Posted by Don L on January 19, 2017
Bank Account Bonuses

Published on January 19th, 2017 | by Don L

59

Bank Accounts with Extra Benefits

Contents

Quick Summary

This is a reference page to store the extra, fringe benefits of bank (and brokerage) accounts.

Brief Intro

We happen to open a number of accounts.  Sometimes those accounts – banking (and brokerage) relationships – offer additional value beyond their primary purpose (and signup bonus).

In this post, the goal is to assemble an index of (non-standard) outside of the normal benefits of bank (and brokerage) accounts – anything that provides extra value [generates or saves money] – outsized additional benefit.

We would love to hear any discoveries or sources of these benefits that you’ve found.  We’ll suck it all in (organize, categorize, …) and of course add it to the DoC Bank Account Quick Reference Table [with the belief that the more columns we add, the more valuable the table becomes].

HT: to reddit user highlander311 for seeding the idea, and the reddit r/churning community for a large starting base of info. [“In the end, there can be only one”, godspeed 311 🙂 ]

Subtitle: Banks with Benefits (HT: Raj)

Types of Benefits

Benefits to Report on this Page

  • Credit Card Improvements
    • Access to Apply (e.g. a Charles Schwab brokerage account unlocks CS Amex Platinum Card) [Credit Card Access]
    • Increased Reward Earning (e.g. BoA Preferred Rewards Program) [Credit Card Reward Rate]
    • Fee Waivers [Credit Card Fee Discounts]
  • Fee Elimination
    • for specific products or services (even if restricted to specific groups: Military, Retirees, Students, …) [Other Fee Discounts]
    • for International ATMs (e.g. Charles Schwab High Yield Checking Account) [International ATMs – No Fee Withdrawals]
  • Member/Patronage/Bonus/Extraordinary Dividends (e.g. DFCU’s Cash Back Program) [Membership Dividend] (**not guaranteed**)
  • Other Valuable Stuff You Know About/Discover (we’ll add to this list as more comments/ideas come in)
  • Promotions – Account Linked Retailer Specific (e.g. BoA’s BankAmeriDeals) [Account Linked Offers]
  • Random Benefits
    • Museum Access (e.g. BoA’s Museums on Us) [Other Benefits]
  • Specialty Accounts [with special dividends, high interest, …] worth setting up
    • for Kids (UTMAs), Military, Students, Retirees, … (e.g. Flagstar Bank’s Kids 3% account [$500 cap]) [Child Savings Accounts]

Benefits Not Considered on this Page

Credit Card Access

Bellco Credit Union [Credit Card Access]

$150 Signup Bonus, 3% Categories Platinum Rewards Credit Card

Charles Schwab [Credit Card Access]

Charles Schwab Brokerage Account unlocks the ability to apply for the Charles Schwab American Express Platinum ($0.0125/MR point cash redemption)

Citadel Credit Union [Credit Card Access]

3% Balance Transfer Bonus Card

Elements Financial Credit Union [Credit Card Access]

A collection of $300 cards

InFirst Federal Credit Union [Credit Card Access]

Visa Rewards Credit Card

Mountain America Credit Union [Credit Card Access]

Visa Platinum Credit Card with a 3% cash bonus on balance transfers

NASA Federal Credit Union [Credit Card Access]

Star Trek Card and a discussion on point value

Navy Federal Credit Union [Credit Card Access]

Possible Qualification Route

Nusenda Federal Credit Union [Credit Card Access]

Platinum Cash 5% Rotates each quarter [may not require CU membership]

PenFed (Pentagon Federal Credit Union) [Credit Card Access]

Premium Travel Rewards Card and Platinum Rewards (sirtheta built a nice table)

(Platinum Rewards requires qualifying product1)

USAA [Credit Card Access]

Limitless 2.5% card access

Big List of USAA Credit Cards

Wells Fargo [Credit Card Access]

An existing banking relationship is helpful for credit card approval per #1

Credit Card Reward Rate

Bank of America [Credit Card Reward Rate]

DoC’s Preferred Rewards Program writeup [a deep dive into possible qualification scenarios by FFB] (Both BoA and Merrill Edge balances count)

Extra $5/Quarter Bonus for the Better Balance Reward Cards

Fidelity [Credit Card Reward Rate]

Fidelity cash management account (and others) allow 2% cash redemption for the Fidelity Visa.

