Checking accounts are getting more competitive every day.Â It use to be that banks felt comfortable just using your money without any compensation for you, but not anymore.Â Now they are working hard to win over and keep their customers.Â You are the one that benefits.
1.Â Â Â Â Â Traditional Checking Accounts â€“ not only do the banks now offer these accounts for free â€“ meaning you save on all those fees they hit you with, but many of these accounts now offer an interest rate (although itâ€™s tiny) for customers.Â Each month you can make a few dollars (or few pennies) just because you have an account.
2.Â Â Â Â Â Online Banking â€“ Paypal is becoming as common as any bank out there.Â If you do have an account at Paypal, do you realize that they offer a â€œmutual fundâ€ option that pays (at this time) nearly 5% on all monies in the account.Â Now that is a nice little bonus.
3.Â Â Â Â Â Rewards Cards â€“ Every store seems to have them these days.Â Using the cards for items you would normally purchase can win you a big payoff (I just got a $30 rewards check from Staples and a $4 from CVS Pharmacy).Â These probably have to be used in-store, but itâ€™s still free money.
4.Â Â Â Â Â Credit Cards â€“ Even the lending industry is getting more competitive these days.Â Credit cards offer great rewards programs; cash back programs, or other options for their customers.Â IF you pay the card off each month (this is a requirement or the programs will never balance out) then you can use the card, get the rewards, AND let your money sit in an interest baring account until itâ€™s time to pay off the bill.
Being smart with your money could help you make money in the long run.Â Watch for hidden or unexpected fees that will take away all the progress you make.Â Read all the fine print.Â Then go out there and find creative ways to let the industry make money for you for a change.