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Free Money

While having multiple bank accounts is certainly less than convenient, it can also be profitable. Unlike with credit cards, opening bank accounts for the rewards does not affect one's credit rating. Further, the bank accounts can later be closed with no strings attached. Below are some offers that are worth taking advantage of, with all caveats disclosed:

M&T Bank

Offer: $150 on a single $100 direct deposit.

Capital Requirement: $100

Expiration: 6/30/2016

How long does the account need to be open? Not disclosed

Fees: $6.95/month

How to avoid fees: Make one or more transactions per monthly service charge cycle, such as a deposit, withdrawal, a check, or any debit payments.

Chase

Offer: $200 on a Chase Total Checking account with a single direct deposit of any amount.

Capital Requirement: $1500 ($25 opening deposit + direct deposit of any amount to reach the minimum balance of $1500 to waive fees)

Expiration: 6/13/2016

How long does the account need to be open? 6 months

Fees: $12/month

How to avoid fees: Option#1: Have monthly direct deposits totaling $500 or more made to this account; OR, Option #2: Keep a minimum daily balance of $1,500 or more in your checking account.

Amalgamated Bank

Offer: $150 on a single direct deposit of $500 (They will also donate an additional $50 to civil rights group Color of Change).

Capital Requirement: $500 + recurring direct deposit of any amount

Expiration: 6/30/2016

How long does the account need to be open? Not disclosed

Fees: $10/month

How to avoid fees: Have recurring monthly direct deposits of any amount.

Santander

Offer: $150 on total direct deposits of $500 made within 90 days.

Capital Requirement: $25 opening deposit + $500 of direct deposits

Expiration: 6/30/2016

How long does the account need to be open? Not disclosed

Fees: $10/month

How to avoid fees: Make any financial transaction during each monthly cycle.

Northpointe

(This bank also offers a 5.00% APY if you can meet their debit spending requirements)

Offer: $50 on a $100 deposit. Just mention the "Hustler Money Blog" when they ask "How did you hear about us?" and enter promo code "HMB"

Capital Requirement: $100

Expiration: 5/31/2016

How long does the account need to be open? 120 days

Fees: None

How to avoid fees: N/A

Taking advantage of all of these offers yields $700 on a capital requirement of $2,775 to avoid all fees, a 25.23% return. Since the longest you will need to keep an account is 6 months (Chase), that's a 56.81% annualized return if you close all accounts at once. The bonuses received are taxable and will be reported via a 1099-INT.

Check this website for more offers, some of which are exclusive to certain states. Be sure to read the fine print!