How would you feel if every year you were simply handed free money from your bank? This money was free to do what you wanted with it, from buying new clothes to filling the refrigerator at home. Now imagine that you received that money year after year, simply by maintaining a bank account at your local bank. If you think this sounds to good to be true, you might be surprised to know that this is in fact happening to your friends and neighbors all over the country. Here is how to get free money from your bank account year after year.
If you were to simply head over to the bank and open a savings account, you would be surprised how tiny the rate of return on your money is. It could sit there for months and years and only grow slightly because the interest rates are at their lowest in decades. The smart investors however have found a way to bank with the same branch and see a significantly higher return on their money by simply agreeing to a few conditions when they open the account. If you do your homework and research these terms, you could be enjoying a nice bundle of cash each year to spend any way you like.
One of the ways to increase the rate of return on your savings is to consider opening an account that requires you maintain a certain balance to receive a higher interest rate. If you opened an account with no minimum balance you get the lowest possible interest rate and basically make no money each year. Now take that same bank account and simply agree to maintain a certain balance and you are rewarded with a higher interest rate. So for example, you keep $1000 in the account at all times and you receive a better return on your money. If you agree to keep $5000 or more in the account, you receive the best rates the bank can provide. This means at the end of the year you have more money in interest added to the account for doing nothing more than not touching your investment.
Some banks will offer you higher interest rates if you agree to make certain electronic deposits each month into your account. If you agree that your paychecks are deposited electronically and a portion stay in the account, you are rewarded with a higher interest rate. These terms vary from bank to bank, but the idea is if you are willing to have your paycheck placed in the account electronically, you are more likely to keep more money there. For this you are rewarded with a higher return on your money and at the end of the year it can add up significantly.
If you are investing your money anyway, it makes sense to agree to a few terms that could get you more money in the bank account each year. If you have the ability to go without touching the money, you really have nothing to lose by utilizing these higher interest rate accounts.