If You Have More Than $1,000 in Your Checking Account, Here Are 5 Money Moves – The Penny Hoarder (2024)

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You’ve done it. You’ve built up a little cushion in your bank account — $1,000! It feels good, right? Those days of checking your account balance in a panic are behind you.

Congrats! You’re on the right path. Now it’s time to think about some longer-term goals. What do you want to accomplish next with your money? Do you need to save more? Do you want to buy a home someday? Invest?

What’s the next step to take? What are some specific things you can do to elevate your finances?

We’ve got some ideas for you:

1. Invest in Real Estate Without the Volatility — You Only Need $500

You’re not the only one who daydreams about making money in your sleep. And investing in real estate is one of the best ways to earn passive income. The only problem? You need to have lots of money. Well, you used to…

With a company called Connect Invest, you can get your foot in the door for just $500, investing in what are called short notes. Basically, you’re buying the debt that wealthy developers take on to fund their real estate projects — and they have to pay you back, with up to 9% in interest… while you sleep.

With Connect Invest, you’ll invest for terms of six, 12 or 24 months, during which you’ll receive monthly fixed-interest payments between 5.5% and 9%. You could earn a legit passive income with those rates — and it’s way higher than what you’d earn with your savings account!

Connect Invest carefully vets each real estate project and borrower. And don’t worry, all loans are backed by real estate collateral. In the rare event of a default, Connect Invest’s sister company will foreclose on the property with the investors’ approval and sell it to recover your investment.

It’s super easy to get started. It takes just a few minutes to sign up for your free account. Then just select the right short notes for you and sit back and take a nap while all those wealthy developers grow your money.

2. You Can Become a Real Estate Investor for as Little as $10

Take a look at some of the world’s wealthiest people. What do they have in common? Many invest in large private real estate deals. And here’s the thing: There’s no reason you can’t, too — for as little as $10.

An investment called the Fundrise Flagship Fund lets you get started in the world of real estate by giving you access to a low-cost, diversified portfolio of private real estate. The best part? You don’t have to be the landlord. The Flagship Fund does all the heavy lifting.

With an initial investment as low as $10, your money will be invested in the Fund, which already owns more than $1 billion worth of real estate around the country, from apartment complexes to the thriving housing rental market to larger last-mile e-commerce logistics centers.

Want to invest more? Many investors choose to invest $1,000 or more. This is a Fund that can fit any type of investor’s needs. Once invested, you can track your performance from your phone and watch as properties are acquired, improved, and operated. As properties generate cash flow, you could earn money through quarterly dividend payments. And over time, you could earn money off the potential appreciation of the properties.

So if you want to get started in the world of real-estate investing, it takes just a few minutes to sign up and create an account with the Fundrise Flagship Fund.

This is a paid advertisem*nt. Carefully consider the investment objectives, risks, charges and expenses of the Fundrise Flagship Fund before investing. This and other information can be found in theFund’s prospectus. Read them carefully before investing.

3. Stop Overpaying on Amazon

Wouldn’t it be nice if you got an alert when you’re shopping online at Amazon and are about to overpay?

That’s exactly what this free service does.

Just add it to your browser for free, and before you check out, it’ll check other websites to see if your item is available for cheaper. Let’s say you’re shopping for a new smart vacuum, and you assume you’ve found the best price. Here’s when you’ll get a pop up letting you know if that exact vacuum is available elsewhere for cheaper. If there are any available coupon codes, they’ll also automatically be applied to your order.

In the last year, this has saved people $800 million.

You can get started in just a few clicks to see if you’re overpaying online.

4. Earn 110% Higher Interest On Your Savings (One of the Highest Available)

Interest rates at most banks these days are downright pitiful. You’ll be lucky if you earn a quarter at the end of the year.

But an online bank called Vio has one of the highest earning rates you’ll see — 5.30% APY* (Annual Percentage Yield) on your money market savings. That’s 110% higher than the average high-yield savings account.

