How long do churners usually keep these accounts? 5% bonus for parking money in a dummy account for 90-120 days translate to 15-20% annual yield sounds good. However, I'm under the impression that one should keep the account for at least 12 months for it to be less suspicious on the ChexSystems report. If so, on top of making sure to avoid monthly fees, 5% is less appetizing in 2024.While I agree with the percentage analysis, the result is a net profit of less than $200 and requires an in bank appointment to open the account. If the extra percentage earning was on a larger amount, I’d bite but, for me, the $200 isn’t worth the bother.As I read the terms and conditions, there is no requirement to keep the entire amount within the account after the 90 day holding period (actually 7 + 90, since the first 7 days is considered the initial funding period). You just need to leave only $300 in the savings account to keep it fee free while waiting for the bonus.As I read the T&C for the promo, it seems to say the bonus is paid as much as 30 days after the $25k has been on deposit for 90 days. Also, interest on the account is 0.25%.I'll probably do this one in a bit. $525 for depositing 25k for 61 days.
https://accountoffers.wellsfargo.com/savingsbonus/
Considering the bother and opportunity cost, I’ll probably pass on this one.
Comes out to be ($525 bonus / $25,000 deposit) * (365 days / 97 days) = 7.9% APY. You are not getting that much APY from anywhere else. Most recent 13-week T-bills were yielding 5.4%, so the difference in APY is 2.5% (= opportunity cost).
I just about have $20k and can probably accumulate another $5k between now and April 2024 (offer deadline), but I think I will pass too. I will utilize the giftbox technique for buying the 1.3% I-bonds for 2025 with $20k instead.
Statistics: Posted by hedge_hog88 — Tue Sep 17, 2024 11:59 pm — Replies 136 — Views 25393