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

Adobe Stock
Some of the links in this post are from our sponsors. We provide you with accurate, reliable information. Learn more about how we make money and select our advertising partners.

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. Let This Company Help You Find and Compare Top CD Bank Rates

When it comes to finding the best interest rates, most financial institutions hope you’ll take them at their word. Except, the words they use are often intentionally a little vague. 

They can’t all have market-leading rates, right?

CD Valet® is a free service that lets you compare thousands of certificate of deposit (CD) rates from over 4,000 community banks, credit unions, and big banks, too. 

With CD Valet, the process is simple. You can shop and compare top CD rates from different banks and credit unions through one site. Browse their Featured CD section for great offerings and filter CDs by rate, term, or deposit restriction.

Access calculators to help determine your estimated earnings at maturity. When you create a free account, use the CD Portfolio tool to view all of your CD accounts in one place. You can even set up rate and maturity alerts.

CD Valet was developed by bankers and their platform ensures your security with bank-grade compliance.

Ready to separate fact from fiction? See the best CD rates for yourself with a free CD Valet account.

2. Drop Your Overpriced Car Insurance

Does your car insurance company love you back? If you’re like most of us, your loyalty to your car insurance company is costing you money.

They’ll toss you a few discounts occasionally, but that’s just to keep you distracted from an open secret: you can save hundreds of dollars by regularly comparing insurance providers.

A company called QuoteWizard makes it easy to click or tap your way to competitive car insurance quotes just for you.

You don’t have to know your exact mileage, trim, or even your VIN to get a good idea of how much your loyalty has been costing you every month.

QuoteWizard says its average user saves about $65 a month on auto insurance premiums, which adds up to $780 a year!

See how much you can save with QuoteWizard. It’ll only take a minute to enter details about your vehicle and see how much your current insurer has been getting away with charging.

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. Slash Your Credit Card Debt — Unlock Up to 18 Months of No Interest Payments

Struggling with credit card debt? You’re likely also dealing with high-interest charges that can significantly impact your financial situation — it’s a tough problem to sort out.

But where to even start?

If you have good to excellent credit, switching to one of these top-tier 0% intro APR cards from The Ascent’s carefully curated list could help you consolidate payments and cut your interest for up to 18 months. You could not only fast-track your debt repayment but also save thousands in interest.

The Ascent is picky, meaning they’ll only highlight cards that really stretch your dollar and cut down on costs. Plus, they break down everything you need to know: from intro-rate deals and welcome bonuses to rewards and fees — no surprises, just clear info.

So if you’re looking for a financial lifeline without the drag of accumulating interest, check out The Ascent’s list of best cards with 0% Intro APR offers, and wave goodbye to interest for up to 18 months.

5. This AI App Can Show You How to Invest Smarter — Get Up to $210 in Free Shares

We all want to grow our wealth. And we’re doing all the right things — we invest, we have retirement accounts. There’s just one problem: Many investors unknowingly pay too much for their funds.

For example, one of the most popular emerging market funds has seven times higher fees compared to a newer, almost identical fund with significantly higher returns from the same asset manager.

Here’s the good news: An AI tool called Magnifi can link your brokerage and retirement accounts, perform a full analysis of everything you’ve invested, and start uncovering opportunities you didn’t realize were possible. Right now for a limited time, you can get up to $210 in free stock when you set up an account.

Magnifi uncovers these opportunities automatically, and shares them with you as soon as you link your accounts.

The more accounts you link, the more Magnifi can find and help you manage — including 401(k)s, IRAs, individual stocks and ETFs held in almost any brokerage. Basically, working with this kind of AI could save you hundreds or thousands of dollars by finding opportunities to reduce fees.

Want to see what opportunities you’re missing with your investments? Penny Hoarder readers can try Magnifi free today — get started here. Plus, sign up now and get up to $210 in free shares for a limited time.

6. 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.

7. Have 10K+ In Investments? This Free Financial Plan Could Save You Up to $3,500/Year

You feel like you’ve always been on top of your investments, and you’re proud of how far you’ve come. But you may still be wondering if you’re actually doing enough to fully secure that rich retirement you know you deserve.

That’s why having a financial plan in place is one of the smartest decisions you could make.

With The Penny Hoarder, you can get a customized financial plan for free. Anyone is eligible for a free financial plan, but if you have $10,000 or more in investments (or $200,000 if you are retired), you could qualify to connect with a personal financial advisor for an in-depth review of your finances and to confidently plan your next money moves.

All you have to do is answer a few questions, and you’ll get your free, custom financial plan.

The best part? This could save you up to $3,500 per year. And it’s completely free — and totally anonymous. You won’t be bombarded with ads or sales pitches.

There’s literally no catch. Just sound financial advice customized for you. Get your free financial plan here.

 

*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.