Bank Bonuses

Discussion of the Cash portion of the Permanent Portfolio

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mathjak107
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Bank Bonuses

Post by mathjak107 » Wed Jan 12, 2022 8:06 am

Personally I take advantage of local bank deals which are pretty good and I can deal with larger amounts of cash in one shot .

We just did the Citibank deal for the third time …..we got 1500 each time for opening accounts for myself and my wife .

You can do it every 6 months .but that is from when you close the last accounts .

We each get 700 for 50k in each of our names and I get a 100 as a referral fee for her account so 1500 bucks and we repeat every6 months from closing the accounts . You only have to give them the money for a few months.

The 10k would be more an inconvenience opening the accounts with treasury direct and moving money and would be peeing in the ocean for us so I look for bigger deals with more money all the time.

While we were waiting to be eligibile with citi again we did a deal for 400 for a few months with td bank .

I only do ones that require no direct deposits
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Re: Bank Bonuses

Post by mathjak107 » Wed Jan 12, 2022 8:45 am

M&T bank has a great deal but it is not national so you need to check your state …we don’t have it in NY

M&T Bank - This one is not nationwide so check the eligibility footprint but you can get $350 for maintaining an average monthly balance of $10,000 for February and March.
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Re: Bank Bonuses

Post by mathjak107 » Wed Jan 12, 2022 9:06 am

Some spend their lives clipping coupons too or reusing tea bags so everything is relative
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Re: Bank Bonuses

Post by mathjak107 » Fri Jan 14, 2022 8:24 am

There are a lot of good bank deals out there but the deal breaker is direct deposit …I am not shifting our social security or pension around for just a few months .

But if people don’t mind doing it there are deals worth hundreds of dollars around .

Citi bank is great because they don’t require direct deposit on citi priority accounts …..
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Re: I Bonds vs Bank Bonuses

Post by jhogue » Fri Jan 14, 2022 4:23 pm

mathjak107 wrote:
Fri Jan 14, 2022 8:24 am
There are a lot of good bank deals out there but the deal breaker is direct deposit …I am not shifting our social security or pension around for just a few months .

But if people don’t mind doing it there are deals worth hundreds of dollars around .

Citi bank is great because they don’t require direct deposit on citi priority accounts …..
Anyone thinking of opening an account with Citibank for their “bonus” needs to read the litany of complaints about the ill treatment of investors by that gang of pirates. Not only are they “a pain in the rear to deal with,” according to one investor, they will also hit you up with a $75 "transfer fee" when you wise up and get your money back!

U.S. savings bonds have never charged a fee or commission for purchase or sale.

https://www.bogleheads.org/forum/search ... sf=msgonly
“Groucho Marx wrote:
A stock trader asked him, "Groucho, where do you put all your money?" Groucho was said to have replied, "In Treasury bonds", and the trader said, "You can't make much money on those." Groucho said, "You can if you have enough of them!"
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Re: Bank Bonuses

Post by mathjak107 » Fri Jan 14, 2022 4:36 pm

I just looked at that link , that is a discussion on having a citi wealth mgmt account not a plain citi priority checking and savings account …not the same thing .

I would never have a wealth management account with a bank …why do that ? All banks hammer you with fees ….


The city priority account has nothing to do with their wealth mgmt program …it is a simple checking and savings account .



this is our third go around with citi bank on the same bonus …

First off the account is never used if you are doing it for the money … the money goes in and then it comes out end of story.

We have never ever had a transfer fee to get our money.

Here are the citi priority account charges


https://online.citi.com/JRS/popups/PT_C ... count_.pdf
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Re: Bank Bonuses

Post by jhogue » Mon Feb 07, 2022 3:49 pm

Citibank is not giving money away for free with its bank bonus program.

1. Citi's current deal of $1500 expires July17, 2022. There are no guarantees the program will continue.

2. When you get your bonus, if you live in New York, your bonus is fully taxable by federal, state, and local governments.

