Here Are 5 Ways for Women to Boost Their Bank Account Balances

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

KEY POINTS

  • There continues to be a significant worldwide gender wage gap.
  • While women may earn less than men, they can make financial decisions that allow them to prepare financially for their futures.
  • Women can boost their bank account balances by keeping extra cash in an interest-earning savings account, increasing their income, and paying themselves first.

With more money in their bank accounts, women may feel more confident about their financial situations.

Despite having a longer life expectancy, women make less money than men. According to the National Partnership for Women and Families, on average, women employed in the United States lose a combined total of almost $1.6 trillion yearly due to the wage gap. With this in mind, it's no surprise that women have less money in their bank accounts. However, women can thrive financially by taking a few key steps. Here are a few ways for women to boost their bank account balances.

1. Pay yourself first

With today's high living costs, it can feel impossible to save. Women can boost their bank account balances by making saving a priority. It's okay to start small; every bit of money saved adds up and makes a difference. For example, if you commit to saving even just $25 each week, you'll have $1,300 at the end of the year. That's much better than having saved $0.

The key to making saving a priority is to pay yourself first. Before you spend your next paycheck, save a small portion of it. To save time, you can set up automatic transfers through your bank. Doing this ensures that money is transferred from your checking account to your savings account regularly, so there's no forgetting to make saving a priority.

2. Monitor your spending and follow a budget

If you're not cautious, it's easy to overspend, and for many people, this can lead to credit card debt. Monitoring your spending can help you learn where your money is going and see what changes you need to make. Using budgeting apps is an excellent way to set and track your budgeting progress. By cutting out unnecessary spending, you could boost your bank account balance.

Our Picks for the Best High-Yield Savings Accounts of 2024

APY
4.25%
Rate info Circle with letter I in it. 4.25% annual percentage yield as of July 24, 2024
Min. to earn
$1
APY
5.31%
Rate info Circle with letter I in it. 5.31% annual percentage yield (APY) is accurate as of 7/11/2024 and subject to change at the Bank’s discretion. 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
APY
5.25%
Rate info Circle with letter I in it. To ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.
Min. to earn
$0

3. Open a high-yield savings account

Make sure you have a savings account. Most checking accounts don't pay interest, so there is little benefit to keeping extra savings there. However, you can earn interest with a high-yield savings account. This is an easy way to boost your account balance with minimal effort. Review our list of the best high-yield savings accounts to learn more.

4. Pay attention to interest rates

Interest rates have been climbing. While that's bad news if you need an auto loan or mortgage, it's good news for interest-earning bank accounts. Many banks continue to increase the annual percentage yields (APYs) for these accounts. For example, some online-only savings accounts are currently paying 3% to 4%. Switching to a bank that offers higher interest rates could help you significantly boost your bank account balance.

5. Increase your income

Boosting your bank account balance can be challenging when you don't have a lot of extra money coming in. But it can be easier if you boost your income. Here are a few ways women can increase their income:

Knowledge is power -- so don't be afraid to talk about pay. Through these discussions, you may learn that you're being underpaid for your work. This knowledge could help you set new income goals and better advocate for yourself and other women in your life.

Take charge of your finances

Women are financially disadvantaged, and it's up to us to change the narrative. You're not alone if you're a woman looking to improve her financial health. The good news is it's not too late to learn more and change your daily spending and saving habits to feel more confident about your personal finance situation.

These savings accounts are FDIC insured and could earn you 14x your bank

Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. Our picks of the best online savings accounts could earn you 14x the national average savings account rate. Click here to uncover the best-in-class accounts that landed a spot on our short list of the best savings accounts for 2024.

Two of our top online savings account picks:

Rates as of Jul 24, 2024 Ratings Methodology
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American Express® High Yield Savings Western Alliance Bank High-Yield Savings Premier
Member FDIC. Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor

APY: 4.25%

Rate info Circle with letter I in it. 4.25% annual percentage yield as of July 24, 2024

APY: 5.31%

Rate info Circle with letter I in it. 5.31% annual percentage yield (APY) is accurate as of 7/11/2024 and subject to change at the Bank’s discretion. 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 APY: $1

Min. to earn APY: $500 to open, $0.01 for max APY

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