Not only does it pay well, you’ll only need $100 to open the account. Did we mention, no fees?

Security is also top-notch. You can depend on bank-level encryption, and FDIC insurance up to $250,000 with the highest level security you can obtain.

There’s a reason why it’s been named one of the best high-yield savings accounts by websites like Fox Business, CNet and CNBC. And it has an A+ rating from the Better Business Bureau.

If you’re ready to save smarter and earn more, open a free Vio Cornerstone Money Market Savings Account. Get started here.

5. Cancel Your Car Insurance

Here’s the thing: your current car insurance company is probably overcharging you. But don’t waste your time hopping around to different insurance companies looking for a better deal.

Use a website called EverQuote to see all your options at once.

EverQuote is the largest online marketplace for insurance in the US, so you’ll get the top options from more than 175 different carriers handed right to you.

Take a couple of minutes to answer some questions about yourself and your driving record. With this information, EverQuote will be able to give you the top recommendations for car insurance. In just a few minutes, you could save up to $610 a year.

1. Invest in Real Estate Without the Volatility — You Only Need $500

You’re not the only one who daydreams about making money in your sleep. And investing in real estate is one of the best ways to earn passive income. The only problem? You need to have lots of money. Well, you used to…

With a company called Connect Invest, you can get your foot in the door for just $500, investing in what are called short notes. Basically, you’re buying the debt that wealthy developers take on to fund their real estate projects — and they have to pay you back, with up to 9% in interest… while you sleep.

With Connect Invest, you’ll invest for terms of six, 12 or 24 months, during which you’ll receive monthly fixed-interest payments between 5.5% and 9%. You could earn a legit passive income with those rates — and it’s way higher than what you’d earn with your savings account!

Connect Invest carefully vets each real estate project and borrower. And don’t worry, all loans are backed by real estate collateral. In the rare event of a default, Connect Invest’s sister company will foreclose on the property with the investors’ approval and sell it to recover your investment.

It’s super easy to get started. It takes just a few minutes to sign up for your free account. Then just select the right short notes for you and sit back and take a nap while all those wealthy developers grow your money.

2. Get Paid $225/Month While Watching Movie Previews

We’ve all been there. You sit down at the end of the day to unwind on your phone, and suddenly it’s two hours later and you’re in the weird part of YouTube again. How did I even get here?

But you don’t need to feel guilty about it anymore. Research companies will actually pay you to go down these video rabbit holes.

You could add up to $225 a month to your pocket by signing up for a free account with InboxDollars. They’ll present you with short video clips to choose from every day, then ask you a few questions about them.

You just have to answer honestly, and InboxDollars will continue to pay you every month. This might sound too good to be true, but it’s already paid its users more than $60 million.

It takes about one minute to sign up and start getting paid for your nightly zone-out.

4. Earn 110% Higher Interest On Your Savings (One of the Highest Available)

Interest rates at most banks these days are downright pitiful. You’ll be lucky if you earn a quarter at the end of the year.

But an online bank called Vio has one of the highest earning rates you’ll see — 5.30% APY* (Annual Percentage Yield) on your money market savings. That’s 110% higher than the average high-yield savings account.

Not only does it pay well, you’ll only need $100 to open the account. Did we mention, no fees?

Security is also top-notch. You can depend on bank-level encryption, and FDIC insurance up to $250,000 with the highest level security you can obtain.

There’s a reason why it’s been named one of the best high-yield savings accounts by websites like Fox Business, CNet and CNBC. And it has an A+ rating from the Better Business Bureau.

If you’re ready to save smarter and earn more, open a free Vio Cornerstone Money Market Savings Account. Get started here.

3. You Can Become a Real Estate Investor for as Little as $10

Take a look at some of the world’s wealthiest people. What do they have in common? Many invest in large private real estate deals. And here’s the thing: There’s no reason you can’t, too — for as little as $10.