TD Ameritrade [Credit Card Reward Rate]

“10% increase to the credit card, so 1.5% cashback becomes 1.65%. Not too exciting.”1

Wells Fargo [Credit Card Reward Rate]

Increased Reward on the Propel cards (thanks Tom).  Siretha provides an additional link to Wells Fargo’s PMA program

Credit Card Fee Discounts

Citi [Credit Card Fee Discounts]

with High Balance Accounts

Citi Priority – $100 AF discount on Citi Prestige ($50,000 Assets)

Citigold – $100 AF discount on Citi Prestige ($200,000 Assets)

HSBC [Credit Card Fee Discounts]

Annual Fee Waiver on Advance and Premier Cards based on tier1

Santander Bank [Credit Card Fee Discounts]

Santander Select or Santander Premier Plus Checking Account waives fees on Bravo MC2,1

Member Dividends

American Airlines Credit Union [Membership Dividend]

Bonus Dividends1,2

[2016 numbers per CSR – bonus of 7.4% of interest paid or received; $50 multi-product bonus – 3 account types (ex. Share, Checking, Loan/Credit Card)]

Citizens Equity First Credit Union (CEFCU) [Membership Dividend]

Looks like a rebate of around 0.4% of balances1,2

IL based

CommunityAmerica Credit Union [Membership Dividend]

Looks like 0.2% of deposit and loan balances.1

MO based

DFCU [MI] [Membership Dividend]

Membership Dividend is 0.5% on total assets and loans.

MI based.  National Availability.

Dow Chemical Employees’ Credit Union [Membership Dividend]

Large 75% Rebate on Loan Interest1,2 [Dow stock membership qualification]

MI based.  National Availability.

Eastman Credit Union [Membership Dividend]

Not sure the earning rate1

[2016 numbers per CSR – dividend payout rate was 6.85%]

TN based.

Empower Federal Credit Union [Membership Dividend]

Uncertain on rate1,2 

[2016 numbers per CSR – final consumer loan refund was 3.25% of interest paid, the mortgage loan refund was 2.62% of interest paid and the bonus dividend was 16.22% of dividends received]

NY based

First Service Credit Union [Membership Dividend]

Patronage Dividend – uncertain on rate, looks like a potentially complicated formula1

TX based

Founders Federal Credit Union [Membership Dividend]

Loyalty Divided – 1,2  – Looks like an addition 19.02% of Interest Earned (119% of interest rate) or 10% of financial charges paid

Carolinas based

Goldenwest Credit Union [Membership Dividend]

2016 Numbers: Bonus Divided – 4.15% APY on deposit balances1,2

UT based

Hanscom Federal Credit Union [Membership Dividend]

Loyalty Dividend – 2016 Numbers: 2% of interest earned/paid1

National Availability

Logix Federal Credit Union [Membership Dividend]

Possibly per this comment1

2014 Numbers: $25 for combined deposit, loan balances of $10,000, other tiers2

NavyArmy Community Credit Union [Membership Dividend]

Per these data points1,2

TX based.

Omni Community Credit Union [Membership Dividend]

Small 0.125% of total savings and loan balances [$1.25 per $1,000 balance]1,2

MI based

Western Division Federal Credit Union [Membership Dividend]

2016 Patronage Dividend Numbers: 30% of interest paid, 125% of dividends received1,2

NY Based

Wright-Patt Credit Union (WPCU) [Membership Dividend]

Uncertain on rate1,2,3 

Account Linked Offers

Bank of America [Account Linked Offers]

BankAmeriDeals

Other Benefits

Ally Bank [Other Benefits]

Anti-Virus Protection1

Bank of America [Other Benefits]

Free Museum Access

McAfee AntiVirus1

Chase [Other Benefits]

with high balance status Chase Private Client: Museums – Art & Culture Card4,3

Citi [Other Benefits]

Citi Accounts can earn TYP based on products and activities1

TD Bank [Other Benefits]

Anti-Virus Protection1

Child Savings Accounts

Associated Credit Union [Child Savings Accounts]

4% on $5001,2

BECU (Boeing Employees Credit Union) [Child Savings Accounts]

6.17% on first $5001

Chevron Federal Credit Union [Child Savings Accounts]

