While interest additions on a bank statement are always pleasant, most of us don’t exactly count on this money as part of our monthly income. After all, with modest savings and an average interest rate of around 2.73% on instant access saving accounts, most of us don’t earn enough here to make tracking that money worthwhile. But, what if we were to tell you that there are some interesting ways to make more from your interest? 

Admittedly, unless you’ve got substantial sums in the bank, you’ll never reach giddy heights here. Still, it might just be worth your while to take note of the following improvement areas for your interest overall. 

# 1 – Online-Only Savings

Online-only banks like Atom are becoming an increasingly viable option for savers. This is especially true as traditional bank branches continue to close their doors, meaning that most of your savings will already happen online anyway. So, why not make the switch?

Online-only banks that have always had lower overheads will quite often provide better interest rates. Even with an instant saver account, Atom’s interest rates rest at around 3.85% AER variable. These amounts go up to 4.80% monthly interest on fixed savings accounts. Even if you’ve got £1,000 in the bank, you could earn almost £50 of interest on that money in a year. 

# 2 – Rewards Accounts

Rewards accounts are another great way to accumulate wealth across your interest. These accounts will typically provide you with an agreed higher rate of interest if you meet a set range of criteria, which may include monthly deposits, or simply a lack of withdrawals for a set period. If you meet those expectations, then your interest rate will likely be well above average. 

The only thing to bear in mind with these accounts is the fact that, if you do breach those expectations, your interest may be a lot lower than it would be on a standard account. For that reason, you should always do your research, and make sure that you can easily meet the requirements necessary to earn the highest possible interest rate. 

# 3 – Earn Interest on Your Entire Income

For some people, increasing interest earnings also requires an understanding of how to earn across your entire income, including cryptocurrency. While crypto payments are still relatively rare, around 25% of worldwide businesses do use them in payroll. And, if you’re only putting solid cash into your bank account, this could result in a lot of missed interest potential. 

If this applies to you, then rest easy that you can still earn interest on your crypto earnings themselves. Achieving this goal simply requires you to find reliable, crypto friendly banks with clear policies. This will allow you to easily place crypto payments into a verified, high-interest savings account without unwanted restrictions or unexpected account closures. 

Is interest likely to make you rich? Probably not, but boosting interest where you can is always an interesting way to make your income do some work for once!