An investment called the Fundrise Flagship Fund lets you get started in the world of real estate by giving you access to a low-cost, diversified portfolio of private real estate. The best part? You don’t have to be the landlord. The Flagship Fund does all the heavy lifting.

With an initial investment as low as $10, your money will be invested in the Fund, which already owns more than $1 billion worth of real estate around the country, from apartment complexes to the thriving housing rental market to larger last-mile e-commerce logistics centers.

Want to invest more? Many investors choose to invest $1,000 or more. This is a Fund that can fit any type of investor’s needs. Once invested, you can track your performance from your phone and watch as properties are acquired, improved, and operated. As properties generate cash flow, you could earn money through quarterly dividend payments. And over time, you could earn money off the potential appreciation of the properties.

So if you want to get started in the world of real-estate investing, it takes just a few minutes to sign up and create an account with the Fundrise Flagship Fund.

This is a paid advertisem*nt. Carefully consider the investment objectives, risks, charges and expenses of the Fundrise Flagship Fund before investing. This and other information can be found in theFund’s prospectus. Read them carefully before investing.

5. Cancel Your Car Insurance

Here’s the thing: your current car insurance company is probably overcharging you. But don’t waste your time hopping around to different insurance companies looking for a better deal.

Use a website called EverQuote to see all your options at once.

EverQuote is the largest online marketplace for insurance in the US, so you’ll get the top options from more than 175 different carriers handed right to you.

Take a couple of minutes to answer some questions about yourself and your driving record. With this information, EverQuote will be able to give you the top recommendations for car insurance. In just a few minutes, you could save up to $610 a year.

1. Invest in Real Estate Without the Volatility — You Only Need $500

You’re not the only one who daydreams about making money in your sleep. And investing in real estate is one of the best ways to earn passive income. The only problem? You need to have lots of money. Well, you used to…

With a company called Connect Invest, you can get your foot in the door for just $500, investing in what are called short notes. Basically, you’re buying the debt that wealthy developers take on to fund their real estate projects — and they have to pay you back, with up to 9% in interest… while you sleep.

With Connect Invest, you’ll invest for terms of six, 12 or 24 months, during which you’ll receive monthly fixed-interest payments between 5.5% and 9%. You could earn a legit passive income with those rates — and it’s way higher than what you’d earn with your savings account!

Connect Invest carefully vets each real estate project and borrower. And don’t worry, all loans are backed by real estate collateral. In the rare event of a default, Connect Invest’s sister company will foreclose on the property with the investors’ approval and sell it to recover your investment.

It’s super easy to get started. It takes just a few minutes to sign up for your free account. Then just select the right short notes for you and sit back and take a nap while all those wealthy developers grow your money.

2. You Can Become a Real Estate Investor for as Little as $10

Take a look at some of the world’s wealthiest people. What do they have in common? Many invest in large private real estate deals. And here’s the thing: There’s no reason you can’t, too — for as little as $10.

An investment called the Fundrise Flagship Fund lets you get started in the world of real estate by giving you access to a low-cost, diversified portfolio of private real estate. The best part? You don’t have to be the landlord. The Flagship Fund does all the heavy lifting.

With an initial investment as low as $10, your money will be invested in the Fund, which already owns more than $1 billion worth of real estate around the country, from apartment complexes to the thriving housing rental market to larger last-mile e-commerce logistics centers.

Want to invest more? Many investors choose to invest $1,000 or more. This is a Fund that can fit any type of investor’s needs. Once invested, you can track your performance from your phone and watch as properties are acquired, improved, and operated. As properties generate cash flow, you could earn money through quarterly dividend payments. And over time, you could earn money off the potential appreciation of the properties.

So if you want to get started in the world of real-estate investing, it takes just a few minutes to sign up and create an account with the Fundrise Flagship Fund.

