If you have money saved you have 2 options: 1) leave it in your bank account collecting dust or 2) put your money in a paid savings account where you earn money while you sleep. If you are smart you will decide for option 2. Instead of earning 0.07% interest in your bank you could be earning 32x more times (up to 2.25%) with a paid savings account. Remember that the key to wealth is making your money work while you sleep.
Example: If you had $ 10,000 saved, your bank would pay you $ 7 per year of interest or you could earn $ 2,250 per year with a better savings account.
- How Much You Can Earn: Your earning potential depends on the type of savings account you choose. If you leave your money in your bank’s savings account, you would probably earn more money by collecting pennies on the street. But if you choose one of these savings account options you could receive a compensation of up to 2.25% on your savings.
- How You Receive Your Earnings: Your earnings are added monthly to your account. So by leaving your money in the account your very earnings help you amplify the base on which you earn interest. The best part is that you can withdraw money whenever you want, as if it were a current checking account.
Tips: Take Advantage of Your Maximum Savings Account
There is nothing we hate more here in Peer Gynt than throwing money away. We always do our best to prepare our readers (like you) with the best tools against poverty. Most people in our team have a savings account of their own, so we know the steps necessary to make the most of them.
Here we leave you our best tips so you can get the most out of your savings account:
- Make sure you are insured by FDIC: Always make sure to use only savings accounts insured by the FDIC. The FDIC is a government insurance that covers up to $ 250,000 of your account regardless of what happens to the bank.
- Use Minimum and Comfortable Withdrawal Limits: Review the terms of minimum deposits and monthly withdrawal limits. There are accounts like Marcus that offer $ 1 of minimum per account and up to 6 monthly withdrawals without an amount limit.
- Analyze Market Interests Well: Investigate well what are the current market interests. In this way you make sure you receive the best price. The most we have seen until now are these remunerated savings accounts of up to 2.25%.
- Add Money Constantly: The magic of this strategy is to make your money work for you. So whenever you can, instead of adding money to your current checking account, add it to your savings account to earn interest on those funds.
Example: Alex Earns $ 5,678 A Year With Your Savings Account
One of our readers, Alex M. (without surnames so they do not harass him on Facebook haha) shared how he earns $ 5,678 a year with a savings account he found thanks to Peer Gynt:
Alex started by putting 60% of the money he received from the sale of his mom’s house to a savings account. This account also adds 50% of your monthly salary and withdraw money from this account whenever you need. With these simple steps Alex earns $ 5,678 a year while he sleeps and without having to move a hair.
Do you wonder what account Alex uses to earn so much money on autopilot? He uses the Citizen savings account which pays him 2.25% on all the funds he has in the account. Although you can not put as much money as Alex to start, it is still important to start with little. These funds will create more profits little by little and will be more beneficial than having your money collecting dust in the bank.
Frequently Asked Questions About Savings Accounts
Although we hope that this article has covered the biggest points, we know that there are always questions that people want to know about their savings account. Here we leave the 4 questions that our users ask us about this topic:
Are there Minimum Deposits?
Each savings account has its own requirements. In general, the minimum deposit is $ 1 but you should review the terms of the savings account that interests you.
Are There Retirement Limits?
The withdrawal limits depend on the savings account you choose. In general, savings accounts allow you to withdraw up to 6 times a month regardless of the amount (as long as you do not get out of the minimum deposit).
It is safe?
Yes, as long as the savings account you choose is insured by the FDIC. If your account is insured by the FDIC the American government covers up to $ 250,000 per account regardless of what happens to the bank.
How Does Interest Work?
The interest of the savings account is paid on the fund you have in your account. The interest is up to 2.25% per year. If you withdraw your money before one year you will receive the fraction of the time you had your money in the account.
Also remember that if you need help with your savings account, personal loans, car loans, business loans, debt management, credit repair, credit cards and mortgages one of our agents can help you for free ?