Hey folks, before you get started, this is a sequel to an article I wrote earlier in the month:

Why Are Stablecoins Leaving the Market? Because TradFi simply has better rates

All of those deals are currently still active, so if you’d like to take advantage of them, I’d recommend checking it out. The landscape for stablecoin outflows hasn’t changed over the last week, and if anything, it’s gotten worse:

For this article, I’m going to breakdown some of these TradFi bonuses in terms of direct deposit yields, and after seeing how easy it is to qualify for some of these, like me you may be reconsidering opening up a new bank account as well. You’ll notice immediately that the rates of return on some of these promotions are absolutely insane, with all of them going into at least the triple-digit APYs.

Now technically none of these are actual “yields” because unlike minimum balance bonuses, you may be required to initially fund your account with a certain amount of money, but you’re not necessarily required to hold any actual balances in your account long term. Regardless, I’m going to figure in the direct deposit requirements and/or the minimum funding amounts as if they were yields. And as before, each offer does come with its own unique terms and conditions in order to qualify for the bonus, so please DYOR and make sure you do whatever may be necessary in order to fulfill them.

Let’s check out some of what TradFi offers shall we?

SoFi Bank —up to 267.61%APY over 25 days ($465.99)

The SoFi Bank is a two-part bonus that requires you to signup for an account via the cashback portal, Rakuten for a $200 dollar bonus. (If you don’t have an account already, you can earn a $10 bonus if you go through my referral link: https://www.rakuten.com/r/JAIK83?eeid=28187)

This offer stacks with their current standard signup offer of $250:

In order to qualify for the full bonus amount, you do need to have a total of $5000 dollars worth of direct deposits within a 25-day window (which incidentally starts once your first deposit hits your account). If you’re unable to do $5000 dollars, you’ll still qualify for a $50 dollar bonus as long as you deposit between $1000-$4999.99 dollars. If we factor in the 4.5% APY on their savings account, doing the bare minimum of $1000 worth of deposits, this would net you approximately an APY of 2598.77% or $253.02 worth of profit after 25 days. If you were to do $5000 dollars, this would be approximately $465.99 worth of profit after 25 days, at a rate of approximately 267.61% APY.

Expiration date — unknown, the SoFi standard deposit bonus is normally around $200, and Rakuten offers at the most may last a few weeks.

Wells Fargo — 131.24% APR over 90 days ($325)

This offer from Wells Fargo can be done in-branch or on-line, and requires a minimum deposit of $25 dollars, and then a total of $1,000 dollars worth of direct deposits within a 90-day period. After the 90-day period is over, they’ll deposit your $325 bonus within 30-days

Expiration Date — Your account must be opened with the $25 deposit by November 13th, 2023.

Capital One — 320.23% APR of 135 days ($350)

After opening a “360 Checking Account” with Capital One, as long as you have two different direct deposits, each of at least $250 dollars within 75 days after account opening, you will be eligible for a $350 dollar bonus. According to the terms and conditions, the bonus won’t be deposited until 60-days after the 75-day window, which is how I came up with the total of 135 days.

Expiration Date: The account must be opened by January 9th, 2024.

Chime — 1097.89% APY after 70 days ($245)

In order get access to this deal you need to get a Swagbucks account, a free cashback program that I’ve written about numerous times before. Once you log into your Swagbucks account, all you have to do is type “chime” in the search field, and you should see an advert pop-up:

After the SB (also simply known as Swagbucks) credit into your account, you can easily redeem them at a rate of 1SB to 1 cent in the form of gift cards or just straight up cash if you have a Paypal account. Once a month you can also get even better than 1:1 redemptions if you get a gift card that’s on sale:

I myself routinely go for the $25 dollar Amazon gift cards for 2,200 SB (equivalent to $22 dollars).

In order to qualify for the full $245 dollar offer you would need at least 2 direct deposits, each more than $200 dollars over a 70-day period.

Expiration Date — October 31st

Trade-Offs and Other Considerations

Since we’re dealing with US Banks, once again we have some considerations including…

The list I provided is by no means comprehensive — There are many state-specific banks and credit unions with similar bonuses, but unfortunately you have to be a resident of that state in order to be eligible.

Taxes — Most likely whatever bank bonus you receive, depending on your jurisdiction it should be considered taxable income and the bank will most likely issue a 1099. That being said, if you’re doing your taxes correctly with Crypto as well, you’ll be taxed on your gains there too.

Fiat Insurance — Whether you think USD is going to completely collapse tomorrow or not, your funds are federally insured FDIC up to $250,000. With crypto, you can have control of your own keys — yet of course this freedom comes without insurance.

Once again, read the Terms & Conditions — If they tell you that you need to have more than a $200 deposit, then make sure you have at least $201 dollars going in each time. If you miss the cutoff by just a hair, best of luck to you trying to convince a customer service rep to give you your bonus.

Conclusion

The crazy returns that you can get off of some of these bonuses truly highlights how in desperate need banks are to have your business. It’d more concerning to me if they weren’t FDIC insured, but if you’re staying true with the ethos of cryptocurrencies, you still might consider it safer to have control of your own funds in a censorship-resistant medium like BTC.

As always, thanks for taking the time to read this and be sure to follow me on twitter (https://twitter.com/CryptosWith) to get all my latest updates. If you want to get access to all my draft links or get an idea about what’s next on my docket before I publish, find me on Friend.tech, where I share all that information in my chatroom. Also, looking for a gift for your Crypto-loving/hating friend? Give them a REKT journal to cheer them up!

Disclaimer: And as a final reminder, this is not financial advice and this is for educational and entertainment purposes only. Please as always, do your own research and find what investments are best for you. Cheers everyone!