How to Earn Money from Checking Accounts

You do not have to use a credit card to earn rewards. Banks are falling over themselves to get customers and a savvy person can take advantage of discounts, cash give-aways, or point earning programs.

Difficulty: Easy

Instructions

1. Open a checking account when the bank is offering a cash bonus. Banks offer $50-$100 dollars to new customers who agree to open a new account and follow certain terms.
   OR
   Switch to direct deposit when an offer is made. Some banks offer cash rewards, others offer freebies like a free barbecue grill.
   OR
   Use a debit card with a credit card logo for purchases. Some banks offer point earning opportunities the same way as credit cards. Then use your points for airline miles, gift cards, or other discounts

2. When taking advantage of any bank offer, speak directly to customer service to clarify the small print so you can meet all the terms of the offer. A few to ask:
   1. For bonuses on direct deposit, how long do you have to use the direct deposit program to meet their terms?
   2. For opening a new account, is there a minimum opening balance?
   3. For new account rewards, is there a specific kind of checking account you must open? How long must it remain open?
   4. If using a debit card with a credit card logo, are there point of sale fees charged by the bank? Do these vary when you use it as a debit instead of credit card?
   5. To qualify for benefits can you be a returning or existing customer?

3. Open the new checking account. Once you have met the terms to qualify for benefits, collect your rewards!
   
   Next, look for other banks offering checking rewards.

Tips & Warnings

• Before opening a checking account, follow the link below to "How to Find the Best Bank".
• Though you can open many checking accounts without impacting your credit score, close accounts that you no longer use. Open checking accounts leave you vulnerable to identity fraud.
• Keep records of all checking accounts in a secure place. It is a good idea to keep these well after closing an account in case there is an issue of identity theft.