How I've Made Over $1,000 in Bank Account Bonuses

Who doesn't want a free $1,000 or more? With bank account bonuses, you can make it happen.

As I saw my savings account's interest rate plummet last year, I thought the same thing that many others probably did: How can I make more money from my savings?

That's when I decided to take a closer look at bank account bonuses. These are incentives banks offer in exchange for opening a new account, and they're a great way to earn extra money. Thanks to bank bonuses, I've been able to score over $1,000 in under six months, and I'm going to explain exactly how I did it.

How bank account bonuses work

If you're unfamiliar with bank account bonuses, they're easy enough to understand. Banks will frequently offer cash bonuses when you open a bank account and fulfill certain bonus conditions.

The bonus conditions vary depending on the bank and the offer. One of the most common is a minimum deposit requirement. For example, a bank account bonus may require you to deposit at least $10,000 in new funds and maintain that balance for 60 days.

Another bonus condition you'll often see is related to direct deposits. Some banks require you to receive a certain number or amount of direct deposits to get a bonus.

Most banks also include terms that allow them to take bonuses back if you close the account too soon after opening it or receiving the bonus. Six months is a typical timeframe, but it can vary. That's why one of the most important rules of getting a bank account bonus is to read the terms and conditions.

Since many bonuses require minimum deposits, the bonus opportunities can depend on how much money you have ready to move. However, there are plenty of bonuses you can get even if you don't have thousands of dollars lying around.

Making over $1,000 in bank account bonuses

I signed up for bonus offers with three different banks and made a total of $1,400. These offers have since expired, but two of the banks have new bonuses available, and you can find those below. In case you're curious about the bank account bonuses I got, here's a quick summary:

• $400 from Citibank through a Citibank Account Package offer
• $600 from Chase Bank through checkings and savings offers
• $400 from Capital One through a Capital One 360 Checking offer

As mentioned, those offers have since expired, but Citibank and Chase have new bank account bonuses you can get now if you're eligible.

Citibank bonuses

Current offers:

• Earn a $300 bonus for opening a Citibank Account Package with a checking and savings account. You'll need to deposit $15,000 in new funds within 30 days of account opening and maintain the $15,000 balance for at least 60 days. Neither account can have a $0 balance to receive the bonus.
• Earn a $700 bonus for opening a Citi Priority Account Package with a checking and savings account. You'll need to deposit $50,000 in new funds within 30 days of account opening and maintain the $50,000 balance for at least 60 days. Neither account can have a $0 balance to receive the bonus.
• Earn a $1,500 bonus for opening a Citigold Account Package with a checking and savings account. You'll need to deposit $200,000 in new funds within 30 days of account opening and maintain the $200,000 balance for at least 60 days. Neither account can have a $0 balance to receive the bonus.

Citibank has somewhat high deposit requirements, but you can collect big bonuses if you have the money to move over. These offers are available until April 1, 2021.

Chase Bank bonuses

Current offers:

• Earn a $2,000 bonus for meeting with a Private Client Banker to upgrade an existing Chase account to a Chase Private Client account. You'll need to transfer $250,000 in new money and/or securities to eligible Chase accounts within 45 days of coupon enrollment, and maintain the $250,000 balance for at least 90 days.

Chase Bank has two offers available until April 14, 2021, and they couldn't be more different.

You can score a quick $200 after one direct deposit with that Chase checking account bonus. Or, if you have a sizable amount of funds, you could get $2,000 through the Chase Private Client offer.

Keep an eye out for bank account bonuses

There are a couple of key things to note from my experiences with bank account bonuses. The first and most important is that you can make plenty of money if you keep an eye on bonus opportunities. Those bonuses I mentioned are a good starting point, but there are plenty more available from other banks.

Bank account bonuses don't last forever, though. The ones I got have since expired. It pays to review the best bonuses regularly, provided you also take action on the offers you like.