Bank account

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Note: traditionally we want to open checking account with banks near home (or work place), so that we can get the services, deposit check, get cash etc. This has changed since the growing online banking esp. mobile app, and Paypal. A lot things can be done without walking into branch office. In the following I listed some checking account promotions I either applied personally or am thinking about it. Some banks are not local to St. Louis.

(06-05-2023) Finally, I was able to find the “creating Savings Account” option on my Apple Card. I started using Apple Card a year or two ago. Note Apple Card is a credit card, powered by MasterCard and Goldman Sachs, with some reward options for purchases made at Apple or say Walgreens. More recently I created the “Daily Cash” in my “Wallet” app, and I saw Apple deposited the “cash back” from my Apple card directly to the “Daily Cash” account. I could not find the “Open Savings Account” at that time. Today I found it on my Apple Card. Here are the instructions from the Apple website in case needed. I found I can save money to that account too, by transferring money from the checking account that’s tied to Apple Card. Currently, the APY is 4.15%, so it’s comparable to the Amex and Discovers HYSAs I have.

(05-03-2023) Doctor of Credit Best High Yield Savings Accounts – up to 5.00% APY

(04-13-2023) I have a referral link for Chase Checking Account. I will receive $50 per qualified account opening. We can split it if you like. Just email me at minjie dot xu at gmail dot com 🙂

(11-14-2020) Citi Bank offer ($200, $400, $700, or $1,500)

(10-19-2017) Capital One: Capital One $200 Checking & $200 Money Market Bonus, Nationwide & No Direct Deposit Required [YMMV] (credit: DoC) (update 30-jan-2018: this does not seem to work for me. Please note I did receive the precessdor of Capital One checking / savings, a.k.a., the ING Orange checking / savings in the past, which may or may not impact the bonus here. I did not receive anything from the NYCB MyBankingDirect either. So I am closing the latter shortly. Thinking close the CapOne soon too).

(06-28-2017) Came across this $100 referral offer from Charles Schwab. It seems easy money: new client mention the code “REFER” will get the $100 award. I have their investor checking account which gives rebate for ATM fees (bank fees).

(05-16-2017) A similar offer for MO (and a few other states) resident is this one: Pinnacle Bank $100 Checking Bonus. (Update 10-19-2017) I got the $100 bonus, it took $16 from it. So my net is $84.

(05-13-2017) The Discover Bank posted $100 fairly quick. I deposit the money on 05-04, and received the $100 bonus on 05-12. I will go for the My Banking Direct $150 Checking Bonus next (update: applied on 05-15 as I saw the offer will expire on 05-31). (Update 10-19-2017) It looks like the My Banking Direct (NYCB) is a bust (it did not give me bonus after I did 6 online bill pay). Thinking closing out that account soon.

Btw, the DoC summary of best bank offers link here.

(04-29-2017) Changed the page title from “checking account” to “bank account”, which means both checking and savings, plus some money market account. I was a bit frustrated at HSBC not giving out $350 award after meeting the requirement. So I went ahead and applied for Discover Savings (needs to deposit $15,000 for $100 bonus; I applied on 04-29-2017 and received the bonus on May-12-2017 (that was fast :-).

Note: I have not applied for the two accounts below. May have done this too fast as I just saw the Capital One $200 offer). Some other good saving accounts include Capital One ($10,000 for $200 bonus; Expiration date: must deposit by 6/30/2017. I’ve earned ING Savings bonus years ago, which disqualifies me from this offer by reading the DoC post) and CIT ($15,000 for $100 bonus; Expiration date: June 30th, 2017).

(01-10-2017) Wells Fargo offers $250 for new checking account. Details here. (update 02-17-2017) Extended to March 03, the new link can be found at doctor of credit. (02-26-2017) I applied finally. Will update regarding the bonus. (Update 04-03-2017) Today I received bonus after posting $500 total direct deposit via paycheck. That was very fast: much faster than HSBC below.

(12-29-2016) Another checking account I applied recent is the HSBC, it offers $350 for qualified new accounts. I opened it on Nov. 17 (a day before the last day Nov. 18). For more details, please refer to doctor of credit (Update 04-03-2017) Per chat with HSBC rep, it will take 8 weeks from fulfilling requirement to receive the bonus. (Update 04-22-2017) Reading a comment from DoC (JimT November 14, 2016): Don’t bother. According to a banker friend within HSBC, this offer is just a bait for your info for future marketing. They either decline your application, or won’t open acct by the offer expiry date (so that they don’t have to pay bonus), or not pay your bonus at all by dragging after all. Just move on. Anything too good is indeed too good to be true. Follow the US banks, at least they are honest in this issue. Seems not promising 🙁 (Update 06-09-2017) Just as I thought about close the account, they posted the $350 bonus on 05-25-2017. So forgot about all the bad words I said earlier 🙂

(03-18-2016) Northpointe $100 Bonus + 5% APY Checking Account – No Bonus Requirements – DoC Exclusive My comment: The article was a bit long and could be confusing. But I think the only requirement is the $100 or more direct deposit (to open the account), also make sure select the first product (5% APY Checking). It takes about 10 minutes, for $100 bonus 🙂

(01-24-2016) Per DoctorOfCredit, 53rd bank offer is alive again. My only question is in St. Louis area 53rd bank sold their branches to Great Southern Bank, not sure how the offer will work. I plan to keep GSB for the moment though as they just send me a bunch of deluxe checks.

