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I earned over $500 in interest last year by keeping my down payment money in a high-yield savings account

Why earn pennies on your money when you could be earning hundreds of dollars?

23.1.2020

Why earn pennies on your money when you could be earning hundreds of dollars?

Before, I was earning about 14 cents a month on my savings. In my new high-yield savings account, I earn at least $50 each month.

Capital One 360 savings account . I decided to open an account to help me reach my goal of saving for a down payment and, honestly, I haven't looked back. Here are a few of the reasons why Capital One won my business. The interest rate is competitive This is the biggie. After all, interest rates were the reason why I switched my account in the first place. I'm currently earning about 150 times what I was earning at my old bank. Even with interest rate fluctuations, I consistently earn about $50 per month on my balance. That is just from letting my money sit in the account. However, since I add to it a little each month, I always earn a bit more than the month before. In 2019, I earned over $500 in interest from that account alone, which is going a long way toward helping me save for my down payment. There are no fees and no minimums One of the commonly stated drawbacks of high-yield savings accounts is that they come with unusually high account minimums. Some of these accounts require that you keep between $2,500 and $10,000 in the account. Otherwise, you get hit with expensive fees. Since the Capital One 360 account is where I save up for big expenditures, I wanted to be sure that I could build up the account, drain it, and build it up again without having to worry about getting hit with charges in the meantime. I also didn't want to have to worry about paying an annual fee or anything like that. Capital One offers accounts that have no minimums and no fees, so it fits the bill nicely. The transfer limit helps me save Notably, Capital One offers unlimited transfers between different Capital One accounts. However, they're limited by federal law to only offering six transfers per billing cycle using the following methods: Checks or electronic payments (such as bill pay) to a third party Overdraft protection transfers Transfers to an account at another institution Online banking or phone transfers between accounts In all honesty, I do my everyday banking at another institution specifically for this reason. Put simply, once I deposit my money into the high-yield savings account, I know that my ability to access it is limited unless I really need it. That's part of what keeps me from using the money that's meant for my down payment on other expenses. The bottom line While I'm still not where I want to be with my down payment, it is growing, thanks in part to my high-yield savings account. If you've been considering putting your money in one of these accounts, be sure to do your research, but odds are, a high-yield savings account is a solid way to help your money grow. More Read more: Business Insider

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Buying pet food at Costco saves me over $500 a year, and my animals love it, too - Business InsiderWith two cats and a huge dog, we go through a lot of food, and shopping at Costco saves us about $500 a year compared to other major retailers. The irony of all this, is that all pet foods come from the same manufacturer. Only the labeling is different. That aside, the majority are 60% GMO corn, which is NOT 'Nutrition for dogs', and it's in everything these days, since it's so cheap. Pets Dogs

I keep my tax money in a high-yield savings account to earn more - Business InsiderI'm self-employed, so I pay my taxes quarterly. To ensure I have enough money, I set aside 30-40% of my income in a high-yield savings account.

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Buying pet food at Costco saves me over $500 a year, and my animals love it, too - Business InsiderWith two cats and a huge dog, we go through a lot of food, and shopping at Costco saves us about $500 a year compared to other major retailers. The irony of all this, is that all pet foods come from the same manufacturer. Only the labeling is different. That aside, the majority are 60% GMO corn, which is NOT 'Nutrition for dogs', and it's in everything these days, since it's so cheap. Pets Dogs



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