Bank Bonus Calculator
Is that bank bonus actually worth it? Calculate the true value after opportunity cost, fees, and time. Compare against keeping your money in a high-yield savings account.
| Bank Bonus Route | HYSA Only | |
|---|---|---|
| Starting Amount | $15,000 | $15,000 |
| Bonus Received | $300 | $0 |
| Interest Earned | $0.37 | $166.85 |
| Fees Paid | $0 | $0 |
| Total Value Gained | $300.37 | $166.85 |
- Set calendar reminders for when you can safely withdraw without losing the bonus
- Track direct deposit requirements carefully - many bonuses require real DD, not ACH transfers
- Check if the bonus is taxable income (most are) - factor in ~25% for taxes
- Watch for early account closure fees (typically 90-180 days)
- Some banks have "once per lifetime" or "once per 12 months" restrictions
- Keep detailed records for tax purposes - you'll get a 1099-INT
How We Calculate Bank Bonus Value
Bank bonuses can be lucrative, but they come with opportunity costs. When you park money in a low-interest checking account to earn a bonus, you're giving up the interest you could have earned in a high-yield savings account.
The Effective APY shows what annual percentage yield your money effectively earned, including the bonus. This lets you compare the bonus to other investments on an apples-to-apples basis.
The hourly rate estimates your return for the time spent opening the account, setting up direct deposits, and managing the process. We estimate about 2.5 hours of work for a typical bank bonus.
When Is a Bank Bonus Worth It?
Generally, a bank bonus is worth pursuing if:
- The effective APY exceeds your HYSA rate significantly (at least 2-3x)
- The net gain after opportunity cost is at least $50-100 for your time
- The hourly rate is worth your time (compare to your actual hourly wage)
- You can meet requirements without changing your normal banking habits
Disclaimer: This calculator is provided for educational and informational purposes only. Bank bonus terms and conditions vary and change frequently. Always read the fine print and verify current offers directly with the bank. This tool does not constitute financial advice. Tax implications may apply to bank bonuses - consult a tax professional for guidance.
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