Full Show: Should You Open a Bank Account for a Bonus? and Store Brands Are Getting Better

[@Gypsygirl9]

These bank "bonus" offers, does that have to be claimed as income? Thank you.

[@mdthomas8368]

You will likely get a 1099-INT at the end of the year. Yes, it will be income, just like interest on a savings account.

[@Clark]

It’s not unheard of for banks to report your sign-up bonus to the IRS as taxable income by issuing a 1099 for the amount they paid you. 💚

[@Clark]

@@mdthomas8368 💯

[@Tony94005]

Of course

[@toby7291]

Only cash bonuses on savings and checking accounts.. Credit cards cash back rewards or cash bonuses are tax free.

[@Another_Bad_Creation]

I get them all over $200 . I have my spreadsheet on when to close accounts and how much the bonus is. My aim is to get $5000 - $8000 a year from bank bonuses.

[@Clark]

Sounds like you are organized, so great strategy! 🙌

[@jkopvo]

A spreadsheet - yes! Hopefully, you are also tracking minimum balance and any other requirements. Note that some banks will pull your Chex report and can decline you based on you opening too many accounts; this happened to me recently. Also, for a given bank, after closing an account, you may have to wait a couple years before you can be eligible for another bonus. However, if you are married, you and your spouse can each open individual accounts (rather than a joint account) to receive separate bonuses.

[@Another_Bad_Creation]

@@jkopvo I have been churning the bank accounts for awhile now. Never had any issue as long as I follow the bank rules.

[@SomeGuyInNevada24]

Clark should have mentioned product switching the Double Cash card to a Custom Cash, Citi Rewards+ or other Citi card with no annual fee.

[@karenbochinski]

When they say direct deposit, I skip the offer

[@wt9653]

I already have a Bank of America account. I closed their credit card about 5 years. I only used the Costco Citi card since. I've been offered a 500 dollar reward for me to join the Bank of America credit card. Plus 1.5% back on all my purchases. Costco Citi card has 1% back. 🤔 I took the bait. After about 2 months of using their card. I got my 500 dollars 😂😊

[@Clark]

Nice! 👏

[@briankeck1297]

I do the direct deposit ones and then transfer the money back to my regular account. Easy money.

[@Clark]

Good idea! 🙌

[@davidpowell3347]

Lots and lots of fine print. In a few months I come out ahead by staying where I'm at because of the superior interest rate.

[@romanhollow2985]

I have always bought store brand generics, shopped at dollar stores or aldi's and shopped with a list. I also go garage saling and have saved $1000 on everything over the years. I enjoy getting something for little $$$$$$•

[@grayfox9911]

Thanks Clark & Team! NNTR

[@kevinmoore9524]

Thank You

[@geyser3445]

You really need to read the fine print on those bank offers. Those bonuses are taxable. Better to get a credit card bonus. No taxes on the bonus and easier to open the account.

[@Clark]

It's actually easier for most people to open a bank account over a credit card. 💯But you are correct - read the fine print and bank account bonuses are taxable.

[@retired8484]

"Great Value" brand is the correct choice for almost everything.

[@Fred2-123]

There are a couple of banks paying 5.25% & 5.30% on savings accounts. None of my brokers pay that much.

[@Clark]

Online banks, maybe. If they are a giant monster mega-bank, be sure to read the fine print carefully. 💚

[@buckeyetraveler]

I do the bank bonuses. It's the only way I can keep up with Bidenomics, the gift that keeps on giving.

[@robho3308]

My advise I'd park the money in a High Yeild Savings account. I get 5.10 from Credit Karma bank. Just tie the new account to your checking or savings from your regular bank. The only rules are. 10k maximum withdrawal per day. And it takes a business day or two to get the money transferred to your regular bank.

