If You Have More Than $1,000 in Your Checking Account, Make These 7 Moves

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You’ve done it. You’ve built up a little cushion in your bank account — $1,000! It feels good, right? Those days of checking your account balance in a panic are behind you.

Congrats! You’re on the right path. Now it’s time to think about some longer-term goals. What do you want to accomplish next with your money? Do you need to save more? Do you want to buy a home someday? Invest?

What’s the next step you should take? What are some specific things you can do to take your finances to the next level?

We’ve got some ideas for you:

1. Invest in Real Estate Without the Volatility — You Only Need $500

You’re not the only one who daydreams about making money in your sleep. And investing in real estate is one of the best ways to earn passive income. The only problem? You need to have lots of money. Well, you used to…

With a company called Connect Invest, you can get your foot in the door for just $500, investing in what are called short notes. And, if you make your first investment before August 31, you can earn a $20 bonus.

Basically, you’re buying the debt that wealthy developers take on to fund their real estate projects — and they have to pay you back, with up to 9% in interest… while you sleep.

With Connect Invest, you’ll invest for terms of six, 12 or 24 months, during which you’ll receive monthly fixed-interest payments between 7.5% and 9%. You could earn a legit passive income with those rates — and it’s way higher than what you’d earn with your savings account!

Connect Invest carefully vets each real estate project and borrower. And don’t worry, all loans are backed by real estate collateral. In the rare event of a default, Connect Invest’s sister company will foreclose on the property with the investors’ approval and sell it to recover your investment.

It’s super easy to set up your free account and start investing. To earn your $20 bonus, make sure to select “Penny Hoarder” as a referral source, and apply promo code “PH23.”

2. Get a $200 Prepaid Mastercard For Switching to Cheaper Internet

There are some bills you just can’t avoid. For most of us, that includes our internet bill. You can’t exactly go without it these days, and your provider knows that — that’s why so many of us are overpaying.

But with T-Mobile, you can get high-speed, 5G home internet for as little as $40 a month. They’ll even guarantee to lock in your price.

You’re probably thinking there’s some catch, but they’ll let you try it out for 15 days to see if you like it. If not, you’ll get your money back. You don’t even have to worry about breaking up with your current provider — T-Mobile will pay up to $750 in termination fees.

Even better? When you switch now, you’ll get $200 back via prepaid MasterCard.

Just enter your address and phone number here to see if you qualify. You could be paying as low as $40 a month for high-speed internet.

3. Get Paid up to $360/Year With This Free Debit Card

Wouldn’t it be nice if you got special treatment wherever you went? You can actually get rewards wherever you shop, using this free debit card from Discover.

You’ll earn 1% cash back on every single purchase you make using your Discover® Cashback Debit account, on up to $3,000 monthly.* There’s no impact on your credit score for signing up and no minimum balance requirements ever.

Need groceries? Tap your card for cash back. You can also get paid sooner with Early Pay direct deposit, protect against overdrafts and access to over 60,000 ATMs without fees. You can handle all of your banking needs through the app and connect a virtual wallet like Apple Pay to amplify your rewards. And on top of all that, checking-account deposits are FDIC-insured up to the maximum amount allowed by law.

Does your bank do all that? If not, open a free Discover checking account to get special treatment from a bank that will actually put money back into your account.

*See website for details.

4. This Savings Account Pays 5.50% APY — Good Luck Finding a Better Rate

Ever wonder what your money does when you’re not looking? Well, the answer is not much if you’re saving money in a traditional bank account. It could be earning you so much more interest.

And you’re probably not going to find a higher interest rate than this. We checked.

We just found the Betterment Cash Reserve account. It’s a high-yield savings account that pays a whopping 5.50% APY (annual percentage yield) for new customers.

And no, they don’t try to take money back from you with fees. You keep everything your money earns you. There are no maintenance fees, minimum balance requirements, or limits on withdrawals.

While people worry over the highs and lows of the stock market, money in your Cash Reserve account will keep growing. And it’s federally protected, FDIC insured up to $2 million ($4 million for joint accounts).