7.0% on $10001,2,3

Community Choice Credit Union [Child Savings Accounts]

3% on $5001

DFCU [Child Savings Accounts]

Membership Dividend has a sweet spot for kids ($50 interest on $100 balance)1

Flagstar Bank [Child Savings Accounts]

Kids Accounts – 3% interest capped on $500 of deposits.1

KidFund [Child Savings Accounts]

An App 3% on first $5001

Mainstreet Bank [Child Savings Accounts]

4% on $10001,2,3

Navy Federal Credit Union [Child Savings Bonus]

Temporary Signup Bonus [April 10-16, 2017], as reported by nwill002 (comments note in branch offers may be better)

International ATMs – No Fee Withdrawals

Charles Schwab [International ATMs – No Fee Withdrawals]

with Charles Schwab High Yield Checking Account or the Charles Schwab Brokerage Account1

Fidelity [International ATMs – No Fee Withdrawals]

No Fee International ATMs Withdrawals 1

Other Fee Discounts

Chase [Other Fee Discounts]

Students1, Military2

Warnings

(In addition to all the standard disclaimers,) this resource is incomplete and filled with errors.

It is an attempt to summarize and categorize rules inferred from community data points.

Definitely tell us where we have made a mistake.

Final Notes

Please share your data points, sources (websites, forums, …), and/or ideas on this topic to help make this page a better community resource.

All the best!

 

 



59 Responses to Bank Accounts with Extra Benefits

  1. sirtheta says:

    HSBC waives the AF on its Advance & Premier cards if you are that tier of client (or above). https://www.doctorofcredit.com/master-list-no-annual-fee-no-foreign-transaction-fee-cards/#HSBC

  2. JBTx says:

    Chase Private Client – Chase Private Client Arts & Culture Cardholders: Here is an excellent roundup of the currently participating places:

    http://www.dansdeals.com/archives/101225

  3. GeoffB says:

    For note, the Schwab brokerage account also gets you the intl atm refunds (no checking acct necessary). Also, Merrill Edge counts towards getting your BofA Preferred Rewards (Platinum Honors). All I use that for is being able to do larger deposits without a hassle, but it doubles back to get you some nice stuff like cc cash back bonuses and atm transaction rebates, etc

  4. Matt says:

    Synchrony bank optimizer accounts. They have a Twitter based rewards program. Benefits include free wire transfers and travel discount programs.

  5. SCJ says:

    TD Ameritrade account gives 10% increase to the credit card, so 1.5% cashback becomes 1.65%. Not too exciting.

  6. slewinter says:

    Tech CU just sent me an enrollment form for $3000 in free Accidental Death and Dismemberment insurance. There was also an attempt to get me to enroll in more insurance for a fee.

    • Don L says:

      Thanks, slewinter.

      Hadn’t thought of that one – I like the outside the box thinking. Yeah, wherever we can find extra value.

      I might exclude it from this page, because I’ve receive these offers from a lot of institutions, and I think if we did the math the free coverage is probably only worth a few dollars to most of the population. Someone please correct me if I’m off here.

  7. Tom says:

    Citigold gives an annual relationship bonus to Citi Prestige still, right? I believe it’s 15% extra on Prestige CC spending excluding the signup bonus?

    Wells Fargo also has relationship bonuses that increase the earnings rates on their Propel line of cards.

  8. Adam says:

    I’d be extremely curious to know which banks – if any – allow you to get incoming foreign transfers without a fee and without going through a second bank.

    I’ve found some which charge a fee to receive these transfers. I’ve founds others which don’t, like Schwab and Northpointe, but the ones I’ve found all require the transfer to go through another bank, so you have to put an additional line like “For the benefit of [name], account number [###].” And *no sender ever includes that extra line*, causing the recipient (hi) so so so so so much aggravation in trying to get the funds to come through.

    • B says:

      A Bank of America Business Advantage account has no fee for incoming international wires. There are also a few easy ways to keep the account fee free, like manufacturing $2500 of spend on a BoA SB credit card each month, or setting up free online payroll to transfer $1 monthly to a personal BoA account.

  9. Jeff says:

    TD bank sells fee-free Visa gift cards to its account holders. Cannot purchase with a credit card so not useful for manufactured spending. But very useful if you are buying lower denomination cards as actual (gasp!) gifts.

