How your favourite personal finance influencers organize their bank accounts
Wanna make money like an influencer? Us, too! We bought a ring light and well … follow us on TikTok to see how that’s going.
What we did discover however, was that some of your favourite personal finance influencers are organizing their bank accounts in innovative ways that actually save and earn more money.
One example of this is the concept of using a high-interest savings account (HISA) as a hub for your finances. There can be a lot of moving parts with your everyday expenses, and this can be a helpful way to manage, without thinking about it too much. This system works best when you’re using a no-fee HISA like the EQ Bank Savings Plus Account, as your main account. This gives you the freedom of moving money whenever you need to, with no monthly account fees, while earning interest on every dollar.
Here’s one example of how this concept looks in action. Remember, you can customize it in whatever way makes the most sense for you and your finances.
Savings Plus Account 1 – Your main account
This is your main Savings Plus Account – where the action happens. This is also where you’ll deposit your payroll, so you can start earning interest on every dollar you make. From there, you can automate recurring bill payments, pay off your credit card, send Interac e-Transfers® and international money transfers – all with no monthly fees.
Now let’s have a look at your sub accounts. With EQ Bank, you can open up to five Savings Plus Accounts, and your funds are building compound interest, no matter which one they’re in.
Savings Plus Account 2 – Your emergency fund
It’s best to only use your emergency fund in case of … well … emergency! If an emergency does arise, you can transfer money or pay bills from this account as well. Set up a recurring transfer (every week, every month, whatever works for you) from your main account to build it up, and then watch compound interest do its thing.
Savings Plus Account 3 – Joint account
Set up a recurring monthly transfer for the amount of your living expenses. With EQ Bank, joint accounts can be held with up to two other people – your spouse, roommate, bestie, whoever you need to have access to these funds. This is the perfect account to pay your mortgage or rent out of if you are sharing your principal residence.
Savings Plus Account 4 – Short-term savings
Whether you’re saving for a vacation, car, or to rent out your favourite restaurant for a huge bash, set up a recurring transfer from your main account to build up those savings. Set it and forget it, and you’ll reach your savings goal in no time.
Account 5 – Investment account for long-term savings
This can be a wedding fund, retirement fund, or the down payment on a house. With EQ Bank, you have a ton of options to choose from here, including GICs, TFSAs, and RSPs (It’s best to use these products for longer-term savings you won’t need instant access to). These are all great choices when you need a low-risk investment, especially in times of market volatility.
Level up your everyday spending
We know you’re here for smart ways to hack your finances and make even more money. We see you – and we’ve got you. Get even more out of this concept by using your favourite rewards-bearing credit card for your day-to-day spending. That way, you’re able to keep money in your high-interest savings account for longer, taking advantage of that daily compound interest. Before your credit card balance due date, pay the bill in full. The funds won’t exit your account immediately, like they would with a debit card, which allows the funds to earn you more interest. This way, you’ll reap the rewards from your credit card and earn interest through your EQ Bank Savings Plus Account.Now sit back, relax, and spend more time on the things that matter – like keeping up with the newest TikTok trends. Ready to earn like an influencer? Let’s get started.
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