If You Have More Than $1,000 in Your Checking Account, Make These 5 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. Cancel Your Car Insurance
Here’s the thing: your current car insurance company is probably overcharging you. But, who has the time to look around for around a new company?
A company called The Zebra will do it for you for free in just two minutes. It gets people an average of $670 back in their bank accounts a year — and you can get the same coverage you already have.
It doesn’t matter when you last renewed; you can get a check from your old company for the time left on your previous policy. (Read: They probably owe you money.)
You don’t have to make any calls or fill out any forms. It takes two minutes to see how much The Zebra can put back in your pocket. And the best part? Because we’re driving less, some insurers are slashing prices this month.
2. Let This Finance App Surprise You with up to $1,250
If you’re like a lot of us, you just never get around to saving money. Hey, we know what that’s like. After all, roughly 45%1 of Americans haven’t really gotten around to saving any money. It’s just a fact of life.
So how can you save money, really?
The online finance app Chime offers automatic savings features that help you tuck away money without even thinking about it. We interviewed Samuel Demeny, who regularly uses his Chime Savings account. According to him, in just nine months, he saved up $1,250 — without even thinking about it.
Chime has two automated savings options: One feature rounds up your purchases and saves the change every time you spend, and the other lets you save a percentage of your check2 every time you get paid. (Both features require you to sign up for a Chime Spending Account first, but it’s quick and easy to do.)
The money adds up quickly, and it’s completely automatic.
It takes just five minutes to open an account and see how much you could save.
3. Get a Free Stock Worth Between $2.50 and $200 from This App
If you feel like you don’t have enough money to start investing, you’re not alone. But guess what? You really don’t need that much — and you can even get free stocks (worth $2.50 to $200!) if you know where to look.
Whether you’ve got $5, $100 or $800 to spare, you can start investing with Robinhood.
Yeah, you’ve probably heard of Robinhood. Both investing beginners and pros love it because it doesn’t charge commission fees, and you can buy and sell stocks for free — no limits. Plus, it’s super easy to use.
What’s best? When you download the app and fund your account (it takes no more than a few minutes), Robinhood drops a share of free stock into your account. It’s random, though, so that stock could be worth anywhere from $2.50 to $200 — a nice boost to help you build your investments.
4. This App Gives You Access to a Historically Safe Investment Option You’ve Probably Never Heard of
We all know one of the obvious ways to grow your money is to earn interest on it. But banks these days are paying such low interest rates, it hardly feels worth it. And traditional investing can feel daunting.
But there’s an option that could earn you interest1— and can also be used to make purchases. Jiko lets you invest in Treasury bills — something most folks can’t easily access.
A Jiko account keeps you invested while providing a similar spending experience you’d expect from a checking account. Plus, with Jiko’s debit card cashback rewards program, you can receive 1% cashback2 on top of that. And because T-Bills are backed by the U.S government, they’re a historically safe investment3.
In fact, they’re such a safe and liquid investment, it’s common for banks to buy Treasury bills when you make a deposit — and they keep any earnings. When you open an account with Jiko, your money will be invested in Treasury bills in $100 increments. Normally an investment like this can be complicated to liquidate, but with a Jiko debit card, you can access your money in real time4.
Plus, don’t forget about the 1% cash back on qualifying purchases2. It takes about 10 minutes to get started by filling out your information (which will include your SSN), but you’ll have both a bank account and an investment account set up when your account is opened5.
5. This Investing Platform Could Earn You 38% More*
What are your real financial goals? A new car? A post-pandemic dream vacation? An emergency fund or a college fund? A comfortable retirement?
To start saving toward your goals, you’re going to need to invest and grow your money. If you’re new at investing — or even if you’re not — an investing platform and app called Betterment is easy to use, it has low fees, and it does all kinds of important and tricky work for you.
Because of all those factors, over the long term, you could earn an estimated 38% more than a typical investor by using Betterment’s automated features and following their recommended investment advice.
Just answer some questions about your age and income and when you hope to retire. Based on your answers, Betterment’s sophisticated technology funnels your investment money into a diversified portfolio of low-cost index funds that track the stock market as a whole.
You can set up auto-deposits to steadily feed your investments. No minimum balance is required and you just need a $10 deposit to start. Plus, Betterment charges a low annual fee of 0.25%, so if you invest $1,000, you pay just $2.50 a year.
Just click here to get started. It takes just a few minutes, and you could be on your way to hitting your goals — and earning 38% more on your investments*.
Investing involves risk. Performance not guaranteed.
* Betterment estimates its retirement recommendations could earn investors 38.8% more after-tax money in retirement compared to investing on their own.
- Jiko accounts performed to an equivalent yield of 1.71% from Jan. 1, 2020 to Dec. 31, 2020. Past performance is not indicative of future returns.
- Cashback rewards apply to qualifying purchases only. See our Exclusive Rewards Terms for more information.
- US Treasury securities (“Treasuries”) are issued by the federal government and are backed by the “full faith and credit” of the US government. Learn more here. Past performance is not indicative of future performance. Securities investments: Not FDIC insured; No bank guarantee; May lose value.
- Subject to current limitations. Learn more here.
- In some cases, accounts may be subject to additional review to be in accordance with financial laws and regulations, including the USA Patriot Act. Additional review could take up (but is not limited) to 5 business days. You may be asked to present documentation to verify your personal information.
Jiko, owned and operated by Jiko Technologies, Inc., makes available a unique combination of financial services provided by Jiko Technologies, Jiko Securities, Inc., a registered broker-dealer, and Jiko Bank, a division of Mid-Central National Bank, Member FDIC.
Securities are offered by Jiko Securities, Inc. (“JSI”), acting as the principal carrying firm. JSI is a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and the Securities Investor Protection Corporation (“SIPC”). All your securities and funds are held in an omnibus account at Apex Clearing Corporation, pursuant to the U.S. Securities and Exchange Commission Rule 15c3-3 customer protection rules. SIPC protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). Explanatory brochure available upon request or at www.sipc.org.
1According to a GOBankingRates savings survey
2Round Ups automatically round up debit card purchases to the nearest dollar and transfers the round up from your Chime Spending Account to into your savings account. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more into your savings account.