In this blog I will explain to you how to get free money from offers at banks. What main things you need to do for majority of banks. Easy steps to follow and I’ll provide examples of some of the banks that I have joined just to get an offer. My latest bank I joined I will received a $700 offer for free, but I had to transfer 50k. Now let’s get started!

1. Make sure all the banks you are looking into are Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA). This is for your safety incase the banks are going bankrupted and you have your money with them. Covers only $250,000 with in a single account.
2. Look into the banks that do a soft pull on your credit score. Some banks will do a hard pull just to open an account with them. You don’t want to have lots of hard pulls on your account. It will decrease your credit score and stays on your credit for 2 years.
3. The the important thing is to understand the Terms and Conditions. If you do not understand this portion then you may not qualify for the offer. Read the Terms and Conditions and write down the order in which you need to do to qualify. If you need to confirm, call customer service to that bank and ask questions regarding to the offer. Write down questions before the call so you know what to ask.
4. Depending on the Terms and Conditions of that bank, you may need a direct deposit into that new bank account, large lump sum deposit, or some sort of monthly transfer deposit. There is usually a set number of days the funds need to be in the new bank. It’s not wise to transfer money that you will need soon in that account. Make sure you have enough funds saved to not touch the money that will be transferred in your new bank account.
5. Look out for the fees that may be within that bank account. Some banks have fees if the account doesn’t have a set amount of money in it. Once again this can be within the terms and conditions. The whole point in applying to bank offers is to make some cash. We need to see how to waive those fees on the accounts if they have any.

Here’s an example of one bank!:

This is very straight forward from just seeing this, but this is not always the case. Just by going threw the steps above:

1) It’s National Credit Union Administration (NCUA)

2) The bank does a soft pull. (When going through the application process it stated that it will not affect my credit score.)

3) Read and understand the terms and conditions to the bank account. This one is straight forward.

4) Based on this account through the terms and conditions they want $100 deposit monthly for 12 months. Then you will earn the $100 offer for the account. The terms and conditions are usually at the bottom of the page or they might have it in a PDF file.

I know some people will not be able to afford to transfer $100 a month for 12 months, I get it. Then going for bank offers isn’t your thing. If you don’t mind waiting and have the extra money set to the side then why not? It’s free money.

Citi Bank offer: I applied for an offer / promotion with Citi bank. The offer was to deposit a certain amount of money into the new Citi bank account leave it in for 80 to 90 days and the offer will be deposited into the new bank account. Pretty easy for me since I had extra money sitting on the side.

The offers they had was $300, $700, $1,500 for people that never had an account with Citi bank or had an account, but was closed for over two years. You will have to deposit money into the account within 20 days and depending on the amount that you deposit will determine the offer you receive. After the 20th day it will be locked in to the eligible offer you qualify for, then you will have to leave it in for additional 60 day after the 20th day. Then after that time frame it will be deposited into the account.

To be eligible for a $300 offer, you need to deposit $15,000 to $49,999. To be eligible for a $700 offer, you need to deposit $50,000 to $199,999. To be eligible for $1,500 offer, you need to deposit $200,000+.

Once you have read and understood the terms and conditions after that its a waiting game. If you do not understand something in the terms and conditions you can call the customer service number and ask questions to clear up confusion. Now as of 25/Nov/2021 this offer is still available.

There are so many banks you can get offers from, but its up to you if you think its worth it. I do because I just have a large sum of money going against inflation. I rather get something out of it than just having it lose value.

I have a referral link that I would like you all to use if you decide to open a account with Citi bank. I do get a $100 bonus if you use the link. I would really appreciate it if you use the link and I will receive it as a “thank you” for taking the time to make this blog and research of different banks! Click here for the referral to open a Citi bank account.

Referral link: http://fbuy.me/rU7L9

One of the greatest things I have done for myself was changing my phone company to Mint Mobile. I didn’t see any differences beside me saving money and getting more gigabytes (GB’s) every month! It was a major win! I’ll break down the pros and cons and remember all of this is my opinion and people have different views.. But you can check yourself with Mint Mobile 7-Day Money Back Guarantee for all purchases made on mintmobile.com or using the app. I’ll get into the details.

TOWERS: Mint Mobile uses T-Mobile and AT&T cellular towers. Mint Mobile actually doesn’t run its own network. Therefore, they use other towers which is pretty smart. The towers are spread out and the service coverage isn’t bad at all! Here’s there website to check the coverage yourself. Reliable Coverage on the Nation’s Largest 5G Network | Mint Mobile

LOCKED/UNLOCKED: Mint Mobile will only work if you have a Global System for Mobile Communications (GSM) Unlocked phones. Unlocked phones are very easy to switch from company to company. If you’re not sure if your phone is unlocked, the easiest and fastest way is to put a new Subscriber Identity Module (SIM) card in your phone. Start up your phone, If you are greeted with “enter a SIM unlock code”,then your phone is locked with the carrier it was originally purchased from. If you don’t see an unlock code, check and see if you have service. Try making a call with the new SIM card in. If it goes through you might have an unlocked phone.

