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7 Accounts to Make Your Social Security Income go Further

SAVING & SPENDING
Last updated March 14, 2024 | By FinanceBuzz Editors
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Do you receive direct deposit payments from Social Security? If you do — and you aren’t using one of these accounts — you could be missing out on $100s or even $1,000s of basically free money every year.

Some of the accounts below offer various methods of growing your wealth if you receive Social Security via direct deposit, and some of them even offer large cash bonuses and other benefits — like up to $400 cash bonuses and APYs up to 5.00% or higher!

Check out the options below and stop missing out on basically free money!

Earn a $400 bonus with this checking account

We hate to tell you this, really. But if you aren’t banking with Truist Bank, you’re missing out on extra cash. Don’t worry though … it’s easy to fix.

Earn a $400 bonus when you open a new Truist One Checking account online between February 28, 2024 and October 30, 2024 using promo code TRUIST400AFL24. Terms apply.1

Complete the following within 90 days of account opening:

  • Receive at least one qualifying direct deposit of $500 or more.
  • Complete at least 15 qualifying debit card purchases.

This is practically passive income and a great way to supercharge your earnings.

Plus, you can enjoy other benefits like no overdraft fees, a $100 negative balance buffer,2 and automatic upgrades for access to growing perks.

Open your new Truist One Checking account here

Get a financial advisor for everyday folks and skip the hefty management fee

If your net worth is less than $300K, you may feel like a financial advisor is out of reach. Frankly, you might think the whole stuffy system is outdated.

Good news: Domain Money just brought financial advice into the modern world, so you can get the personalized plan you need to hit your goals faster.3

How Domain Money is different:

  • Only one flat fee for your plan: Skip the traditional ongoing management fee (you’d pay whether your investments make money or not).
  • Money-back guarantee: If you’re not 100% satisfied, you get your money back, no questions asked.
  • No minimum investment.

It’s easy to get started: Book your free strategy session here — you don’t need to prep anything!

Important: The one-time fee for your financial plan isn’t cheap — because it’s detailed and time-intensive work for an experienced CFP — but it can be more than worth it. A study by Vanguard found that, on average, a $100,000 investment over 25 years would grow to $340,000 if you manage it yourself, but more than $680,000 if you enlist professional help.4So the value could far outweigh the price.

So quit feeling like you’re being pushed aside and have to hit your wealth goals alone.

Set up a free strategy session

If you’re over 50, take advantage of massive discounts and financial resources

Over 50? Join AARP today — because if you’re not a member you could be missing out on huge perks. When you start your membership today, you can get discounts on things like travel, meal deliveries, eyeglasses, prescriptions that aren’t covered by insurance and more.

How to become a member today:

  • Go here, select your free gift, and click “Join Today” 
  • Create your account (important!) by answering a few simple questions 
  • Start enjoying your discounts and perks!

You’ll also get insider info on social security, job listings, caregiving, and retirement planning. And you’ll get access to AARP’s Fraud Watch Network to help you protect your money, as well as tools to help you plan for retirement.

Important: Start your membership by creating an account here and filling in all of the information (Do not skip this step!) Doing so will allow you to take up 25% off your AARP membership, making it just $12 per year with auto-renewal.

Become an AARP member now

Earn up to $450 with this powerful checking account

We hate to tell you this, really. But if you aren’t banking with U.S. Bank, you’re missing out on extra cash. Don’t worry though … it’s easy to fix.

Earn up to $450 when you open a new U.S. Bank Smartly® Checking account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through September 26, 2024. Member FDIC.

Earn up to $450 with a new Bank Smartly Checking account when you complete the following within 90 days of account opening:

  • Enroll in online banking or the U.S. Bank Mobile App
  • Make two or more direct deposit(s) totaling $2,000 to $4,999.99 to earn $250, $5,000 to $7,999.99 to earn $350, or $8,000 or more to earn $450
  • Fund your new account within 30 days to start qualifying activities

This is practically passive income and a great way to supercharge your earnings.

Hurry, this is a limited-time offer and is only valid through September 26, 2024. Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.

Open your new U.S. Bank account here

Invest your spare change on autopilot

The best time to invest was yesterday. The second best time is today. By harnessing the power of compound interest, not only is every penny saved a penny earned, but cumulatively those pennies can grow into thousands of dollars.

With Acorns, you could turn your pennies into real wealth with their unique automated investing system for as little as $3/mo. Setting up automatic recurring investments, even just $5/day, will set you up to take full advantage of time, compound interest, and the stock market — without even having to think about it!

You’ll get access to expert-built portfolios5 with highly rated Exchange Traded Funds (ETFs), which include stocks and bonds, that can help reduce risks compared to trading individual stocks.

Plus, you can access Acorns’ Round-Ups® feature, where your daily purchases get rounded up to the next dollar and automatically invested, adding even more wealth-growing opportunities on autopilot!

BONUS: Set up Recurring Investments and Acorns will give you a $20 bonus after you make your first successful Recurring Investment (minimum $5).

Get started today for as little as $3/mo

Turn your savings into passive income

Public is a powerful investing app that lets you earn 5.30% yield6 on your cash with treasury bill investments, which can help you avoid the volatility of the stock market.

Treasury Bills power your money by unlocking rates most banks can’t provide … offering you a rare 5.30% yield on your cash.

To get started, download the app and create your account.

When you deposit your money into a Public account, you’ll get access to purchasing U.S. government debt obligations that are backed by the Treasury Department, which historically have low risk and stable returns. There are no state or local taxes to pay, and you can sell your Treasury Bills at any time. There is no minimum to open your account, and you can purchase Treasury bills in increments of $100.

Public offers a user-friendly and accessible platform that makes it easy to start investing in Treasury Bills, which can help you earn more on your cash and reach your financial goals.

Start earning on your cash today with Public

Reach Your Savings Goals Faster

Customers Bank High Yield Savings Account

Customers Bank High Yield Savings Account Benefits

  • Incredible 4.76% APY7 to boost your savings
  • Interest is compounded daily and posted to your account monthly
  • Enjoy 24/7 online access to your account and funds
  • FDIC insured, no fees, $1 minimum deposit
  • Limited Time Bonus: Earn up to $2,000 when you refer friends and family to Raisin. Visit site to learn more.
Start saving