How I Made $150 In Under An Hour From a Bank Account Bonus
Most of us could use some extra money, but don’t have much free time to devote to a side hustle. Luckily there are some quick and easy ways to earn the side cash you need for bills and necessities. Here’s how I earned $150 for under an hour of work by signing up for a new bank account.
Signing Up For a New Bank Account
Believe it or not, you can earn a couple hundred dollars just for opening a bank account and depositing a certain amount of money into it. Many banks offer sign-up bonuses as an incentive to attract new customers. That’s how I recently earned $150 for under an hour of work.
I simply signed up for a new high-yield savings account with Discover, which only took a few minutes. Then I transferred my emergency savings ($15,000) into the account within the 30-day deadline to earn the bonus. After a month or two, my $150 showed up in my account—the whole process couldn’t have been easier or quicker.
In addition to the bonus I received, I’ll earn 3.25% interest on my emergency savings, which adds up to almost $500 this year alone. Before the money was sitting in a checking account and wasn’t earning any interest at all. This simple switch will net me hundreds of dollars this year and help me grow my savings.
What If You Don’t Have Savings to Deposit?
But what if you don’t have a lot of savings that you can transfer to a new bank account? You can often find sign-up bonus offers that have lower minimum deposit requirements. For example, right now you can earn up to $250 when you open a SoFi bank account and set up direct deposit. New offers pop up all the time, so research “bank account sign-up bonuses” every couple months and see what you can find.
Credit Card Bonuses
You can also earn sign-up bonuses by getting a new credit card every now and then. Usually you’ll have to spend a certain amount of money within the first few months to earn a cash bonus or extra rewards points. I’m planning to open a new credit card soon to earn another $200 bonus.
Don’t Open Too Many New Accounts
However, keep in mind that you can’t open bank accounts and credit cards willy-nilly. Credit card companies do a hard pull on your credit report when they evaluate your application, which can ding your credit score a bit. So it’s usually recommended that you wait at least a few months in between credit card applications.
Personally, I only apply for a new credit card once a year at most. I also check my Credit Karma account to see how many hard pulls/inquiries I have on my credit report before applying. I try to limit the number of hard inquiries I have to two at a time. Hard inquiries fall off credit reports after a while, so it isn’t hard to hold myself to this standard.
Keep in mind that banks may also track how many bank accounts you open across different financial institutions. If you open up too many accounts, your applications could start getting rejected. So only open bank accounts you actually need and plan to use after you earn the sign-up bonus.
Read The Fine Print
Don’t forget to read the fine print of the offer to make sure you’re meeting all the eligibility requirements. You may have to transfer your money into the bank account within a certain number of days of account opening and leave it in there for a while to earn the bonus. Watch out for things like monthly account maintenance fees as well, which could cancel out the money you earned.
Lastly, don’t forget that you’ll have to pay taxes on the bonuses you receive because they’re considered income.
Other Ways to Earn
Earning a couple hundred dollars for minimal work is pretty fun, so I’m exploring other legitimate ways to make fast side cash, such as donating plasma. I was inspired by a couple who reportedly earned $1,500 in their first month of donating plasma. There are usually extra monetary incentives for new donors, so I’m going to see if I can find a donation center in my area and report back on my experience.
Are there any other legitimate ways you’ve found to earn some quick and easy side cash? Share your tips in the comments below!
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