If You Have More Than $1,000 in Your Checking Account, Make These 8 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. Invest in Real Estate Without the Volatility — You Only Need $500

You’re not the only one who daydreams about making money in your sleep. Investing in real estate is one of the best ways to earn passive income. The only problem? You need to have lots of money.

Well, you used to…

With a company called Connect Invest, you can get your foot in the door for just $500, investing in what are called short notes. And, if you make your first investment within 40 days of signing up, you can earn a $50 bonus.

Basically, you’re buying the debt that wealthy developers take on to fund their real estate projects — and they have to pay you back, with up to 9% (annualized rate) in interest… while you sleep.

With Connect Invest, you’ll invest for terms of 6, 12, or 24 months, during which you’ll receive monthly fixed-interest payments between 7.5% and 9% (annualized rate). You could earn a legit passive income with those rates — and it’s way higher than what you’d earn with your savings account!

Connect Invest carefully vets each real estate project and borrower. And don’t worry, all loans are backed by real estate collateral. In the rare event of a default, Connect Invest’s sister company will foreclose on the property with the investors’ approval and sell it to recover your investment.

It’s super easy to set up your free account and start investing. To earn your $50 bonus, select “Penny Hoarder” as a referral source and apply promo code “PH50.”

2. Drop Your Overpriced Car Insurance

Does your car insurance company love you back? If you’re like most of us, your loyalty to your car insurance company is costing you money.

They’ll toss you a few discounts occasionally, but that’s just to keep you distracted from an open secret: you can save hundreds of dollars by regularly comparing insurance providers.

A company called QuoteWizard makes it easy to click or tap your way to competitive car insurance quotes just for you.

You don’t have to know your exact mileage, trim, or even your VIN to get a good idea of how much your loyalty has been costing you every month.

QuoteWizard says its average user saves about $65 a month on auto insurance premiums, which adds up to $780 a year!

See how much you can save with QuoteWizard. It’ll only take a minute to enter details about your vehicle and see how much your current insurer has been getting away with charging.

3. Get 4.50% APY and a $30 Bonus With This High-Yield Cash Account

It’s hard not to cringe when you see a bank statement full of fees. And let’s be real: When every dollar matters, why are we paying to keep money in our accounts in the first place?

It’s time for something better.

With Wealthfront, you can forget those annoying bank fees and earn a whopping 4.50% APY through partner banks on your cash — about 10x the national average savings rate. Enjoy unlimited transfers, same-day withdrawals, zero account fees, and no minimum balance requirements to earn 4.50% APY¹. You can use Wealthfront with your favorite payment apps like Apple Pay, Venmo, and Google Pay.

They’ll also give you access to a customizable investment portal so you can start building wealth while focusing on your short- and long-term goals.

Wealthfront isn’t quite a bank, but it works with several FDIC-insured partner banks to give you the convenience and flexibility you expect, minus the sneaky fees and account requirements. The best part? You can get started with Wealthfront with only a $1 opening deposit or snag a $30 bonus² when you deposit $500 or more (terms and conditions apply).³

Join Wealthfront today and make your money work for you— not your bank.

4. Get Paid Up to $140/Month Just for Sharing Your Honest Opinion

If you’re turning blue in the face waiting for a raise at work, it might be time to quit holding your breath and start speaking your mind to someone who wants to listen.

Brands want to hear your opinion to help inform their business decisions on everything from products and services to logos and ads — and they’re willing to pay you up to $140 a month for it.

A free site called Branded Surveys will pay you up to $5 per survey for sharing your thoughts with their brand partners. Taking three quick surveys a day could earn up to $140 each month.

It takes just a minute to create a free account and start getting paid to speak your mind. Most surveys take five to 15 minutes, and you can check how long they’ll take ahead of time.

And you don’t need to build up tons of money to cash out, either — once you earn $5, you can cash out via PayPal, your bank account, a gift card or Amazon. You’ll get paid within 48 hours of your payout being processed, just for sharing your opinions.

They’ve already paid users more than $20 million since 2012, and the most active users can earn a few hundred dollars a month. Plus, they’ve got an “excellent” rating on Trustpilot.

It takes just a minute to set up your account and start getting paid to take surveys. Plus, right now, you’ll get a free 100-point welcome bonus just for becoming part of the community.

5. Earn $200 and Unlimited Cash Back with this Top Rewards Card

Want an extra $200 for just doing what you normally do?

With the Capital One Quicksilver Cash Rewards Credit Card, it’s as simple as making everyday purchases. Just spend $500 in the first three months and you’ll pocket a $200 one-time cash bonus. No complicated hoops to jump through—just easy money to reward your regular everyday spending.

Capital One Quicksilver Cash Rewards Credit Card offers a 1.5% cash-back rate on every single purchase. Whether you’re grabbing groceries or booking a vacation, you’re always earning without needing to worry about categories. Plus, you’ll get a 0% intro APR for 15 months on purchases (after that, a regular APR of 19.74% – 29.74% (Variable) applies).

Need to transfer a balance? You can also take advantage of the 0% intro APR on balance transfers (balance transfer fee of 3% applies*), giving you more flexibility while paying down debt.

Snag that $200 and start earning cash back on everyday shopping today!

*3% of the amount of each transferred balance that posts to your account during the first 15 months that your account is open.

6. The Home Equity Credit Card that Traditional Lenders Don’t Want You to Know About

As a homeowner, sometimes it feels like your options aren’t great when it comes to borrowing credit.

