Member-only story
Axos Skank (Bank)
Just say no!
When it comes to investing or gambling to make money, I like a sure thing. Call me crazy — but I don’t think I’m alone in that sentiment. Enter the bank and brokerage bonus world, one in which I’ve made a few risk-free bucks.
It’s really pretty simple. Banks and/or brokerages want to attract people with money. And so — they’ll offer cash bonuses to prospective depositors to divert money to their institution. The hope is that you’ll stick around and use their corporation as a primary financial vehicle.
If you do, they win. If you take the bonus, wait out the time period, and then leave? They end up giving you more than the prevailing interest rate and lose on the deal. Thus, for the savvy player who’s willing to apply for these bonuses and stay on top of their many rules and regulations (not that difficult, really), it’s a no-lose proposition. And if you know me — you know I’m in on a sure winner.
Enter Axos Bank, one of the many offering a bonus to depositors. It’s one of those internet jobbies with no brick and mortar locations - at least that I’m aware of. Without the brick and mortar, they can offer higher rates of interest and still make money.
After receiving an email from my buddy Jim Wang (look him up) alerting me to the new player in the bonus game, I applied for an account. For 25k…
