One Easy Way to Start Earning Money in Less than an Hour

Grow Your Money

How would you like to earn hundreds of dollars with minimal effort?

Current interest rates on savings accounts, certificate of deposits, and money market accounts are at an all time low. Most accounts are offering less than 1% even with a deposit of $10,000 or more.

The method below will allow you to take your current savings and earn a higher yield with minimal effort and risk by taking advantage of bank promotions.

Follow these simple steps to start growing your money today.

Step 1: Determine Your Available Funds

First review your personal finances to determine your available funds. Available funds are your excess monies after all your expenses have been paid. These funds should be available for at least 60 days.

Example: After reviewing your personal finances, you determine you have $10,000 in your savings account and you will not need these funds in the next 60 days.

Step 2: Search for Bank Bonus Offers

Search for "bank bonus offers" in your favorite search engine. This search will populate a list of websites with current bank bonuses and promotions.

I prefer NerdWallet, because it is user friendly and provides the best information.

Step 3: Make a List

List all of the offers that fit your available savings and timeframe. Include the bank name, bonus amount, deposit requirement, and minimum amount of time the account must remain open.

The list does not need to be exhaustive. It is important not to spend too much time searching for offers, because spending too much time decreases the return on your investment.

Note: Most bank bonus offers require you to be a new customer. If you are considering an offer for a bank where you have an existing account, make sure you read the fine print.

Offers to Avoid

Direct Deposit Requirements

There are a lot of tempting offers that require direct deposit. Stay away from these offers. Changing your direct deposit requires paperwork, coordination and additional time. The objective is to maximize your return with minimal effort.

Bigger Is Not Always Better

You may be tempted to deposit more money to earn the bigger bonus. But it is important to always do the math before automatically choosing the higher amount. Sometimes the larger bonus actually has a lower yield. See the next step on how to optimize your earnings.

Example: Start by listing all offers that have a $10,000 or less minimum deposit and do not require direct deposit.

Step 4: Optimize Your Earnings

The next step is to optimize your earnings by choosing the best offer.

Start by calculating the return on your deposit for each bonus.

Example

Option 1

In the example above, ABC Bank is offering a $500 return if you deposit $10,000 in a non-interest bearing checking account for a minimum of 90 days. There is no direct deposit requirement.

Use the simple interest formula I = PRT. Interest (I) equals principal (P) multiplied times the interest rate (R) multiplied times the time period (T) to determine the interest rate that would be earned on this bonus.

ABC Bank's bonus would provide a 20% return on the $10,000 deposit based on 90 days.

Option 2:

In this example, assume ABC Bank is also offering a $150 bonus if you deposit $2,500 for 90 days. Using the same formula as above, this offer would provide a 24% return on the $2,500 deposit for 90 days.

Make a Choice

Now that you have all of the information that you need, the next step is to choose the account that is best for you.

In the example above, the $150 bonus has a higher return. However, if you choose the $150 bonus offer and the remaining $7,500 is not earning anything, then your return effectively becomes only 6% on the total $10,000. In this case, it would be better to open an account with $10,000 and earn the $500 bonus.

Step 5: Start Growing Your Money!

Open the account.

Meet the offer requirements.

Earn your bonus.

Then follow these steps again to continue growing your funds.

Helpful Tips

Read the fine print before opening the account to confirm that you will be able to meet the criteria and avoid any fees.

Close your account after you complete the bonus requirements in order to be able to take advantage of future offers.

Ready to Start?

Follow the link below.

And click on the "Learn More About $300/$700 Offer at Citi" to start earning today!

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