Any coli brehs been churning bank accounts?

CopiousX

CopiousX

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NotAnFBIagent said:
What?
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Basically, you go Open account, get incentive bonus money. then open another account and repeat.




in full transparency, i just dont think its worth it given the amounts necessary and your restrictions on that money. To put in in comparison, chase had a promotion where you open an account with $20,000 (and keep your money there for 2 months) and they would give you $300.

yes it is “free money”. But keep in mind that you still had to remove that 20k from an interest bearing account elsewhere like a brokerage acc or roth acc or 401k acc or a bussiness checking acc , etc.






For me personally, just keeping that same 20k in the brokerage account and not going through the hassle of moving money around will net me 2% per month. Or $400.00. And i dont need to do anything whatsoever to make this amount in my charles schwab account. Neither am i limited to holding it in one account or investment vehicle.

i think its a good idea if you move to a new location and happen to need a new bank account; however, i dont see the practicality of going out of your way to churn them. You can make better money elsewhere, doing no work.
 
Brolic

Brolic

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CopiousX said:
Basically, you go Open account, get incentive bonus money. then open another account and repeat.




in full transparency, i just dont think its worth it given the amounts necessary and your restrictions on that money. To put in in comparison, chase had a promotion where you open an account with $20,000 (and keep your money there for 2 months) and they would give you $300.

yes it is “free money”. But keep in mind that you still had to remove that 20k from an interest bearing account elsewhere like a brokerage acc or roth acc or 401k acc or a bussiness checking acc , etc.






For me personally, just keeping that same 20k in the brokerage account and not going through the hassle of moving money around will net me 2% per month. Or $400.00. And i dont need to do anything whatsoever to make this amount in my charles schwab account. Neither am i limited to holding it in one account or investment vehicle.

i think its a good idea if you move to a new location and happen to need a new bank account; however, i dont see the practicality of going out of your way to churn them. You can make better money elsewhere, doing no work.
Click to expand...

You’re right saving accounts aren’t worth it. I’ve been doing it for checking accounts. You just need a $500-$2000 direct deposit depending on the bank. It takes less than 10 minutes of work to get $200+
 
UncleTomFord15

UncleTomFord15

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Was going to do it, but an extra couple hundred a month just for the bank to possibly ban you didn't seem worth it to me :manny:
 
Jaylen Tatum

Jaylen Tatum

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For some reason I cant.l open an account online at these banks they say they can't verify my identity.
 
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