Author Topic: Bank Account Bonus Masterthread  (Read 17723 times)

Offline Euclid

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Offline AsherO

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Re: Bank Account Bonus Masterthread
« Reply #21 on: April 20, 2021, 06:59:24 PM »
https://twitter.com/getderb/status/1384558241271713794

What about ChexSystems and the link flagging him for too many inquiries?
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Offline chevron

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Re: Bank Account Bonus Masterthread
« Reply #22 on: April 21, 2021, 01:47:23 AM »
I think it's realistic if you actually have the funds.

You can do 7-9% return a year

Offline ari3

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Re: Bank Account Bonus Masterthread
« Reply #23 on: April 22, 2021, 10:02:09 PM »
I think it's realistic if you actually have the funds.

You can do 7-9% return a year
Besides the funding you also have to have the time and the head to keep track of all the accounts.

Offline AsherO

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Re: Bank Account Bonus Masterthread
« Reply #24 on: April 22, 2021, 10:05:31 PM »
Besides the funding you also have to have the time and the head to keep track of all the accounts.

A good spreadsheet and reminder system, and the bandwidth to act on those, is sufficient.
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Offline justmeha

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Re: Bank Account Bonus Masterthread
« Reply #25 on: April 22, 2021, 11:44:46 PM »
reminder system
any suggestions for this one?

Offline Euclid

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Re: Bank Account Bonus Masterthread
« Reply #26 on: April 23, 2021, 12:22:44 AM »
you also have to have the time and the head to keep track of all the accounts.
How's this different than the credit card game?

Offline gozalim

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Re: Bank Account Bonus Masterthread
« Reply #27 on: April 26, 2021, 04:08:14 PM »
any suggestions for this one?
scheduled email?

Offline ari3

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Re: Bank Account Bonus Masterthread
« Reply #28 on: April 26, 2021, 08:18:08 PM »
How's this different than the credit card game?
1) a credit card bonus should be worth at least $500 apiece unlike bank bonuses

2) you don't have to keep money in a credit card so unless there is an annual fee no loss if you lose track. If it has an annual fee you will get a bill to remind you

3) most people are actually spending money on a credit card anyways so you are signing up for a product you will use

Offline noturbizniss

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Re: Bank Account Bonus Masterthread
« Reply #29 on: April 27, 2021, 09:03:57 AM »

@doctorofcredit keeps a  list updated monthly of bank account bonuses on his site!
https://www.doctorofcredit.com/best-bank-account-bonuses/
READ THE DARN WIKI!!!!

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Offline Euclid

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Re: Bank Account Bonus Masterthread
« Reply #30 on: October 22, 2021, 01:32:53 AM »
Besides the funding you also have to have the time and the head to keep track of all the accounts.
How's this different than the credit card game?
1) a credit card bonus should be worth at least $500 apiece unlike bank bonuses

2) you don't have to keep money in a credit card so unless there is an annual fee no loss if you lose track. If it has an annual fee you will get a bill to remind you

3) most people are actually spending money on a credit card anyways so you are signing up for a product you will use

Been thinking about this; I think it's the same and it's different than credit cards. The motivation is different, but the tracking methodology is very similar.

I have liquid cash sitting around doing nothing, other than earning extremely little in "high" yield savings account; I need the cash to be relatively liquid because it's emergency fund money. So the motivation is to have that money earn more than 0.5%-1%, while still remaining liquid. This is where bank account bonuses come into play; granted that they're not as lucrative as credit card SUB, but that's not the motivation here. I don't need them to earn like a credit card, rather all I need is for the money to earn more than the minimal percentage of interest that it would be making otherwise.

As for tracking, most people in the credit card game have multiple accounts that they're juggling at a single time, and possibly also multiple spending thresholds to hit. Additionally, there are AF to keep track of, and when's the optimal time to cancel/downgrade/PC a card. All this tracking overhead is similar to bank accounts.

I can definitely understand why someone would feel that it's not worth the headache; but to me I feel it's a waste to have my money losing value to inflation and this is a safe, relatively easy way to accomplish that.

Offline yesitsme

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Re: Bank Account Bonus Masterthread
« Reply #31 on: October 22, 2021, 01:35:19 AM »
Been thinking about this; I think it's the same and it's different than credit cards. The motivation is different, but the tracking methodology is very similar.

I have liquid cash sitting around doing nothing, other than earning extremely little in "high" yield savings account; I need the cash to be relatively liquid because it's emergency fund money. So the motivation is to have that money earn more than 0.5%-1%, while still remaining liquid. This is where bank account bonuses come into play; granted that they're not as lucrative as credit card SUB, but that's not the motivation here. I don't need them to earn like a credit card, rather all I need is for the money to earn more than the minimal percentage of interest that it would be making otherwise.

As for tracking, most people in the credit card game have multiple accounts that they're juggling at a single time, and possibly also multiple spending thresholds to hit. Additionally, there are AF to keep track of, and when's the optimal time to cancel/downgrade/PC a card. All this tracking overhead is similar to bank accounts.

I can definitely understand why someone would feel that it's not worth the headache; but to me I feel it's a waste to have my money losing value to inflation and this is a safe, relatively easy way to accomplish that.
for that we have https://www.meetbeam.com/about
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Offline Euclid

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Offline Euclid

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Re: Bank Account Bonus Masterthread
« Reply #33 on: October 22, 2021, 10:08:19 AM »
This is the most comprehensive, best source for all bank bonus things https://www.doctorofcredit.com/best-bank-account-bonuses/

Offline yungermanchik

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Re: Bank Account Bonus Masterthread
« Reply #34 on: October 22, 2021, 12:49:00 PM »

I can definitely understand why someone would feel that it's not worth the headache; but to me I feel it's a waste to have my money losing value to inflation and this is a safe, relatively easy way to accomplish that.
Another major difference is this:
Except when the taxman comes knocking (and you find out that the little profit put you over the threshold and you lose all kinds of benefits, tax credits etc.).  ;D 
Bank account Bonuses are considered unearned income which has a pretty low threshold to knock you off earned income credits...
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Offline Euclid

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Re: Bank Account Bonus Masterthread
« Reply #35 on: October 22, 2021, 01:46:10 PM »
Another major difference is this:Bank account Bonuses are considered unearned income which has a pretty low threshold to knock you off earned income credits...
They're treated differently than interest? I'm just trying to replace interest gains (or lack thereof).

Offline yungermanchik

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Re: Bank Account Bonus Masterthread
« Reply #36 on: October 22, 2021, 01:49:17 PM »
They're treated differently than interest? I'm just trying to replace interest gains (or lack thereof).
No, exactly like interest. But interest is generally not significant enough to make a difference.
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Offline Euclid

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Re: Bank Account Bonus Masterthread
« Reply #37 on: October 22, 2021, 02:01:04 PM »
No, exactly like interest. But interest is generally not significant enough to make a difference.
Ah yeah, two sides of the same coin

Offline Spoon

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Re: Bank Account Bonus Masterthread
« Reply #38 on: October 22, 2021, 02:04:04 PM »
Another major difference is this:Bank account Bonuses are considered unearned income which has a pretty low threshold to knock you off earned income credits...

This.

Offline Spoon

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Re: Bank Account Bonus Masterthread
« Reply #39 on: October 23, 2021, 09:38:10 PM »
This.
Another major difference is this:Bank account Bonuses are considered unearned income which has a pretty low threshold

ETA: Starting in 2021 and going forward the threshold was raised to 10k (from 3.6k).