I’m a Bank Teller: 5 Secrets to Earning More Interest On Your Savings

Making money isn’t easy – so you might as well make your money work for you, too! Instead of parking your money in an account and forgetting it, it can be smart to make some strategic choices when it comes to banking. Rachael P., a bank teller who’s spent over a decade watching customers grow their nest eggs, has some tips on this front.

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“I’ve legit seen people transform their finances with a few simple moves,” Rachael said. “It’s not about having a fortune to start with. It’s about being smart with what you’ve got.”

Here are five secrets to earning more interest on your savings :

Ditch Your Old Savings Account

According to Rachael, it’s time to go digital when it comes to savings.

“Online banks are where it’s at,” Rachael shared. “Their rates can be much higher than traditional banks – everyone should look into it.”

She also encourages people to compare the rates on their savings accounts, no matter where they bank.

“I see customers who don’t realize they’re essentially giving away money by sticking with low-yield accounts,” Rachael said. “I try to tell everyone I can, but I’m just one teller!”

Build a CD Ladder

Rachael wishes more customers knew about CD ladders.

Instead of putting all your money into one CD, you spread it across multiple CDs with different maturity dates. As each CD matures, you can either cash out or reinvest, giving you regular access to your funds while still benefiting from higher rates.

“It’s the best of both worlds,” she explained. “You get good long-term rates, but you’re not tying up all your money for years. Higher returns and liquidity!”

Don’t Sleep on Money Market Accounts

If you have some money saved up, Rachael thinks you should consider a money market account.

“They can blow savings accounts out of the water, rate-wise,” Rachael said. “Just watch out for minimum balance requirements.”

Money market accounts typically offer higher interest rates than traditional savings accounts, especially for larger balances. They also often come with check-writing privileges and debit cards, making them more flexible than standard savings accounts.

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Maximize Your Checking Account

Rachael shares that it’s a common misconception that only savings accounts can make you money.

“Some of these new rewards checking accounts are really good,” she said. “I’ve seen rates that rival savings accounts.”

High-yield checking accounts can offer interest rates comparable to or even higher than savings accounts. The sometimes catch? You usually need to meet certain monthly requirements, like making a minimum number of debit card transactions or setting up direct deposit.

Put Your Savings on Autopilot

If you can, Rachael thinks you should make everything automatic.

“Set it and forget it,” she said. “You’d honestly be amazed how fast those little deposits add up.”

“Start small if you need to,” she continued. “Even $25 or $50 a week can make a big difference over time.”

Bonus Tip: Combine Strategies for Maximum Impact

While each of these strategies can boost your savings on its own, Rachael suggests combining them for even better results. Win-win!

“I’ve seen people use high-yield savings accounts for their emergency funds, CD ladders for medium-term goals, and rewards checking accounts for their everyday cash,” she said. “It’s all about knowing your options.”

The Bottom Line

Using Rachael’s tips can supercharge your savings – but remember to consult a professional before you make any big decisions.

Also, it’s important to note that interest rates and account terms can change frequently, so it’s important to regularly review your savings strategy. And while chasing the highest rates can be tempting, make sure to consider factors like account fees, minimum balance requirements, and ease of access when choosing where to park your cash.

This article originally appeared on GOBankingRates.com : I’m a Bank Teller: 5 Secrets to Earning More Interest On Your Savings