If You Have More Than $1,000 in Your Checking Account, Make These 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. Get up to $100,000 From This Company
Every month, you make payments toward your credit card debt. But you never seem to make a dent. It’s because of those sky-high interest rates — as much as 24% interest. It can feel impossible to get ahead.
But MoneyLion could help you find offers to cut your interest rate by 70% as soon as tomorrow.
Here’s how it works: MoneyLion can match you with new loan offers at a lower interest rate — as low as 5.99% APR*. That’s 70%* lower than the average credit card interest rate. And it’s the key to finally getting ahead.
You can use this new loan to pay off all your existing credit card debt, leaving you with one (cheaper) monthly payment that will help you get out of debt faster. If you have a credit score of at least 620, you could get up to $100,000 with no collateral. Terms go up to 240 months.
Worried you won’t qualify? Take two minutes to check online and see if you could cut your credit card interest rate by 70%.
*Based on creditworthiness. Average credit card interest rate is 24.72% as of 8/14/24, according to Forbes Advisor’s weekly credit card rates report.
*Financial investment involves the risk of loss
*average expenditure $88/mo.
2. Earn 10-12% in Passive Income from Real Estate
Internet forums are filled with horror stories from everyday people who’ve lost boatloads of money investing in “hot” stocks. But we’d rather focus on happier stories, like how you can safely earn passive income from real estate.
Ignite Funding makes it feasible for any investor to earn 10% to 12% annually on their real estate loans, known as trust deeds. You don’t need to make a large investment to get started earning passive income.
Trust deeds are simple. You invest in commercial real estate loans and profit when real estate developers repay those loans each month. You have a clear picture of how much money you’ll earn upfront, plus you don’t have to make a big initial investment to test the waters.
Don’t put all of your nest eggs into one property — diversify.
Invest with Ignite Funding without any fees and earn a predictable fixed income each month.
3. Trade Your 0.40% for up to 4.00% APY With This Bank Account
If you bank at a traditional brick-and-mortar bank, your money probably isn’t growing much (c’mon, 0.40% is basically nothing).1
But there’s good news: With SoFi Checking and Savings (member FDIC), you stand to gain up to a hefty 4.00% APY on savings when you set up a direct deposit or have $5,000 or more in Qualifying Deposits and 0.50% APY on checking balances2 — savings APY is 10 times more than the national average.1
Right now, a direct deposit of at least $1K not only sets you up for higher returns but also brings you closer to earning up to a $300 welcome bonus (terms apply).3
You can easily deposit checks via your phone’s camera, transfer funds, and get customer service via chat or phone call. There are no account fees, no monthly fees and no overdraft fees.* And your money is FDIC insured (up to $2M of additional FDIC insurance through the SoFi Insured Deposit Program).4
It’s quick and easy to open an account with SoFi Checking and Savings (member FDIC) and watch your money grow faster than ever.
4. Start Building Wealth Today and Get a $50 Bonus
Everyone knows investing builds wealth. The trouble is, getting started can be expensive and time-consuming.
What if it didn’t have to be?
Wealthfront offers an automated investment account designed to help you manage risk and maximize potential returns without spending an arm and a leg. You can target categories like clean energy, tech, or crypto, and Wealthfront will handle the trades and rebalance your portfolio for you.
You can also tailor your portfolio around your preferred values and goals.
It’s really that easy. It’s also cost-effective— you won’t be charged any fees per trade. You’ll only pay a low annual advisory fee of 0.25%1 with support from Wealthfront’s roster of certified CPAs, CFAs, and CFPs.
Another thing Wealthfront has going for it is its Tax-Loss Harvesting (TLH) software. This monitors your investments and automatically trades similar assets that have lost value, which can help lower your tax bill2 and potentially keep your portfolio on track.
To get your $50 bonus,3 all you have to do is open and fund your first investing account with Wealthfront, fill out the questionnaire on the website and keep at least $500 in your account for the first 30 days (terms and conditions apply).4
Are you ready to finally build some wealth? Join Wealthfront today and make your money work for you.
*SoFi® Checking and Savings (member FDIC):
1. Up to $300 Bonus Tiered Disclosure
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/2/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
2. APY disclosures
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 12/2/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
3. Fee Policy
Our account fee policy is subject to change at any time.
4. Additional FDIC Insurance (must be bolded)
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms. See the list of participating banks at SoFi.com/banking/fdic/receivingbanks.
5. ATM Access
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
6. Early Access to Direct Deposit Funds
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
7. Overdraft Coverage
Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting e(i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
**Wealthfront Investing
1. All client accounts’ trading and rebalancing are managed by Wealthfront’s software.
2. Nothing in this communication should be construed as tax advice, an offer, recommendation, or solicitation to buy or sell any security. Investing involves risk, including the possible loss of money you invest, and past performance doesn’t guarantee future performance. Investment advisory services are provided by Wealthfront Advisers LLC (“Wealthfront Advisers”), an SEC-registered investment adviser, and brokerage products and services are provided by Wealthfront Brokerage LLC, Member FINRA/SIPC.Tax Loss Harvesting benefits vary depending on the client’s entire tax and investment profile. Wealthfront Advisers doesn’t provide tax advice. The performance of the new securities purchased through the tax-loss harvesting service may be better or worse than the performance of the securities that are sold for tax-loss harvesting purposes.
3. ($50 cash bonus when you deposit $500), client must maintain $500 by the 30 day mark. See website for more details.
4. 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.