2. Citi's minimum balance to avoid fees is $50,000.

Don't take my word for it. See Nerdwallet's review:
https://www.nerdwallet.com/article/bank ... promotions

On the other hand,
If mathjak and his wife had invested the max amount in I bonds for the last ten years, they would now have $200,000 plus tax deferred accumulated interest AND they would currently earn 7.12%.for the next 6 months.
That would amounts to over $7,120 over the next 6 months, federally guaranteed and fully tax deferred for 30 years.

Why bother with fully taxable bank bonuses, opening and closing accounts to qualify?
“Groucho Marx wrote:
A stock trader asked him, "Groucho, where do you put all your money?" Groucho was said to have replied, "In Treasury bonds", and the trader said, "You can't make much money on those." Groucho said, "You can if you have enough of them!"
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Re: Bank Bonuses

Post by ppnewbie » Mon Feb 07, 2022 5:59 pm

jhogue wrote:
Mon Feb 07, 2022 3:49 pm
Citibank is not giving money away for free with its bank bonus program.

1. Citi's current deal of $1500 expires July17, 2022. There are no guarantees the program will continue.

2. When you get your bonus, if you live in New York, your bonus is fully taxable by federal, state, and local governments.

2. Citi's minimum balance to avoid fees is $50,000.

Don't take my word for it. See Nerdwallet's review:
https://www.nerdwallet.com/article/bank ... promotions

On the other hand,
If mathjak and his wife had invested the max amount in I bonds for the last ten years, they would now have $200,000 plus tax deferred accumulated interest AND they would currently earn 7.12%.for the next 6 months.
That would amounts to over $7,120 over the next 6 months, federally guaranteed and fully tax deferred for 30 years.

Why bother with fully taxable bank bonuses, opening and closing accounts to qualify?
Its funny, I was just thinking about imploring my younger work colleagues to start buying ibonds and for them to just think of it as a bank. If I had woken up 15 to 20 years ago to this, It likely would have been close to a million dollars at this point...liquid, in a place thats safer than a bank, that is compounding aggressively.
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Re: Bank Bonuses

Post by jhogue » Wed Feb 09, 2022 8:51 am

I think what you are saying is very much in line with Uncle Harry's admonition to take risks with your job, not your money. When I talk to young adults they often seem more interested in the former than the latter. If they know anything at all about I-bonds, they seem stodgy, not sexy.

Even on this forum with its focus on the PERMANENT Portfolio, there are long threads advocating investment in securities that didn't even exist a few years ago. Which do you think is more likely to be around in the same form 30 years from now, bitcoin or I-bonds?
“Groucho Marx wrote:
A stock trader asked him, "Groucho, where do you put all your money?" Groucho was said to have replied, "In Treasury bonds", and the trader said, "You can't make much money on those." Groucho said, "You can if you have enough of them!"
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Re: Bank Bonuses

Post by Kriegsspiel » Wed Feb 09, 2022 10:45 am

jhogue wrote:
Wed Feb 09, 2022 8:51 am
Which do you think is more likely to be around in the same form 30 years from now, bitcoin or I-bonds?
Hmmmmm. I think I'd go with bitcoin here, TBH. You could be almost certain that there would be someone hodling bitcoin in 30 years, but I-bonds depend on the US Government continuing them in their current form, which seems less likely (or equally likely, at the most) to me than someone still having a bitcoin wallet.
And as for him who lacks the courage to defend even his own soul: Let him not brag of his progressive views, boast of his status as an academician or a recognized artist, a distinguished citizen or general. Let him say to himself plainly: I am cattle, I am a coward, I seek only warmth and to eat my fill.
Solzhenitsyn, Live Not By Lies
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Re: Bank Bonuses

Post by jhogue » Wed Feb 09, 2022 1:22 pm

Bitcoin is speculation, pure and simple. If you want to put it in the VP with money you can afford to lose, go right ahead. But right now, the cryptocurrencies remind me of tech companies before 2000 or railroads after the Civil War: a few of them survived, but even they are in substantially different forms. No one knows for sure which ones will be winners and which will be losers.

