I received bonuses totaling $550 to open the two bank accounts I currently have with Wells Fargo and Chase.
Considering that banks are very fast to slap users with a fee for overdraft or the smallest infraction, it made sense to get something on the front end for the privilege of letting them hold my money.
Thus, when it came to my attention that I could get a sign-up bonus, as a broke college student, I jumped on it.
So, was it worth the trouble? It absolutely was for me.
My first bank account was with Wells Fargo. I opened that without a sign-up bonus in 2013. Then when I became aware of the Chase bonus, I closed my Wells Fargo and opened my Chase account.
Considering that I currently pay $25/month for my cell phone, the $300 that I got from Chase Bank paid for my phone for a whole year.
I subsequently decided to open a second bank account with Wells Fargo the following year for which I received $250.
That $250 paid for another ten months.
It only takes a couple of minutes to open a bank account online with the promo code and a telephone call to customer service to close a current account.
For a student who currently has no income or works minimum wage, these bonuses might not even be taxable if your income doesn’t exceed $12,000 Standard Deduction.
Check out available promotions on Nerdwallet. That’s where I find all my bank promotions and much more.
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