Monday, January 10, 2011

Banking Incentives | Getting Free Money From A Bank


I love banking incentives, and take advantage of them whenever I can. Right before Washington Mutual collapsed I took advantage of the best offer I've seen. I opened a checking account with $100 and received another $100 for my trouble. Money doubled, just like that. When Chase took over I was sent another offer from them. If I paid 3 utility bills within a certain period of time they would deposit $30 into my account. Typically I pay every bill I can with my rewards credit card, but I certainly wouldn't be making $30 of rewards off of 3 utility bills. So I paid the cable bill, cell phone bill, and water bill and got another $30.

I've since taken advantage of offers to open savings accounts, pay more utility bills, and use Bill Pay within my checking account rather than paying my bills through the vendor websites. I'm currently waiting on $20 to be deposited into my Chase account by February 15th, and another $15 to be deposited into my USBank account by February 28th. I also just signed up for an ING Direct Orange Savings Account that rewarded me with $25 to do so. I probably wouldn't have opened this account if it wasn't for the incentive, but now that I have I love how easy the site is, and the 1.1% rate isn't bad for a savings account either. They're also offering a $50 bonus for opening a checking account. I'll probably go for it!

I haven't taken advantage of incentives to open credit cards because I really don't like taking the credit hit for an inquiry and a new account just for a small reward. But if I was in the market for a new card I would definitely check out who was giving away rewards. Sites like The Piggy Banker and Money Stasher make it easy to find great bank deals. 

My husband likes to make fun of my plethora of accounts and the few bucks here and there that I've made from them. But the fact is that I've earned about $300 over the past couple of years for doing nothing but giving a bank a few minutes of my time. While taking advantage of deals I've also learned about great rates and accounts that really suit my needs. I'd encourage you to take advantage of offers that comes your way!

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