Bank Bonuses: My Method for Earning $200 Per Hour by Opening New Bank Accounts - Side Hustle Nation

      Side Hustle Nation aims to enhance your personal profitability. To achieve this, we frequently collaborate with companies that have a similar goal. If you register or make a purchase via one of our partner links, we may receive compensation at no additional cost to you. Learn more. Did you realize that banks are actually offering money to people who open new accounts? For one individual pursuing a side hustle, bank bonuses have turned into a significant source of income. Dylan Sexton reported making $200-300 weekly with just an hour of work. No dubious activities. No need to overhaul your entire financial situation. Just a clever (and surprisingly low-effort) method that banks encourage you to utilize. Tune into Episode 663 of the Side Hustle Show to discover: how Dylan earns $200 an hour by opening bank accounts; where to locate the best bonus deals currently; and the straightforward system he employs to monitor and expand his earnings.

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      Why Banks Pay You to Open Accounts

      Doctor of Credit Website

      Banks are eager for new clientele. They will actually give you money to join and set up an account—sometimes up to hundreds of dollars—because they understand that switching banks can be seen as a hassle. Dylan has capitalized on these offers weekly for the last three years alongside his full-time job. While this might be the first time we discuss it on the Side Hustle Show, it’s certainly not an obscure tactic. There exists a whole community focused on finding bonuses, and this is among the simplest side hustles I've encountered.

      Dylan’s First Bank Bonus

      Dylan’s initial bonus was from Citizens Bank after relocating to Connecticut. They sent him a flyer:

      $300 for opening a new checking account

      $300 for opening a new savings account

      Initially, he thought it was junk mail. However, after flipping it over and reading the fine print, he discovered it was legitimate money. All he needed to do was open the account, set up a direct deposit of $500, keep the account active, and wait 3 to 6 months for the bonus to be credited.

      Business Bank Accounts vs. Personal

      Most promotional offers are for personal accounts, but there’s an entirely different category of business bank bonuses available. Sometimes they necessitate a visit to a physical branch, but they are usually larger and face less competition. Generally, you'll need an EIN (business tax ID), but in some instances, your Social Security number may suffice. Dylan also suggests that having a business account provides more flexibility, as you can "pay yourself" from your business to meet direct deposit requirements, eliminating the need to continually contact your HR department.

      Where to Find the Best Bank Bonus Deals

      Dylan frequently uses these resources:

      Doctor of Credit: This website is continually updated and lists hundreds of active bonuses at any time.

      BankBonus102 on Facebook: Users share tips, warnings (like which banks are slow to pay), and information on currently effective bonuses.

      What Makes a Good Bank Bonus Worth Pursuing?

      Not every bonus is equal. While a higher bonus is appealing, it's crucial to examine the fine print. A $900 bonus sounds great, but if it necessitates a $15,000 deposit, it may not be worth your time. Look for low direct deposit requirements. Moving $500 from your business account or paycheck is ideal. Avoid maintenance fees when possible. Some banks impose $5-$25 fees if you don’t meet specific criteria, like minimum balance or debit card usage. (Dylan has strategies for managing these issues too—like transferring a dollar between accounts or executing small Amazon reloads.)

      Common Restrictions and Avoiding Red Tape

      Before you rush to open multiple accounts today, take note of a few things to be cautious about:

      1. You can’t keep returning to the same bank repeatedly. Most banks impose a restriction such as "you’re not eligible if you’ve obtained a bonus in the last 6-24 months." That’s fine—there are plenty of other options to choose from.

      2. Mismatched public records might lead to rejection. If your ID doesn’t match your current address or you have an outdated phone number, the system could automatically decline your application. Dylan advises keeping your DMV and personal records current.

      3. CheckSystems and EWS: These systems monitor how many new accounts you open. If you open too many too quickly, it could raise red flags as potential identity theft.

      Dylan limits himself to one application each week—this seems to keep him under the radar without issues.

      Do I Have to Switch Banks, Close Accounts