Having a lot of savings can give a great feeling especially when you get some form of interest coming in. This helps you plan adequately and increase on it . This interest can be little tho.
It can be challenging to keep on saving knowing fulling well that there are no rewards for it. How can you then earn more interest via saving ?
WAYS TO EARN MORE WHILE YOU SAVE
From this post, you will learn how to and what to do to make extra whike you save. Below are a list of them.
- Create a high-interest Online Savings account
- Investing in Real Estate
- Bond investing
1. CREATE A HIGH-INTEREST ONLINE SAVINGS ACCOUNT
Just so you know, local banks don’t pay high on interest, to get high interest, as in really good ones, you have to go for the online banks
One good example of an online bank is Ally bank. Ally bank is a really good platform to save, its savings account and long term CDs have the highest interest rates. This platform also provides unlimited reimbursement on out of network atm fees.
You may be wondering how these online banks are able to pay this much interest to their customers especially when its higher compared to the traditional banks.
One major reason for this is that they experience low overhead, in that they do not have to pay for physical office locations since their offices are based online.
Some online accounts may require that you have a minimum balance while some may give you an option to make an automatic deposit on a monthly basis into your savings account.
This is also a beautiful avenue for making extra interest. Now investing in real estate as an individual may be really difficult but you can look into crowd funding investing.
In crowd funding investing, a group of people join forces in investing on a property that would have been out of reach for just an individual to acquire.
In crowdfunding you dont have to have tons of money to invest, just leverage on the cash the other participants bring in coupled with yours to invest in what you want.
Also, you dont have to think about selling or buying or managing any property,just leave that to the estate experts to do it.
3. BOND INVESTING
Buying a bondmeans you are loaning a certain amount of money to the issuer.
The issuer could be the federal Government or a corporation.
The persons that issues the loan borrows the money for a specified period of time after which he then pays, when he pays back, its always the interest plus the bond bought, at this period the bond would have been matured.