Has anyone ever told you that money doesn’t grow on trees? Well, they’re right. It actually grows in high interest savings accounts. I have an Ally savings account with a .99% interest rate. This account is my emergency fund. It’s pretty easy to put money into the online account, but it takes a little time And effort to pull it out. Kind of a perfect situation to keep you from spending your emergency fund frivolously.
I started with a $3,000 balance at Ally and two month’s worth of interest has given me $4.62 extra income. Now this may not sound like a whole lot, but let’s think about it. I did almost NOTHING to earn this money. The bank is rewarding me for not spending my money in that account. How awesome is that? By this time next year I’ll have earned more than $25 in interest (assuming I don’t add more to the account).
I never really paid much attention to how much interest I receive through my accounts a Black Hawk Credit Union, but I always knew it was more that at other places. I’ve gotten $2.40 back from them so far this year.
This month I also received a check for $4.60 from the SCRIP program at my church and former school. My dad has taught there my entire life, so my family enjoys using this program. How it works is that a business will donate a small percentage of a gift card bought through the program towards the organization. Then a percentage of that percentage goes directly to the person who bought the gift card. My almost $5 surprised me, since I’ve only been participating for a couple months and just for my typical gas budget. This is such a great program to use if you already go to a store or restaurant that participates. It’s another way to earn basically free money and donate to a non profit.
Do you know of any other free money out there? Share in the comments so we can all try it out too!
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