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Churning Bank accounts for sign-up bonuses

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Established Contributor

Re: Churning Bank accounts for sign-up bonuses


@randomguy1 wrote:

I am currently thinking about moving my different savings accounts around to get sign up bonuses. Currently I have a decent amount of savings in Alliant and am planning to move it to Discover Savings to get their sign up bonus. It looks like the bonus will be paid by the beginning of October, no account has zero monthly fees, and I don't need to hold it there longer than that. Are there any downsides to this other than the labor required to shuffle around accounts?

 

I recently opened a Chase checking account to build my relationship with them to get into the Chase CC UR ecosystem but plan on keeping the money there. When the Discover Savings account returns it's SUP, I am considering to to move it to Chase. The Chase bonus is a bit more strict as you need to have the money in the account for 6 months or you return your SUP.  Downside to Chase, is the interest rate is terrible on their basic savings but I plan on moving the money out the 6 months back to my Alliant or another high yield savings (unless I'm chasing another SUP).

 

tldr;chasing sign-up bonuses, are there any downsides? I need to be liquid in the next year or so, have stocks, and 401k/IRA retirement accounts.

This year I also got into this a bit but was surprised by it. I was getting added as an AU on my partner's account and the banker was like "...and you're signing up for a checking account first." I was kinda taken aback because she just stated it as a given but then she slid me a piece of paper that said if I signed up for checking, got like $1000 direct deposited and kept it open for 6 months I'd get $300. I figured, why the hell not? It's easy to do in my work's system and it was basically free $$$. So this year I got $200 for opening a Chase account, which I was gonna do anyway b/c I wanted their CCs, $300 for opening a BofA account and $300 from Key Bank. I keep getting targeted ads for more but like you I was wondering how often I could do it before they would catch on. I mean, if they want me to do it, why not? In November I'll have hit the 6 month mark on one account and may do it one more time before year end. Only downside is you have to report it as income on your taxes.

 


AU




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Current Score: 683
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Message 11 of 28
Frequent Contributor

Re: Churning Bank accounts for sign-up bonuses

Thanks for your input. I feel as it’s a bit unfair we can’t compare products without getting potentially dinged for it. I mean we are literally loaning them tens of thousands of dollars if not more.

Regarding that, a bit concerned about Discover’s Bank. There’s been already about 5-6 times in 2 days that I’ve tried to make changes on the app or online and Discover tells me to try again as they are experiencing difficulties. When this happens, I try the same actions on my browser and get the same error. Needless to say, the customer experience isn’t too good. We will see if this is just a bad weekend for them or a somewhat normal thing.

As bad as a rep Wells gets, I have never had a customer service or technical issue with them. They were great with my mortgage as well. B of A was terrible with my mortgage and I didn’t like them as a bank when I had them before Wells. That was over two decades ago, but they always seemed very cold and not too friendly. Wells where I lived at the time (SoCal) was like a breath of fresh air. Young and friendly employees.
Message 12 of 28
Established Contributor

Re: Churning Bank accounts for sign-up bonuses


@randomguy1 wrote:
Thanks for your input. I feel as it’s a bit unfair we can’t compare products without getting potentially dinged for it. I mean we are literally loaning them tens of thousands of dollars if not more.

Regarding that, a bit concerned about Discover’s Bank. There’s been already about 5-6 times in 2 days that I’ve tried to make changes on the app or online and Discover tells me to try again as they are experiencing difficulties. When this happens, I try the same actions on my browser and get the same error. Needless to say, the customer experience isn’t too good. We will see if this is just a bad weekend for them or a somewhat normal thing.

As bad as a rep Wells gets, I have never had a customer service or technical issue with them. They were great with my mortgage as well. B of A was terrible with my mortgage and I didn’t like them as a bank when I had them before Wells. That was over two decades ago, but they always seemed very cold and not too friendly. Wells where I lived at the time (SoCal) was like a breath of fresh air. Young and friendly employees.

Personally I've had no problems with Discover but just as a CC customer. Wells Fargo regularly gave me issues when I was young, poor and living abroad but I had to use them because my folks could put money in my account and I could withdraw it with a fee from where I was studying. BofA also was terrible to my mom when I was growing up and we fell on hard times. Like they were just rude and refused to forgive an overdraft fee that would have meant a lot at that time. But as an adult, whatever, I'll use them for free money and then walk away. I don't owe them anything, they owe me.


AU




Starting Score: 651
Current Score: 683
Goal Score: 751

Take the myFICO Fitness Challenge
Message 13 of 28
Valued Contributor

Re: Churning Bank accounts for sign-up bonuses

I missed one for $250 for parking $500 for 60 days in 5/3. What was that $500 on 5/3? Mine was targeted mailer.







