Tentmaking Tips

The financially wise person will usually tell you to keep those funds liquid in preparation for a rainy day (car breaks down, AC goes out, etc). Meaning, don't lock them away in investments where you can't easily access them or where they could lose money.

The only problem with this is that parking these funds in your checking or savings account usually yields very little interest. In fact, the currently advertised interest rate on my bank's savings account is 0.01%. Ha!

I realize this rate will fluctuate depending on interest rates and market conditions, but it leaves those of us with emergency funds looking around for better options.

Enter HYSAs. Heard of them? The acronym stands for High Yield Savings Accounts.

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It’s true. And sometimes they are very generous.

Chances are you have several thousand dollars at your primary bank that can be moved around. Perhaps this is your liquid emergency fund or some money you’ve been saving for a future purchase.

Use that money to redeem the best checking account bonuses when banks offer them.

Let me give you a few examples.

Chase Bank recently offered a $300 bonus for opening a new personal checking account and a $300 bonus for opening a new business account. I opened both. After completing a few activities, they deposited those bonuses right into my account.

Citi Bank then had a promotion offering up to a $750 bonus if you opened a new checking account with them (bonus varied depending on how much money you deposited). I signed up for this one as well and moved some money over.

Different banks offer promotions at different times, so just make a habit of