COMPARING MINT MOBILE AND CRICKET: Remember everything I type is a matter of my personal opinion. I can’t compare other phone companies due to only being with Cricket and Mint Mobile. That being said IT’S THE FUCKING SAME. Mint Mobile is definitely cheaper and comes with more GB’s so you get more BANG for your buck! Now unless you have the 4 lines plan with Cricket it will be $100 and it’s unlimited. It turns out to be just $25 for each line which isn’t bad. Cricket uses AT&T towers and I honestly see no difference compared to Mint Mobile…besides my bank account looking happy as fuck.

MINT MOBILE PLANS: Mint Mobile works a little differently than other companies. Mint Mobile plans are 3 months,6 months,and 12 month plans. Then those plans are broken down by GB per month. Each month plan lets you choose an option that best fits your usage 4GB, 10GB, 15GB, UNLIMITED per month.

The 12 month plans are the cheapest and it basically keeps you “locked” in for one year. Notice the quotation marks? You are not stuck with them and you can leave at any time, but you paid for the 12 months on that SIM card. So if you leave to a different company you will lose out and that goes for all the plans that Mint Mobile has. 

PRICES: Here’s where the good stuff is! Mint’s prices as follows:

3 MONTH PLANS: 

4GB, $15per month or $45 in total for the plan.

10GB, $20per month or $60 in total for the plan.

15GB, $25per month or $75 in total for the plan.

Unlimited, $30per month or $90 in total for the plan.

6 MONTH PLANS: 

4GB, $20per month or $120 in total for the plan.

10GB, $25per month or $150 in total for the plan.

15GB, $35per month or $210 in total for the plan.

Unlimited, $35per month or $210 in total for the plan.

12 MONTH PLANS:

4GB, $15per month or $180 in total for the plan.

10GB, $20per month or $240 in total for the plan.

15GB, $25per month or $300 in total for the plan.

Unlimited, $30per month or $360 in total for the plan.

THESE PRICES ARE UP TO DATE AS OF 20JUNE2021

ALL PLANS INCLUDE: 1) Unlimited talk & Text. 2) High Speed Data 5G and 4G LTE whichever is strongest. 3) Free Calling to Mex & Can. 4)Free Mobile Hotspot. 5)Free 3-in-1 SIM Card. 6) WIFI Calling & Text.

You can get $15 added to a Mint account if you want to switch over to Mint Mobile using my unique link from Mint Mobile: Join me on Mint and use my unique link and you’ll get $15 added to your Mint account, and I’ll get free Mint too. Win-win

http://fbuy.me/rU7L9

7-Day Money Back Guarantee for all purchases made on mintmobile.com.(Which is the link above) You have nothing to lose and if you are not satisfied with Mint change back to the previous company within 7 days. Just don’t damage the package

MY PAYMENT PER YEAR: I get the 12 month plan 10 GB’s for $240. After the taxes($3.41) and recovery fees($20.50) it’s $263.91 in total.

I pay with a certain credit card that gives me 5% back on phone bills. (I’ll explain later)

$263.91 X 0.05 = $13.19

$263.91 – $13.19 = $250.72$250.72 / (12 months) = $20.89per month

Switch over now and save you Ferns!

BANKS, BANKS, BANKS. I used to hear my Grandpa always say “I don’t trust the banks with my money”. He always kept cash and I am sure he had some hidden in his trailer somewhere. I grew up thinking that if he does a thing a certain way, it’s probably the best way to do it. The reason why was because he was older, wiser, took care of his self and was well off between his other relatives. Well, that’s not necessarily true. People can be older, but not wise. That can go the other way around, people can be young and really wise. Depends on experience and knowledge.

Banks have always been around, BUT online banks started in the early 1980’s. They didn’t get popular until the mid-1990’s when the rise of the internet started. Most of the online banks have no physical branch. No physical branch means they do not have a actual place where you can physically show up to their bank. This is beneficial for online banks less expenses for buildings, employees, utility fees, taxes on property, etc.

Therefore, online banks can provided better interest rates to their customers. I have a few banks that I use and they’re Ally bank, USAA, Vio bank, Chase, and U.S. Bank. Yes, I know, its quite a few banks. The online banks that use is Ally Bank and Vio Bank. The reason why is because usually they have the highest interest in the market. Of course this does fluctuate over time and can go up to a high interest rate or a low interest rate.