This is a paid advertisem*nt. Carefully consider the investment objectives, risks, charges and expenses of the Fundrise Flagship Fund before investing. This and other information can be found in theFund’s prospectus. Read them carefully before investing.

3. Get Paid $225/Month While Watching Movie Previews

We’ve all been there. You sit down at the end of the day to unwind on your phone, and suddenly it’s two hours later and you’re in the weird part of YouTube again. How did I even get here?

But you don’t need to feel guilty about it anymore. Research companies will actually pay you to go down these video rabbit holes.

You could add up to $225 a month to your pocket by signing up for a free account with InboxDollars. They’ll present you with short video clips to choose from every day, then ask you a few questions about them.

You just have to answer honestly, and InboxDollars will continue to pay you every month. This might sound too good to be true, but it’s already paid its users more than $60 million.

It takes about one minute to sign up and start getting paid for your nightly zone-out.

4. Earn 110% Higher Interest On Your Savings (One of the Highest Available)

Interest rates at most banks these days are downright pitiful. You’ll be lucky if you earn a quarter at the end of the year.

But an online bank called Vio has one of the highest earning rates you’ll see — 5.30% APY* (Annual Percentage Yield) on your money market savings. That’s 110% higher than the average high-yield savings account.

Not only does it pay well, you’ll only need $100 to open the account. Did we mention, no fees?

Security is also top-notch. You can depend on bank-level encryption, and FDIC insurance up to $250,000 with the highest level security you can obtain.

There’s a reason why it’s been named one of the best high-yield savings accounts by websites like Fox Business, CNet and CNBC. And it has an A+ rating from the Better Business Bureau.

If you’re ready to save smarter and earn more, open a free Vio Cornerstone Money Market Savings Account. Get started here.

5. Cancel Your Car Insurance

Here’s the thing: your current car insurance company is probably overcharging you. But don’t waste your time hopping around to different insurance companies looking for a better deal.

Use a website called EverQuote to see all your options at once.

EverQuote is the largest online marketplace for insurance in the US, so you’ll get the top options from more than 175 different carriers handed right to you.

Take a couple of minutes to answer some questions about yourself and your driving record. With this information, EverQuote will be able to give you the top recommendations for car insurance. In just a few minutes, you could save up to $610 a year.

1. Invest in Real Estate Without the Volatility — You Only Need $500

You’re not the only one who daydreams about making money in your sleep. And investing in real estate is one of the best ways to earn passive income. The only problem? You need to have lots of money. Well, you used to…

With a company called Connect Invest, you can get your foot in the door for just $500, investing in what are called short notes. Basically, you’re buying the debt that wealthy developers take on to fund their real estate projects — and they have to pay you back, with up to 9% in interest… while you sleep.

With Connect Invest, you’ll invest for terms of six, 12 or 24 months, during which you’ll receive monthly fixed-interest payments between 5.5% and 9%. You could earn a legit passive income with those rates — and it’s way higher than what you’d earn with your savings account!

Connect Invest carefully vets each real estate project and borrower. And don’t worry, all loans are backed by real estate collateral. In the rare event of a default, Connect Invest’s sister company will foreclose on the property with the investors’ approval and sell it to recover your investment.

It’s super easy to get started. It takes just a few minutes to sign up for your free account. Then just select the right short notes for you and sit back and take a nap while all those wealthy developers grow your money.

2. You Can Become a Real Estate Investor for as Little as $10

Take a look at some of the world’s wealthiest people. What do they have in common? Many invest in large private real estate deals. And here’s the thing: There’s no reason you can’t, too — for as little as $10.

An investment called the Fundrise Flagship Fund lets you get started in the world of real estate by giving you access to a low-cost, diversified portfolio of private real estate. The best part? You don’t have to be the landlord. The Flagship Fund does all the heavy lifting.

With an initial investment as low as $10, your money will be invested in the Fund, which already owns more than $1 billion worth of real estate around the country, from apartment complexes to the thriving housing rental market to larger last-mile e-commerce logistics centers.

