how to earn 3% on your savings account

savings account

Raise your hand if you LOVE earning more money for doing no extra work.

Yeah, me, too, which is why I have no clue as to why I waited so long to tell you all about this savings game-changer. (Ok, it was because I was so busy, but let’s just both agree to move past that and forgive me.)

Last winter, I came upon this app called Digit, and it quickly became one of my go-to financial tools that I used to help supplement my savings game. I’ll admit, I’m already a savings all-star (sorry for the humble-brag), but I also knew that in all reality, I could be doing more. So I signed up for Digit and after about 6 months, had an additional $600 saved that I never even missed. How crazy awesome is that?

However, in April of this past year, Digit announced that they were going to start charging fees for their services, and all hell broke loose in the personal finance world. You would have thought someone had insulted all of our grandmothers with the number of tweets circling in uproar around about this, including yours truly’s below:

Digit tweet

I’m sorry, but I’m not paying someone to charge me money when I could do it for free.

Thus, I took my little self to the internet and started looking for an alternative solution. I had loved what Digit had done for me and knew there had to be someone else out there doing the same. And there was. And they were doing it better.

So who is my new savings best friend?

Change. They essentially perform the same service as Digit, where they link to your bank account, analyze your spending patterns, and automatically transfer money from your checking to your savings based on what they find. In addition, they send you periodic text messages to let you know how you’re doing money-wise, and it’s extremely helpful (and sometimes shameful – even I sometimes lose track of how much damage I am actually doing. Oops.)

In as little as three months, I saved close to $400, and I’m back on track to absolutely slaying my goals. But that’s not even close to being the best part because that gold star belongs to the interest rates they offer.

Normal banks (think Chase) offer interest rates that are so low, it’s embarrassing to even mention them. Online high-yield savings accounts (which is where I park most of my savings) are currently offering around 1.5%, which is the best that it’s been in years. But Change? Well, you could earn as much as 3%, or double what the highest other savings account is offering.

On a $10,000 emergency fund, that’s $300 per year (or $150 more than your online savings account could provide).

On $20,000 in a home down payment savings account, that’s $600 per year (or $300 more).

And on what I currently having in savings, that rate would earn me over $500 more per year. Um, yes please.

Now, your balance won’t get this high (I think they cap the annual earnings at $60, or a $2,000 balance), but even at $1,000, it equates to $15 more each year for doing absolutely no extra work. That’s enough to fund 3 Starbucks runs, ladies. Can’t pass that up.

The only catch? You have to get 5 friends to sign up with Change to get there, with a tiered savings rates based on how many referrals you’ve collected. Not the best case scenario (I mean, 3% upfront would be bada$$), but there’s always a catch, and this one isn’t that horrible.

Change savings

If you’re ready to get fierce with your savings, click the link below to sign up and start sharing this amazing tool with your friends. It’ll not only help you save more but also earn more in the process, which is essentially like being able to eat a sleeve of Oreos without the calories.

Turn Up Your Savings Game with Change

Happy Saving!

savings account