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. 1, 2022 | By FinanceBuzz Editors
$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.

Cancel your car insurance

We've got bad news. You could be wasting $500 every year on overpriced, second-rate car insurance. And you should probably cancel your existing insurance right now, because there's something much better.

This new tool from FinanceBuzz can tell you if you're overpaying for your car insurance in just a few clicks. On average, we find around $500 a year in savings for drivers. And once you try it out, you'll never have to look for affordable insurance again because we find you the lowest rates that other companies can't match.

Oh, and it's also free. And come on — you can't tell us you don't want to save up to $500. To find out if you're losing up to $500 or more a year, just enter your zip code here, answer a few questions and see if you're overpaying. It takes less than 2 minutes.

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Prepare for market volatility by diversifying in gold

Stock market volatility can be financially damaging, especially as you near retirement. You could move your investments into a savings account, but have you seen interest rates lately? Another option to consider — diversify with gold.

Gold values are inversely correlated with the stock market and the dollar. When one goes down, the other usually goes up. If you want to protect your retirement funds, having diversified investments may be able to help you weather market swings.

Gold Alliance is a reputable precious metals dealer that specializes in precious metals IRAs. They make it simple to transfer funds from your current retirement account (like a 401(k) or IRA) into a precious metal IRA — with no taxes or penalties.

Gold Alliance offers a free gold information kit to help you learn more about why gold and silver could be a smart choice for diversifying your portfolio, and how the process works. 

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Access up to 17.5% of the value of your home without extra debt

Pulling cash out of your home could help you pay off debt or fund home renovations. But depending on how you do it, it could also add extra debt while increasing your monthly payments or interest.

Unison is a new way to unlock the cash in your home without taking on more debt. You could get cash from your home’s current value by working with Unison, who receive a share of your home’s potential appreciation in the future. And there’s no extra debt.

Enter your address here and see if your home qualifies. They’ll tell you the estimated max amount you can access, usually up to 17.5% of the value of your home. If you apply and are approved, you could access funds in as little as 3 days once you sign your offer letter and closing package. 2

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Pay No Interest Until October 2023

Imagine getting 15 billing cycles with 0% interest on a balance transfer or a big purchase.  You could dramatically change your financial picture with this industry-leading low-interest card - the Bank of America®️ Customized Cash Rewards credit card.

If you want to kick high-interest credit card debt to the curb, this is one of the best get-out-of-debt cards available. Transfer your high interest debt to this card with a 0% intro APR for 15 billing cycles for any qualifying balance transfers made in the first 60 days on balance transfers (transfer fee $10 or 3%, whichever is greater). Your payments can go directly to paying down your balance without incurring a pile of additional charges. That could save you hundreds of dollars in interest!

It doesn't just stop with balance transfers though. Cardholders also get a generous intro APR of 0% for 15 billing cycles on purchases. After the intro period for purchases and balance transfers, then APR is 16.24% - 26.24% variable.

Plus, new cardholders can get a one-time cash bonusearn a $200 online cash rewards bonus after spending $1,000 in the first 90 days of account opening. Use your card just for essentials at the gas station or grocery stores, and you can easily meet the spending requirement.

Add to this the fact that this card offers a 3% cash back on the category of your choice; 2% cash back at grocery stores and wholesale clubs (on the first $2,500 spent each quarter in the 2% and 3% categories combined); and 1% cash back on all other purchases, you've also got one of the best cash back cards on the market - customized to the way you spend! 

The best part? There's no annual fee.

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