Tiffany Raiford
Bank interest rates are notoriously low, especially right now. Few people actually become rich based solely on the interest they earn through their bank account. That’s not to say that earning less than 1% on your savings is not going to make you a lot of money, but you kind of already have to be wealthy for this to happen. I mean, that’s just how it’s going to work for pretty much anyone. Otherwise, the money you earn is fairly paltry. On that note, however, you can make money off your bank. There are several ways you can earn money using your bank and not with your interest-bearing accounts. In fact, you can actually earn significantly more money using these methods than you can using your interest-bearing account. You can just consider your interest a bit of icing on the proverbial cake.
Get a bank credit card
Does your bank offer a credit card? If so, check out what the offers are. For example, there are several Bank of America, Wells Fargo and other big name bank cards that offer bonuses, great rewards and even substantial cash back. Try these and see what you can get from them. It’s a simple way to earn money by doing nothing but using your bank as the way to earn it.
Start a business with a bank loan
SBA loans are very good loans since most banks will offer them to their customers. Start a business. Make it a good one. Make it a profitable one. Make it one that is going to provide you with the money that you need so that you can have some income, and that’s a great way to make money off your bank. Of course, you have to be able to pay off the loan, but it technically works out for you.
Work for your bank
Not only can you star at the very bottom of the food chain and work your way up to a decent salary when you work at a bank, you can also earn money by saving money. For example, bank employees generally do not have to pay for their accounts and they receive certain things free of charge. My husband has worked his way up as far as is possible at the bank at which he’s been for the past decade and a half and he doesn’t have to pay ATM fees when you uses foreign ATMs; that’s nice for me.
Buy stock in a bank
It’s a good way to earn some money. You have to go big or go home, as they say (They? I don’t know who they are, really). Some of the world’s most affluent and wealthiest people own stocks in banks, and it is a good buy if you know which ones are performing well, which ones are profitable and which ones are not in trouble. Do not make this decision lightly, of course, since many banks fail regularly. Do your research and come up with your investment based on the hard facts and evidence.
Open more accounts
Okay, so that does sound more expensive off the top of my head. Some banks offer their customers higher interest rates when they open more than one account, and some offer higher interest rates when you have a certain type of account. Check the fine print, the offers and what is available to you to figure out how to make more money than you might with a traditional savings account and a typically low to the point of ridiculous interest rate – you know, the ones almost always associated with these types of accounts.
Buy pennies
Did you know that pennies made before 1983 are made more out of copper than zinc? And did you know that copper is worth quite a bit? You cannot melt down pennies legally to sell the copper, but you can save them so that when it is finally made legal you can do this and make a lot more off your pennies.
Flip a home
I’m not someone who typically advocates flipping houses unless you have the cash to do it. However, if you have to take out a small loan to flip a home and get started, go for it; after understanding the risks. This is a great way to make money and pay off your loan very quickly if you’re good at what you do – and it means making money thanks to the bank.
Go for the Bonus
There is nothing wrong with opening an account with a specific bank simply because that bank offers a nice sign up bonus. Many offer it, and you can make several hundred dollars per year using this method, which is a nice little addition to any savings account. You don’t have the leave your accounts open for long, either.
Buy a bank foreclosure
You need not spend hundreds of thousands of dollars to buy a bank foreclosure. Some are worth as little as a few hundred dollars. You can then fix them up and sell them at a profit, or live there forever. My husband and I were shocked to find our dream home on the market last year as a bank foreclosure, and we snapped it right up. To get a little personal, we paid way below what it’s worth for it and we had it appraised after putting about $30,000 into it to add granite, landscaping and a few other minor details and our house is now worth significantly more than twice what we paid for it. That’s nice for us – and we don’t mind at all.
Buy coin rolls
Did you know that there are certain coins that are worth more than face value? Become familiar with them – there are quite a few – and go coin roll purchasing at your bank. You trade your dollars for rolls of coin, go through them and see if you can find anything that’s worth more than face value. It’s simple.
Photo by Spencer Platt/Getty Images
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