How Pete Is Wiping Out Student Loans with Bank Bonuses

There’s nothing more inspiring than a real-life success story. This week, we heard from Pete, a Connecticut reader who discovered BankBonus on a personal finance forum. Since then, he’s been using his bank bonuses to make a dent in student loan payments.

If you need some motivation to apply for a bonus or you’re looking for insider tips, read on.

The Bonuses

Since he discovered the world of bank bonuses, Pete has earned $4,000 in promotions and built up a solid relationship with the banks where he’s enjoying his new accounts.

One of his most memorable bonuses yet was a $400 offer from Santander Bank, which helped Pete further his financial goals.

Pete also gave us some insight into what he looks for in a bonus:

When I evaluate a bank bonus offer, I look at the size of the bonus, the direct deposits/minimum balance required, fees such as early termination fees, and the expiration date.

The Process

Over time, Pete has perfected his process of finding and securing bonuses. To start, he checks in on our Best Bank Bonuses and Promotions list to see which banks are offering competitive bonuses on accounts that interest him.

Then, he reviews the requirements for each bonus and evaluates how easy it is to meet them with direct deposits or minimum balances. Pete also noted that the scores provided by help him analyze and choose which bonuses to prioritize.

While getting bonuses has been easy for the most part, Pete has faced a few challenges:

Sometimes I need to be wary of fees that can be hidden in the terms and conditions, like early termination fees for closing an account or inactivity fees for neglecting to use the account. If I'm not careful, these fees can eat away at the amount of money I get from the bonuses.

The Impact

Pete was happy to share the positive impact that bank bonuses have had on his finances. As a recent college graduate with an income that’s still relatively low, Pete has majorly benefited from the offers he discovered on

Since student loan payments restarted after the pandemic, he’s been able to use his $4,000 to pay off a large chunk of his remaining student loans.

The peace of mind that paying off those loans has afforded me is well worth the less than a day's work it took to earn the bank bonuses.

Aside from the bonuses, Pete noted that he’s become more financially savvy when it comes to his relationship with his banks. He’s also learned the value of reading through the terms and conditions of the accounts he applies for and how useful tools like the CFPB are for protecting consumers.

Advice for Fellow BankBonus Readers

Pete has a few key pieces of advice for other members of the BankBonus community:

Read through the terms and services very carefully to make sure fees don't eat into the amount of money you earn. I also recommend maintaining a spreadsheet to make sure that you meet all the requirements for all your bonuses in the allotted time. Don't procrastinate when it comes to setting up a direct deposit!

Pete’s BankBonus Review is a valuable tool for finding and comparing bank bonus offers. The guides and how-to articles are well-written and provide an in-depth analysis for how to earn bank bonuses. I like how the articles range from more introductory topics like how to fund a bank account to more advanced ones like how chasing bank bonuses can be helpful for completing credit card offers.

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!

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