I stumbled on a post by Lisa Kulpa at Basic Travel Couple that I thought may be of interest for the bank bonus crowd. Lisa had written about the same HSBC bank bonus that we’ve discussed several times here (scheduled to end this weekend and since the “Premier Relationship Team” works Monday to Friday, I think that particular ship has sailed and either you got on board or missed it). But she added a nice twist in how she went about triggering two bonuses at once.
The key hurdle for most bank account bonuses is that they tend to require a minimum direct deposit for some length of time. Some bank bonuses only require very small deposits (like the NorthOne account we wrote about last year that very briefly had a $300 bonus and only required a $50 deposit), but others require direct deposits in the thousands per month. Doctor of Credit maintains an excellent resource of what works to trigger direct deposit requirements and it can often be easier than you might imagine to do just that (indeed, just check the comments to see that many Frequent Miler readers found themselves $600 richer or more with that pretty easy HSBC bonus).
However, Basic Travel Couple had a brilliant way to earn two bonuses at once by opening a personal loan with SoFi Money. I had previously heard about the fact that the SoFi personal loans have no early payoff penalty and there is bonus for each side if you use a referral link to open a loan. I hadn’t previously thought of using the loan to meet a direct deposit requirement, essentially earning both the bonus for the bank account that requires direct deposit and the SoFi loan bonus in one fell swoop. Granted, if you have the ability to meet the direct deposit requirements for your target bank account, there is no reason that the SoFi loan and bank account bonus need to be intertwined. Really, her move is more so something many in this game would appreciate for the artistic flair of it and/or something that may come in handy for those who don’t want to set up a traditional direct deposit or who don’t have the cash in reserve to push around to meet requirements.
Again, her specific $900 play on this is likely dead unless HSBC unexpectedly extends the bonus, but the same thing could potentially work for the $400 PNC bank bonus or the $400 Santander bonus, both of which are regional bonuses that we’ve earned in my household this month. I didn’t meet requirements for those bonuses with a short-term loan, but I could see the appeal for some.