Comments

  1. Marc says

    Sounds like a good deal as long as you have the ability to make a $1500 ACH push in each month (or get direct deposit of at least that amount from your employer). Otherwise, getting hit with a $10 monthly account service fee does not sound like fun.

    • Harry says

      I can’t think of anybody who would not have the ability. If your own bank doesn’t provide free ACH push out, you can set up automatic investments and automatic withdrawals in a money market fund or a brokerage account.

    • Ben says

      It also sounds like you dont have to keep the $1,500 in there. You can make the ACH push deposits, then the bill pays, then pull the money back out and start the process again next month.

      I just signed up…ill see how it goes…..

  2. Michael says

    Clever. If you pay two bills that total less than $20, you can automate the process without ever having to add new money once you get the process started. Push $1500, pay 2 bills, get $20 deposited, pull $1500, re-push $1500, and repeat.

    • Harry says

      The $20 credit goes into the savings account, not checking. So you need to add an auto transfer from savings to checking in your setup. I just push $1,500, pay 2 bills (say total $100), pull $1,400. The $20 credits pile up in the savings account earning nearly nothing. I’m OK with it.

  3. Ben says

    I started the account opening process last night (also uploaded the documents as described). Just got the account is approved email today and now just waiting for my log in information in the mail.

    Pretty easy process.

    Now just waiting to enable my automation…..

    Does a push transfer from Capital One 360 to Santandor count as ACH? I assume so…

    I have also never used bill pay in the past and dont have any bills which are low in $ amount and consistent each month. Wondering if a Credit Card payment would work? I have 3-4 ‘back of the wallet’ cards I can just put lunch on once a month.

    • Harry says

      Yes all push transfers count. Most bills (electricity, Internet access, credit cards) take partial payments. You can schedule two fixed dollar payments from here and still pay the remainder the usual way from your current bank.

  4. washerdreyer says

    I agree this is a good offer and one I’ve been considering taking advantage of. That said, its not totally clear to me that it’s better than, say a $150 bank account opening promo (http://su2c.53.com/) that only requires 3 bill pays and one direct deposit eve (plus they make a $150 charitable donation). Haven’t fully investigated terms & conditions, but it seems like the effective interest rate is going to be higher (say it’s $150 in three months, some information makes it appear to be $150 in mere days, but I can’t tell if there’s a minimum period to keep the account open or an account closing fee), and there is no risk of the bank deciding they are no longer interested in offering this deal after they pay you, as there is in any given month with Santander.

    • Ben says

      I thought of that as we’ll. they might cancel this program if too many ppl are taking advantage of it. If that’s the case, I’ll just close the account and move on.

  5. dan23 says

    Not sure whether those seasoned returns factor in time to invest your money which makes IRR significantly lower.

    In addition, heavy computer based note picking going on lately (many notes are fully subscribed within minutes), so if someone is not using an automated tool to buy notes, they are likely missing the cream – so I expect the average investor’s return to be lower than the average return going forward.

  6. Tyler says

    I set my bill pay up to send deposits to my primary rewards checking account. My deposits alternate between $750 and $770 biweekly. The bill pay deposits hit same day (perhaps they are being sent electronically?). Net result, I cycle $1500 through the account each month for a grand total of four days of lost interest and get $20 each month for doing so. Annualized return of approximately 120%.

  7. Ben says

    I received my extra20 savings and checking welcome package in the mail yesterday. As stated in the article, you just need to sign the signature card and mail it back

    They have a strange privacy policy stating where they can provide your information to affiliates. It stated you need to opt-out by calling the number listed. I called and the out-out process was simple (just spoke to someone on the phone).

    Just a heads up for those thinking about doing this process above.

    Ill post a few more times with an update on the set up process.

  8. Jim says

    I applied on Feb 27 and have received a welcome packet with the signature pages. About how long does it take to get everything else? I have not gotten a temporary password for instance.

    • Ben says

      2 weeks feels about right. I received my welcome packet and log in information saying to use my SSN. Still have not received my temp password though, which comes in another letter

      I did also get the associated debit card and activated that, but it was optional when you set up the accounts

  9. Ben says

    I received my temp Password over the weekend. Was able to get logged in and view my two new accounts (extra20 savings and checking).

    I also set up the Bill Pay as described in the article. It was not very intuitive as mentioned, but I got through it. My first two bill pays went through today (credit card payments, partial) and ACH push has been scheduled from my main online bank.

    I think Im all set….just need to set this up so that it occurs during my statement period, which is yet to be determined. My first transfer and bill pay were manual so I could learn the system. Once I know when my statement period starts and ends, Ill set up the automatic ACH and Bill Pay.

    On my way to an easy 12% on my investment principal…all while being insured. If you are an organized person and dont mind spending ~1 hour (total ‘touch’ time) getting this set up, I think its worth it. Hopefully they will not cancel this program…

  10. BH says

    Can anyone comment reguarding the amount of time they leave their ~$1,500 in the extra20 account before pulling it back into another bank?

  11. Matt says

    I’m still in the middle of the process. I received two signature cards and two debit cards. I also received a letter indicating the two separate accounts will be linked to a single login. Did anyone else experience this?

    • Harry says

      Matt – The package includes one checking account and one savings account. That’s two accounts, no surprise there. Your bonuses will be paid into the savings account. Did you open the checking account with a joint owner? If so, that explains the two debit cards.

    • Matt says

      Not a joint account. Both debit cards are in my name. One more oddity – I’m not even certain I elected to receive debit cards. I thought I opted-out because I didn’t plan to use them. I’ll report back when I can log in.

  12. Ben says

    @Matt: It sounds like you (or Santandar by mistake) has set up two Extra20 Checking accounts. You should actually have 1 Extra20 Checking account which is linked to an Extra20 Savings account.

    Once you get your log in info, I would quickly log in an check. I believe there are fees ($10/month) if an Extra20 Savings account is not linked and Extra20 Checking account without a balance of $100.

    I did receive 1 debit card (linked to my Extra20 Checking Account). Then a few days later my log in information arrived in the mail.

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