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Discussion Just Earned Me 'Nother Quick $100

Lost_in_the_HTTP

Diamond Member
Nov 17, 2019
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Bank bonuses are cool.


Open an account, do a little dance, get free money.

Some are kind of involved with direct deposits, ATM/Debit transactions, high balances and so on. This one was simple. Open, fund with a minimum of $50 within a month, get $100 bonus soon after.

I was looking for a new account to work towards a savings goal, so this helped a lot.
 
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Pohemi420

Diamond Member
Oct 2, 2004
4,546
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And it essentially gets taxed like lotto winnings, iirc. The bank will likely send you the form for declaring that $100 around the time that W2s get mailed.

At least, I did when I received a similar deal for a new account "opening bonus" a number of years ago. The amount of tax isn't much obviously, but it IS kept track of...it's not exactly just a free gimme, heh.
 

Exterous

Super Moderator
Jun 20, 2006
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I'm a fan of the easy ones but i don't do the ones with a certain number of atm/debit transactions.
 

Torn Mind

Diamond Member
Nov 25, 2012
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I presume, Sir OP, that you frequent the likes of Doctor of Credit get the latest in deals?
 
Dec 10, 2005
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The bank account ones always seem like more of a hassle than CC ones. Having to move money for a certain number of days and potentially updating my direct deposit. Just not worth the hassle. I only used one of those types of bonuses when I moved a few years ago and wanted an account with access to a lot of local atms.
 

pete6032

Diamond Member
Dec 3, 2010
5,801
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Assuming that money is taxed at 22% plus some state amount, you're left with less $78 minus state taxes for your troubles.
 

ponyo

Lifer
Feb 14, 2002
19,521
2,696
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Assuming that money is taxed at 22% plus some state amount, you're left with less $78 minus state taxes for your troubles.
Some of us would lose half to taxes. Which is why I only do credit card rewards. Zero taxes for credit card stuff. I don't understand why one is taxed and not the other.
 

Exterous

Super Moderator
Jun 20, 2006
19,616
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Some of us would lose half to taxes. Which is why I only do credit card rewards. Zero taxes for credit card stuff. I don't understand why one is taxed and not the other.
If I recall its because points and miles are not a formal currency and the issuing institution can inflate or deflate value substantially at their whim so a valuation for tax purposes would be more trouble than it's worth. Even the 'cash back' or 'statement credits' are not you being handed cash to do whatever you want with like a bank account bonus.
 
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