About Nick Reyes

Nick Reyes is a (fairly) regular guy with an animalistic passion for maximizing the value of miles and money to travel the world in comfort and style. There is little in life that he loves more than finding a fantastic deal and helping you shop smarter & harder to achieve your travel dreams.

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David
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David

It’s easy until it’s not. Some banks are scummier than others and you will need to pry the bonus out of their hands.

Dr. McFrugal
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Dr. McFrugal

Thanks for the timely article, Nick!

I haven’t really considered banking bonuses because I always thought of them as a hassle. Minimum balance requirements, monthly fees, direct deposit requirements, etc. And the sign up bonuses would likely be taxed at my ordinary income tax rates (which is the highest bracket), so that’s further a disincentive.

But after seeing how easy it was to sign up for SoFi Money and earn the referral bonuses, I am know looking at banking bonuses more closely. Some of them really are low-hanging fruit! Thanks again.

Jack
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Jack

Maybe a dumb question, but why would there be a hard or soft pull for opening a bank account?

J R
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J R

Identity verification.

CaveDweller
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CaveDweller

If u have a credit line (Check overdraft)or a HELOC a Hard pull then a soft pull to look every month ..
CHEERs

Wayne
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Wayne

Started this last June. Have opened 12 accounts and not all bonuses have posted, but so far I’ve received a little over $3,000.

MSer
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MSer

I’ve mostly given up on bank account bonuses – too many have required multiple calls/emails to get paid. Happens so often, it’s just not worth the hassle – rather put my time towards reliable MS activities. That said, HSBC recently sent a $750 signup offer that I’ll do.

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[…] Based on the limited data available about this card, I’d have assumed that the ordinary 50K offer wasn’t really worthwhile since the points are worth 0.7c each towards most hotels and flights, making the bonus on the Expedia+ Voyager worth $350. Once you subtract the $95 annual fee, it’s not a terribly exciting bonus offer (indeed, I recently opened a checking account with a similar-sized bonus). […]