6 Unusual Ways Lazy People Are Boosting Their Bank Account (2024)

FAQs

How can I boost my bank account? ›

If you're looking to increase your savings balance and ensure you have enough stowed away for a rainy day, think of ways to boost your earnings—at your current job, in a new position, or even by adding a side hustle. Reducing costs and putting those savings into an interest-earning account is another proven method.

Money Orders

When it comes to paying bills, you can opt for a money order rather than a direct debit or standing order. A money order can be purchased in a variety of places, such as the Post Office or supermarket. You must pay the face value of the money order at the time of purchase, as well as a small fee.

Yes and no. It can make you happy to know that you have financial security, that's one of the biggest priorities in life. However, if you're insecure about yourself in general, no amount of money is going to make yourself happier.

Poor Credit History

If an individual has a low credit score, they will find their access to such banking products restricted. People can have a poor credit history if they have missed payments on loans or credit cards.

When I interviewed my customers, however, I learned that for many lower income people, commercial banks are ultimately more expensive. The rapidly increasing cost of bounced check fees and late payment penalties has driven many customers away from banks, particularly those who live close to the edge.

Canceling unnecessary subscriptions and automating your savings are a couple of simple ways to save money quickly. Switching banks, opening a short-term CD, and signing up for rewards programs can also help you save money. Making a budget and eliminating a spending habit each day can help lead to long-term savings.

Accounts that lie dormant for too long might even be closed by the bank automatically, and those that remain untouched for three to five years can be considered abandoned and turned over to your state's treasury.

Know your banking history

There are a few reasons your bank account may be closed for cause: You failed to pay insufficient funds fees after overdrawing your account. You have a history of writing bad checks to merchants. You've committed fraud.

The general rule of thumb is to try to have one or two months' of living expenses in it at all times.

Ultra-high-net-worth individuals (UHNWIs) need checking accounts that are equipped to meet their unique wealth management needs. Many ultra-high-net-worth individuals choose to conduct their banking at the same institutions that are frequented by average consumers.

What are 3 reasons millions of americans don t have a bank account? ›

Among the top 3 reasons, consumers said that not having enough money, high or unpredictable fees, and distrust of banks were reasons they didn't have accounts.

Lack of access via a nearby bank branch or mobile phone. Minimum balance fees. Distrust of the banking system, typically due to lack of transparency regarding fees and deposit timing. No access to government-issued ID, which is required to open a bank account.