I know many people in the points and miles world, including myself, have a checking account with BankDirect. I wrote more about it in a blog post about a year ago, but want to remind you all to claim your American Airline bonus points when signing up for a new account.
I signed up for a new account last year (right before American changed their lifetime gold and platinum status rules) and just realized a few weeks ago that I never received any of my bonus points. I actually only went for the direct deposit bonus (3 months of direct deposit into the account for 10,000 bonus miles). I made a quick call to BankDirect and realized that the miles do not automatically post to your account upon completing the bonus, but instead is only put through upon request. If you have yet to do this, let this be your reminder to call and request your miles!
It also occurred to me that I have yet to use the BankDirect Visa® CheckCard. This only requires 12 transactions per statement for three consecutive months. I can easily do this and make small individual purchases at CVS, which I shop at oh to often anyways. I can’t believe I am saying this, but I am probably going to pass on the BankDirect’s bill pay service. This requires 12 months of paying 3 merchant bills. Quite honestly, we do not even have three bills to pay a month and Mr. Deals takes care of that anyways (I can’t be bothered).
If you do not have a BankDirect account and are wondering what the heck I am talking about, let me quickly recap:
- New accounts will earn 1,000 bonus miles just for signing up with this online banking checking account. If you are referred by an existing BankDirect customer you will receive a 1,000 mile bonus, for a total of 2,000 miles. Feel free to email me at dealswelike@gmail.com for a referral (I also will receive 1,000 miles per referral) or seek out a friend that can send you the referral link and help them get another 1,000 miles.
- You will earn the following bonus for meeting the following terms:
- Earn 10,000 miles for establishing full payroll direct deposit from your employer into a Mileage Checking Account. Needs to be the full amount for three consecutive months.
- Earn 5,000 miles for using BankDirect’s bill pay service. Need to have 3 bill pay merchants for 12 consecutive months.
- Earn 5,000 miles for using your BankDirect Visa® CheckCard. Need 12 transactions per statement for three consecutive months.
- Earn 1,000 miles for every $100,000 in initial deposit, up to $500,000, per household.
- You will also earn the following number of miles on a monthly basis depending on the amount of cash you have in the account:
- Earn 100 miles per month for every $1,000 of the monthly average collected balance in your Mileage Checking Account up to the first $200,000 on deposit.
- For monthly average collected balances over $200,000, earn 25 miles per $1,000 for all balances over the first $200,000 on deposit.
Other perks of the account:
- Reimburse ATM fees 4 times/month up to $2.50 each time
- No foreign transaction fees internationally (at least this is what I was told by customer service, I have yet to use the card abroad)
Up until this point I’ve been earning an average monthly bonus of about 5,000 miles. While I realize that this money could be earning a slightly better interest elsewhere, I find a better value in the miles. Unfortunately, this account is also no longer free and there is a flat $12/month fee. One perk is that you are not taxed on the miles earned, which would be the case with a higher interest bearing account.
If you think a higher interest elsewhere outweighs the miles earned, then this account is not for you, however, you might still want to consider getting the account for just 3 months. This will cost you $36 and will earn you at least 17,000 miles (2k for signing up, 10k for direct deposit, 5k for using the check card).
Just remember to not leave your bonus miles on the table!
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@DWL, Is the direct deposit straight forward? I am a little hesitated to move my paycheck. I did get the BillPay, and the CheckCard points though. Oh, may I also ask which one would you choose between 2000 miles United and 7000 points Hilton? Thanks.
@Nguyen – For me, the direct deposit was really easy and straight forward. My companys HR system online makes it real easy, so it might depend on your companies direct deposit system.
Regarding your United and Hilton points, that’s a close one. 7,000 points = category 1 redemption, which I would say is worth $60. It depends on if you are looking to redeem united for business or economy.
@DWL — Thanks so much. I am new to this “travel work.” We always travel in the economy since my wife wants to save miles. I am debating whether to redeem e-rewards for either United or Hilton. May I ask what would be the cost for 2000 United miles?
I closed my BankDirect account from fear that Citi’s sending 1099 for the value of miles (2.5 cents!) might become contagious, or at least might give the IRS ideas. BankDirect had not sent out a 1099 for miles I previously earned from them.