digest
Short Summary
Main recommendation: Bank account churning, which means opening a bank account to earn a cash signup bonus, keeping the required minimum balance for the required period, then withdrawing and repeating with another bank. He says each step can earn roughly $100 to $1,000 depending on the offer, and warns about maintenance fees and the opportunity cost of skipping higher-interest savings accounts (not guaranteed returns, his own view).
Key Points
- Bonuses are used by banks to win new customers, and they change frequently, so the offers in the video are dated to January 11, 2019.
- The Chase offer combines a $300 checking bonus (with direct deposit) and up to $300 more for a savings account/combo bonus, which he calls a 'guaranteed $600 in 90 days' with $15,000 deposited — his characterization, not a guarantee.
- Citibank offers up to $600 depending on the deposit amount, with a $1,500 minimum balance to waive monthly fees.
- Capital One 360 offers a $200 bonus for a $10,000 deposit within 60 days, and he notes (as of the video's taping) it was fee-free with about a 2% savings rate, which he expected to rise.
- PNC offers $200 to $300 for qualifying direct deposits and ten debit card purchases, with a $500 minimum balance to waive fees.
Details Worth Noting
- Concrete instructions:
- Open a checking or savings account with the bank offering the bonus.
- Keep the money in the account for the minimum period, typically 60 to 90 days, meeting any required direct deposit or balance rules.
- Once the bonus posts, withdraw the money and open an account at another bank.
- Avoid any maintenance fee by keeping the minimum daily balance each bank requires.
- For PNC's ten debit card purchases, the speaker suggests buying ten $1 Amazon electronic gift cards, which count as ten debit card transactions, then spending the $10 on Amazon.
- Bank of America's Advantage Plus offers a $100 bonus for a $100 deposit, but a $12 monthly fee applies unless you keep $1,500, set up $250 monthly direct deposit, or are a student under 24.
- Offers expire or change; the Chase offer in the video expired January 19, 2019.
- The speaker says none of the links are referral links and the video is not sponsored.
- The speaker recommends checking the description for links to the offers.
