$600 checking sub

[FicoMike0]

I just collected my $600 checking sub from associated! Here's the link,

https://www.associatedbank.com/checking-account-bonus-offer-promotion

I think they paid on day 91, not bad. You have to tie up $10,000 for 60 days. 36% annual, by my cyper'in.

[DoppelgangerD]

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@FicoMike0 wrote:

I just collected my $600 checking sub from associated! Here's the link,

https://www.associatedbank.com/checking-account-bonus-offer-promotion

I think they paid on day 91, not bad. You have to tie up $10,000 for 60 days. 36% annual, by my cyper'in.

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Nice! This is tempting.

I wonder at what point does "churning" checking and savings accounts turn into an issue with your credit.

I still have not delved deep into how Chex works outside of the basics.

A couple of years ago I did like 4 checking accounts in one year.

Then I stopped for a year or so, then recently did another checking and a couple savings accounts.

[FicoMike0]

I've done may be 8 in the last 9 months. Some banks are chex, some are ews. Good to mix them up. No effect on credit, but some banks will turn you down on deposit accounts for to many recent accounts. Most of the big banks are ews.

[Yawgoog]

Terms: "New customers opening online are limited to IA, IL, IN, KS, MI, MN, MO, OH and WI. Offer not available for customers who have received a new personal checking account monetary bonus within the last 24 months and have or have had an Associated Bank checking account within the last 12 months."

[ptatohed]

Nice but I aim for the no direct deposit required offers.  Working on the Cap 1, 360 savings right now for $1500 and a (targeted) Lending Club $500 right now - no direct deposit required.  

Please share when you find a good no direct deposit needed offer!     

[Yawgoog]

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@ptatohed wrote:

Nice but I aim for the no direct deposit required offers. 

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Banks count deposits from TreasuryDirect.gov as qualified direct deposits.  People usually buy a 28-day treasury bill each month and select the desired bank as the destination when the T-bill matures.  The source and destination banks can be different and the destination bank can be changed after the treasury is issued.  The minimum investment is $100 and the amount invested can be made in increments of $100.  When buying treasuries, the dollar amount listed is the value at maturity.  If, for example, you bought a $1000 28-day T-bill, TreasuryDirect will deduct about $996 from your source bank and deposit $1000 to your destination bank when it matures.  Automatic reinvestment is allowed, with the interest at each maturity deposited to your primary bank.  Treasury interest is exempt from state and local income taxes.  Recent treasury auction results are at: 

https://www.treasurydirect.gov/auctions/announcements-data-results/

When you open a new bank account, wait about one week before linking to it from TreasuryDirect; otherwise, a security hold may be placed upon the link.

[FicoMike0]

@Yawgoog  Thanks! That's great info. Another way to play the churning game.

I've found every bank I've tried counts ach push from my own fidelity account as a direct deposit. I've also been successful with my amex checking and my robin hood account. The nice thing with using your own account is speed, you can send the deposits as quickly as you like. I've collected a sub in as little as 7 calendar days.

[FicoMike0]

@ptatohed  I'll post if I find a good no dd sub. They re rare. No dd usually requires a large deposit to be held for some time. Then you have to calculate the interest you lose by not having the capital elsewhere. The associated deal required both. I determined I would lose 83.33 (10000@5%) against +600 sub, I went for it. I got a little more by actually keeping the $10000 in an associated money market account, but it wasn't competitive either. 

Another drawback for this deal is there's a sub clawback if you don't keep the account open for a year. It's no min, no fee, so, it's just another app cluttering up my phone. Not for everyone.

[Yawgoog]

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@FicoMike0 wrote:

@Yawgoog  Thanks! That's great info. Another way to play the churning game.

I've found every bank I've tried counts ach push from my own fidelity account as a direct deposit. I've also been successful with my amex checking and my robin hood account. The nice thing with using your own account is speed, you can send the deposits as quickly as you like. I've collected a sub in as little as 7 calendar days.

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Some banks have been cracking down on what they accept as qualified direct deposits; Fidelity and other sources no longer qualify with BMO, Chase and Laurel Road, for example.  It is less likely that US Treasury deposits would be disqualified because Social Security payments are made by the Treasury.  You can achieve speed by buying a 28-day T-bill each week for four weeks with automatic reinvestment; this way, a T-bill will mature every week.  When you need to meet a deposit requirement with a bank, you can turn off reinvestment for one or more of the T-bills and change the destination bank.

Lists of methods that qualify for direct deposit are at:

https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/

https://dannydealguru.com/direct-deposit-requirements-for-bank-accounts/

[FicoMike0]

@Yawgoog 

More good info.

@ptatohed 

Here's a candidate

https://www.bmifcu.org/partner-promotions.html

I may try it. If so, I'll post results.