How do the words “free money” sound to you?
In a sense, the interest a bank pays you when you deposit your money is “free money.”
While the interest payments made to you will not break the bank, something is better than nothing, and it adds up.
When you have money, there are a few options you have: Spend, save, or invest.
Spending depletes your cash, and investing puts some of your cash at a small risk.
When you save and get paid interest, you grow your cash.
Not all banks offer the same interest rates, so look for a high-yield savings account to maximize your savings.
Open a CIT Savings Builder Account
Want to set yourself up for savings success?
Make it easy! The CIT Savings Builder high-yield savings account is the perfect tool to kick-start your savings journey.
You only need a $100 opening deposit, which is great when you’re just starting.
And here’s the kicker: If you deposit at least $100 every month, you’ll earn the top-tier interest rate on your account balance.
See the banner below for the current top APY tier.
Pro Tip: Set up an automatic monthly transfer to your CIT Savings Builder account to make regular saving a no-brainer.
Myth #5: You Need Lots Of Money To Invest In Stocks
There was a time if you wanted to invest, then you needed thousands of dollars.
You also had to find a financial adviser and travel to an office.
Thankfully, that time is not today when all you need is a smartphone or an employer that offers a retirement plan.
Thanks to technology and the ability to buy fractions of a share, anyone can become part of the investor class by downloading an app on their phones, setting up an account, and linking a debit/credit card.
Depending upon the app, you can make lump-sum investments, or you can round up purchases and have the excess go into your investment account.
Say you spent $12.50 on lunch.
The purchase would be rounded up to $13, and 50 cents gets deposited into your investment account.
Another way to invest with not much money is to see if your employer offers a retirement plan, like a 401(k).
You can choose how much to invest each pay period, and sometimes your employer will add some money into your retirement plan, too.
Grow Your Money with Acorns
“From acorns, mighty oaks do grow.”
That’s the premise of the popular app, Acorns: Invest your spare change and watch your money grow over time.
Acorns wants to help everyday folks invest.
You can invest little money, save automatically, and earn rewards with a checking account.
