Author Topic: Outrageous offer from Bank to open an account - anyone else?  (Read 5797 times)

Bonsai

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Outrageous offer from Bank to open an account - anyone else?
« on: October 13, 2018, 11:24:45 AM »
I normally don't look at mail solicitations from banks requesting deposits but this one caught my attention.  It was from Key Bank allowing me to deposit $500 or more in a Key Bank checking account.  Key bank would then deposit $400.  I need to keep the account open for 180 days to close without a penalty.  The annualized return is phenomenal - about 160%.  When I opened the Key Bank account and deposited $500, no one batted an eye - business as usual for them.  I do not know what will happen in 180 days when I take the money out (Key Bank in receivership ??), but it just seems to good a deal to be true.  I have never seen such a generous offer before and wonder if anyone else has seen this offer (or something similar) from Key or other banks?

Sam

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Re: Outrageous offer from Bank to open an account - anyone else?
« Reply #1 on: October 13, 2018, 01:10:16 PM »
Sounds amazing to me! I’ve been contacted by three bags that have had tremendous promotional offers. Sounds like banks are hungry for deposits right now. So you might as well take a vantage of these offers.
Regards,

Sam

Hayden

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Re: Outrageous offer from Bank to open an account - anyone else?
« Reply #2 on: October 13, 2018, 02:01:22 PM »
I normally don't look at mail solicitations from banks requesting deposits but this one caught my attention.  It was from Key Bank allowing me to deposit $500 or more in a Key Bank checking account.  Key bank would then deposit $400.  I need to keep the account open for 180 days to close without a penalty.  The annualized return is phenomenal - about 160%.  When I opened the Key Bank account and deposited $500, no one batted an eye - business as usual for them.  I do not know what will happen in 180 days when I take the money out (Key Bank in receivership ??), but it just seems to good a deal to be true.  I have never seen such a generous offer before and wonder if anyone else has seen this offer (or something similar) from Key or other banks?

I think that it is an excellent offer! Most banks are running promotions like that. How did you get on the mail list. I would love to take advantage of some of these returns.
Very Respectfully,
Hayden

svytraveler

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Re: Outrageous offer from Bank to open an account - anyone else?
« Reply #3 on: October 15, 2018, 02:05:02 AM »
Doctor of credit is great for Bank bonuses.  He reviewed this bonus at https://www.doctorofcredit.com/ymmv-keybank-400-checking-bonus-ak-co-ct-id-in-ma-me-mi-ny-oh-or-pa-ut-vt-wa-only/.  Are you in one of those states?  There is a $300 bonus for a few different states mentioned at https://www.doctorofcredit.com/in-oh-id-me-ut-vt-pa-keybank-300-checking-bonus/.  I luv Dr  of Credit almost as much as Financial Samauri . ;-)

Bonsai

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Re: Outrageous offer from Bank to open an account - anyone else?
« Reply #4 on: October 15, 2018, 06:15:51 AM »
1.  I do not know how I got on the mailing list.  Key Bank is not a bank I have used in the past.  My state is on the list.
2.  I did not know about Doctor of Credit.  Thanks for the heads up.  I will check them out and see if I qualify for any other deals.

Jon Sharpe

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Re: Outrageous offer from Bank to open an account - anyone else?
« Reply #5 on: October 15, 2018, 04:22:53 PM »
I got a similar offer and they keep getting more aggressive. First Santander bank offered me $300 to open an account. I did nothing. Then they mailed me an offer for $350. I did nothing. I now have sitting on my desk an offer from them for $400 to open an account!

I'm not sure what's crazier. The fact that they keep offering me more money or the fact that I'm too lazy to take them up on it! Hmmm, maybe there's a post in there somewhere...;)

Hayden

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Re: Outrageous offer from Bank to open an account - anyone else?
« Reply #6 on: October 15, 2018, 05:24:59 PM »
I got a similar offer and they keep getting more aggressive. First Santander bank offered me $300 to open an account. I did nothing. Then they mailed me an offer for $350. I did nothing. I now have sitting on my desk an offer from them for $400 to open an account!

I'm not sure what's crazier. The fact that they keep offering me more money or the fact that I'm too lazy to take them up on it! Hmmm, maybe there's a post in there somewhere...;)

What were the terms of the account opening?
Very Respectfully,
Hayden

Jon Sharpe

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Re: Outrageous offer from Bank to open an account - anyone else?
« Reply #7 on: October 16, 2018, 05:53:36 AM »
I got a similar offer and they keep getting more aggressive. First Santander bank offered me $300 to open an account. I did nothing. Then they mailed me an offer for $350. I did nothing. I now have sitting on my desk an offer from them for $400 to open an account!

I'm not sure what's crazier. The fact that they keep offering me more money or the fact that I'm too lazy to take them up on it! Hmmm, maybe there's a post in there somewhere...;)

What were the terms of the account opening?

I don't have the offer in front of me this second, but If I recall correctly they want me to direct deposit $2,000 in the new account for 90 days. Easy peazy...

myamnesia

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Re: Outrageous offer from Bank to open an account - anyone else?
« Reply #8 on: October 22, 2018, 09:42:28 AM »
I just received an offer from Chase...60,000 points for opening a sapphire checking account, need to hold a balance of $75K for 90 days plus 45 days after the points are deposited. If the balance falls under $75K there's a $25 monthly fee. I worked out the loss of interest from my Ally account and it seems like an ok deal to park some cash as I'm mining Chase points for future travel!

LMorgan

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Re: Outrageous offer from Bank to open an account - anyone else?
« Reply #9 on: August 24, 2019, 11:48:19 AM »
If you are looking for high interest savings, not a CD, try customers bank, currently at 2.4% apy:   https://www.customersbank.com/cbsavings/

I have an account here.  Have for about 6 months now and it's really nice to get 2.4%.   ...just sayin...

Sam

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Re: Outrageous offer from Bank to open an account - anyone else?
« Reply #10 on: August 26, 2019, 08:30:54 PM »
I just received an offer from Chase...60,000 points for opening a sapphire checking account, need to hold a balance of $75K for 90 days plus 45 days after the points are deposited. If the balance falls under $75K there's a $25 monthly fee. I worked out the loss of interest from my Ally account and it seems like an ok deal to park some cash as I'm mining Chase points for future travel!

 That is a lot of money to hold in their account. What is the interest-rate?  What is the value of 60,000 points? Seems like a bad deal to me unless you have a lot of time on your hands and my name.
Regards,

Sam