How Naveen Is Establishing Banking Relationships with His Bonuses

When it comes to bank bonuses, it’s important to see the big picture like Naveen, a reader from Massachusetts who’s truly making the most of his bank bonus venture.

Read on to learn how Naveen is looking beyond the dollar amount of the promotions he applies for to leverage the long-term benefits of new accounts.

The Bonuses

Since he started following a year ago, Naveen has accrued $2,125 in bank promotions, with more in process.

According to Naveen, his most memorable wins were a $500 Citizens Bank bonus that required direct deposits totaling $5,000 and a $400 Santander Bank bonus that required direct deposits totaling $5,000.

The Process

Naveen has a simple process for securing bank bonuses:

All my bank bonuses involved opening an account using a link or a bonus code, and making direct deposits, usually $5,000 or less.

When we asked what he looks for in a promotion, Naveen said he carefully notes the requirements, how the APY compares to his current accounts, monthly fees, and whether or not the account makes him eligible for a mortgage rate discount.

While the process has been easy overall, he has run into a few challenges, as some banks require a physical, permanent State ID and US citizenship.

He also noted that not all banks notify you of whether or not the bonus is applied, leaving you to wait until the bonus is credited for confirmation.

The Impact

Naveen has a unique perspective when it comes to the impact of his bonuses.

Even though an extra $2-3k doesn't make much difference to me, I think creating bank accounts across multiple banks helps with establishing financial relationships. This could lead to mortgage rate discounts and negotiations, using one bank's mortgage quote to lower the other, etc.

In addition to these benefits, Naveen also shared that he’s benefited from ATM rebates from some of the banks he’s opened new accounts with.

Advice for Fellow BankBonus Readers

Naveen’s biggest piece of advice for other members of the BankBonus community is to know your goal and keep your eye on the real prize:

Banking isn’t just about getting a joining bonus. A financial relationship with a bank gives access to all their products, mortgage, loans, etc., and some banks may lower their lending rates to premium customers, a benefit that can be much larger than the lifetime total of all your bank bonuses.

Naveen’s BankBonus Review

The search feature is very helpful – mainly because of state-based filtering. Most other websites are cumbersome to navigate.

With BankBonus, the bonus requirements were clearly listed and helped me compare the bonus’s “yield” against that of my high-yield savings account.

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!

Leave a Reply

Your email address will not be published. Required fields are marked *