You can either use credit cards that are quick and easy to qualify for but that usually have sky-high interest rates, or, you can go through the long and costly process of originating a lower-interest Home Equity Line of Credit (HELOC).

Or, there’s a brand new third option: The Aven Visa® Credit Card is the first card of its kind to offer you a home equity line of credit in the form of a credit card.¹

This cash back rewards card taps into your home equity in exchange for up to 50% lower interest rates compared to traditional credit cards. It takes as fast as 15 minutes to apply and get approved.

Here are some features that set Aven apart from your traditional credit cards and HELOCs:

• 7.99% to 15.49% variable APR²
• 2% unlimited cashback¹
• 7X Points on Hotels and 2X Points on Flights¹: Book stays at the Four Seasons, Ritz Carlton, and more through the Aven Travel Portal.
• Access of up to $250,000
• Starting at $0 to get a card, plus no annual fees

So, if you’re a homeowner looking for lower interest credit payments with cashback rewards, apply and get approved in as fast as15 minutes for the Aven card — at zero cost to you.

To qualify, you’ll need to own a property and have a FICO score of at least 640. They recommend FICO > 700 to have the best chance to qualify.¹

7. Let Your Family Inherit $250k or Much More

We never seem to have enough savings or investments. But there’s one particular way to make up for that shortfall: life insurance.

None of us like to think about what happens to your family if you pass, but this is a smart way to free them from a burden – and give you peace of mind.

With NerdWallet, you can get multiple life insurance quotes all in one place and find a plan that’s probably far more affordable than you think.

You can choose whole life plans if you want to do it once, forget about it and have coverage for the rest of your life. Or you can pick from term life plans to get even lower rates with coverage that can last a few decades.*

Is it finally time to get covered? It’s easy to get life insurance quotes from NerdWallet to see just how affordable a good policy could be for you.

8. Earn Up to $360 a Year* With This No Fuss Cash Back Debit Card

Let’s cut to the chase: If you don’t get cash back on every purchase, you’re overpaying. And who doesn’t like cash back?

We do. The Discover® Cashback Debit account will pay you 1% cash back on up to $3,000 monthly (that’s potentially an extra $360 annually).* There’s no impact on your credit score for signing up and no minimum balance requirements ever.

Need groceries? Tap your card for cash back. This card has no fees, access to over 60,000 ATMs, and the Early Pay direct deposit feature allows you to get paid up to 2 days earlier. The app lets you handle your banking needs and connect a virtual wallet like Apple Pay to amplify your rewards. Checking account deposits are FDIC-insured up to the maximum amount allowed by law.

Does your bank do all that? If not, open a free Discover checking account to get special treatment from a bank that will actually put money back into your account.

*See Deposit Account Agreement for details on transaction eligibility, limitations, and terms.

*Users must meet certain suitability standards pursuant to the Connect Invest II Offering Circular, users must complete their first investment within 40 days of signing up in order to be eligible for the incentive will receive their $50 bonus with their first interest earnings. Past performance does not guarantee future results or success. The material contained herein does not constitute an offer to sell or a solicitation of any offer to purchase these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful.

1. Based on the national average interest rate for savings accounts as posted on FDIC.gov, as of July 15, 2024.

2.  Client must maintain $500 by the 30 day mark. See website for details. 

3. Checking features for the Cash Account are subject to identity verification by Green Dot Bank, Member FDIC. Cash account is offered by Wealthfront Brokerage LLC (“Wealthfront Brokerage”;), a Member of FINRA/SIPC. Wealthfront Brokerage is not a bank. We convey funds to partner banks who accept and maintain deposits, provide the interest rate, and provide FDIC insurance. The APY rate listed is as of 09/19/2024 and is subject to change at any time. Fees and Eligibility requirements may apply to certain checking features, please see the Deposit Account Agreement for details. Limits, fees, and exclusions apply. All investing involves risk, including the possible loss of money you invest.

Apple, the Apple logo, and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Google, Android and Google Play are trademarks of Google Inc., registered in the U.S. and other countries.

Please note, Real-Time Payments (RTP) transfers may be limited by destination institutions,daily transaction caps, and by participating entities such as Wells Fargo and the RTP® Network. New Cash Account deposits are subject to a 2-4 day holding period before becoming available for transfer. Wealthfront doesn’t charge for transfers, but receiving institutions may impose an RTP fee.

The Penny Hoarder receives compensation when a reader clicks on the referral link that redirects them to Wealthfront, which creates a conflict of interest. Penny Hoarder’s opinions in this article are their own and are not tied directly to such compensation. The Penny Hoarder and Wealthfront Brokerage, LLC are not associated with one another and have no formal relationship outside of this arrangement.

Aven Disclosures:

¹Other banks have used access/debit cards as a means of withdrawing money from a home equity line, Aven’s card is unique in that the credit card is the primary source of funds and function. It is the first credit card backed by home equity to publicly launch into the market.

The Aven Card is issued by Coastal Community Bank, pursuant to a license from Visa U.S.A., Inc. Aven accounts are made by Coastal Community Bank, Member FDIC. Equal Housing Lender. NMLS #462289 (NMLS Consumer Access Page) For additional information or complaints to Coastal Community Bank, visit www.federalreserveconsumerhelp.gov.

This post was sponsored by Aven. See aven.com/#disclosures for more information.

*NerdWallet believes everyone should be able to make financial decisions with confidence. And, while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward – and free.