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Online Banking For Freelancers
Manage episode 354012247 series 3437793
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Would you switch banks for an extra 30K?
Yeah, me too.
This all begins with a simple question: Are you getting a good rate of return for the money in your savings account?
Chances are your bank isn’t working hard enough to keep your business, and you’re missing out on money that requires little effort to earn.
In this episode, Alex breaks down why it’s time to check how much your current savings account is paying you and 3 critical areas to pay attention to when making a banking change.
In this episode, you’ll also hear:
- Defining what an online bank offers vs. brick-and-mortar banks
- 3 things to consider when changing where you park your savings
- Massively increasing your interest for only 5 minutes of work per year
Must-listen moments:
[00:01:46] With interest rates increasing, the time is now to review your savings account and how much your hard-earned mattress money is making you.
[00:03:57] When looking at an online bank or really any financial decision that has uncertainty, we must look at the risk involved. This risk can be entirely mitigated by what we call FDIC insurance.
[00:05:24] Avoid companies that are flashy and will drop the rate after a promo period. It's not worth hopping around, and do not inadvertently lock up your money with anything that has early withdrawal penalties without doing some extensive analysis.
Visit www.FreelanceFinanceFix.com for more insight and to download all our free stuff!
Follow Alex at https://www.linkedin.com/in/alexmlynch/
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