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Jan 31, 2018 - 2 minute read - Comments - finance

How to Get 10% Guaranteed Returns with Banks

Most banks have promos – you open an account with them and when you meet the requirements, they pay you! For last year, I went with the CIBC promo. The requirements are quite easy - open a chequing account, make a reoccurring direct deposit every month and on the 3rd month you get the payout. For CIBC, I opened a chequing account with 3,000. If it falls below 3,000, there is a monthly fee of 3 or 4. For the reoccurring direct deposit, I transferred my payroll from TD to CIBC. And then I just waited for 3months and I got a payout of 300! You have to keep the account with them for at least a year, or else they will take the money back. After a year, I happily closed the account and waited for the next hot promo.

For this year, I went with National Bank. Same banana but easier - open a chequing account, make 1 transaction and enroll in electronic statements. Open a credit card for additional 100, and open a HISA for additional 50. I deposited 2,500 for the checquing account, because if you go lower than that you have to pay the monthly fee. I also deposited a cheque and it already counts as 1 transaction. And then enrolled in electronic statements to seal the deal. I also enrolled in their cashback mastercard for additional 100 payout. After 3 months, I received the payout of 300! And since I’m using their cashback mastercard, it has also earned a modest 30! I use this mastercard for strictly for grocery purchases only, as the grocery store we went to only accepts mastercard. I use my other TD cashback visa card for everything else, and that one has already earned 70 cashback dollars.

So there you go, by just putting a little effort opening accounts with banks, they’ll pay you 10% of what you put into it. I’m excited and curious to know which banks will have decent promos for next year!

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