
The current recessionary environment is tough, but churning bank bonuses is a LEGAL and EASY way to make $1000’s of extra money. All you need is a decent amount of liquid savings money, and possibly a direct deposit setup from an employer OR unemployment insurance.
You may have been laid off. You may be having to stretch your budget to keep up with inflation and meet your family’s needs. Churning bank bonuses can help supplement your monthly income. They’re not a get-rich quick scheme. You can even participate in multiple bank bonus programs at once!
Bank account bonuses are cash bonuses that you can earn when opening a new checking or savings account and meet certain qualifications, like spending, minimum deposits etc.
Qualifying Factors
Different banks have different qualifications or requirements.
Some of the most common qualifications are:
- Setting up a direct deposit from an institution, such as an employer, unemployment or social security.
- Depositing and maintaining a minimum amount of outside money, such as $1000 from another checking account.
- Spending a certain amount on your new bank’s debit card.
- Making a minimum amount of bill payments from the account.
Restrictions:
- Eligible only to business owners (for business banking)
- Eligible only to certain groups (teachers, religious faiths, etc.)
- Restricted by state (check the list of states on the offer)
- Time milestones and deadlines
How to Find Bank Bonus Offers
Instead of searching for individual bank websites, it’s best to visit a personal finance site that posts a bank bonus offer list each month.
Here are a few bank bonus offer sites to start you out!
Deciding Which Bank Bonuses to Apply For
Your qualifications may limit which bank sign up bonus you are eligible for. For instance, how much liquid money do you have?
You may be trying to maximize your money. It’s important to read the small print: Different opening deposit amounts may result in a different bonus amount. Bank bonus offers commonly have earning tiers listed on the offer signup page.

Account Maintenance / Check-Ins
You’re not done yet! Once you’ve signed up for an offer, it’s important that you call or email your bank to certify that you’ve successfully completed qualifying activities.
Also, make sure you’re maintaining the minimum balance, so you do not incur monthly service fees.
Missing a Deadline or Qualification
Did you miss a qualifying activity or deadline? Not to worry. You can always contact your bank’s customer support center and request an appeal. The bank ultimately wants your money to fill their coffers, so they can be persuaded to pay out the bonus anyway. You might be surprised.
Frequently Asked Questions
Do I have to keep my new bank account once I’ve opened it?
- Absolutely not! You can close it any time you want. However, you will want to keep it open at least long enough to earn your bonus. Check the bonus accrual time.
Can I keep my existing bank accounts open?
- Yes, I’ve personally never seen an offer that requires you to shut down other bank accounts to sign up.
Is there a limit to how many accounts I can open?
- No. However, if you open too many at one time, the banks can see, and it may have an effect on your ability to open other accounts. This is to prevent too much churning. My advice, stick to an average of 1 account each month.
- I recommend also closing your accounts once the holding period is over and you’ve received your bonus. That way, after some time, you can churn another bonus with the same bank!
Are bank account bonuses taxed?
- Yes, they are taxed as ordinary income, via a 1099-INT form (at least in the United States).
What are some other positives of opening a new account?
- In a high interest rate environment, switching can earn you significantly more money, via a higher APR!
We hope that these tips bring you in some extra income to empower your lifestyle!
If you found this article interesting, also check out “How to Maximize your Job Search“