Bank Account Side Hustling

Hi y’all! I’m kind of on unexpected hiatus; I’m not on vacation exactly, but working remotely for a couple of weeks so that I can help take care of my goddaughter during a really busy period for her parents. It’s great, but man, I don’t know how you people with kids do it! She’s such a constant bundle of energy that when she goes to bed, I can’t do much more than the dishes and collapsing into bed myself.

Anyway, apparently I am not going to have the wherewithal to post regularly for a little while 🙂 But I did want to quickly share that I’m side hustling this month by opening a new bank account and depositing $5000 into it. I’ve gotten bank account bonuses before, but usually not for this much. The cool thing about this is that I couldn’t have gotten the full bonus without the $5000, and I don’t think there was ever a time in my life when I had $5000 in savings to send somewhere! Even for this I had to combine all my savings accounts since my emergency fund won’t be full for another few months.

I’m trying to decide if this should be a one-time deal, or if I should do this regularly. I have no problem with taking bonus money for an account I’m actually going to use, but I’d feel weird about taking it if my plan is just to close it as soon as I’m allowed to. Maybe not though if I had my $5000 deposited for a while so I knew the bank was using it? Has anyone else done this as kind of a regular side hustle, the way people cycle credit cards for the intro bonus?

Exhaustedly yours, C

25 thoughts on “Bank Account Side Hustling

  1. I’ve only done this with credit card. not bank accounts. How much is the bonus?

    1. thesingledollar says:

      The full bonus is $250 (with the $5K deposit) which seemed pretty worth it to me! That’s the highest I’ve seen that didn’t require you to deposit like $15K or something. It’s a regional bank, so it’s not available to the whole country — just residents of about six states.

  2. Hannah says:

    Every single financial product that I use today has been the result of a marketing campaign directed at me. Usually in the form of some financial incentive. Therefore, I have see no reason to feel guilty in trying out new financial products that offer me money. My only issue is that people who suck with money are subsidizing my financial products. I’ve gotten 18 years of service from my bank, for the total cost of one $25 late fee on a credit card payment.

    On top of that, good marketers will calculate ROI on the marketing campaign with a measured post-campaign attrition rate. It’s not like banks are naieve to the fact that some people stash, cash and dash. Just, most people don’t, and the ROI takes into account the expected lifetime value of a customer who pays bank fees, overdraft fees, mortgage interest, car loans, etc. You would be worth much, much more than the $300 or whatever it took to get you in the door.

    1. thesingledollar says:

      That’s true! I’m a terrible deal for any financial institution since I pretty much never pay fees (I used to pay ATM fees, but haven’t gotten hit with one in a long time now.) So this isn’t really that different from any other time.

  3. I have heard of people who do this alot, but I guess its just not my style. I don’t see anything wrong with doing it just for the bonus and then leaving. Maybe you should do it for a while and see how it works out for you. Just don’t forget to let us know how it goes.

    1. thesingledollar says:

      Totally will! I need to start doing more detailed side hustle income reports; I’ll start at the end of June maybe.

  4. Kirsten says:

    Kids are totally exhausting 😉 That is why I always sound so overwhelmed – kids and a full time job and blogging. Whew!!

    I’ve heard of side hustling on bank account deals but I wonder how many really have great deals…

    Super proud of you for having the 5k to take advantage of the offer.

    1. thesingledollar says:

      I mean I can’t imagine having two kids and a full time job and a side hustle. Sheesh. One part time kid knocks me out plenty!

  5. Cindy says:

    I did it once for $150, just moving my emergency fund over. I kept it there for longer than the required period, but eventually decided it was more of a hassle for me to have money in different banks. I’m not sure if I would do it again; I really like my current bank’s online banking. And I’m kind of lazy.

    1. thesingledollar says:

      That’s the thing, it’s insanely easy money for the time involved, but it’s still kind of stressful worrying about getting everything to the place where it’s supposed to be. I’m kind of feeling like I should consolidate all my accounts rather than expand them, right now! But I don’t regret doing this right now, just I think I might not do it in the future, at least not for a while.

