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Bank Bonuses
"Why is money called dough? Because we all knead it."
One of the ways to get free money is with bank bonuses. These bonuses are usually offered to attract new clients and entice them to keep their money in the bank. In order to receive the bonus, the new customer would have to open an account with a minimum initial deposit and keep it there for a certain period of time.
Some examples of bank bonuses that I have received 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 (usually 30 days). Chase bank required a direct deposit once a month, which I satisfied by transferring money from my ING Direct account once a month.
Bank Bonus Tips:
- When signing up for bank bonuses make sure you follow all the instructions for receiving the bonuses. Otherwise you may not receive the bonus and 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 and you don't set up direct deposit, then the bank will charge you more in fees than you make with the bonus, possibly in the first month.
- Sign up for an account with an online bank, like ING Direct, 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. Make sure the website offering the bonus is for a real bank if you're not already familiar with it.
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
- Wells Fargo
- WT Direct
Free money offers are not always accessible from a bank's home page. Many 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. Sometimes the bonuses are offered through refer-a-friend programs.
For updates on the latest bank bonus offers, go to
Credit Card Bonuses
Some credit cards offer free cash just for signing up. Usually the new card user gets the cash after their first purchase using the card. This is a rule to be cautious of since it entices the user to spend and not save.
Be aware that signing up for multiple credit cards can negatively affect your credit score if you exceed 5 credit lines. Since credit lines also include home mortgages, car loans, and education loans, the average person should not have more than 2 or 3 credit cards (CreditInfoCenter.com). You can sign up for as many checking and savings accounts as you like and it won't affect your credit score since these are not lines of credit.
Personally, I like credit cards that offer cash back. If they can't be considered a source of free money, they can at least be considered as a 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 in interest than the cash-back bonus. Other cash back rewards programs and points rewards programs are listed on the Non-Free Bargains page and the Rewards Programs page.
Find credit card deals at the following websites:
More Bank Deals
For the latest info on banking deals and credit card offers beyond just free money offers (best savings rates, lowest credit rates, interest-earning checking accounts, etc.) visit the following websites:
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