(Update 01-23-2016) Just applied simply right checking at Santander. Lower DD requirement ($500) for bonus, and for monthly fee waiver ($10 Monthly Fee is waived when you make any financial transaction that posts during the calendar month. Includes
deposits, withdrawals, transfers or payments. Excludes fees, rebates or
adjustments posted by Santander.) (Update June 2016): I received the $150 bonus recently. It appears Santander is slow posting those awards. But better late than never.

(Update 11-05-2015) Citibank Gold Checking account offer: 50,000 AA miles or 50,000 ThankYou Points (doctorofcredit has a detailed explanation and step-to-step guide). This seems like good deal even consider $90 monthly fees (3 months). Also, a top on checks. Sometimes it cost money to get beginning checks for a checking acct. One way to workaround is to use PayPal as a conduit. I recall I used it long time ago when I sold stuff on ebay. Almost forgot about it as I have not done it for years. One drawback compared to check is PayPal is a bit slower because it adds a layer.

(Update 10-16-2015) Two more checking account offers. Santander and TD Bank (expired 11/05/2015, per hustlermoneyblog). Both offers $150 for opening account and direct deposit for Santander, 15 debit transactions for TD Bank.

(Update 10-08-2015) Hunnington Bank is doing a $200 checking account offer. Here’s all it takes to get your $200: Open a new Huntington 5 Checking account using the link below by November 24, 2015. Make at least $1,000 in deposits within 60 days of account opening. It’s really that simple. We’ll then deposit $200 into your new account within 14 days of meeting the requirements. Read more about waiving monthly fee from here. (hint: $5000 account balance for one). Also note: This offer is only available to online applicants residing in Ohio, Michigan, Indiana, Pennsylvania, Kentucky and West Virginia.

(Update 10-01-2015) More checking account opening bonus, this one from First Tennessee Bank, offers ends on Oct 31st, 2015. “To receive your bonus, you must open the checking account online and ensure the code ONLINE appears in the online application where “Offer/Promo code” is requested. You must have an opening deposit of at least $300, and at least one direct deposit must post to your account within 60 days of account opening…” (11-03-2015) I received their bonus shortly after meeting their requirement. That’s fast 🙂

Also useful links: Doctor of Credit List Of Methods Banks Count As Direct Deposits (not super scientific, but still useful if one plan to use Paypal instead of employer paycheck); My Money Blog Applying for Multiple Bank Accounts: Can You Apply For Too Many?

(Original 09-27-2015)
Fifth Third Bank
53 Bank offers $150 for opening Checking account with qualifying activities. Link here. Note this is direct link (not affiliated link, in other words I am not taking any commision from the bank. Same below). Qualifying activity includes three online bill payments, using Fifth Third Bank’s online bill payment service, and direct deposit. Don’t know when the offer will ends. Last time I got a $200 offer from them and enrolled at the last day (July 26, 2015). They were very quick to deposit the bonus money after I met their requirement.

Note: Fifth Third Bank will also donate $150 to “Stand Up to Cancer”. Keep in mind there are many cancer related charity ripoffs according to Anderson Cooper, it seems SU2C is legit.

BMO Harris
Back to topic. BMO Harris is doing $200 offer for new checking account with direct deposit. Link here. Offer (account opening) is valid between July 27, 2015 and January 22, 2016. (11-3-2015) Just opened an Everyday Checking account with them today.

PNC Bank
PNC is offering up to $400 for opening new checking account with qualifying direct deposit. Offer ends 12/31/2015. Link here. (11-3-2015) I received their bonus about 28 days after meeting their requirement.

1) The bonus overall is not as general as some credit card offer (more than $500 opening bonus with qualifying spending). But keep in mind opening credit card usually means a hard pull on credit record, while opening checking account does not. One thing keep in mind is one has to be US citizen or permanent resident for opening checking accounts, due to the new laws and regulations in this new era.

2) Also the bonus from checking account will usually reported as interest income or ordinary income. It will be taxed when we file the tax next year, this is different from the credit card promotion, which usually billed as rebate or points (and there is no tax implication).

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