[@davidpowell3347]

As to the topic starting at 27:00, someone e mailed me claiming to represent my Credit Union (it was not the Credit Union and I had the Credit Union put a warning on their website about this) this kind of thing happens a lot both by phone and by e mail,especially to people over the age of 70 like myself best to be completely skeptical about anything coming in by e mail or phone,don't call the number but look up the number elsewhere if you feel the need to call your bank or brokerage someone could e mail you that is a complete stranger pretending to be someone you know or a relative

[@Clark]

Great tips, Clarkie! 🙌

[@charlessommers7218]

Great info 😊

[@davidpowell3347]

National Brand Cereal prices seem to be through the roof and the "Family" size box has the same amount that the "Large" used to be,the "Large" size doesn't seem to be large at all anymore anyway around the time that the troubles started east of Poland a couple years ago I noticed that a certain oat based cereal that I ate a large amount of began to smell or taste what I would call "musty" and seemed to vary a good bit from one box to another now doesn't seem so musty or moldy smelling/tasting but still doesn't seem to be as good as it was 3 or so years ago,also seems to be saltier than 3 years ago (does extra salt cover up taint or bitterness?) I wonder if worldwide oats supply has been impacted by "that war" ?

[@Clark]

#shrinkflation

[@garvinshepherd2184]

When did Navy Fed Credit Card rewards increase to 2% … site says 1.75% cash back

[@Clark]

You're right the website still says 1.75%. Jack said that he received a notice from Navy Federal, so maybe they are only offering it to select members. 💚

[@hchayes9431]

We skip the "banks" and their "offers ". It just chum on the end of a fishing line.

[@orangemountain457]

12:05 I would have liked to have known what the person qualifies as high fees. I've seen plenty of people freak out over paying 0.15% for an S&P 500 fund (yes it's higher than a comparative Vanguard S&P 500 fund with a fee around 0.04% but it's still a low cost fund). Now if the fees of the funds available are above 1% and/or have only funds available with loads, then I agree that the fees are high.

[@Clark]

Still low but not the lowest. Many people want to pay the lowest fees. 💚

[@jimz.438]

Only if you get a toaster!

[@chrischapman4314]

Would the payment from the bank be considered a capital gain?

[@sconnell1791]

Ordinary income. Capital gains are from the sale of a capital asset.

[@rm19660]

I have been collecting these bank bonuses for over 15 years. The bonus that you receive is reported to the IRS as interest!

[@Clark]

It’s not unheard of for banks to report your sign-up bonus to the IRS as taxable income by issuing a 1099 for the amount they paid you. 💚

[@dsr8223]

I never wanted to fool with those bank bonuses for opening a checking account because i didn't want to move my direct deposit paycheck to a bank I wasn't otherwise interested in. Now retired with numerous income streams, however, I don't mind moving one of the smaller ones to a new bank just long enough to snag the bonus if it's at least $250. Then, I close it and move on. I always donate the prices.

[@Gumby1978]

Thank you for your analysis of what the financial world is doing and how we can play to win.

[@MyFavoriteColorIsBLUE]

Except for wells Fargo! They are now charging us $10 if your balance goes under $500!!!

[@retired8484]

They are all criminal orgs, and WF is probably the worst of them.

[@marietaylor5174]

Thank you Team Clark.

[@nadinejohnson2189]

🕊Thank God 4 Experience 👸🏽 Working in Banks 🏦

[@trxinc9675]

Is Clark keep on pushing " his 3 favorite childern." Hoping THEY will advertise with him or hire him or something ? . i found it.very strange...

[@Clark]

Never! We don't accept advertising...or hiring. #unbought #unbossed These brokerages are pushed because of their low fees, which saves you money. And that's part of our motto: teaching you ways to save more and spend less. We genuinely believe they are the best options on the market. 💚

[@elitepctech]

Bank account bonus hunting is even more lucrative than cc rewards hunting.

[@cbbcbb6803]

Can you name some reasonable discount brokers?

[@jenniferjohnson319]

Yes please

[@bradaker]

Fidelity also has one (the Fidelity Cash Management account) kzbin.info/www/bejne/jnWaoXuehJqiidksi=S4NYYF11LsmaO6jW

[@Clark]

We only recommend 3: Fidelity, Schwab, and Vanguard. 💚

[@Clark]

@@jenniferjohnson319 We only recommend 3: Fidelity, Schwab, and Vanguard. 💚

[@retired8484]

Fidelity or Vanguard are really the only legit options. Fidelity is the only thing you need.

