If you’re like me, figuring out how to bring in extra funds is something you think about often. Sometimes I’ll lay in bed at night perusing Pinterest to get some inspiration. But there are so many posts with ideas about side hustles and freebies. All the options can be overwhelming and it can be hard to even know where to start. I decided to cut through the noise by focusing on one of the highest dollar payout ideas requiring the least amount of work on my part. I decided taking advantage of a bank account opening bonus was the best place for me to focus my energy. And it was over and done with just 2 easy steps:
Step 1 – I went to a Chase branch and opened a Total Checking account.
Step 2 – I set up a portion of my direct deposit to go to my new Chase account.
Although you can get an online coupon from Chase here, I received a higher value coupon in the mail from Chase offering me a $300 bonus if I opened a Total Checking account with them. The coupon also offered an additional $200 bonus if you open a Chase Savings account with a $15,000 balance for 90 days, but since I don’t have that kind of money laying around, I just did the checking option. If you don’t receive the higher value coupon in the mail, the online version is a great deal, too!
As with any deal, it’s important to understand all the requirements. Make sure you read the fine print from Chase, but here is a summary for quick reference:
- To qualify for my checking bonus, I deposited $25 in the account when I opened it and I set up my direct deposit with my employer immediately to meet the requirement of the first direct deposit posting within 60 days of opening the account.
- To qualify for no monthly service fees on my Chase Total Checking I’m making sure my monthly direct deposits are at least $500 a month, which to me is the easiest option. The other options are to keep a minimum daily balance of $1,500 or more in your checking account or keep an average daily balance of $5,000 or more in any combination of qualifying Chase checking, savings and other balances.
- I’ll also need to keep the account open for at least 6 months, but that will be easy because I’m going to use this account as a sort of digital envelope system where my direct deposit goes in every two weeks and I set up our 2 car payments to auto deduct each month.
- According to Chase, it could take up to 10 business days for the bonus to hit, but once the first direct deposit hit my account, it only took Chase 4 days to deposit my $300.
And, easy as that, I’m $300 richer and I have a better system in place to make sure I have enough to cover our car payments on time.