If You Have More Than $1,000 in Your Checking Account, Make These 7 Moves
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. Grow Your Money 17x Faster — Without Risking Any of It
You’ve been with the same bank for years, and how do they repay your loyalty? With a measly 65 cents in earned interest every year.
And you’re not alone. The national average interest rate for savings accounts is just 0.17%.
But there’s actually a way to grow your money 17 times faster — completely risk free.
When you open a Capital One 360 Performance Savings Account, you’ll earn 3.0% APY on your account balance. Just to be clear, that’s almost 17 times the national average on a regular savings account.
There’s no minimum deposit to open and keep your account. And, you’ll never pay any monthly or maintenance fees, either.
And there’s no need to worry about accessing your savings — you can take your money out at any time with no penalties. Plus, all your money is FDIC insured, which basically just means it’s super safe.
It only takes a few minutes to set up your Capital One savings account. All you really need to do after that is sit back and watch your savings grow with 17 times the average interest.
2. Cancel Your Car Insurance
Here’s the thing: your current car insurance company is probably overcharging you. But don’t waste your time hopping around to different insurance companies looking for a better deal.
Use a website called EverQuote to see all your options at once.
EverQuote is the largest online marketplace for insurance in the US, so you’ll get the top options from more than 175 different carriers handed right to you.
Take a couple of minutes to answer some questions about yourself and your driving record. With this information, EverQuote will be able to give you the top recommendations for car insurance. In just a few minutes, you could save up to $610 a year.
3. See if Your Banking Account is Ripping You Off
There’s a dirty little secret about big banks. We all know they have tons of money. What you might not know? They rake in billions of dollars in overdraft fees every year. Yep. They’re getting rich with your hard-earned money. In fact, it’s a crucial part of their whole business plan.
Luckily, we’ve found a mobile banking account called Current that will make sure you’re not getting ripped off. It will make sure you never have to pay an overdraft fee again. Current lets you overdraft your account by up to $100* without hitting you with any nasty fees, as long as you’re getting at least $500 in direct deposits each month and you’re a Premium Member.
Even better? It also lets you get your paycheck up to two days early when you sign up for direct deposits. Talk about a life-saver. Current also gets you cash back on purchases; removes those annoying holds that gas stations put on your debit card; and makes it easy to deposit checks or even cash.
Ready to never pay an overdraft fee again? It only takes a few minutes to sign up for Current and make sure big banks aren’t ripping you off.
4. Stop Paying Your Credit Card Company
If you have credit card debt, you know. The anxiety, the interest rates, the fear you’re never going to escape…
And the truth is, your credit card company doesn’t really care. It’s just getting rich by ripping you off with high interest rates — some up to 36%. But a website called AmOne wants to help.
If you owe your credit card companies $50,000 or less, AmOne will match you with a low-interest loan you can use to pay off every single one of your balances.
The benefit? You’ll be left with one bill to pay each month. And because personal loans have lower interest rates (AmOne rates start at 2.49% APR), you’ll get out of debt that much faster. Plus: No credit card payment this month.
You don’t need a perfect credit score to get a loan — and comparing your options won’t affect your score at all. Plus, AmOne keeps your information confidential and secure, which is probably why after 20 years in business, it still has an A+ rating with the Better Business Bureau.
It takes less than a minute and just 10 questions to see what loans you qualify for — you don’t even need to enter your Social Security number. You do need to give AmOne a real phone number in order to qualify, but don’t worry — they won’t spam you with phone calls.
5. Let This Card Add Points to Your Credit Score — Even if You Don’t Qualify for Credit Cards
It’s not personal. It’s business. Credit card companies see numbers, not stories. So if you have a low credit score, most of them won’t lend you money.
But without credit cards, how can you raise your score in the first place? They aren’t all betting against you, though. The secured Chime Credit Builder Visa® Credit Card could help you add points to your score — even if you don’t qualify for other credit cards. People who use this card add an average of 30 points1 to their score.
Chime doesn’t ask you to pay annual fees, maintenance fees or interest charges — and you don’t even have to have a hard credit check.
To apply, all you have to do is set up a Chime Checking Account and make a qualifying direct deposit of at least $2002. Then just move money into your Credit Builder secured account — this becomes your credit limit and you can use this money to pay your balance.
Chime reports your payments to the major credit bureaus. If you use your card responsibility and make on-time payments every month, your score will reflect that progress.
