Personal Finance

How to Save Outside of a Brick-and-Mortar Bank and Make More Money

Your options are far and wide when you look past the big banks.
Guest Writer
Certified Financial Planner, Author and Blogger
2 min read
Opinions expressed by Entrepreneur contributors are their own.

In this video, Entrepreneur Network partner Jeff Rose offers some helpful alternatives to putting your savings in a brick-and-mortar bank and bank account. These include:

  1. Online savings accounts. Online banking has become more of an option recently. For these online banks, Rose emphasizes making sure they are FDIC-insured. When these online banks do not have brick-and-mortar locations, which come with many attached costs, they may be able to pay more towards things like interest. 
  2. U.S. Treasuries, or T Bills. An old-fashioned choice for some, but a good alternative to banks, especially considering the ease of purchasing on the Treasury website.
  3. Stocks that concentrate on dividends. Many of these stocks, when purchased online, can pay single-digit percentages versus the 0.5% or 0.8% of other stocks. These riskier dividend stocks are meant for longer-term investments, and can be an appropriate choice if you are not strapped for money and open to a fluctuating result.
  4. Bonds. Rose would concentrate on buying ETFs, though he warns that the fact a bond is not a stock, does not necessarily make it safer. 

Click play to hear more from Rose about putting aside money without a brick-and-mortar bank.

Related: Why This Entrepreneur Never Regrets Turning Down a 6-Figure, Salary-Doubling Offer

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