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How’s it going everybody this is beat the bush just not long ago i went to get the mail and then i got this flyer right here it’s a debt $200 as a new chase savings customer now this for me has been in the making for about three months because i know chase sends out these little coupons for $200 or $300 for a checking account and i decided to close my savings account
In anticipation that there’s gonna be a coupon like this for me to reopen my savings account now the whole purpose of this of course is to turn the checking or savings account i’m gonna grab the bonus of money and when the time period of holding that money in there is up i’m gonna take that whole thing take the money out put it somewhere else and also close the
Account again now i’m not gonna read through every little detail in this thing i’m just gonna give you the gist of what’s important open the savings account you cannot already have a savings account already therefore that’s why i closed it you need to put in fifteen thousand dollars within 10 business days so as soon as you open it you need to start the process of
Electronically transferring fifteen thousand dollars from somewhere else into your chase checking account if you read the fine print it says you need to keep that fifteen thousand dollars in there for 90 days and then somewhere further down in the fine print the annual percentage yield is point zero one percent basically it’s not very much interest that you’re gonna
Get now where am i taking this fifteen thousand dollars from in order to put it into this chase savings account i’m taking it from the marcus com online bank this is from goldman sachs and that bank yields one point six percent apy this is a lot more than this point zero one percent so for fifteen thousand dollars if you just leave it in the marcus bank you’re gonna
Get about two hundred forty dollars over one year of interest now let’s say we can transfer it perfectly just put it into this chase savings account and then take it out right after 90 days that means you’re losing $60 worth of interest however in this thing you’re getting $200 worth of interest so it’s a delta of $140 the speed at which you can open up this account
Is very important as well because if you actually have to go into a bank and spend half an hour to an hour just to open this up it may not be worth it to get that $140 this thing they actually allow you to go online at chase.com ford slash start now in order to electronically open up the savings account so i did it just now and i only spent about fifteen minutes
To open it up now right after this i get a routing number and also my savings account number i and then i went to my goldman sachs marcus bank account and i initiated the process of connecting the to account so that i can electronically transfer that money in probably two or three days later i can spend about five minutes to initiate that fifteen thousand dollar
Transfer and then i can basically forget about it for the next three months and then just kind of keep an eye out that i’m gonna get credited for this $200 now either way sixty dollars in the marcus account or two hundred dollars in this chase savings account you’re still gonna be taxed for it so assuming you’re in the thirty percent tax bracket you’re still gonna
Get a hundred forty dollars just from this little action of fifteen minutes of starting this account to me it does take a little bit of brainpower because you gotta know what you’re doing but i feel like the more you do this type of turning the better you’re gonna get at it so for this savings account maybe after 90 days i’m gonna go in you know half month after it
Expires and i’m gonna close it again perhaps a few months later or maybe a year later i’m gonna try again and see if i can just kind of turn you know you just keep on getting $200 $200 it’s not bad for about 15 minutes of work so what’s the lesson here really do you think about if this is worth it for you to go and close up this account i know some people might
Be using a savings account exclusively so this is all they have so it might be a huge hassle to always close this account for me i have other savings account that i like to use and i purposely closed this one and kind of disconnected all these accounts going to it so that i can do this churning another consideration that i briefly went over is what do you get in
Your interest rate for your savings account are you getting better than 1.5 percent if not then you really should consider opening up an online savings account currently i have a sink really bank discover bank marcus bank and marcus’s were it really good right now that they have one point six percent a py and you know i generally keep all of them just in case you
Know one of them beats another and or if one bank falls behind in their interest rate then i can just kind of jump you know jumpship on whichever bank has the most interest as you know the federal reserve is increasing the bank to bank lending rate and as they do this they’re going to increase the interest rate to your savings account so you’re gonna see like it’s
Gonna keep on bumping up a little bit so don’t even leave a comment saying oh yeah you know right now you get 2.0 percent or something at whatever bank because this video is going to get old and eventually you’re gonna look at this video and then go oh yeah you know 1.6 percent that’s you know chump change you can get something a lot better right now so just do
You know that yes it’s gonna keep on climbing for the next year or two so yes it’s gonna change all the time so thanks for watching this video i hope this video helps you think about if you should turn bank accounts or not and which online bank that you’re gonna get in order to get the most savings rate if you’re interested in supporting this channel check out
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Transcribed from video
How You Can Make $200 in 15 Minutes By BeatTheBush