Want to invest more? Many investors choose to invest $1,000 or more. This is a Fund that can fit any type of investor’s needs. Once invested, you can track your performance from your phone and watch as properties are acquired, improved, and operated. As properties generate cash flow, you could earn money through quarterly dividend payments. And over time, you could earn money off the potential appreciation of the properties.

So if you want to get started in the world of real-estate investing, it takes just a few minutes to sign up and create an account with the Fundrise Flagship Fund.

This is a paid advertisem*nt. Carefully consider the investment objectives, risks, charges and expenses of the Fundrise Flagship Fund before investing. This and other information can be found in theFund’s prospectus. Read them carefully before investing.

3. Get Paid $225/Month While Watching Movie Previews

We’ve all been there. You sit down at the end of the day to unwind on your phone, and suddenly it’s two hours later and you’re in the weird part of YouTube again. How did I even get here?

But you don’t need to feel guilty about it anymore. Research companies will actually pay you to go down these video rabbit holes.

You could add up to $225 a month to your pocket by signing up for a free account with InboxDollars. They’ll present you with short video clips to choose from every day, then ask you a few questions about them.

You just have to answer honestly, and InboxDollars will continue to pay you every month. This might sound too good to be true, but it’s already paid its users more than $60 million.

It takes about one minute to sign up and start getting paid for your nightly zone-out.

4. Earn 110% Higher Interest On Your Savings (One of the Highest Available)

Interest rates at most banks these days are downright pitiful. You’ll be lucky if you earn a quarter at the end of the year.

But an online bank called Vio has one of the highest earning rates you’ll see — 5.30% APY* (Annual Percentage Yield) on your money market savings. That’s 110% higher than the average high-yield savings account.

Not only does it pay well, you’ll only need $100 to open the account. Did we mention, no fees?

Security is also top-notch. You can depend on bank-level encryption, and FDIC insurance up to $250,000 with the highest level security you can obtain.

There’s a reason why it’s been named one of the best high-yield savings accounts by websites like Fox Business, CNet and CNBC. And it has an A+ rating from the Better Business Bureau.

If you’re ready to save smarter and earn more, open a free Vio Cornerstone Money Market Savings Account. Get started here.

5. Cancel Your Car Insurance

Here’s the thing: your current car insurance company is probably overcharging you. But don’t waste your time hopping around to different insurance companies looking for a better deal.

Use a website called EverQuote to see all your options at once.

EverQuote is the largest online marketplace for insurance in the US, so you’ll get the top options from more than 175 different carriers handed right to you.

Take a couple of minutes to answer some questions about yourself and your driving record. With this information, EverQuote will be able to give you the top recommendations for car insurance. In just a few minutes, you could save up to $610 a year.

Some of the links in this post are from our sponsors. We’re letting you know because it’s whatHonestAbewould do. After all, he is on our favorite coin.

If You Have More Than $1,000 in Your Checking Account, Here Are 5 Money Moves – The Penny Hoarder (2024)

FAQs

How much money is considered a lot in bank account? ›

The current FDIC coverage limit is $250,000 per depositor, per ownership category, per financial institution. So if you have checking and savings accounts at multiple banks, each one is FDIC-insured up to that limit. That's a good thing if you tend to maintain higher balances in checking or savings.

How much is too much money in a checking account? ›

Unless your bank requires a minimum balance, you don't need to worry about certain thresholds. On the other hand, if you are prone to overdraft fees, then add a little cushion for yourself. Even with a cushion, Cole recommends keeping no more than two months of living expenses in your checking account.

What is a good amount to keep in your checking account? ›

As a rule of thumb, you should aim to keep one or two months' worth of living expenses in your checking account. This amount will be enough for many people to cover recurring bills and smaller purchases before their next paycheck while leaving some extra cushioning to avoid overdrafting with unplanned withdrawals.

