonus of $375. You must present a coupon at the time of opening an account and more information can be found here.
As with anything, you should consider whether a bonus is right for you personally. You should read the fine print carefully and make sure the bank and account is a good fit for your needs. There are other ways to make additional income. If you want to know what other people are doing to get extra money, consider joining our free money community to chat with other people who are seeking the same. Additionally, don’t miss your chance to win some prizes this week! Join the app, and post on the community feed for a chance to enter.