Personal finance expert Anthony Venture has outlined a strategy he and his wife employed to earn approximately $3,400 in 90 days by capitalizing on bank sign-up bonuses. Venture, a content creator and realtor, detailed this process, known as "bank churning," which involves opening new bank accounts to collect promotional bonuses.
Venture described how he became interested in personal finance, initially focusing on credit card points and miles for travel. This interest evolved into exploring other financial strategies, including the lucrative potential of bank bonuses. Unlike credit card rewards that often require substantial spending, bank bonuses typically necessitate simpler actions like depositing funds or setting up direct deposits.
"Bank accounts just need either new money in the account, or connecting it for direct deposit from your work for bonuses," Venture stated. He noted that many of these bonuses are not one-time offers, and customers can often reapply for them annually without negatively impacting their credit score. Banks typically monitor new account activity through systems like ChexSystems, which primarily track issues such as overdrafts and bounced checks.
Venture highlighted that consistent participation in bank churning can lead to substantial earnings, potentially exceeding $10,000 annually from new account bonuses alone. He emphasized that the legality of this practice is a common misconception, clarifying that banks offer these bonuses as incentives for new customers.
Earning Opportunities
Among the offers Venture cited was a $400 bonus from Chase for new customers who made a $1,000 direct deposit into a new checking account. He also pointed to a Chase Business checking account offer that provided a $500 bonus for maintaining a $10,000 deposit for 60 days. By combining these offers, Venture and his wife earned $1,800 from Chase alone.
Wells Fargo was another featured bank, offering a $400 bonus for new customers who deposited and maintained $1,000 for 90 days. The couple also took advantage of SoFi's "welcome offer," which provided $400 each after receiving $5,000 in direct deposits within 25 days. These combined efforts resulted in the $3,400 earned over three months.
Other banks currently offering similar incentives include Bank of America, which provides tiered bonuses ranging from $100 to $500 depending on the account type and deposit amount. A wide array of financial institutions, including Capital One, First Horizon, Chime, and others, also offer new customer bonuses. Even peer-to-peer payment services like Venmo offer referral bonuses for new debit account sign-ups.
Tips for Success
Venture advised those new to bank churning to start with major institutions like Chase, Wells Fargo, and Citibank, and to manage a limited number of offers simultaneously. He suggested having a dedicated fund, around $5,000, to move between accounts to maximize bonus opportunities, although he noted that bonuses can still be obtained with smaller amounts or even with $0 initial deposit, albeit with fewer available offers.
Organization is key to successfully navigating the various requirements and payout timelines. Venture recommended keeping detailed records of all accounts, diligently tracking progress toward bonus requirements, and adhering to specified timelines to avoid missing out on earnings. "Do not procrastinate," he urged. "Wait too long, you'll miss the requirement window."