Bank Bonuses

"Why is money called dough? Because we all knead it."

Free Money, Bank Bonuses

One of the ways to get free money is with bank bonuses. Bank Bonuses can include refer-a-friend programs. Most bank bonuses involve opening a new account and are usually only valid for new customers or clients.

In order to receive the bonus, the new customer would have to open the new account with a minimum initial deposit and keep it there for a certain period of time. Usually they won't charge any fees for taking the money out before that period of time is over, but then the new client is not eligible for the bonus. Sometimes other requirements apply, like setting up direct deposit.

If they require direct deposit, then you can sometimes get an account with an online bank, like ING Direct, and transfer money to yourself at least once a month.

A couple of examples of free money that I have received in the form of bank bonuses include $50 for opening a savings account at Citi Bank, $50 for opening a free checking account at Chase Bank, and $10 for opening a checking account at Bank of America. In each situation I had to be a new customer, open with a minimum initial deposit (anywhere between $1 and $300), and keep the money in the new account for a period of time. I used my ING Direct account to send myself money to fulfill the direct deposit requirement at Chase Bank. The Chase Bank and Bank of America offers were available with coupons that I found at the Post Office in a moving kit envelope.

Bank Bonus Tips:

When signing up for bank bonuses make sure you follow all the instructions for receiving the bonuses. Otherwise you're just wasting your time.
When signing up for any bank account, make sure you follow all the instructions to avoid fees. For example, if they require direct deposit, make sure you have a way to set up direct deposit, or the bank will charge a fee every month and you'll end up paying more than you'll receive for the bonus.
Sign up for an account with an online bank so you can send yourself money to satisfy direct deposit requirements.
Refer to third-party sites to verify the validity of any questionable website, especially when giving any personal information. A bank will ask for all of your personal information; make sure the website is for an actual bank before proceeding.

Banks that have offered Free Money Bonuses:

Amboy Direct
America's Credit Union
Bank of America
Bank of the West
Capital One
Chase Bank
Compass Bank
Citi Bank
E*trade
FNBO Direct
iGoBanking
ING Direct (see next page)
Key Bank
Nationwide Bank
NASA Federal Credit Union
OptionsXpress
PNC Bank
Revolution Money Exchange
TFC Bank
VirtualBank.com (see next page)
Wachovia
Wellsfargo
WT Direct

Free money offers are not always accessible from a bank's home page. Sometimes the offers are included in promotions that are listed elsewhere, like on a coupon in a moving kit envelope from the post office, or on advertisements in print and online.

For updates on the latest bank bonus offers, go to

BankBonuses.info

MaximizingMoney.com
iBankBonus.com

Credit Card Bonuses

Credit card bonuses can be included with bank bonuses and could also be considered free money. Take caution when signing up for multiple lines of credit since this can affect your credit score.

Be cautious since signing up for multiple credit cards will affect your credit score. The recommended number credit lines is no more than 5. (One for your house, one for your car, maybe one for college loans, and no more than 2 or 3 credit cards. CreditInfoCenter.com). However you can sign up for as many checking and savings accounts as you like and it won't affect your credit score.

Personally, I like credit cards that offer cash back. If they can't be considered to be a source of free money, they can at least be considered a good consistent discount on anything you buy. The key is to keep the credit card balance at $0 at the end of the payment period, otherwise you're paying more than the bonus. Other cash back rewards programs and points rewards programs are listed on the Non-Free Bargains and the Rewards Programs page.

More Bank Deals

For the latest info on banking deals and credit card offers beyond just free money offers (including best savings rates, lowest credit rates, interest-earning checking accounts, etc.) visit the following websites:

BankRate.com