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Is it worth doing the bank bonus churn? Seems like a pain to keep switching direct deposits, but seems a good way to make an ok amt of cash at least for a yr.

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People do it because they enjoy the game, not because they’re getting rich.

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In 2018, I made $4.5K from Bank account bonuses. In 2019, I made $3.3K. So far in 2020 I've made $2K with a few ongoing / pending. Most are / were Direct Deposit based but some are / were savings account / balance based. This year I've also started getting my partner involved. Not going to get rich quick but it's easy money if you're patient and detail oriented enough to do it.

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https://www.doctorofcredit.com/best-bank-account-bonuses/

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Unless you have a good amount of cash available, you’re likely making less than $2k a year of churning due to the requirements to keep X amount of cash in an account for a certain period of time to qualify for the bonus, and if you do have that much cash available, you’d probably make more throwing it in the market.

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Be selective. Some are worth doing and others are not. I made $1k from HSBC alone over the past year by signing up for a checking account and shifting part of my direct deposit there for three months ($750) plus another $125 each just for opening savings accounts for me and spouse. No requirements to keep more than a few dollars in each of the accounts so i just let the DD post, paid CC, and transferred the rest to my main bank. I don't think the $750 offer is currently available. Others are balance based and may make sense for your emergency fund. It isn't a substitute for investing.

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Keep a single bank account active for checking and direct deposits. Other savings, you can move around to get bonuses. It takes like 15 minutes to transfer cash from one account to another.

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I do it because I have an emergency fund of 40-50k most of the time and the bank bonuses beat the pants off HYS accounts. Don’t want to expose my emergency fund to market risk.

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This is why I do it as well - I focus on the HYS bonuses - this way I get the interest + bonus - and I just move my emergency fund around - so it’s pretty much “just sitting there” anyway

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I made 1.7k this year. Easy money if you are sitting on cash

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No problem, the chase offer was from 6 month ago or so. Google search chase sapphire $1000 bonus, you might find it but I think it expired

Do you have to pay tax on the bonuses?

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For the most part yes it is considered interest income. In some cases it is based off debit card spend and it could be considered a rebate like a credit card bonus.

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