What happens if you have a lot of money in your bank account? ›

In the long run, your cash loses its value and purchasing power. Another red flag that you have too much cash in your savings account is if you exceed the $250,000 limit set by the Federal Deposit Insurance Corporation (FDIC) — obviously not a concern for the average saver.

How much money is too much to keep in one bank? ›

How much is too much savings? Keeping too much of your money in savings could mean missing out on the chance to earn higher returns elsewhere. It's also important to keep FDIC limits in mind. Anything over $250,000 in savings may not be protected in the rare event that your bank fails.

How much cash in the bank is considered rich? ›

Someone who has $1 million in liquid assets, for instance, is usually considered to be a high net worth (HNW) individual. You might need $5 million to $10 million to qualify as having a very high net worth while it may take $30 million or more to be considered ultra-high net worth.

How much money do millionaires keep in a checking account? ›

“Millionaires' checking accounts are all over the place,” Thompson said. “Some clients will only keep enough to pay for immediate expenses (e.g., $10,000) and others will have $150,000 in checking on any given day.”

How much cash should you keep at home? ›

In addition to keeping funds in a bank account, you should also keep between $100 and $300 cash in your wallet and about $1,000 in a safe at home for unexpected expenses. Everything starts with your budget. If you don't budget correctly, you don't know how much you need to keep in your bank account.

Is money safer in checking or savings? ›

In the traditional sense, checking and savings accounts are both incredibly safe places to keep your money. The National Credit Union Administration (NCUA) automatically guarantees accounts up to $250,000 for each member of a federally insured credit union.

How much money can you have in your bank account without being taxed? ›

There is no specific limit or threshold that would cause the IRS to tax it. That being said, ant cash deposits of $10,000 or more would be reported by the bank in a Currency Transaction Report (CTR) to FinCEN, an arm of the Treasury Department.

How much money can you safely keep in a bank account? ›

How much is too much cash in savings? An amount exceeding $250,000 could be considered too much cash to have in a savings account. That's because $250,000 is the limit for standard deposit insurance coverage per depositor, per FDIC-insured bank, per ownership category.

How much does the average person keep in their bank account? ›

One commonly cited data point comes from the Federal Reserve Survey of Consumer Finances, which finds that Americans hold an average balance of $42,000 in transaction accounts. This average is skewed by people holding high balances, so it might be better to look at the survey's median balance figure, which is $5,300.

How much money can you put in the bank without it being suspicious? ›

Banks must report cash deposits of more than $10,000 to the federal government. The deposit-reporting requirement is designed to combat money laundering and terrorism. Companies and other businesses generally must file an IRS Form 8300 for bank deposits exceeding $10,000.

How much cash can I deposit in a year without being flagged? ›

When Does a Bank Have to Report Your Deposit? Banks report individuals who deposit $10,000 or more in cash. The IRS typically shares suspicious deposit or withdrawal activity with local and state authorities, Castaneda says.

Is depositing $2000 in cash suspicious? ›

As long as the source of your funds is legitimate and you can provide a clear and reasonable explanation for the cash deposit, there is no legal restriction on depositing any sum, no matter how large. So, there is no need to overly worry about how much cash you can deposit in a bank in one day.

Is 10000 a lot to have in your bank account? ›

A popular guideline is to keep enough money for one to two months of spending in your checking account. For extra security, you can add up to 30% on top of that amount. So, if you normally spend $5,000 per month, then there's nothing wrong with having $10,000 and even up to $13,000 in your checking account.

Is $20000 a good amount of savings? ›

Having $20,000 in a savings account is a good starting point if you want to create a sizable emergency fund. When the occasional rainy day comes along, you'll be financially prepared for it. Of course, $20,000 may only go so far if you find yourself in an extreme situation.

How many people have $3,000,000 in savings in usa? ›

Some of the best data I can find indicates there are 1,821,745 households that have investment portfolios valued at $3,000,000 or more1. This means roughly 1 out of every 63+ households.

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