If you’re ready to put your money to work for you, open a free Cash Reserve account from Betterment account today.

5. Let Your Family Inherit $250k or Much More

We never seem to have enough savings or investments. But there’s one particular way to make up for that shortfall: life insurance.

None of us like to think about what happens to your family if you pass, but this is a smart way to free them from a burden – and give you peace of mind.

With NerdWallet, you can get multiple life insurance quotes all in one place and find a plan that’s probably far more affordable than you think.

You can choose whole life plans if you want to do it once, forget about it and have coverage for the rest of your life. Or you can pick from term life plans to get even lower rates with coverage that can last a few decades.*

Is it finally time to get covered? It’s easy to get life insurance quotes from NerdWallet to see just how affordable a good policy could be for you.

6. Stop Budgeting in Your Head and Get This Budgeting App While It’s Half Off

Most of us can rely on that voice in the back of our heads to tell us right from wrong. But when it comes to money, it’s so easy for numbers and enticing marketing to drown it out.

An app called Quicken Simplifi makes it easier to visualize your money, so you can put more of it in the right places and avoid accidentally overspending.

No, this app won’t tell you to save every dollar and avoid spending money on fun things (unless you want it to). But with Quicken Simplifi, you can set your budget exactly how you want.

The app can also alert you when you’re nearing your spending limits, warn you when there’s a bill coming up and report unusual activity. You can also generate custom reports of your spending, savings, earnings and over a given date range.

Right now, you can get 50% off a Simplifi subscription for 12 months — that’s as little as $2 a month, and it’s so worth it for anyone who’s finally ready to start crushing their financial goals.

Tired of going over your budget? Just download the Quicken Simplifi app and take the first step towards better financial health this year.

7. This Free App Will Give You up to $1K in Free Stock Just for Signing Up and Funding Your Account

Inflation is doing a great job of making it really difficult to buy, well… anything. And that includes stocks.

Luckily, when you open a free SoFi Invest account and fund it with at least $10, they’ll give you free stocks in return — worth up to $1,000.

With SoFi, You can buy full or fractional shares of popular stocks, plus you can invest in exchange-traded funds — or collections of stocks.

If you’re new to investing, SoFi has automated investing tools to help simplify things. Plus, they won’t charge you any SoFi management fees.

It only takes a minute to open a free account and get started. Then, once you fund it with at least $10, SoFi will reward you with your free stock — which could be worth up to $1,000.

*See terms

*Connect Invest: users must meet certain suitability standards, pursuant to the Connect Invest II Offering Circular. Users must make an investment on or before August 31, 2023. Investors will receive their $20 bonus with their first interest earnings.

Past performance does not guarantee future results or success. The material contained herein does not constitute an offer to sell or a solicitation of any offer to purchase these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful.

*NerdWallet believes everyone should be able to make financial decisions with confidence. And, while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward – and free. 

*SoFi Invest: Customer must fund their Active Invest account with at least $10 within 30 days of opening the account. Probability of customer receiving $1,000 is 0.028%.

Terms for ‘Claw’ Promotion: https://www.sofi.com/invest/clawpromotion/rules

SoFi Invest refers to the three investment and trading platforms operated by Social Finance, Inc. and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below.

  1. Automated Investing and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser (“Sofi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC.
  2. Active Investing and brokerage services are provided by SoFi Securities LLC, Member FINRA(www.finra.org)/SIPC(www.sipc.org), (“Sofi Securities”). Clearing and custody of all securities are provided by APEX Clearing Corporation.
  3. SoFi Crypto is offered by SoFi Digital Assets, LLC, a FinCEN registered Money Service Business.

For additional disclosures related to the SoFi Invest platforms described above, including state licensure of SoFi Digital Assets, LLC, please visit SoFi.com/legal.

Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform. Information related to lending products contained herein should not be construed as an offer or pre-qualification for any loan product offered by SoFi Bank, N.A.

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