I just acquired a company and looking for recommendation on bank. I have personal checking with BoA for 10 yrs if that helps and cc with them as well as Chase
Recommended checking account
Depends on your available balance you can keep in the account at all times what sort of bank is best for you.
There are accounts that will pay you $50-1500 for starting an account with them and maintaining a balance. Some require direct deposits to be switched. Citi gives $200 if you keep $5000. M & T gives $200 if you transfer any direct deposit. Chime does to but pays $50.
i do a lot of “churning”, where I open a bank account and put in required money for required time or set up my direct deposit with them as long as it’s needed to complete contract. Usually 60 days. So in a one year period by getting direct deposit switched every 2 mos to a new bank, I can get like $4000 in extra money usually (see below). It doesn’t hurt or use your credit either.
I wouldn’t keep large sums over $5000 for sure in just checking so I’m never going to get those sexy “deposit $50000 with us and get $700” type bonuses, but again there are many that don’t require any specific balance and just require direct deposits totaling like $500 over 60 days.
If you have more than one pay sources you can double dip multiple accounts at once.
Pay source A open one checking account and set direct deposits
Pay source B open different checking account and set direct deposit
Balance $5000 goes in 3rd account
In 60 days move balance to 4th account
In 60 days open account 5 for direct deposit from funding source A
In 60 days open account 6 for direct deposit from funding source B
Repeat every 2 mos (in this example) and in a 12 month period you’ve had 18 bank cards and made $7200. And there’s over 40 banks that do this, so you could repeat next year with new accounts. And don’t forget your significant other can do it same time to double profits.
It’s not exactly that easy, theres some overlap of getting direct deposits changed over at work etc. But if you open the account a couple weeks before your planned swap, it is actually pretty easy. And bank to bank transfers are free and pretty easy (I use ally and chime to get all my funds into my “main” account so on payday I send everything from the new bank to my main account and other than getting access on a Monday and not a Friday, it’s no different. And technically you can keep your money in the new accounts. I just open them, and as soon as money hits them (so that I fulfill my contract to get the bonuses) I move the money out to my main one.
Sorry if long winded or not your cup of tea.
PS if as an owner/operator you can institute your own direct deposits, you could technically pay yourself “daily” vs weekly (as in direct deposit every Monday for Monday’s work, every Tuesday for every tuesdays work, etc) and have 5-7 direct deposits going at once.
x2 if couples.
From what I hear of people doing this way better than me, a married couple each opening accounts has made over $15000 in one year in total with 80% of that not requiring you to keep money in account other than a direct deposit into accts which you can immediately pull out.
we have a factoring and they pay by ACH weekly , we have banks relatively close by so so we write check and go to the bank in person ( they charge $25/m, if we do direct deposit ) we have chase for the current company we are using , we are in south florida