If You Have More Than $1,000 in Your Checking Account, Make These 5 Moves

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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 you should take? What are some specific things you can do to take your finances to the next level?

We’ve got some ideas for you:

a woman logs into her bank account on her cell phone.
Tina Russell/The Penny Hoarder

1. See if You Can Get More Money From This Company

Here’s the deal: If you’re not using Aspiration’s debit card, you’re missing out on extra cash. And who doesn’t want extra cash right now?

Yep. When you sign up for a debit card called Aspiration, you could get up to 5% back when you swipe at certain stores — plus they give you up to 50 times the normal national interest rate on your savings balance.

It’s perfect for earning extra cash for things that are already on your shopping list. You were going to buy these things anyway — why not get this extra money in the process?

This card used to have a huge waiting list, but now you can sign up for free.

Just enter your email address here and link your bank account to see how much extra cash you can get with your free Aspiration account. And don’t worry. Your money is FDIC insured and under a military-grade encryption. That’s nerd talk for “this is totally safe.”

2. 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.

3. This App Gives You Up to $1,000 to Invest

We all know investing can be a smart way to grow your wealth. But the whole thing can be kind of… overwhelming. How do you know which stocks to pick? What makes stock prices move up and down? Not to mention — you need money to invest.

A new investing app called Tornado will give you up to $1,000 cash to invest when you join. No, seriously. Even better: They take the mystery out of the whole equation.

Tornado was created by Wall Street veterans who want to share their expertise with you. You can discuss the pros and cons of different stocks and see what other experienced investors are doing. The whole idea is to teach you to be a better investor.

You can browse stocks based on your interests and goals, then choose your own or choose from pre-selected bundles of stocks, called ETFs.

Ready to become a better investor? It takes just a few minutes to make an account and get started — oh, and don’t forget about that welcome bonus up to $1,000.* 

4. See if Your Banking Account is Ripping You Off

Here’s a dirty little secret about big banks: They rake in billions of dollars in overdraft fees every year. They’re getting rich by gouging their customers this way. In fact, it’s a crucial part of their business plan.

Luckily, we’ve found a mobile banking app called Current that’ll make sure you’re not getting ripped off. You’ll never have to pay an overdraft fee again. Current lets you overdraft your account by up to $200* without hitting you with any nasty fees, as long as you’re getting at least $500 in qualifying direct deposits each month.

Plus, you can earn up to 4.00% APY**on your savings in one of Current’s high-yield savings pods.

Just download the Current app and sign up now. Current also lets you get your paycheck up to two days early*** when you sign up for direct deposits. Talk about a life-saver. Current also gets you points toward cash back on purchases; removes those annoying holds that gas stations put on your debit card; and makes it easy to deposit checks or even cash.

Ready to never pay an overdraft fee again? It only takes a few minutes to sign up for Current and make sure big banks aren’t ripping you off.

5. Get Matched with a Loan — Even if You Have Bad Credit

Have you ever felt a sting when a lender rejects your application? And then a second sting when your credit score drops due to the credit check?

The risk of being punished and rejected can scare you away from applying for a loan. But even with bad credit, there is still hope – especially if you earn at least $3,000 per month.

A website called Lending for Bad Credit can connect you to lenders that are more willing to work with people with fair or bad credit. Having a credit score over 520 will improve your chances of securing a lender.

Their website taps into a nationwide marketplace of lenders to help take the guesswork out of finding loan companies. Request funds once, and take your best shot at getting approved for funds of anywhere from $100 to $40,000).

It takes just a couple of minutes to complete the online request form for a loan or cash advance through Lending for Bad Credit. And you could get your funds as soon as tomorrow, depending on how long it takes your bank to complete the transaction.



*The Aspiration Spend & Save Accounts are cash management accounts offered through Aspiration Financial, LLC, a registered broker-dealer, Member FINRA/SIPC, and a subsidiary of Aspiration Partners, Inc. (“Aspiration”). Aspiration is not a bank.

* The Penny Hoarder is a Paid Affiliate/partner of SoFi. This material is not intended to serve as a recommendation and is not meant to suggest that any of the products mentioned are suitable for all Members, as individual results, needs, and financial situation may vary.

** Please refer to SoFi.com to review all product disclosures, terms and conditions, state restrictions, and fees where applicable.

*Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC. The Current Visa Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.

*Please refer to Overdrive Features Terms and Conditions

**The Annual Percentage Yield (“APY”) for Current Interest is variable and may change at any time. The disclosed APY is effective as of May 1, 2022. No minimum balance required. Must have $0.01 in Savings Pods to earn Current Interest on up to $2000 in deposits per Savings Pod up to $6000 total.  Please refer to Current Interest Terms and Conditions

**Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to payer’s support of the feature and timing of payer’s funding.

*Tornado: New brokerage accounts only, for a limited time. Valid bank account link and/or qualifying deposit may be required. Other terms and conditions apply. See the Official Rules for details.

Sesame Cash:

1 This is a limited time offer. To be eligible for cash rewards, a minimum deposit, every 30 days, must be made into your Sesame Cash account. Rewards earnings are available for credit score improvements of ten points or more within a 30-day reward cycle. Improvements are calculated from your baseline credit score, as determined by Credit Sesame. Please review the full program terms for more details, including the minimum deposit amount for this program term.

2 Cash back offers are powered by Empyr, Inc. and Button, Inc. Cash back requires the activation of any active offer before payment is made. Offers vary by geographic location and are subject to change. Please review the full program terms for more details.