What if I told you that you could earn 3% on your money by doing absolutely nothing with basically no risk? Would you do it? I sure hope so! There’s absolutely no reason not to! Today, I’m going to talk about the incredibly simple steps to make a passive income with a checking account.
It’s no gimmick. Thousands of people earn hundreds of dollars every single year with this simple trick. And the best part is, earning a passive income with a checking account is available to every living body on this planet.
1) Find a Credit Union with Great Rates
Credit Unions offer some fantastic rates on checking accounts. I mean check out the table I created below! If you opened a checking account with Finex Credit Union and had $25,000 in the bank, you could earn over $500 in one year for basically doing nothing! That’s pretty sweet, right?
|Name||Offered Nationwide?||APY||# of Debit Transactions Required per Month||Balance Cap||Annual Earnings|
|Provident Credit Union||No||2.01%||1||$25,000||$502.50|
|Lake Michigan Credit Union||Yes||3.0%||10||$15,000||$450|
|Connexus Credit Union||Yes||1.75%||15||$25,000||$437.50|
|Advantage Plus Credit Union||Yes||2.30%||12||$15,000||$345|
|Great Lakes Credit Union||Yes||3.0%||10||$10,000||$300|
|Pen Fed Credit Union||Yes||0.50%||1||$50,000||$250|
|CapEd Federal Credit Union||Yes||2.5%||12||$10,000||$250|
|First Tech FCU||Yes||1.58%||12||$10,000||$158|
|MidWest America FCU||No||1.51%||10||$10,000||$151|
To earn these rates, you typically just need to do a few things:
- Set up a direct deposit into the account
- Use your debit card the minimum number of times (they typically require 10 or more – it’s in the table if you’re curious about a certain bank), and
- Check your account online a minimum number of times (typically 4 or more)
And that’s it!
2) Calculate Which Option is Best For You
The next question is, which credit union is right for you?
a) Is it offered in your area? This should narrow down the list to 7 or 8.
b) How much do you have in the bank? If you’ve got $25,000+, then you should probably go with Finex or Provident to maximize your returns. If you have less, then you’ll want to consider the percentages and the maximums. Don’t be fooled by high percentages and low maximum payouts (ie. BECU…that high-yield checking account is a joke. Sure, the percent is 4%, but they only pay that on $500, which means $20 a year! That’s crap and shouldn’t even be considered).
It’s Time to Make Some Easy Passive Income
It’s your turn, and you’re running out of excuses not to sign up.
First of all, you can no longer say that you had no idea that a deal like this existed (it never fails that I get a comment like this when I mention my 3% checking account in a random post). Now you know, and if you do nothing it’s just like losing hundreds of dollars a year, because you blatently ignored the opportunity.
Second, I made the above table clickable and linked everything directly to the checking account sign-up pages. So not only can you ignore the fact that these high-yield checking accounts exist, but if you don’t sign up it’s 100% your fault. I couldn’t possibly make this any simpler.
So which option will you choose? Are you ready to make a passive income with a checking account?
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.