Short answer, yes, that one is probably worth it. Four hundred dollars for parking fifteen hundred dollars for ninety days is an outsized return.
Even after taxes, figure you keep around 70 to 80 percent depending on your bracket, so maybe 280 to 320 net. The opportunity cost of keeping that cash idle is small by comparison, roughly twenty bucks over three months if your alternative is a five percent savings account. If the whole process takes you two to three hours end to end, you are paying yourself around one hundred dollars per hour or more.
My rule of thumb is simple math: net bonus after tax minus any likely fees minus forgone interest, then ask if that beats your hourly value for the time it will take. This one usually clears the bar comfortably if you can float the balance without stress. Pitfalls to watch for are mostly in the fine print. Make sure you know what counts as direct deposit, because some banks require employer payroll or government benefits and will not count an ACH push from another bank. Confirm the monthly fee waiver path and set balance and transaction alerts on day one so you do not dip below the minimum by accident. Check the clawback and early closure terms, since many require the account to stay open 90 to 180 days after the bonus posts, and some charge an early closure fee. Expect the bonus to post 30 to 60 days after you meet the requirements, and you will get a 1099-INT the following January which adds to taxable income. Opening usually hits ChexSystems, and a few institutions do a hard credit pull, so search your bank's data points or ask them before applying if you are rate shopping elsewhere. Tactically, I open the account, move in the minimum plus a small buffer, set payroll to send the required amount for two cycles, keep screenshots of the offer and statements, put calendar reminders for the bonus post window and the safe-close date, and only shut it down after the clawback window passes.
One way to cut the hassle is to split your payroll so only the required amount lands there for two paychecks then switch it back; you meet the DD terms without fully moving your banking. Before you start, send the bank a secure message asking whether your specific payroll source counts as direct deposit and keep that reply with your screenshots. Also turn off overdraft, keep a small buffer, set low-balance alerts, and watch for “once per lifetime” language so you save those slots for richer offers.