Installment loan reported this month,so technically, I'm at 2 months, but AoYA points were NOT reset. When new CCs hit and it is reset, I'll put the number it is.+1,+2,+2(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated AUG 4, '19. Since then, 5 HP dings to add; will update again.
Message 14 of 28
Frequent Contributor

Re: Churning Bank accounts for sign-up bonuses

I missed the US Bank one. Would like that one to build a relationship. BofA needs to have a larger bonus as well.
Message 15 of 28
Frequent Contributor

Re: Churning Bank accounts for sign-up bonuses


@Birdman7 wrote:
I missed one for $250 for parking $500 for 60 days in 5/3. What was that $500 on 5/3? Mine was targeted mailer.

 

Same deal, but you have to park $15,000 for 60 days.

    EQ=846        TU=834        EX=822      INQ=0/0/2      UTIL=1%        AZEO
Message 16 of 28
Valued Contributor

Re: Churning Bank accounts for sign-up bonuses

I kicked myself in the butt for missing that. I had the expiration date wrong in my mind.







Installment loan reported this month,so technically, I'm at 2 months, but AoYA points were NOT reset. When new CCs hit and it is reset, I'll put the number it is.+1,+2,+2(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated AUG 4, '19. Since then, 5 HP dings to add; will update again.
Message 17 of 28
Frequent Contributor

Re: Churning Bank accounts for sign-up bonuses

I track everything in this template I found on Reddit.

https://www.reddit.com/r/churning/comments/9430cv/churning_tracker_spreadsheet_template/?utm_source=...

My Chase bonus posted today. Dang it was quick! Opened on 8/30, took some time for DD to hit as it only happened last Thursday.
Message 18 of 28
Established Member

Re: Churning Bank accounts for sign-up bonuses

I move around and travel a lot, so I like to have a national bank.  Brick and mortars still have there usefulness.  I've got checking & savings at BoA, Citi; checking with Chase; checking with WF and savings and money market with local CU.  I've had BoA the longest. They are a PITA but they have branches everywhere from SC to SoCal points in between. I opened the Chase checking in 2015 to build a relationship. I have CSP and Freedom with them now.  Citi and Wells Fargo opened a year ago to have some diversity incase I needed to close accounts. 

 

I signed up for a 2.36% Citi Accelerated savings this summer.  I was going to put that money in Ally but this APY was greater.  Since July the rate has dropped to 2.21% then 2.05% (email this morning).  So it's prolly going to get closed in the next six months and moved to CU savings or Ally.  Citi then had a intro APY 2% for 3 months with a cap of $2500 interest paid.  So in August, I put a chunk of change in there too but I missed read the print.  It wasn't 2% per month it was 2% APY for 3 months (then dropping to .005% APY). So instead of getting $2500 at the end of this month, I will be getting $240, then moving that money somewhere else.

 

Like the others say, doctor of credit is your friend.  I also didn't know about EWS and chexsystems so this was an informative thread.

Message 19 of 28
Frequent Contributor

Re: Churning Bank accounts for sign-up bonuses

Varo, Chime, and SoFi are the easiest bonuses I have ever made. No credit pull and bonus posted in days. Make sure you get a referral as you both make extra money as well (lmk if you need one via pm). Chase and Discover have good ones as well.

 

I've done these so far. HSBC and BofA business are probably my next ones. After I open the BofA account, I will app for the Alaska Airlines Business CC a few months after although I already do have a Merrill Edge investment account.

BankOpenedClose AfterClosedRe-eligibleBonusBonus ExpectedBonus Post
Chase Checking8/30/20192/30/2019 2 years$300.009/28/20199/26/2019
Discover Savings9/2/2019anytime  $200.009/12/20199/12/2019
Chase Business Checking9/6/20193/6/2019 2 years$300.0011/23/2019 
Citibank Checking and Savings9/9/2019  180 days$500.0011/20/2019-2/20/2020 
Capital One 360 Checking9/22/2019n/a  $25.0011/12/2019 
SoFi Money9/24/2019n/a  $50.009/26/20199/26/2019
SoFi Invest9/24/2019n/a  $25 stock9/26/20199/27/2019
Incredible Bank9/25/201901/08/2019  $175.0001/08/2019 
Chime9/26/2019   $50.0009/30/20199/30/2019
Regions Bank9/30/20193/30/19  $200.0001/30/2019 
Varo10/1/2019   $100.0010/3/201910/3/2019
Robinhood10/1/2019   Free Stock10/1/201910/1/2019

 

Message 20 of 28
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