I bonds, on the other hand are Treasury-issued debt, with much better tax treatment than Warren Buffett can get with his $100 billion+ stash of Treasurys. Like their New Deal cousin, Social Security, savings bonds (in different series) were around more than 30 years ago, and I would bet that they will be around 30 years from now.

Besides, Superman endorsed savings bonds as part of Truth, Justice, and the American Way.
(See the fun episode on youtube)
“Groucho Marx wrote:
A stock trader asked him, "Groucho, where do you put all your money?" Groucho was said to have replied, "In Treasury bonds", and the trader said, "You can't make much money on those." Groucho said, "You can if you have enough of them!"
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Re: Bank Bonuses

Post by Xan » Wed Feb 09, 2022 1:41 pm

Kriegsspiel wrote:
Wed Feb 09, 2022 10:45 am
jhogue wrote:
Wed Feb 09, 2022 8:51 am
Which do you think is more likely to be around in the same form 30 years from now, bitcoin or I-bonds?
Hmmmmm. I think I'd go with bitcoin here, TBH. You could be almost certain that there would be someone hodling bitcoin in 30 years, but I-bonds depend on the US Government continuing them in their current form, which seems less likely (or equally likely, at the most) to me than someone still having a bitcoin wallet.
But the I-bonds that you've already purchased will still be good, right? Even if the program goes away, you'll get what you were promised.
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Re: Bank Bonuses

Post by jhogue » Wed Feb 09, 2022 9:50 pm

An I-bond purchased today is GUARANTEED to pay off 30 years from now, backed by the full faith and credit of the US Treasury.

All savings bonds, ever since they were created before World War II, have paid in full upon final maturity.

In fact, some E series bonds (issued 1941-1965, now all redeemed) had a 40 year maturity.
“Groucho Marx wrote:
A stock trader asked him, "Groucho, where do you put all your money?" Groucho was said to have replied, "In Treasury bonds", and the trader said, "You can't make much money on those." Groucho said, "You can if you have enough of them!"
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Re: Bank Bonuses

Post by Kriegsspiel » Sat Feb 12, 2022 9:10 am

I was thinking about the question as jhogue posed it, but my understanding could be off.

It seems like a certainty that someone will have cold-storage bitcoin in 30 years (if only because they forgot about it?).

On the other hand, products from the Treasury have a track record of being discontinued; for instance, HH savings bonds & the 20 year bond (in the early 2000s).

I can't think of the right word right now, but "logistically" it seems like bitcoin would be a better bet.
And as for him who lacks the courage to defend even his own soul: Let him not brag of his progressive views, boast of his status as an academician or a recognized artist, a distinguished citizen or general. Let him say to himself plainly: I am cattle, I am a coward, I seek only warmth and to eat my fill.
Solzhenitsyn, Live Not By Lies
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Re: Bank Bonuses

Post by Xan » Sat Feb 12, 2022 10:44 am

My understanding of the question was, which will be worth something in 30 years: the I-bonds you buy today or the Bitcoin?

Treasury might well discontinue the I-bonds, but they won't renege on the existing ones. Meanwhile, what will the value of Bitcoin be?
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Re: Bank Bonuses

Post by ppnewbie » Sun Feb 13, 2022 1:20 am

Xan wrote:
Sat Feb 12, 2022 10:44 am
My understanding of the question was, which will be worth something in 30 years: the I-bonds you buy today or the Bitcoin?

Treasury might well discontinue the I-bonds, but they won't renege on the existing ones. Meanwhile, what will the value of Bitcoin be?
The nice thing about ibonds is that the website is so horrendous it scares most people off. For years I thought this can’t be legitimate. Maybe the lack of popularity will keep it out of the treasuries sights.
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Re: Bank Bonuses

Post by vnatale » Sun Feb 13, 2022 10:32 am

ppnewbie wrote:
Sun Feb 13, 2022 1:20 am

Xan wrote:
Sat Feb 12, 2022 10:44 am

My understanding of the question was, which will be worth something in 30 years: the I-bonds you buy today or the Bitcoin?

Treasury might well discontinue the I-bonds, but they won't renege on the existing ones. Meanwhile, what will the value of Bitcoin be?


