You are probably wondering why we are writing about bank account bonuses when we are usually talking about credit cards. Well, credit cards are great for paying for your flights and hotels but what about food, tours, rental cars, and massages? We found another way to fund these items. Bank account bonuses come into play to offset these costs.
If you have some money you can move around to different banks, can park it there for a few months, and can meet their requirements, you can collect a few hundred dollars to add to your travel fund. You will get a 1099 tax form on the bonus and you will have to report that and pay taxes on the bonuses but I have found it worth it for the money I’ve made. In my first year, I made over $2,000 doing this and I made almost $3,000 doing it the next year too.
One of the best banks to earn bank account bonuses is Chase bank. Years ago, I made $500 by opening a checking and savings account with them and have been a customer ever since. That is exactly why the banks offer these bonuses. They hope you try them out, like them, and continue to use them as your primary bank. Now, to be honest, I don’t usually stick with most of the banks but there have been a couple that I still use.
Personally, I like to have a few different accounts – one for my travel, one for my husband’s business, and a couple for savings. The best place to find out about the best bank account bonuses currently offered is through Doctor of Credit. He explains what the bonus is and how to earn it.
I try and avoid the bonuses that want a direct deposit because it is kind of a hassle to change what banks I have my wages deposited to all the time. Some banks do have some workarounds as you will find in the information found on Doctor of Credit. This includes making a transfer from another bank. We are primarily a beginner’s travel hacking site so won’t keep you updated on all the bank account bonuses. We just wanted you to know there is another way to help offset some of your travel costs.
I did think it might be fun for you to see what bonuses I received one year and what I had to do to get them. Some are only available in certain states or are not currently available. I find many every year though – you just have to keep looking!
Each of these banks had specific times I had to leave my money in the bank before withdrawal, usually 3-6 months, and certain things I had to do. This has been a fun and lucrative way for me to make my trips cheaper, even free!
If you have some extra money that you can park in different banks, you can get bank account bonuses. These can help you pay for vacation items that your points/miles don’t cover. Have you ever done this?
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