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Thursday, February 12

Making Money By Opening Bank Accounts

As an extension to applying for new credit cards for the opening bonus, I've decided to make extra money by opening bank accounts, too.  I've hesitated in the past about complicating my financial picture, but plan to combat the complexity by tracking everything in Google Sheets.

There are a couple of ways I can make money by opening new bank accounts.  First, some banks pay you to open an account.  TD Bank is offering a Fitbit Flex if you open a new checking and savings account, and I've had the Fitbit on my wish list for a while.  Chase has been offering regular incentives for opening an account, some up to $250 depending on how much money I am willing to tie up.

Second, having a bank account can bring me more mystery shopping opportunities.  Last month I earned $125 by applying for a business savings account at Bank of America.  There was no interaction with a banker required - all I did was let the mystery shop company record the online process and submit follow-up emails I received.  I'll promptly be closing that account.  Another company does teller mystery shops at TD Bank.  After receiving my Fitbit, I can earn steady income by making deposits into my account and rating my teller experience.

Earning money from alternative sources is an easy way to supplement my income.  The only ingredient I've been missing is tracking my activity so that I don't get overwhelmed by what I do.  The solution was really simple, as all it took was creating a spreadsheet where I can track when I open an account, the incentive I expect to receive, and any hurdles I need to be aware of while taking advantage of these offers.


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