The nice thing about ibonds is that the website is so horrendous it scares most people off. For years I thought this can’t be legitimate. Maybe the lack of popularity will keep it out of the treasuries sights.


However .... once you make your first purchases it is super easy to make the next ones.

Also I just had an experience where I recommended them to some friends. They asked their daughter who'd never heard of them what she thought. She approved and she was able to guide them by phone to make their purchases.
Above provided by: Vinny, who always says: "I only regret that I have but one lap to give to my cats." AND "I'm a more-is-more person."
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Re: Bank Bonuses

Post by jhogue » Mon Feb 14, 2022 12:50 pm

Ask them if they found it easier than playing mathak's bank bonus game with Citibank pirates and gangsters.
“Groucho Marx wrote:
A stock trader asked him, "Groucho, where do you put all your money?" Groucho was said to have replied, "In Treasury bonds", and the trader said, "You can't make much money on those." Groucho said, "You can if you have enough of them!"
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Re: Bank Bonuses

Post by jalanlong » Wed Feb 16, 2022 10:24 am

ppnewbie wrote:
Sun Feb 13, 2022 1:20 am
Xan wrote:
Sat Feb 12, 2022 10:44 am
My understanding of the question was, which will be worth something in 30 years: the I-bonds you buy today or the Bitcoin?

Treasury might well discontinue the I-bonds, but they won't renege on the existing ones. Meanwhile, what will the value of Bitcoin be?
The nice thing about ibonds is that the website is so horrendous it scares most people off. For years I thought this can’t be legitimate. Maybe the lack of popularity will keep it out of the treasuries sights.
I just cannot deal with the hassle of simply changing banks on Treasury Direct. To update my bank information I have to take a form to a "authorized certifying official" at a bank or credit union, get their seal and mail it in. That is crazy in 2022. Even just changing which of my banks is "primary" on the Treasury Direct account is a tedious process.
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Re: Bank Bonuses

Post by ppnewbie » Wed Feb 16, 2022 11:33 am

jalanlong wrote:
Wed Feb 16, 2022 10:24 am
ppnewbie wrote:
Sun Feb 13, 2022 1:20 am
Xan wrote:
Sat Feb 12, 2022 10:44 am
My understanding of the question was, which will be worth something in 30 years: the I-bonds you buy today or the Bitcoin?

Treasury might well discontinue the I-bonds, but they won't renege on the existing ones. Meanwhile, what will the value of Bitcoin be?
The nice thing about ibonds is that the website is so horrendous it scares most people off. For years I thought this can’t be legitimate. Maybe the lack of popularity will keep it out of the treasuries sights.
I just cannot deal with the hassle of simply changing banks on Treasury Direct. To update my bank information I have to take a form to a "authorized certifying official" at a bank or credit union, get their seal and mail it in. That is crazy in 2022. Even just changing which of my banks is "primary" on the Treasury Direct account is a tedious process.
We are lucky they don't ask us to mimeograph the statement, send in two copies and keep the "arbon copy for records.
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Re: Bank Bonuses

Post by jhogue » Thu Feb 17, 2022 3:37 pm

I bonds ARE old fashioned and TreasuryDirect is clunky and out of date.

-They have no fees or commissions, which is why professional financial advisors and brokerage firms don't recommend them to their clients.

-The website seems old fashioned because you are not paying professional brokerage fees to get the very best and latest computer graphics.

-Treasury no longer gets an advertising budget, so you won't be seeing them putting on any during snazzy halftime presentations at the Super Bowl.


On the other hand, they are currently yielding 7.12%, tax deferred.
Do you have a better alternative in mind for Cash? Please recommend and discuss.
“Groucho Marx wrote:
A stock trader asked him, "Groucho, where do you put all your money?" Groucho was said to have replied, "In Treasury bonds", and the trader said, "You can't make much money on those." Groucho said, "You can if you have enough of them!"
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Re: Bank Bonuses

Post by ppnewbie » Thu Feb 17, 2022 4:17 pm

jhogue wrote:
Thu Feb 17, 2022 3:37 pm
I bonds ARE old fashioned and TreasuryDirect is clunky and out of date.