Credit Builder users see their credit score improve by 30 points, on average. And the Chime app will let you follow along and track your progress.
Get started here to see how many points you could add to your credit score.
6. Spend $1 to Own a Piece of Amazon, Google or Other Companies
Take a look at the Forbes Richest People list, and you’ll notice almost all the billionaires have one thing in common — they own another company.
But if you work for a living and don’t happen to have millions of dollars lying around, that can sound totally out of reach.
But with an app called Stash, it doesn’t have to be. It lets you be a part of something that’s normally exclusive to the richest of the rich — on Stash you can buy pieces of other companies for as little as $1.
That’s right — you can invest in pieces of well-known companies, such as Amazon, Google, Apple and more for as little as $1. The best part? If these companies profit, so can you. Some companies even send you a check every quarter for your share of the profits, called dividends.1
It takes two minutes to sign up, and it’s totally secure. With Stash, all your investments are protected by the Securities Investor Protection Corporation (SIPC) — that’s industry talk for, “Your money’s safe.”2
Plus, when you use the link above, Stash will give you a $5 sign-up bonus once you deposit $5 into your account.*
7. Don’t Let Your Car Cause You to Go Bankrupt
We don’t really think about it, but your car could easily send you into a financial tailspin. Insurance can help you out in an accident, but what if your car simply breaks down? Or your transmission goes out?
Suddenly, you’re looking at thousands in repairs just to get you back on the road and to your job. And if you’re like the average driver, your car’s warranty has probably expired.
But a new online comparison marketplace called Chaiz can help you get an extended warranty, so you don’t have to worry about draining your savings if you need a repair. Plans start as low as $29 per month — about $1,700 cheaper on average than what those spammy robo calls will offer.
You can do everything online, and you don’t even need to share any personal info. Just enter your ZIP code and some basic info about your car, then compare warranties from eight different companies and pick what’s best for you.
No sleazy high-pressure sales tactics. No scams. You don’t even have to share your phone number to see their plans.
Want to make sure your car doesn’t bankrupt you? It takes less than a minute to get started. Click here to compare all your options. And, until Oct. 31, Chaiz will even give you a $250 discount if you use the code PENNY250.
Chaiz is not in CA, FL, MA and WA
Stash: 1Not all stocks pay out dividends, and there is no guarantee that dividends will be paid each year.
2To note, SIPC coverage does not insure against the potential loss of market value.
For Securities priced over $1,000, purchase of fractional shares starts at $0.05.
Investment advisory services offered by Stash Investments LLC, an SEC registered investment adviser. This material has been distributed for informational and educational purposes only, and is not intended as investment, legal, accounting, or tax advice. Investing involves risk.
Chime: Banking services for the Chime Checking Account are provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC. The Chime Visa® Debit Card is issued by The Bancorp Bank or Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. Please see back of your Card for its issuing bank. The Chime Visa® Credit Builder Card is issued by Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.
Opinions, advice, services, or other information or content expressed or contributed here by customers, users, or others, are those of the respective author(s) or contributor(s) and do not necessarily state or reflect those of The Bancorp Bank and Stride Bank N.A. (“Banks”). Banks are not responsible for the accuracy of any content provided by author(s) or contributor(s).
1Based on a representative study conducted by TransUnion®, members who started using Chime Credit Builder in September 2019 observed a median credit score (VantageScore 3.0) increase of 30 points by January 2020. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score.
2To be eligible to apply for Credit Builder, you need to have received a qualifying direct deposit of $200 or more to your Checking Account within 365 days of your Credit Builder application. The qualifying direct deposit must have been made by your employer, payroll provider, or benefits payer by Automated Clearing House (ACH) deposit. Bank ACH transfers, Pay Friends transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, and cash loads or deposits are not qualifying direct deposits.
All loans available through FreedomPlus.com (NMLS ID #227977) are made by Cross River Bank, a New Jersey State Chartered Commercial Bank or MetaBank®, N.A., Members FDIC, Equal Housing Lenders. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Terms and conditions apply. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: Arizona under $10,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 7.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four-year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13.*To qualify for a 7.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Loan origination fees vary from 1.99% to 4.99%, though most loans will have a loan origination fee of 4.99%. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available.
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Current: *Please refer to Overdrive Features Terms and Conditions
**Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to payer’s support of the feature and timing of payer’s funding.