WiseBanyan is a free investment account. If you sign up through a referral now, you can get a free $20, which can be transferred to your bank after a certain period of time.
【6/29 Update】We received an email saying the $20 bonus for new users signing up will end tonight at 12:59 PST. If you want to get the $20 sign-up bonus, you must complete registration before that time. The referral landing page no longer explicitly shows the $20, but based on this email, the offer is still valid. If you need to sign up, do it soon.
【4/16 Update】Investment income is taxable. WiseBanyan will issue 1099B and 8949 forms at the beginning of the year, so don’t forget them when filing your taxes. Of course, if you only did this for the account-opening bonus and then withdrew the money, your gain or loss is probably only a few cents. The tax forms can be viewed under the tax option in the menu after logging in. If you do not want to invest, you can simply withdraw all the money.
About This Deal
Sign up for the free Wise Banyan investment account through a referral link and you can get $20 in funding. After six months, you can withdraw it to your bank. WiseBanyan basically uses the information you provide to recommend suitable investment products for you, and the service is free.
Note: You must fund the account with at least $1 when registering, and you will need to provide your SSN. This account is similar to a bank account. The SSN is only used for identity verification. There will be no HP, your credit report will not be pulled, and it will not affect your credit score.
How to Get It
- Get invited and register: expired ($20 sign-up bonus)
- Enter your email address to get the registration link.
- Check your email. You must click the link in the email to register for Wise Banyan. Make sure the last sentence of the email mentions $20 before registering. (It no longer shows $20 now, but the offer is still valid.)
- Click to register for WiseBanyan. First fill in your basic information; it does not matter whether it is real or not~
- Choose your investment plan. After that, there will be a series of short questions.
- Then you will reach the funding page. If you are not interested in investing, just enter $1.
- You can change recurring contributions to 0 and select quarterly.
- Fill in your personal information. Do not make up information here, because identity verification is required. The SSN is only used for identity verification and will not trigger a credit pull or produce an HP.
- Select the bank account to fund from and link the account. This will also be the bank account used later when transferring money back.
- Done!
- Check your account information and confirm the funding amount is correct.
- The bonus $20 has not posted yet. It will probably appear after my $1 deposit posts. The transfer-out function is also not available yet~
- Remember, you must keep the account open for six months to keep the $20. However, this investment account has no minimum balance requirement. So you should be able to transfer the money out and just leave the account open.
- Time line: 10/25 account opened -> 10/26 received email requesting additional information -> 10/27 $1 deposited into account -> 11/2 received the $20 sign-up bonus
Things to Note
- If you really plan to invest, carefully consider whether Wise Banyan is the right choice for you.
- Investing may create tax issues; consult a qualified professional.
- The bonus you receive should probably not be taxable. See: Summary of Tax Issues for Various Bonuses