I’m sure most of you agree that the title is pretty unusual. If you have a credit card, you’re probably losing money due to interest fees. If you have a bank account, the interest generated in your savings is hardly enough to make any money. Well, if you’re smart and signed up for the right programs, you’ll be able to make quite a few dollars for doing something you’re probably already doing. Keep reading. I promise this is worth your while.

The Discover More Card

I’ll start this off by saying I’ve made about $200 in one year just by using my Discover More card. I have yet to pay a dime in any interest as well. I’ll admit that it isn’t easy having a huge line of credit and not being able to spend it, but the key here is self-control. Self-control earned me $200 back on my purchases and it’s helping me build a strong line of credit too.

To earn money with Discover’s cashback program, you simply have to just use your Discover card. Each time you make a purchase using your Discover card, money accumulates in the cashback program. Once you hit $20, you’ll be able to use that money to deduct from your balance or request a gift card and spend it elsewhere.

The Discover More card gives you up to 1% back on every purchase you make using your Discover card. Throughout the year, Discover offers 5% back on purchases made in certain categories. For example, I’m currently receiving 5% back on purchases made at grocery stores, restaurants, and movie theaters until January. The biggest help here is the money back that I spend on groceries. They also offer 5% back on travel, hotels, home improvement stores, department stores, clothing stores, and gas throughout different months of the year. Discover also recently launched a promotion that will give you $50 back on the first $500 you spend with your new Discover card. As you can tell, the savings really begin to add up quickly.

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Now, I said it earlier but I really need to emphasize it again. Self-Control! You can link your bank account directly to your Discover card. As soon as the charges appear on my account, I transfer money from my bank account to pay the balance on my card. It’s quick, it’s easy, and just like using my debit card to pay for purchases except I receive money back. I never put something on my Discover card that I know I can’t pay back. It just doesn’t make sense. With a little bit of self-control, you can start earning rewards on purchases you’re already spending money on now. I highly recommend you sign up for a Discover Card today.

Sign up for a Discover More Card and Get Your $50 Cash Back Bonus!

An ING Direct Savings Account

This next recommendation is much more passive. You probably already have a savings account with a bank, right? Considering the average percentage yield on a typical savings account is around 0.40%, you’re earning very little each month compared to what you could be earning. ING Direct is currently offering 2.75% APY on a savings account.

Quick math time! Suppose you have $5,000 in your savings account with a bank. You would make $40 per year or about $3.33 per month in interest. That same amount of money in an ING account would earn $137.50 per year or $11.46 per month. In about four months, you would have made more with ING then you would have all year with your banks savings account. The choice is pretty clear here. I’ve only been a member with ING for a few months now and I have already accumulated $35.40 in interest.

The beautiful thing about ING Direct is that it’s operation is entirely virtual. All you have to do is open an account and link your bank account with ING. From there, you can transfer money back and forth between your savings or checking account and your high-interest ING account. It’s quick, simple, and makes you money. Your money is getting stagnant in your savings account now. Why not transfer it over to ING and earn some real interest?

Open an Orange Savings Account. There are great rates, no fees, and no minimums.

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Join the Discussion

  • Anne Pierson
    Anne Pierson

    I use the Paypal MMF and get a bit of cash regularly. And I do nothing for it! YAY!

  • Julia

    check out FNBO as well. =) it has higher rate than ING and HSBC. It’s not as popular as ING and HSBC so I put the least money into FNBO. I think I closed the ING account and put all my money into HSBC. Yeah, HSBC log-in is a pain! fortunately, i don’t log in much.

  • Mitch

    If you have access to a Paypal account with the money market fund, you can get about the same interest rate paid out monthly. I used to get 5% last year, but last month I think I only got a 2.25% rate. Just another online savings bank fyi.

  • Steve

    You can definitely spend some time shopping around. When I joined ING their rate was set at 3.00%. These rates aren’t set in stone and do fluctuate up and down a few times a year. I believe ING was set at 5.50% a few years ago. Hopefully, we’ll start to see an upturn again sometime soon.

    I have heard bad things about Citibank as well so I chose not to go with them. HSBC does have slightly higher rates, but I felt INGs interface was much easier to deal with. It all comes down to personal preference really. In the end, you’re still making much more than you would be with a savings account through a bank.

  • antonia

    First of all, thanks for providing a great service. I love this site!

    Just curious why you’re recommending ING when their APY is actually lower than several others at the moment. HSBC is offering 3.0% and Citibank is offering 3.5, just to name a couple. I’ve spent the last couple of hours researching several options and I think I’m going to go with HSBC–even though Citibank is the highest, I’ve heard negative things about their customer service and ease of use. Any thoughts on comparing these and why you chose ING?

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