8 Clever Moves When You Have $1,000 In The Bank

Keeping tons of money in your checking account means you're missing out.
Last updated Aug 14, 2020 | By Christy Rakoczy
$1,000 in Checking Account

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Saving up $1,000 in your checking account is a big milestone. But leaving the money in checking likely doesn't make much sense since most checking accounts pay minimal or no interest.

Once you've worked hard to amass $1,000, you want to put your money to work for you. Here are eight money moves you can make to get the most bang for your buck and get on the path towards a bright financial future.

Invest in Apple or Amazon for just $1

Once you've built up your savings, one important next step is to come up with an investing strategy. Even if you decide not to invest a lot of money, don't let that stop you — you can start investing with just $1.

Stash is a great place for beginning investors to get started. You can buy fractional shares (partial shares) in companies that are household names like Apple, Google, and Amazon. Normally a single share of these companies would cost hundreds or even thousands of dollars, but you only need $1 to get started with Stash.

If you're thinking about saving for retirement, you can start investing in an IRA and enjoy the tax benefits that come with retirement accounts. Stash also offers all kinds of tools and guides to help you along the way.

For a limited time Stash will give you $5 to invest when you make your first investment.*

Sign up for Stash now

Leave your family up to $1,000,000 (starting at just $8 a month)

Purchasing a life insurance policy is a great way to invest in your family's future and if you have at least $1,000 saved, you can easily afford a policy.

Life insurance is an essential purchase if you currently have anyone who depends on you or if you plan to have a family in the future. By getting insurance, you can help make sure your family doesn't suffer financially if something happens to you. A policy could help you make sure your spouse can pay off your mortgage, your kids can pay for college, or your aging parents can get help from a professional caregiver if you aren't there to assist them.

Buying life insurance doesn't have to be difficult. Bestow allows you to apply for a policy online in just five minutes. You won't need to worry about a doctor's visit or doing tons of paperwork, and policies start at just $8 per month. Shop for coverage today with Bestow so you can help protect your family.

Get a quote from Bestow now

Save up to $500 on car insurance

Car insurance can be expensive, so you want to make sure you're not overpaying on your current premium.

Financebuzz has made it easy to search and compare quotes. Think of it as Kayak, but for car insurance.

We can help match you to insurance carriers and regional agencies to help you save on your car insurance. Financebuzz can save drivers up to $500 per year compared to their current insurance premiums.

It takes less than 5 minutes to fill out the form and you'll receive a list of matches that show you online, email, and potentially phone quotes.

Click here to get started

Save the $250 you'll probably pay in bank fees this year

Bank fees are annoying, so stop paying them.

The average American pays hundreds in bank fees every year. There are no hidden fees with a Chime bank account - no monthly fees, no minimum balance fees, and they even offer fee-free overdraft - up to $100.¹

And no fees doesn't mean no features. With Chime, you can build your savings faster by automatically rounding up your purchases, plus get paid up to two days early when you use direct deposit².

Apply online in just two minutes — there's no credit check required.

Sign up for Chime now

Stop overpaying when you shop online

Shopping online has its perks. It's super convenient, but it can be time consuming to find the best deals. Instead of hunting for coupon codes (that don't always work!) and opening tons of browser tabs comparing prices, you can try Wikibuy.

Wikibuy makes saving money effortless. Just add Wikibuy to your browser and when you check out, Wikibuy will automatically add the best coupon code in their extensive database to help you save cash. And before you check out at favorite stores like Amazon, Target, Home Depot, and Best Buy, Wikibuy will notify you with a friendly pop-up if the item you're buying is available cheaper somewhere else.

Wikibuy is free to use and will never show you ads. Add Wikibuy today and stop overpaying!

Get Wikibuy now

Budget better and trim up to $720 from your bills

Even if you're disciplined about saving, you've probably had months where you looked at your bank balance and wondered where your paycheck went. A budgeting app like Truebill can help you take control of your money — spend intentionally on the things you value and stop throwing money away on unimportant things.

Once you have a complete picture of your finances, it's easy to see ways to save. And Truebill can help make those potential savings a reality. Their expert negotiators can call the cable company and phone company to help lower your bills. They'll also help you cancel unwanted subscriptions and put that money back in your bank account where it belongs.

Truebill has already helped save its members over $50,000,000 on their bills without much time and effort.

Download Truebill now

Turn a photo of your grocery receipt into an Amazon gift card

Even if you're on a tight budget, what’s one expense that won't go away? Your grocery bill.

Now you can get rewarded for your grocery bills with an app that lets you earn gift cards from pictures of your grocery receipts.

All you need is your phone and the Fetch app. After you're done shopping, just snap a photo of your receipt.Your photo earns points. Then you can redeem those points for gift cards at popular stores like Amazon, Target, and Home Depot.

BONUS: You'll get 2,000 points bonus when you enter this referral code: BUZZ before you scan your first receipt.

Sign up for Fetch today

Get the cash you need without leaving home

If you need quick access to cash, a home equity line of credit (HELOC) from Figure is one of the simplest and fastest options available.

You can get a HELOC from Figure without ever leaving home. Whether you'll use the money for debt consolidation, a home improvement project, or a major purchase, you could have your money in days, not months.

Their online application is fast and easy to complete. There's no in-person appraisal needed and they even have online video notaries available in some locations. You could receive funding in just 5 days³ — get the money and get on with your life.

Checking your pre-qualified offers from Figure won’t impact your credit score,⁴ but you do need a credit score of at least 640 to qualify.

Get a quote now

Invest in paintings by Basquiat, Picasso, Banksy

The ultra-wealthy have been flipping art for huge profits for decades and now non-millionaires can get in on the action. Masterworks is a platform for investing in blue-chip art, an asset class that’s outperformed the S&P 500 by over 180% since 2000.

Masterworks purchases multi-million-dollar paintings and divides up ownership among its members. Just like stock in a company, you can own fractional shares of artwork. If the painting sells, you make money off the appreciation.

While Masterworks requires a $5,000 account minimum to get started, you can invest as little as $20 in each work.

Skip The Waitlist: Use our link to schedule a call with Masterworks today, and get exclusive access to bypass the 8,000 person waitlist!

Click here to get started

Turn your $1,000 into $2,000 without even thinking about it

Wouldn't it be nice to double your savings? Having some extra money in your emergency fund is a good feeling.

If you need a little boost for your savings, consider Digit. It's like your smart financial assistant, dedicated to helping you achieve your financial goals. Just tell Digit what your goal is — maybe it's paying off credit card debt, saving for a vacation, or building that emergency fund — then let their sophisticated algorithms do the rest.

Digit will analyze your spending habits then automatically move the perfect amount to your secure Digit account. You'll start saving without even thinking about it or changing your lifestyle.

Digit has already helped its users save over $2.5 billion dollars!

Sign up for Digit here

Get paid $100 to ditch your debit card

Make sure you're keeping that $1,000 somewhere that will reward you for your money. If you're using a traditional bank account, you might not only be missing out on rewards, you're probably paying unnecessary fees.

With an Aspiration Spend & Save account, you’ll get $100 for opening a new debit card - just open an account, use your Aspiration debit card to make at least $1,000 in purchases within 60 days and you’ll get $100!

You’ll also be eligible for up to 10% cash back on purchases and up to 1.00% APY on your balance - that's 14x the national average interest rate.³

Not to mention unlimited fee-free withdrawals at over 55,000 ATMs and best of all there’s no minimum credit score!

Sign up with Aspiration

Stash Benefits

  • Get $5 to make your first investment
  • Invest in stocks, bonds, and ETFs
  • Fractional shares available
  • Start investing with just $1