ever heard of or used Stash / Acorns or Fundrise??

**disneysteve** · 10-13-2018, 07:08 AM

Originally posted by Smallsteps View Post

Seems odd to me that banks/ CU or others can GIVE money away without seeing what is in it for them.

What's in it for them is a new customer who they hope will stay with them for a long time. It costs money to get new customers no matter what type of business you are running. A retail store might put out a coupon for a discount or free item. A service business might offer a free first service, like a massage or a manicure. For a financial institution, free money gets people in the door.

I remember years ago that banks used to give out gifts for new accounts. They would give things like blankets or small appliances. My parents were always getting things like toasters or blenders or blankets for opening a new account.

**Smallsteps** · 10-13-2018, 07:22 AM

I worked retail for years and loss leaders were NOT always a win as many came in got that item and left not browse and shop buying enough stuff to make it worthwhile.

Many future coupons and offers seem to have more and more restrictions as time went by, limit per customer or had to spend X amount on some category etc.

The toaster and appliance thing was more understandable as bought in bulk the banks really were not paying even retail for that toaster.
I also worked at a bank and the good customers were often the ones whom racked up fees or interest charges to pay for these promos.
I am not likely to overdraw or add up the fee category for this institution so I guess I am not what they were aiming for.

**disneysteve** · 10-13-2018, 07:33 AM

Originally posted by Smallsteps View Post

I worked retail for years and loss leaders were NOT always a win as many came in got that item and left

Yes, that's not as lucrative since there are no strings attached. At least with the bank, they can require a certain minimum deposit that you have to maintain for a certain period of time. It's much more involved than walking in and redeeming a free coupon.

Banks know that a certain percentage of customers won't generate much income for them but many will and that more than covers the cost of the promotions.

**james.hendrickson** · 10-13-2018, 08:09 AM

Originally posted by Smallsteps View Post

So I recently received an email from MINT that offered a bonus of $10 to start and try Stash. I am leery of items I have not heard of that offer free money to start using, even only $10.

The email seems to be a way to buy stocks or partial stocks. I very often have passed on offers to give me money etc because I often thought they are scams. I see offers from other financial products and have not tried them but wonder if some are legit and I am missing some deals.
Are there offers or deals that some people here on the forum taken up and had success??

.After taking up on an offer to open an account at a CU and after 3 months and meeting some very easy conditions ( example having 500 balance), I received a $100 bonus and promo interest rates of 4% for checking and 6% for savings accounts for those 3 months.
I was actually skeptical because it seemed to easy but I have the interest and $100 in my account!
My son who referred me also got $100. Seems odd to me that banks/ CU or others can GIVE money away without seeing what is in it for them.

As near as I can tell, Stash is a legitimate company in that they aren't fraudulent. You'll be able to make low costs ETF buys no problem. Its downsides are more that its a) new and b) its business model has limitations. Newer fintech companies like Stash and/or Stockpile that aren't cash flow positive are always at risk of going out of business. Also, the company doesn't have the same kinds of offerings that a bigger full service company like Schwab does. Finally Stash has also gotten a lot of criticism because their fee structure is high relative to the competition.

**Smallsteps** · 10-13-2018, 08:32 AM

Thanks for the info James. I appreciate the insight.
I just was curious as I have seen some people cash in on these types of offers and I always seemed to be too cautious to try them.
It is always difficult as a new company with limited cash flow or business model can go bust but then again maybe flourish too.
It is no wonder why I will probably never be on the ground floor of any offer. I am too skeptical.

**disneysteve** · 10-13-2018, 08:45 AM

Originally posted by Smallsteps View Post

I just was curious as I have seen some people cash in on these types of offers and I always seemed to be too cautious to try them.

I'm kind of the same way, and it isn't so much caution but more the hassle factor. Is it worth $10, which is basically nothing, to add yet another financial institution and account that I need to use and track. I prefer to keep things simple, even if it means sacrificing a bonus here and there.

**james.hendrickson** · 10-13-2018, 09:19 AM

Originally posted by Smallsteps View Post

Thanks for the info James. I appreciate the insight.
I just was curious as I have seen some people cash in on these types of offers and I always seemed to be too cautious to try them.
It is always difficult as a new company with limited cash flow or business model can go bust but then again maybe flourish too.
It is no wonder why I will probably never be on the ground floor of any offer. I am too skeptical.

I mean - it would fine if all you had to do was open up the account and take the $10 bucks, but it looks like you might get dinged with a high fee structure.

ever heard of or used Stash / Acorns or Fundrise??