Shopping cashback portal Rakuten is offering a new account bonus the , which has no minimum balance and currently pays a relatively competitive (but not top) rate of 3.75% APY.
The bonus may fluctuate as with all their payout rates, but right now it is a $100 bonus with relatively easy requirements. You just need to deposit $1,000+ of new money within 55 calendar days of opening the account. No minimum hold period is listed. Notably, it also does not have to be a payroll direct deposit. The Rakuten page says it takes “a few months” for the bonus to post. You could technically take your money out immediately, or even leave your money in there until it posts and the effective APY would still be in the neighborhood of 40% APY. Synchrony Bank also offers competitive CDs rates from time to time, so you might actually use the account later.
New to Rakuten? If you don’t have an account yet, you can open a new Rakuten account through my after you spend your first $50 through the portal. You could make a purchase from eBay or select categories of merchants like Target or Sam’s Club.
Fine print:
Cash Back is only available for new Synchrony Bank accountholders who do not have any active Synchrony Bank deposit accounts and all funds deposited must come from an external source and not from any funds currently on deposit at Synchrony Bank. Rakuten member must click and apply directly through the Rakuten link, open a new Synchrony Bank High Yield Savings account and fund the account with a minimum of $1,000.00 within 55 calendar days of opening the account to qualify. Cash Back reward is limited to one per Rakuten member. Synchrony Bank account will be reviewed to determine eligibility for Cash Back. Account application is subject to approval by Synchrony Bank. Synchrony Bank reserves the right to discontinue or modify the terms of the Synchrony Bank High Yield Savings account promo at any time without prior notice.
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