This bank bonus is pretty awesome, funny thing is that I saw this bank from Instagram ads, but it is FDIC insured, so there is no worry about deposit safety.
Requirements:
1. Set up the Direct Deposit for $2500 within 60 days after the account opens, you will get a $300 bonus 2. If you have an ACH Direct Deposit of at least $2500 every month, you will receive a $20 reward for the first 12 months. 3. After the first 12 months, if you still keep ACH Direct Deposit, you will continue to have $10 monthly rewards
This account has no minimum balance requirement and no maintenance fee.
If you can have a $2500 direct deposit monthly, you will get $240 rewards, which means you earn an interest rate of 240/(2500*12)=0.8% in the first year, while it turns into 0.4% in the second year. Sounds sucks, right? However, the trick is that you don’t need to keep the money in this account to qualify for the reward, so my plan would be:
Deposit $2500 monthly to qualify for the reward, then transfer the money to a high-yield account, such as SoFi bank with a 2.5% interest rate. Therefore, one deposit can make two times of income! So $30000 will generate a $240 reward in the Laurel loyalty checking account, then around $750 from Sofi’s interest income!