  6. I know if I spend a couple hours with my friends and their young ones I wonder how the hell they do it and I’m grateful for my peace and quiet. I’ve done the bank side hustle thing before. Pretty easy money!

    1. thesingledollar says:

      It is SUPER easy money, man! And on the children front, I love this kid to death, but wow. I like getting to sleep and have quiet time sometimes!

  7. Kalie says:

    That’s so nice of you to help out with your goddaughter. Kids are exhausting though!

    I’ve never switched banks for a bonus but I think since you’re following the terms of the bonus you can leave whenever you want. Sounds like that might be the best bonus you’ll find so you’ll have to decide if smaller ones are worth the hassle. When you’re not babysitting it might feel more manageable!

    1. thesingledollar says:

      I’m not going to have kids of my own (I guess unless I meet someone who has them) so it’s especially meaningful to me to take care of her! I am really hoping that we have a strong relationship as she gets older.

    2. thesingledollar says:

      p.s. I just tried to respond to your food hacks post but alas, your site thinks I’m spam (it has a problem with my not using a name, I think.) Anyway, I love the tips! My favorite is u-pick fruit; around here I can get blueberries and sour cherries for less than $1.50 a pound, plus a few hours’ labor, and I freeze them and eat them all year.

  8. I’ve done bank account bonuses a few times before and I think it can be a great way to make some extra cash. I just always made sure to read the fine print about cancellation policies, etc. But if everything aligns, then I say go for it! And, best of luck with the babysitting–I’m sure her parents are tremendously grateful to you!

    1. thesingledollar says:

      The babysitting is great, even if I just sat down for the first time since I picked her up from preschool three hours ago 🙂 She’s having kind of a rough time right now (impending baby sister, impending move, lots of change) but I really dig her. And yeah, the fine print is important; I didn’t want to do anything involving switching my work direct deposit or whatever. This one is simple; six months before I can close it, and the single $5000 deposit.

  9. I don’t think banks spend a lot of time worrying about the ethics of how they treat their customers, so I so go for it! As someone else said above, they’ve surely calculated in advance that some people will just take advantage of the deal, and are fine with that.

    1. thesingledollar says:

      Truth! Y’all are making me ok about it.

  10. That’s awesome that you had the $5k ready to go! The only thing with these kinds of incentives, is that you often have to set up direct deposit, or keep your funds in there for a year. Which might be fine, but might prevent you from doing this often and quickly. Just a thought 🙂

    1. thesingledollar says:

      Yeah, this one was a crazy good deal — no direct deposit requirement, no requirement to keep the money there, I can close it after six months without an early closing fee. Maybe there’s a catch in there somewhere but I can’t find it!

  11. A few years ago, we churned savings accounts like crazy to get bonuses, and probably made $1000 total. It was completely worth it, though now the idea seems exhausting. 🙂 For savings accounts, it’s easy because you can just transfer money over, wait until the minimum holding period ends, and then find the next deal. With checking accounts, it’s a huge pain, because you have to set up a direct deposit, and HR will come to hate you quickly if you keep making them change your payroll stuff! We haven’t done this in years, but we’re starting to wonder if it’s worth exploring again…

    1. thesingledollar says:

      Yeah, I really liked this particular deal because I didn’t need to deal with direct deposit — “exhausting” is exactly right. In 2016, I think I will rethink and streamline my bank account setup — I have WAY too many accounts right now — but for the moment I’m super glad I went for this bonus.

  12. ARBM says:

    I like “free” money… and it’s awesome that you had the money in savings to take advantage of the offer! But I totally get where you are coming from when you say you feel a bit weird about it… but as others have said… the banks don’t exactly have any issues with making money off our money… or our lack of money as the case may be… so, if we can take advantage of what they have to offer, why not, right?

    1. thesingledollar says:

      I’m super into the free money 🙂 And it’s true, the banks don’t care at all about making, well, bank.

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