Should You Open An Online Bank Account With Your Stimulus Check?

By this point, you’ve heard about the recent COVID-19 stimulus bill. The novel coronavirus has caused, among other things, a lot of economic turmoil. While some people can work from home or use paid time off, others are feeling more financial strain. The stimulus bill aims to help relieve some of that.

Stimulus Money Basics

What does this stimulus bill mean for you? It depends on how much money you made by the time you filed your 2018 taxes. Most adults in the US can expect $1200 per adult, meaning that while single people can expect a $1200 check, married couples will get $2400. Households with children can expect $500 per child. However, those who make higher incomes can expect less, and some will not receive any funds at all. For example, a single adult who makes more than $99,000 will not receive a check.

If you do receive a check, when and how can you expect your funds? The money will be sent out over the next few weeks, so keep an eye out. You may receive your money any day now, or you may have to wait for a while. If you’ve authorized the IRS to make direct deposits into your bank account, that’s where you’ll see the money. Otherwise, you can expect a check in the mail.

What Should You Do With the Funds?

What should you do with your stimulus check? It depends on your current financial situation. If you’ve lost your job or are feeling extra financial strain, you should use your check to pay for the basics like groceries and prescriptions. If you’re fortunate enough to still have a job, you should turn your stimulus check into an emergency fund.

Should You Open an Online Bank Account?

For some people, this stimulus bill provides the perfect opportunity to open an online bank account. If you’re able to turn your check into an emergency fund, online banking provides an excellent way to do that. For one thing, online banking often offers better interest rates than brick and mortar banks provide, which can help you make the most of your stimulus money. For another thing, online banks also tend to have rewards programs. A few even offer interest on checking accounts.

Make the Most of Your Stimulus Funds

If you can save any or all of your stimulus money, opening an online bank account gives you a way to make the most of your funds. You can keep your money safe and maybe even put it to work for you.

If you’re interested in opening an online bank account, Bundlefi can help. Not every online bank is the same, and you want to find the one that best meets your needs. Take a look at Bundlefi today to compare your online bank options.