It’s no secret that the U.S. dollar is slowing down and that inflation is a concern.
As a result, many people are starting to look at ways to earn cash back for spending.
There are ways to take advantage of the upcoming interest rate reductions and save some cash by checking your balance.
Here’s how:Cash Back CheckingStoring cash to your checking account can help you earn money on your spending.
The U.K. Bankrate estimated that people who spend $1,000 or more per month on purchases spend $2,000 more each year than those who save $1.
BankRate estimated that Americans who spend over $1k spend an extra $1 on average per year.
The savings can be substantial when it comes to your home or car purchases.
The average savings is $7,200.
Here are some other ways to boost your savings:Storing money in a bank account can be a great way to earn interest.
The Bankrate estimate said that the average American saves $6,200 in the interest-free period.
Here is a comparison between checking accounts and savings accounts.
Storing a check in a savings account can increase your monthly savings by up to $5.
Staying in a checking account for at least a year can boost your monthly interest rate by up from 6% to up to 15%.
B,U.S., and U.N. rates have been frozen for several months.
The current rates are 7.5% and 7.9%, respectively.
If you are not sure which rate you should use, use the chart below to see how the rates compare.
What are some ways to get cash back?
If you have any questions about how to earn money in your checking or savings accounts, we encourage you to contact us.