Since discovering Bank Bonus through an online search last fall, Nicholas, a Pennsylvania reader, has unlocked some worthwhile bonuses, higher interest rates, and shiny new account features.
We chatted with Nicholas to get all the details on his favorite offers yet and his process for choosing which bonuses to pursue. He also provided insight into how he’s investing his bonuses to further their impact.
The Bonuses
Nicholas has scored $1,125 in bank bonuses, and a few have stood out as favorites.
While it's not the biggest bonus I've earned, it was awesome receiving $100 from BankBonus.com for opening a savings account with Valley Direct, they offer an extremely competitive APY and I've transitioned most of my savings to that account at this point. And $300 for opening a Truist savings account was just obscene!
Nicholas was quick to note that these two stood out the most for being so easy and useful.
The Process
Nicholas has developed a quick process for choosing which bonuses to go after. His formula includes accomplishment, ease of accomplishment, and time to completion.
To start, he rules out bonuses that require a higher financial commitment than he’s able to make.
From there, he notes all the requirements and considers whether they’re worth the effort. For example, he’s more likely to apply if he only has to open an account or receive a direct deposit versus pursuing a bonus that requires him to move all of his retirement accounts to a new brokerage.
Last, Nicholas explains,
I consider how long it will take me to complete the bonus, and how long it might prevent me from taking advantage of other offers. I only have one direct deposit payer, so I may need to be careful about which bonus I want each payment to count towards.
While he has faced a few challenges, like having to visit a Truist branch in person to have a direct deposit form signed, he says the process of securing bonuses has been an easy one overall.
The Impact
Nicholas’s new bank bonus hobby has benefited him in more ways than one. Most immediately, his bonuses have given him a cushion while he was unemployed during the job-hunting process.
He’s also been able to reinvest his bonuses, taking advantage of high-yield accounts and investments to further their reach:
I'm pretty good at saving, and don't spend money just because I have it. So, whether I leave the money sitting in my Valley savings account at >5% APY, use it to buy CDs through Raisin, or buy some stocks in Moomooo, it will probably be earning me even more money for years to come.
Nicholas also notes that his Valley Direct high-yield savings account has given him the highest interest rate of all his savings accounts, and his Moomoo account has provided unrivaled trading features.
Use our Bank Bonus Tracker Template
Tips for Fellow BankBonus Readers
Nicholas’s advice for fellow readers is to stay organized by keeping a list of all the offers you’re in the process of obtaining and of the ones you want to pursue next.
Every offer isn’t the right fit for every person, and he notes that organization is key to choosing the right offers and taking full advantage of the ones that work for you.
READ MORE SUCCESS STORIES:
Nicholas’s BankBonus Review
BankBonus is super convenient, easy to use, informative, and makes bonus terms easy to understand. You can seek out exactly the type of bonus you want and choose from a list outlining bonus amounts and terms.
Alternatively, you can click around the website until something interests you. It’s a very elegant interface. I also like the newsletters about personal finance topics and feel like lots of people could benefit from more exposure to these sorts of concepts.
Try the Bank Bonus Return Calculator
Have a Success Story to Share?
If you’ve scored some awesome bank bonuses using our platform, we’d love to hear about it. Tell us about your journey and insights by submitting our Bank Bonus Success Story form for a chance to be featured.
Your experience could be the motivation someone else needs. Share your story today!
No comments yet. Add your own