How many checking accounts you think our family opened this year? The answers would be 5. We ended up with 3 Chase checking accounts (me, Mrs, and my oldest) and 2 Wells Fargo checking accounts (me & Mrs.).
It seemed like it has been a long summer. I am back after a long absence as you may have noticed. This is one of the many posts planned for the month of September and rest of the year. Let’s get back to our topic for this post – checking accounts sign-up bonuses.
What have we done with those accounts and what are we using them for?
Mrs. and I are using our Chase accounts to pay our individual Chase credit card balances. By the way, churning credit cards for bonus points is another post planned for this month. Even though we have our joint account through another bank, so far, we have been using our individual Chase accounts regularly. We also really like their website and iPhone app. Because of that we are planning on keeping both of our accounts with them and continuing to use them. My oldest will also close his PNC account and continue with Chase moving forward. Seems like Chase is going to be our main bank from now on. Good for Chase.
On the other hand, Wells Fargo is a different story. We still have those two accounts open. But the only use we can get from them is depositing Money Orders through their iPhone app. It is super easy. And that is a big help when you churn credit cards. Not that we do it heavily, but it was still nice to have them for the purpose of depositing Money Orders every once in a while. So far, we didn’t encounter any issues. That is a good thing. Because if we ever needed to go to a physical branch location we would be in trouble since we don’t have one close to where we live.
Are we going to continue to open new ones?
At this point, the answer is “I don’t know”. In order for us to open another one, I would think that sign-up bonuses would have to be around $300-$400 range and we would have to close the Wells Fargo accounts. Time will tell I guess.
Please remember that banks report those sign-up bonus amounts paid to their customers to IRS and issue 1099-INT. That means you will have to pay taxes at the end of the year.