Here's How I Earned an Additional $1,200+ in 2023. Spoiler Alert: It Wasn't From a Part-Time Job or Side Hustle
KEY POINTS
- I earned over $1,000 in interest by keeping my emergency savings in a high-yield savings account.
- You can find high-yield savings accounts paying over 5% APY right now.
- Automating savings contributions can keep you from forgetting to save.
Many people are seeking ways to earn more money to afford everyday expenses. Boosting your income can make it easier to manage rising living costs. Last year, I earned over $1,200 in additional income without getting a side hustle or doing part-time work. The extra funds helped me reach my savings goals sooner. Here's how you can do the same.
I earned interest on my savings
I've been working hard to save money for various goals, including building my emergency savings. I want a solid stash in my emergency fund to be well-prepared if a costly, unexpected bill comes my way. Knowing that I can afford a surprise bill helps to ease my anxiety.
Because I've prioritized this personal finance goal, I now have a sizable stash in my high-yield savings account. Since I keep this cash in a high-yield savings account, I've been earning interest while my savings sit in the bank. In 2023, I earned just under $1,250 from interest.
I would have earned nothing if I had kept my emergency savings in my checking account. Keeping your savings in an interest-earning bank account is a great strategy to get rewarded with cash. It requires no extra work to earn money this way. It can be better than getting a side hustle if you have a busy schedule and many personal and professional responsibilities.
Our Picks for the Best High-Yield Savings Accounts of 2025
Product | APY | Min. to Earn | |
![]() American Express® High Yield Savings
Member FDIC.
APY
3.80%
Rate info
3.80% annual percentage yield as of December 17, 2024. Terms apply.
Min. to earn
$0
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
3.80%
Rate info
3.80% annual percentage yield as of December 17, 2024. Terms apply.
|
$0
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
![]() Capital One 360 Performance Savings
Member FDIC.
APY
3.70%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Feb. 6, 2025. Rates are subject to change at any time before or after account opening.
Min. to earn
$0
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
3.70%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Feb. 6, 2025. Rates are subject to change at any time before or after account opening.
|
$0
|
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
![]() Western Alliance Bank High-Yield Savings Premier
Member FDIC.
APY
4.30%
Rate info
The annual percentage yield (APY) is accurate as of Jan. 24, 2025, and subject to change at the Bank's discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Min. to earn
$500 to open, $0.01 for max APY
Open Account for Western Alliance Bank High-Yield Savings Premier
On Western Alliance Bank's Secure Website. |
4.30%
Rate info
The annual percentage yield (APY) is accurate as of Jan. 24, 2025, and subject to change at the Bank's discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
|
$500 to open, $0.01 for max APY
|
Open Account for Western Alliance Bank High-Yield Savings Premier
On Western Alliance Bank's Secure Website. |
How much you earn depends on how much money you have saved and your bank account's annual percentage yield (APY). The APY is the percentage you'll earn in a year by keeping your money in a bank account. A higher APY will result in more money earned. It's essential to review APYs when comparing savings account options so you know what to expect.
Here's how to boost your earnings
If you have money saved for future expenses or goals, opening a high-yield savings account is wise. The longer your money sits in the bank, the more you can earn. But you may be wondering how to maximize the money you earn from savings account interest. The more you contribute to the account, the more interest you'll earn. I boosted my annual earnings because I continued to stash more money in my savings account over the course of the year.
This strategy can help you consistently save money
Many people want to save money, but struggle to follow through. Life can get in the way, and some people forget to move money to their savings account, or spend the money they intend to save. One strategy that allows me to stay on top of my goals and remain consistent is automating the savings process.
You can set up automatic transfers through your online bank account. After doing this, cash will be regularly transferred from your checking account to your savings account. You can decide how often you contribute to your account -- bi-weekly contributions work well for me.
When you no longer have to rely on making manual contributions, you can save time and stay on top of your goals. Try this strategy if you want to be a more consistent saver in 2024. Check out our list of the best high-yield savings accounts to review current rates -- as of this writing, you can find APYs over 5%.
Our Research Expert
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