  10. Jeff H says:

    Related comment to Santander Bank has been amended after an error in information was pointed out to me. **
    Link to my comments about Santander Bank Bravo MC $49.00 annual fee waiver only applies to more expensive checking accounts. My current thinking is to keep or not keep Bravo MC depends on card benefits only. $49.00 Annual Fee WILL apply to most of us.

    ** No annual fee for customers if you maintain a Santander Select® or Santander Premier Plus Checking account or if you are qualified for a Santander Bank employee checking account at each anniversary date.

  11. Raj says:

    You should’ve titled this “Banks with benefits”

  12. Steve says:

    Capital One 360 – Pays interest on free checking with no requirements. 0.20% APY; higher than many big-bank savings account rates.

    Alliant CU – Pays interest on free checking with DD. 0.65% APY; higher than almost all savings account rates.

    Discover – Pays $0.10 per debit card\check\bill pay, up to $10. No fees.

  13. Mike says:

    Anyone know of a bank with really cheap international ACH transfers? Need to send money to venezuela

  14. Billy says:

    Re: WPCU – It’s a complicated formula that isn’t disclosed but the special dividend has been paid for at least the last 5 years. It’s based on how much business you do with the credit union. In 2016 I had about $3500 on deposit across a number of personal and business accounts but no real activity to speak of. I got about an extra $20 or so from the special dividend. One year I actually used the extremely low interest card I have from them a significant amount and even paid interest on a balance I carried for a couple of months for some business inventory. I paid around $200 in total interest and nearly all of it was refunded from the special dividend.

    ==

    New item:
    Ally Bank provides 3 free premium anti-virus licenses for it’s members:
    https://www.ally.com/learn/webroot/

  15. B says:

    What about BankAmeriDeals from BoA? Also, they provide free Norton antivirus for 1 yr and half off after that (although I use Avast!, which is always free).

  16. Ben says:

    This is somewhat the inverse of this list…

    Having a USBank credit card waives the fee for having a USBank checking account.

  17. Matt P says:

    Not the same as an ATM network since USAA doesn’t have any ATM’s. They just pay up to $10 of your ATM fees each month. They also give you free credit report tracking not just the score, through experian (although you can just get that through Experian directly.)

  18. Can you tell me why I need a new bank account and why is it so important to these banks to me or anyone for that matter what’s in it for them?. Debbie

  19. Chris says:

    TD Bank has no international ATM withdrawal fees in Canada. Was pretty helpful when I took a trip there over the summer.

    The TD Cash Credit Card isn’t too special, but it does have no foreign transaction fees.

  20. Don L says:

    Found another Child Savings Account Entry

    KidFund [www.kidfund.us]

    3% on $500

    HT: http://bankinnovation.net/2017/01/5-fintechs-you-probably-should-know-by-now/

  21. Don L says:

    Adding Bellco Credit Card

  22. sirtheta says:

    Some more information about Wells Fargo PMA Relationship benefits: https://www.wellsfargo.com/checking/premier/

    • Don L says:

      Sirtheta thanks. I’ll incorporate above/link down.

      I’m going to rebuild the organization of this page – recently realized I need to relink when I add new institutions, so I’ll fix that.

  23. Don L says:

    Adding Elements Financial Credit Union Post – Credit Cards

  24. Don L says:

    Added links to Will’s posts on Citadel and Mountain America CU balance transfer bonus cards

  25. MarcoPolo says:

    Great post @Don L

    Most benefits are great but I would like to add that you can get antivirus at Staples/Newegg etc for Free After Rebate. Therefore you don’t have to keep an account open just for the AV.
    I use FAR items for MSing to sprinkle some “kosher” purchases in between the real MSing purchases like GCs and I especially like Staples since the rebate can be submitted online which takes few seconds.
    As a benefit you get FREE antivirus and I have accumulated hundreds of them over the years.

    • Don L says:

      Thanks MarcoPolo

      Valuable Information, good strategy

      I just use Microsoft’s free version, so I’m probably a security risk. It seems like a lot of people value the commercial products.

  26. sirtheta says:

    FYI, Wells Fargo has rebranded PMA to “Portfolio by Wells Fargo”. The current link is https://www.wellsfargo.com/checking/portfolio/ (the link in the post redirects).

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