“No such thing as a free lunch”. I agree, but in this scenario the “cost” is a 15-30 minute meeting which led to doubling a $250 investment. As simplistically as I can explain, here is how it works.

Each month in the mail we get coupons from Valpak

This summer I noticed two different banks offering money for opening an account. In reading the fine print, one bank required direct deposit. For the “free money” don’t do this one. For you that might work, but my current bank account requires direct deposit so switching would not make sense.

The free incentive with few, if any, strings attached is from Fifth Third.

Fifth Third has “up to $500” in bonus money available with this offer. The second $250 comes from opening a savings account with over $15,000… I would skip this one.

The offer which can double your money is the first incentive.

“Open a checking account and hit $250 deposit within 45 days”. After hitting this mark they will match your $250. After it is all done you effectively double your money within 60 days. Without some kind of gamble or risky investment.

The nuts and bolts of how this actually works: Continue reading →