If you have ever searched the internet for interesting ways to make money, you have likely come across the idea of opening a new bank account. There are a couple of key benefits that can be found on opening a new account. One is that the interest is higher at this new bank then your previous one. Another is that many banks offer bonuses when you open up an account with them. These bonuses can range anywhere from $150-$500, which is certainly enough to turn some heads.

Of course, when it comes to receiving these bonuses, you first have to qualify. For some banks, this involves setting a qualifying direct deposit or having to make an initial deposit of a predetermined amount. Something very important to keep in mind when opening a new bank account is being aware of any fees or requirements that come along with it.  For example, there is a $300 bonus when opening a “Premier Plus Checking Account” with Chase Bank. Although, to qualify, you must first set up a direct deposit and have it deposit money into the account within the first 60 days.

According to the information on the Chase Bank website, there is no specification of there being a minimum amount of money in order for the direct deposit to qualify. It says that within 10 business days, the bonus will be deposited in your account. Quite frankly, this sounds like a pretty simple process and anyone who does not take advantage of it is a complete and utter moron, right? Well, perhaps, not exactly, with the Chase premier plus checking account there is a $25 monthly service fee. A little much for a fee, one would think, but this service fee can be waived if you keep a average daily balance of $15,000 between all of your Chase accounts. So, if you are someone who, as a college student, only has so much money to throw around in the first place, opening a new account with Chase that charges $25 a month for service fee, even with a $300 bonus, does not seem very practical.

When looking at the list of “25 Best New Bank Account Promotions & Offers – June 2017” on moneycrashers.com, it appears many of the accounts either require maintaining an average balance or have a monthly service fee. If you find a bank offering a bonus that has a lower service fee than your current bank, then it is open season for you.

One could always open up a new account, wait until the bonus get puts into the account, and then drop the account.

It turns out this is technically legal, but the real question that remains; is it worth it? Something else to keep in mind is knowing if the particular bank you open a new account with has any ATMs in your area, as using other ATMs could result in more fees.

When it comes to using new bank account bonuses as a way to make extra money, there are obviously a handful of factors that come into play. So, if you do your research, you could very well come across a bonus offer that fits your financial circumstances and will put some extra money in your pocket. To help get you started, check out the article at retireby40.org that talks more about the potential of bank account bonuses as a way of making extra money.

Rachel Futterman I The Oswegonian