When you have money in a bank account, you’re typically going to use it regularly for day-to-day things like paying your bills. However, most people don’t earn extra money from their bank account. You may not even know that it’s possible to do that. The good news is that you may be able to earn a surprising amount of money just by putting your bank account to work for you. Here are four of the ways you can do exactly that.
- APY With Your Balance
Some checking accounts may actually offer you a percentage of interest on the amount of money you have in your checking account. Typically, the APY on a checking account will be very low, but it’s still better than getting absolutely nothing for your money to sit in the account. If you can find a checking account with APY, it may be worth it for you to consider that account over others.
- Connected Savings Accounts
Many banks that offer bank accounts also offer savings accounts. If you have an account that includes both a traditional bank account and a high-yield savings account, it might be one of the best types of accounts for you to use, as it can be very easy for you to move money between the two accounts. If you’re hoping to start saving extra money from your bank account, a connected savings account may be the right option.
- Cash Back on Your Debit Card
Not many bank accounts offer this option yet, but it’s starting to become more common. When you use a credit card, you often receive some benefits, but what about when you use a debit card? Debit cards typically don’t get to benefit from a lot of the same rewards as a credit card. However, some companies are starting to offer cash back on your debit card purchases, which can be a great way for you to get more out of your purchases.
- Sign-On Bonuses
Similar to credit cards, many bank accounts also have started offering sign-on bonuses to entice people to go with a specific bank account over competitors. These checking account bank bonus offers can be multiple hundreds of dollars, and the requirement for you to receive them may be fairly simple to meet. If you want to front-load your bank account with some extra benefits, make sure you’re looking at any sign-on bonuses that are currently available.
Your bank account doesn’t just have to be a place where you’re able to pay your bills and figure out how much spending money you have left in a month. If you’re careful, you may be able to earn extra money with your bank account, both on an ongoing basis and front-loading benefits onto the first few months of having the account. Check for these four different types of bonuses and benefits to make sure that you get the absolute most savings from your bank account.