Welcome to The Bonus Database! I hope you find this website helpful in your journey through bank bonuses.

First, let’s start by understanding the purpose behind this hobby. Without purpose, there is no motivation. For me, the purpose is to travel the world with my P2, and that would not be possible if it wasn’t for this strategy. For others, it might be a different reason. Whatever your situation may be, find your purpose, and believe in yourself. During your bank bonus journey, you will come across obstacles. As long as you have purpose, you will put in the effort and achieve your goals.  

Combining the bank bonus strategy with elevated sign-up bonuses on certain credit cards can be a powerful strategy that opens the doors to trips we would otherwise not be able to afford. For now, we will focus on the bank bonus strategy for beginners. This hobby can be intimidating at first, and some bank bonuses may seem difficult to attain. If we take the necessary steps to improve our knowledge and gain more experience, we can achieve a great number of bank bonuses every year. This unlocks the doors to my all-time favorite hobby: TRAVELING THE WORLD.

Let’s dive into some of the DO’s and DON’Ts of this hobby. We are going to keep it simple, but all of these steps are very important when beginning your journey.

Discipline. This hobby requires it. You have to be disciplined, keep track of every bank bonus, and every requirement you will need to complete, in order to complete that particular bonus. Some will be easy; some will be difficult. Staying focused will allow you to complete those tasks, and help you reach that bonus.

Organized. You have to stay organized. Find a system to note the dates relevant to each bank bonus. I like to track 4 things. Account opening date, direct deposit or ACH dates, bonus posting date, and account closing date (If I do close the account). A lot of bank bonuses are “churnable”, meaning that you can complete them again after a certain time lapses. These time requirements vary from bank to bank. They can be found in the T&Cs (Terms & Conditions) of their bonus offer.

Hobby. As I stated earlier, try to make this a hobby. Try to make it fun. It will be challenging at times, and there is a world of knowledge to obtain out there. The more you do it, and the more you network with others, the better you will become at attaining your bonuses.

 

Simple. Starting with too many banks at once can become overwhelming. Start slow and simple. Begin the journey with an easy bank bonus, and grow from there as you gain more experience. I recommend you start with one bank and focus on attaining that bonus. Once you accomplish that, you will gain more confidence and can now focus on the next challenge. Over time, you will become more comfortable doing multiple bonuses at the same time.

Responsible. Do not leave any bank accounts with a negative balance. This will most likely get reported and it will show up on your ChexSystems. Think of this as your credit score in the checking account world. This is a system approximately 80% of banks and credit unions use to keep track of any negative balances in your accounts, overdrafts, check fraud, or any other fraudulent activity. This can, and WILL, most likely get you denied on new applications. Keep your accounts in good standing and do not engage in illegal activity.

No Fees. As a beginner, try to focus on checking accounts that do not have a monthly service fee (MSF). Most banks will have a monthly service charge (which can be waived with certain requirements), but you want to try to avoid these at first. Due to competition for business, we are seeing more institutions offering NO monthly service fee checking accounts to attract your business. They’re out there, so try starting with these. Monthly service fees can become an issue if you end up working on multiple bonuses at once, and it will be stressful to track. As you complete more bonus offers, you will gain more experience and will develop habits to track and obtain waivers on the MSFs.

Patience. Once you make your deposits into a new checking account, be patient. You can research our Facebook group (Bank Bonus and Travel Points) and ask questions regarding your specific direct deposit strategy. Don’t call the bank right away to ask if your deposit met the requirement for the bonus. Read through that specific bank’s T&Cs and ask questions in the group to see what other members experienced. The group is a great tool for that. If all else fails, and you completed all the requirements according to the T&Cs, call the bank for assistance.

Close. After you achieve a few bonuses and start working on multiple bonus requirements at once, you will find yourself holding a large number of accounts open. Some of these will have monthly service fees that are only waived with direct deposits. This can tie up your deposits that you need to attain your new bonuses. It is not recommended to close an account right away, but after a few months, you can try to reduce the number of open accounts, especially ones with MSFs. Otherwise, you will begin to lose track of them and you might find yourself with a surprise monthly service fee. No one likes those. Remember to check for EATF (early account termination fees). Some banks have them and some don’t.

Mixing. This is probably one of the biggest DONT’s of this guide. Unfortunately, we’ve seen many consumers run into trouble when taking this approach and they end up losing out on the bonus. I’ve read through numerous posts online of people getting their accounts closed due to this. Do not mix your P1 / P2 transfers in order to attain a bonus. What does this mean? For example, do not attempt to fund an account for P2 (person 2, aka your spouse or partner), by sending a transfer from P1 (yourself) to the P2 account. To keep it simple, only make transfers from YOUR account that is in YOUR name, to another one of YOUR accounts. There is nothing wrong with both P1 and P2 creating their own accounts in order to attain a bonus, but I would not mix the transfers. This can set off red flags, and potentially freeze your accounts. There are a few banks out there that consider this a violation of their bonus terms and have forfeited bonuses and closed accounts for this reason.

Greed. There will come a time when you will start feeling more comfortable with completing bank bonuses. The rewards are enticing, and you will be inclined to go after multiple bonuses. The bonus amounts are attractive, and we naturally tend to want them. However, we must be able to proceed carefully, keeping in mind our own capabilities and tolerance for stress. Some bank bonuses can become stressful to attain, and some require additional work to waive monthly service fees. Know your limits, and don’t go after too many bonuses at once, especially if you are a beginner. There are plenty bank bonus offers out there, so work through them carefully and responsibly, without taking on more than you can handle. You will get better with time and you will be able to do more as you increase your knowledge.

Deposits. Some banks will be stricter on what counts as a direct deposit. There will come a time, especially once you begin working on multiple bonuses, when you will depend on your direct deposit from your employer to attain some of these bonuses. Before you begin the journey, I highly encourage you to learn the process on how to change the bank on your direct deposit settings at work. Some employers make it a simple process, but some others can be more complicated, requiring forms, and possible several weeks to process. Be one step ahead and gain this knowledge now, so you can be better prepared for when that time comes.

Vacation. Remember why you are doing this. After completing a few bonuses, take yourself and your loved ones on a vacation! We never know what life has in store for us, so take the opportunity and go see the world with those who matter most; your family.

I hope this guide helps those getting started with bank bonuses in finding the confidence they need for the journey. It may seem difficult or tedious at first, but once you become successful, it can be a game changer. Remember your purpose and stick to your goals!

If you are not part of our Facebook group yet, feel free to join us. It is “Bank Bonus and Travel Points”. Feel free to ask questions in the group. We have an admin team and experienced group members always willing to help.

Stay safe.

Bruno