Most people don’t think of their banks as a place to actually earn money. However, efficiently using the financial tools that your bank offers can help you make money over time. To this end, here are some tips on how you can earn money from your bank:
1. Check if there’s a way you can eliminate account fees
Account fees can cost you hundreds of dollars in a year. So, it’s a good idea to check if you can eliminate account fees by talking to your bank. Even if there is no way to completely eliminate the fee, the bank may be able to lower it for you, especially if you’ve been a long-time customer. Although you aren’t exactly making money by doing this, you are still saving money by not paying the fees.
2. Open an account with a credit union or online bank
Credit unions, since they are non-profit organizations, and online banks, because they don’t spend money on overheads, usually offer better interest rates than traditional brick-and-mortar banks. So, if you are getting a lousy interest from your current bank, check if you can switch to a credit union in your area or an online bank.
3. Check if the bank offers sign-up bonuses
A number of banks offer sign-up bonuses if you open an account with them. To qualify for such bonuses, you will likely need to maintain a certain account balance and make qualifying transactions specified by the bank. Sign-up bonuses can be a great way to earn some additional money, at least at the time of opening the account.
4. Get a rewards credit card
Many banks offer rewards credit cards that can help you earn points, cashback, and miles, in addition to some fantastic perks. So, if you don’t already have a rewards card, make sure to get one at the earliest. If you do get a credit card, make sure that you are able to pay off the balance every month.
5. Open multiple savings accounts
Even if you already have a savings account, it can help to open other savings accounts since you will be able to take advantage of different interest rates and perks.
So, there you go – 5 effortless ways to make money from your bank, starting today!