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Jason
Jason

I just can’t imagine someone with 1 million or enough cash not buying a house instead but would be depositing into bank account for $1500 taxable bonus. Some CU/Bank’s offer just does not make any sense at all.

Curmudgeon
Curmudgeon

Would they use the same hard pull for the credit card bonus you just posted? If so, that might change your recommendation for this, correct?

If you’re doing a hard pull for the credit card anyway, why not get another $200?

Daniel
Daniel

No CC funding allowed

JASON
JASON

Mathematically, you would want to deposit 25K in each of your family member’s account to maximum the payout instead of depositing the total amount in one single slot.
In one single lot: In multiple accounts:
Tier 1 $25,000 – $49,999 $200 $200
Tier 2 $50,000 – $99,999 $300 $200 x ($50,000/$25,000)=$400
Tier 3 $100,000 – $249,999 $500 $200 x ($100,000/$25,000)=$800
Tier 4 $250,000 – $999,999 $1,000 $200 x ($250,000/$25,000)=$2000
Tier 5 $1,000,000+ $1,500 $200 x ($1,000,000/$25,000)=$8000

Eric
Eric

Always thanks for DoC articles.

The APY calculation seems not correct….it is 6 months required, not 3 months. I think the author multiplied 4. Correct me if I am wrong.

Thanks

Reg
Reg

Will, one more thing, the APY for the instant access savings went up. For $25,000-99,999.99 the APY sure now 0.30%.

Reg
Reg

Will, the write up still says you have to keep the account open for 6 months (under the avoiding fees section).

Ryan
Ryan

So I need to leave $25k in the account for 90 days for $200.

That’s not terrible, but it ain’t great, either.

Marky Mark
Marky Mark

The $200 bonus is really,
$200 bonus: 1.6% APY for six months + ((1.58% * 10K) + (0.25% * 15K) APY) or,
$200 bonus: 1.6% APY for six months + 0.78% APY => 2.38% APY.

Not shabby for zero risk.