Make Money Opening Bank Accounts

by Andy Hough

Banks are currently in a fierce competition for your deposit dollars. You can benefit from that competition by taking advantage of incentives that banks offer you to open an account. I have made $1000a over the past few years from bank and other bonuses. You can do the same by just following a few simple steps.

First,you need to find a bank that will pay you a bonus for opening a bank account. This can be done by browsing the web sites listed in the resources or just looking through your local newspaper.[adsenseyu1]

Then you need to evaluate whether the bonus is a good deal or not. Probably the best known bonus is the $25 ING Direct bonus for opening an Orange Savings Account with $250. You are paid the money in 30 days which amounts to a 10% return for the month or an annualized 120% return. That is a good deal.

Not all bonus deals are that good though. Another bonus option available now pays $40 for opening an account with $40,000. Obviously, that isn’t as good a return. The account might be okay for earning interest but you don’t want to open the account just for the bonus.

Look over all the qualification for the bonus and make sure you can meet them. It is common for bonuses to have a minimum deposit or direct deposit requirement. Also be on the lookout for any service fees,account closing fees, or other fees that will reduce or eliminate your bonus.

If everything looks good you just need to go ahead and open the account. I prefer to open accounts online if that is an option since it usually takes less time. Some banks will give you the bonus immediately and at other banks you have to wait a certain period of time. After you have opened one account just repeat as time and money allow.

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