[@JosephCiappa-c4b]

And the Oscar for best whining imitation goes too............Lol

[@Clark]

🏆🏆😂😂

[@Joce123]

Do they check my credit when I open up a new bank account? Then isn't that a detraction from my FICO score?

[@rm19660]

Most banks check the chexsystems report to make sure you aren't in trouble with any Banks.

[@Clark]

No, banks don't check your credit when you open an account. Instead, they check your banking history. 💚

[@Clark]

@@rm19660 💯

[@retired8484]

@@Clark That's incorrect.

[@retired8484]

Of course you do NOT open accounts at any of these banks. Don't play any game at all. That garbage goes immediately to the circular file. Those banks have no reason to exist. You shouldn't be receiving those solicitations anyway. You should opt out on that junk.

[@Peter_08]

Hello, thank for your advise. How about the offers from Capital one online bank?

[@Clark]

Capital One is on our list of best online banks 💚 clark.com/technology/online-banking/best-online-banks/

[@tbacon2784]

Discount brokers?

[@Clark]

We only recommend 3: Fidelity, Schwab, and Vanguard. 💚

[@tbacon2784]

@@Clark thank you!

[@retired8484]

Fidelity

[@trxinc9675]

Fidelity had them for 28 yrs they're are the worst. Horrible customers service. Higher fees.

[@retired8484]

@@tbacon2784 Stick with Fidelity. Maybe Schwab. You definitely do not want Vanguard.

[@davidpowell3347]

Some store brands (grocery) seem to be and taste cheaper than national brand name stuff but some can be better than the national brand stuff : I think Harris Teeter green box "All Natural" ice cream is good ( not the other "regular" ice cream) most ice cream including national brand that used to be "all natural" seems to me to be made to some extent of filler,emulsifier,cellulose,and gum. otherwise there is good ice cream but at a very much higher price (Haagen Daz ?)

[@AB-wg7qe]

DO NOT BUY IN FLORIDA. You’ve been WARNED.

[@HankColter]

lol 18:07

[@donofd9626]

To the people selling their house in Texas. If they cannot claim the home as their primary residence they will have to pay capital gains taxes.

[@paulajones151]

The Coast of Florida got the effects of Debby including Lakewood Ranch. And some in that area may still be flooded. The value of the homes may have changed. People are debating whether to rebuild or walk away. I ignored a request for income verification from a citi card. I was at the time, transfering money into a 53 bank. It took me a long time to finally completely follow your advice and close out Bank of America.- slow learner. Thanks for your persistence. The result was that i couldn't set up ebills at 53 bank until I answered the question from citi card. 53 was not able to identify the problem. You two are appreciated as is your team . I had no problems getting your newsletter but your site will not allow me to use that same email to join the community. cac has been very helpful.

[@Clark]

There should not be any problems with using the same email for newsletters and the community. Be sure that you're following the password character and length requirements. Let us know if you continue to have problems joining the community. 💚

[@williamburton1076]

🎉 Crimson, I appreciate this topic and what you have to say about it, but I want to give you a challenge: stop using "they" in place of "there," "they're," "their," and "them." You do it all the time and it sounds ignorant! I know you know better but I believe you do it to have credibility with many of our people who are ignorant. For instance, stop saying "they at" instead of "they're at." Stop saying "theyself" instead of "themselves." Stop saying "they house" instead of "their house." I know you know better. Set the example for the rest of us. When I was growing up, kids used to say I was trying to sound white when I spoke standard English. I remember them trying to make Ebonics (Black English) a legitimate separate language back in the 90's. It didn't work. Now everybody speaks Ebonics and we sound terrible! Again, I challenge you to set a better example and stop pandering to the ignorance!

[@Clark]

Thanks for your feedback 💚