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Are bank bonuses churning?

You might have heard of people “ churning ” through credit card welcome offers, but what about bank bonuses? Many banks offer $400 cash back or more when you sign up for a new checking account, and it’s certainly possible to cycle through new accounts just to accrue bonus money.

What is bank account churning?

Bank account churning is the strategy of opening new bank accounts to profit from their sign-up bonuses and promotional offers. It’s similar to credit card churning, except bank account churning doesn’t have the potential hazard of lowering your credit score. This makes it a comparatively low-risk, high-reward strategy.

Should you churn your bank account?

Normally, this is no big deal if you’re paid via direct deposit by an employer or the government—but if you’re churning bank accounts, you’ll have to deal with the hassle of repeatedly changing your banking information with HR or the IRS.

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