Are you leaving money on the table? Back in April 2020 as we all watched as the number of Covid-19 cases rise. I watched as my digital savings account dropped lower and lower.
This was expected because all the money in that account gets invested in stocks. This should be expected with a pandemic.
Although I don’t have a lot of money in this particular account, within just a couple of days I was down $400. At this point I seriously considered pulling out all my money. I could just transfer it to my bank account. I even considered the whole “hiding my money under the mattress” spiel. Eventually, I decided not to do that. However, I did put a hold on the account to freeze adding any more loose change to it.
How does it work?
How does this account work? It’s an app, and whenever you buy something on a debit or credit card that you assign to your account it takes your loose change and saves it for you. By save, I mean it gets invested in stocks for you and you earn money on the money already being saved for you. So if you spend $1.80 it rounded up to $2.00 and the $0.20 gets transferred from your personal account to this digital account and gets invested for you. In my experiences my gains out weighs my loss.
My decision to leave my money where it was and not withdraw it all for safe keeping was a good one. Eventually, I was able remove the hold and unfreeze the account. Luckily I have gained my $400 back plus and additional $370. So now i’m up $770 from investing my loose change.
I’m actually grateful for this digital savings account. Last winter I was able to withdraw $1500 to purchase a new boiler. That was $1500 that I did not budget for. Thankfully, I didn’t have to worry about it because I had enough money in this account to cover it.
So if you are thinking of a way to save a few dollars without much of an impact on your already tight budget, this is a great way to go.
If you are interested in signing up and getting a cash bonus when you sign up click here