INFLATION:

On average Inflation is 2% meaning every year your value of $1 will lose 2 cents making it a value of $0.98. This is due to increase on prices over a given period of time. Inflation is a silent killer and is not avoidable. The bright side is you can definitely reduce inflation by keeping your money in a high interest rate bank or Certificate of Deposit (CD). CD’s act like a saving account and holds a fixed amount of money for a fixed period of time. These time frames can be as little as 3 months or 6 months. There are also longer CD’s to put your money in such as 1, 2, 3, and 5 years CD’s. Usually the longer the life of the CD the higher the interest rate will be paid to you! Also be aware that if you take you money out before the mature date of the CD you will be penalized. You will have to pay a fee for withdrawing your funds before the mature date.

COMPOUND INTEREST:

Also you get to receive compound interest which usually happens monthly, sometimes even daily compound interest this all depends on the bank itself. Here’s an example. You have $50,000 in the bank and your interest rate is 0.50%. $50,000 x 0.50= $25,000.00 move the decimal to the left twice it will be $250 you earn per year.

$250 / 12(# of months in a year) = $20.83 per month.

JAN: Started at $50,000, at the end of the month $20.83(Interest earned)

FEB : Interest added: $50,020.83 + $20.84(Interest earned)

MAR: Interest added $50,041.67 + $20.85(Interest earned)

APR: Interest added $50,062.52 + $20.85(Interest earned)

MAY: Interest added $50,083.37 + $20.86(Interest earned)

JUN: Interest added $50,104.23 + $20.87(Interest earned)

JULY: Interest added $50,125.10 + $20.88(Interest earned

AUG: Interest added $50,145.98 + $20.89(Interest earned)

SEP: Interest added $50,166.87 + $20.90(Interest earned)

OCT: Interest added $50,187.77+ $20.91(interest earned)

NOV: Interest added $50,208.68+ $20.92(Interest earned)

DEC: Interest added $50,229.60 + $20.92 (Interest earned)

At the end of the year total amount in the account is $50,250.52

Simple Interest earned was $250 and the compound interest 0.52

Noticed in month Jan interest earned was $20.83, but in Feb it was $20.84, the compound interest earned was 0.01 eventually that number goes up every month and the more you save that’s compound interest!

It may not seem like a lot but it does add up over time. Especially if you have a large amount in a account.

Federal Deposit Insurance Corporation (FDIC):

Ohhh and the big fear of banks going out of business and you losing your money. Well, you are insured for that! Its called Federal Deposit Insurance Corporation (FDIC). The limit is up to 250k, anything above that amount will not be insured within that bank. The FDIC generally covers up to $250,000 per account holder per institution. However, depending on how your accounts are titled, it may be possible to have more than $250,000 in one institution. Also, if you have 4 different banks that have FDIC you will be covered for 1 million as long as all of there accounts have at least $250,000 per account.

MATH:

Soooooo, how do I get $60 a month for Free? The interest rate online banks give to their customers. As of right now 18JUNE2021 interest rates for ally bank is 0.50%. Lets do the math!

Bank account has $145,000 and the Annual Percent Yield (APY) interest rate is 0.50%. $145,000 x 0.50%=72500.00

You have to move the decimal two times to the left because it’s a percentage. To do so you will need to divide by 100.

(72500.00 / 100= $725.00yr You see, the decimal moved two spots to the left! Now that is the amount of money you will earn in 1 year for FREE if you had $145k and a interest rate of 0.50%.

$725 / 12 (# of months in a year)= $60.41 Per month.

You might be thinking that you will not have 145k in a bank account all at once. I understand that part. I at one point thought I would never save six figures. but we can start off small like…$5,000.

Depending on the markets and where you search you can find higher interest rates. When I first opened an account with Ally Bank the interest rate was 2.10% that was in year 2018. Going back to the $5,000 lets say the interest rate was 2.10% (APY). Lets do the math!

$5,000 x 2.10%= 10500.00 You have to move the decimal two times to the left because it’s a percentage. To do so you will need to divide by 100.

10500.00 / 100= $105.00yr

105 / 12(# of months in a year)= 8.75 = $ 8.75 Per month. Not too bad for just having extra money siting around!

Physical branch banks have really low interest rates like 0.01% or even sometimes 0.001 which is nothing! Please do your research before picking a bank to save money on the interest! My go to is Ally bank! No hidden fees and gives you your money monthly on time. You also can see how much you will be getting daily.

ALLY’S NO PENALTY CD:

My favorite is the 11 month no penalty CD and it’s FDIC Insured up to $250,000 and you can pull your money out of the CD penalty Free after 10 days with the interest earned. It’s “Locked” in but you can pull it out after 10 days. Its simple and it shows you daily interest earned. As of right now my interest rate is 0.55%. When I first opened the account I had a interest rate of 2.10% It depend on the market and how thing are going.

Banking, Investing, Home Loans & Auto Finance | Ally