How Josh Earned $5K+ in Bank Bonuses

There’s nothing we love more than celebrating our readers’ big wins. This week, we’re incredibly excited to showcase Josh*, a BankBonus reader from Florida who’s accrued over $5,000 in bank bonuses.

Josh found his way to BankBonus.com after searching Google for “bank bonuses“.

He dove in head-first, benefiting from some incredibly rewarding bonuses in 2023.

I ran into your website last year, and it had a tremendous impact on me in 2023. I wanted to share my story with you in case it will help others.
Josh Bank Bonus Reader

The Bonuses

Earning over $5,000 in bank bonuses is no small feat. To reach that amount, Josh did his homework, sifting through various account offers to find the ones that would fit his needs best.

His bank bonus journey started with a rewarding $400 bonus from PNC, which helped Josh boost his retirement savings and encouraged him to continue researching bank bonuses.

The Process

To keep track of his bonus offers, Josh found it was essential to build out a spreadsheet.

Here are the columns he created to track his progress:

Bank
Date opened
$ amount transferred initially
Bonus amount
Action steps
Payment date
Date closed (for future planning)

As Josh noted, he added the last column because a lot of bank bonuses stipulate that you can’t have had an account in the past for 12-24 months. The date closed column allows him to plan for the future.

Josh keeps a second spreadsheet to track his direct deposits as well.

Another important part of his process?

I liked to call after I set up each account to make sure someone on their end could verify that the bonus code was tied to my account and I would screenshot the confirmations and save them… And I always make sure in advance that the background check was not a hard pull on credit.

The Impact

Josh explained that while his story may not be unique, he’d like to think that what he’s doing with his bonus is.

His bank bonus journey has impacted his finances in a significant way, allowing him to boost his retirement savings

Thanks to compound interest, aptly dubbed by Einstein as the eighth wonder of the world, Josh’s $6,273 and counting will be worth a lot more when he retires.

In early 2024, I opened a Roth IRA and deposited the entire amount I made into a 2045 retirement year mutual fund account that historically returns 8% each year. With compound interest, even if I do nothing, the $6,273 that I made will turn into over $60,000 in 20-25 years. I'm excited about this and BankBonus has helped kick off the long-term strategy.

Josh plans to add to his account each year and expects that number to be substantially higher when he reaches retirement.

Tips for Fellow BankBonus Readers

There’s no better way to succeed in your bank bonus journey than learning from others who’ve been there, and Josh was happy to share some helpful insights with the BankBonus community.

When asked about his biggest piece of advice for other readers, Josh reinforced how important it is to keep records:

Please keep track of everything by spreadsheets including your direct deposit strategy and prioritize by deadlines to open accounts.

He also recommends educating yourself on how ChexSystems works, since banks and credit unions tend to keep track of account openings through the system.

If your account is denied due to the number of accounts on your ChexSystems report, we recommend contacting the bank—via phone, chat, or a quick visit to confirm your identity. Even if you have opened multiple bank accounts, you could still get approved.

Looking Ahead

After a whirlwind first year in the bank bonus world, Josh has no plans of stopping his newfound venture.

Looking to the future, Josh says he plans to put any future bonuses toward his retirement account.

Josh’s BankBonus Review

“The website is well organized into helpful categories, like checking, and savings. You can click one link and it goes right to the offer, and I found the direct link to the promotion to be helpful. All of the major banks offering the most money are there, so I would say BankBonus was my “bread and butter.”

*To respect their request to remain anonymous, the individual’s name in this success story has been changed to a fictional name.