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How to Make the Most of Bank Sign up Bonuses: $125 FREE CASH

How to Make the Most of Bank Sign up Bonuses: $125 FREE CASH

How to get Free Money From Banks

Banks and other institutions often offer sign up bonuses to lure customers in. Those who are savvy with their finances can use them to make some money, however, there is a lot more to it than simply signing up and walking away with the cash.

Disclosure – this post contains affiliate links for the banks I use.

$100 From ING: Ended. We will let you know when it’s on again

If you open an everyday account by July 31, 2021 and use the code CNW116 you can get $100! Once you open the account, have $1,000+ deposited in there in a month plus have 5 settled transactions by the 31st July 2021. PLUS open a Savings Maximiser and make a deposit. It’s that easy!

You won’t get the bonus $100 unless you add the code CNW116 in the promo box when joining.

I have been with ING for almost a decade and they’ve been great.

$10 from 86 400

I joined 86 400 to try them out about 6 months ago. Another online-only bank which offers $10 when you sign up with the code S7VL6WF here after you use your card for the first time. Fee-free like Up and ING too.

$5 From Up Instantly!

I’ve been using Up for over a year now, including overseas and they are great. No fees, easy customer service and the option for multiple savings accounts.

Sign up to a new account to get the $5 bonus. Join free here (also, they don’t charge a monthly fee or anything so you won’t be out of pocket!)

Other Bank Bonuses

Banks regularly offer bonuses to join and not just with credit cards. When we hear of others, we will post them on The Thrifty Issue Facebook Page too.

Other Free Cash

Banks aren’t the only ones offering free cash. Here are a few more if you are interested.

$10 FREE BitCoin

If you have ever wanted to experiment with crypto and see if you are comfortable with it, now is the time. You can get $10 free BitCoin when you join CoinSpot for free.

$10 Free with Spaceship

A great micro-investing platform I have been using for years offers $10 free when you join and use the code S801FV0EE2 here.

$10 from Cash Rewards

Get cash back with your online shopping. Score a bonus $10 when you sign up here and buy something worth over $20 online where you normally shop.

$10 from Shopback

Get cash back with your online shopping. Score a bonus $10 when you sign up here and buy something worth over $20 online where you normally shop.

$5 from Raiz 

When you join free here and invest as little as $5. Be aware, they have a monthly fee.

$50 with Plenti 

When you invest $1,000. Plenti is a peer to peer lending platform where you can secure an average of 4.4% on your investments which are loans to other people. Get your $50 here.

Image of piggy bank with bacon going into it on an orange background

What you Need to Know

Banks are in business to make money, not give it away. $1,000 is the approximate cost of a company to secure a new client so giving away $300 to you is less than the $1,000 they’d otherwise spend on a lot of marketing. An incentive of $300 is likely to be shared more by you and thus be more effective than a TV ad would be.

The majority of people who sign up for a new credit card for the points or cash tend to keep it and spend more than the bonus they get from the bank over the amount of time they have the card. Annual fees, interest and other fees are where the bank makes money.

When considering a sign-up bonus, check the terms and conditions then ask yourself if it will work for you and your circumstances. Opening a bank account for cash such as the ING offer is quite different to signing up for a credit card.

A bank account isn’t going to put you into debt, whereas statistics show most people who get a credit card overspend and end up in debt.

If you do sign up for a credit card, check the minimum spend and what else you need to do to get the cash. The higher the reward, the more requirements there are.

Make The Money

Options such as $100 from ING can be beneficial to give you a $100 boost plus a great account.

Look around for offers on products or services you would use anyway or had been thinking of changing too. Don’t spend too much time comparing and switching between accounts trying to chase cashback offers.

With credit cards, sign up, do what you need to get the bonus then cancel it so you don’t continue to spend. By doing this you usually avoid an annual fee, get a cash bonus, spend within your budget and do not carry the debt.ING often has bonus sign up money from $25 to $50. The code CNW116 works for each promotion they have.

How to Take Advantage of Sign up Bonuses

Do research and find the right ones for you. To find sign up bonuses for banks you can:
– Go to the individual websites and search
– Sign up to email lists to be updated about bonuses
– Check the offers section when you log into your own accounts
– Follow financial institutions on Facebook
– Keep an eye out in Facebook groups such as ours here
-We have a huge list of Aussie freebies, discounts and signup bonuses from banks, food businesses, stationery, travel and more!

Once you have found offers that suit your lifestyle, apply for it but make sure you stick to a budget and don’t overspend. It’s the same as anything when it comes to money, prepare a plan/budget and stick to it!

Cash bonuses can be a great boost, but not if they cost more in the long run!


Free cash sounds great but nothing in life is free. If you aren’t disciplined with your money or you are starting out on your “Barefoot Investor” plan, cash offers from banks can sound enticing but they confuse things. If you plan to use ING as your main bank for setting up your accounts (as recommended by Scott Pape in The Barefoot Investor), it’s great. Otherwise, you might be better off simply sticking to the plan.

Credit card offers are a different story. Moving your money around, chasing cash offers and juggling your finances can be a headache and actually set you back. Also, chances are if you are paying off large amounts of debt, then you are not disciplined with your finances and should not have another credit card.

Applying for cards, debt and other financial matters goes on your credit history and can impact your credit score. If you are planning on buying a property in the near future, do not apply for a bunch of credit cards to get sign up bonuses.

Lenders will see the slew of applications and assume you either have a lot of debt (which means they will lower how much you can borrow) or they will assume you are not a good bet and will deny the home loan.

What offers have you seen or used to your advantage?

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    Saturday 23rd of December 2017

    The ING sign up is great - they have been quite aggressive on this. I also love mountains of frequent flyer points with credit card sign ups!

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