-They have no fees or commissions, which is why professional financial advisors and brokerage firms don't recommend them to their clients.

-The website seems old fashioned because you are not paying professional brokerage fees to get the very best and latest computer graphics.

-Treasury no longer gets an advertising budget, so you won't be seeing them putting on any during snazzy halftime presentations at the Super Bowl.


On the other hand, they are currently yielding 7.12%, tax deferred.
Do you have a better alternative in mind for Cash? Please recommend and discuss.
No alternative. I actually love the fact that the interface is horrendous. Like I said before, if more people knew about this and made it through the website UI, the treasury would probably shut it down.

-The website seems old fashioned because you are not paying professional brokerage fees to get the very best and latest computer graphics. - A twelve year old could redo this website. But like I said, I am a big fan. I also like ascii, grep, awk, sed, and unix. So I am probably not a good person to listen too when it comes to design.
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Re: Bank Bonuses

Post by jalanlong » Fri Feb 18, 2022 2:40 pm

jhogue wrote:
Thu Feb 17, 2022 3:37 pm

-The website seems old fashioned because you are not paying professional brokerage fees to get the very best and latest computer graphics.
I don't care that the website is "old fashioned" and has no mobile app or anything of that sort. It's their policies to update or change something that I cannot deal with. There is no reason why I should not be able to simply change which bank account is my default bank account or be able to delete an old bank account without having to have forms officially signed and mailed in. There are lots of good way to verify my identity and they use one of them (2FA) every time I login. Those policies do not have anything to do with lack of funding.
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Re: Bank Bonuses

Post by jhogue » Fri Feb 18, 2022 8:51 pm

jalanlong wrote:
Fri Feb 18, 2022 2:40 pm
jhogue wrote:
Thu Feb 17, 2022 3:37 pm

-The website seems old fashioned because you are not paying professional brokerage fees to get the very best and latest computer graphics.
I don't care that the website is "old fashioned" and has no mobile app or anything of that sort. It's their policies to update or change something that I cannot deal with. There is no reason why I should not be able to simply change which bank account is my default bank account or be able to delete an old bank account without having to have forms officially signed and mailed in. There are lots of good way to verify my identity and they use one of them (2FA) every time I login. Those policies do not have anything to do with lack of funding.
Everyone who uses TreasuryDirect is invited to complete a survey. The majority are satisfied with their experience.
Do you have a better alternative in mind? Do you prefer mathjak's bank bonuses?? Please recommend and discuss.
“Groucho Marx wrote:
A stock trader asked him, "Groucho, where do you put all your money?" Groucho was said to have replied, "In Treasury bonds", and the trader said, "You can't make much money on those." Groucho said, "You can if you have enough of them!"
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Re: Bank Bonuses

Post by ppnewbie » Sat Feb 19, 2022 12:10 am

jhogue wrote:
Fri Feb 18, 2022 8:51 pm
jalanlong wrote:
Fri Feb 18, 2022 2:40 pm
jhogue wrote:
Thu Feb 17, 2022 3:37 pm

-The website seems old fashioned because you are not paying professional brokerage fees to get the very best and latest computer graphics.
I don't care that the website is "old fashioned" and has no mobile app or anything of that sort. It's their policies to update or change something that I cannot deal with. There is no reason why I should not be able to simply change which bank account is my default bank account or be able to delete an old bank account without having to have forms officially signed and mailed in. There are lots of good way to verify my identity and they use one of them (2FA) every time I login. Those policies do not have anything to do with lack of funding.
Everyone who uses TreasuryDirect is invited to complete a survey. The majority are satisfied with their experience.
Do you have a better alternative in mind? Do you prefer mathjak's bank bonuses?? Please recommend and discuss.
In order to discuss further, please fill out these forms in triplicate and have them notarized. NEXT IN LINE!

I think that physical signing and mailing in thing is new. It's may be because someone has breached their security measures.
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