There is no shortage of ways to spend money. From going to the store to shopping online and paying bills, most of us spend at least a little money each and every day. Even using a money transfer service and the ATM will cost you at least a few bucks!
Because it’s so easy to spend your money, it’s more important than ever to find ways to make money. Your job is the primary way you bring home the bacon for your family, but did you know your bank can help you make money too?
Here are four ways you can make money using your bank.
Open Accounts When There is a Signup Bonus
One of the best ways to make a little extra cash using a bank is to sign up for an account when there’s a bonus. You’ll likely get a pretty big chunk of change too. Some banks offer $50, $100, or even more for opening a brand-new bank account.
If you already have an account, you may still be able to take advantage of a signup bonus. You may be able to make a little extra cash by switching to a new checking account or opening a new savings account. Some banks will give you money depending on how much you deposit the first time, enabling you to make even more.
Open a High-Interest Checking or Savings Account
Opening a new account is a great way to make a little money, but you can make even more in the long run by opening a high-interest checking or savings account.
The key is to find a high-interest account. Unfortunately, many banks offer less than one percent interest. Look for a bank that offers higher interest than the average of 0.17 percent APY. You should look for a higher teaser rate for signing up too.
Get a Credit Card
Credit cards end up costing Americans millions of dollars every year because they don’t use them right. With a little dedication, you can actually make money using a credit card. That’s because cards can offer benefits like:
- Cash back for certain purchases
- Reward points that can be exchanged
- Hotel and travel points
- Retail rewards
- Gas rewards
You just have to make sure you pay the card in full each month so you can reap the rewards without spending a ton on interest.
Go Coin Roll Hunting
Although coin roll hunting isn’t always lucrative, it can be a lot of fun!
Go to the bank and exchange cash for rolls of dimes, quarters, and half-dollars. Then, look for coins from before 1965. They are a whopping 90 percent silver, so they’re worth a lot more than face value. You may also find a coin that is collectible.
If your bank isn’t working hard to make you money, it’s time to find a new bank! Use these tips to help you find a financial institution that will put cash back into your pocket.