How to Save Money Without a Bank Account

Saving money in the bank is not always a financially smart step to take because it offers low interest rates. If you are looking for ways to manage finances or the best place to put your money, there are non-bank alternatives that can offer better returns for your savings. Here are some options that you should consider:

Certificates of Deposit

Certificate of deposit offers fixed interest rates which are advantageous in protecting your savings from fluctuating rates. Unlike a typical savings account, you cannot withdraw the amount inside for a specific time. The longer the lock-in period is, the more you will save.

If you want your money to grow more, you can also take various certificates of deposit that mature at different times. They offer better security and reduce risk because of their flexibility.

High-Yield Money Market Accounts

A money market account gives you higher interest rates compared to the typical savings account. It often includes check writing and debit cards and is under insurance protection. This kind of account often has restrictions; thus, it can be less flexible than the regular savings account.

You can open a money market account both in banks or credit unions, but you need to maintain the minimum balance amount. Money management is crucial in this option because failure to comply can lead to a penalty.


A stock represents a portion of ownership of a corporation. When you have stocks in a certain company, you are entitled to the asset equivalent to the number of stocks you have. The money you invest earns when the company is doing well, but when it loses value, you’ll lose money too. People with a high appetite for risk usually explore this option to save money without the bank.

Short-Term Bonds

Short-term bonds can be a good option if you are looking to save for a certain period whilst letting your money grow. Investments, such as bonds and stocks, can yield better returns but are often accompanied by risks. Bond prices fall when interest rates increase, making bonds at risk for losses as time goes. However, a short-term bond allows you to earn whilst reducing the risk.

Online Banks

A good way to manage finances is the use of technology and the Internet. It has made banking a lot easier and more convenient. A majority of online banks offer the same services as the typical banks but with better interest rates for savings accounts. These banks provide better rates because they do not have to spend on overhead costs, unlike brick and mortar banks. Additionally, online banks offer around 10-20 the rate despite the fluctuations in the market.

Credit Unions

Credit unions function almost similar to banks, but they offer a limited range of services. Their rates are also better because they are considered not for profit organizations. Their main goal is to benefit and assist the member of the union. Credit union accounts are insured and protected, so you don’t have to worry about the loss of capital.

Peer-to-Peer (P2P) Lending

P2P gained its popularity because it provides borrowers or lenders with the opportunity to work together without the presence of a middleman. It generally offers a win-win solution for both parties because the lender gets to earn better interest rates than the bank whilst the borrower pays a lower interest rate.

Some websites offer this type of service, which makes it easier to get a personal loan without being subjected to high interest rates and loads of requirements. Do take note that peer-to-peer lending is not insured, and there is the possibility of losing money.

To prevent any unwanted situation in this option, borrowers are screened and must meet specific requirements. Both lenders and borrowers also have a certain limit to the amount they can lend and borrow, respectively.

Non-Financial Institution Options

Putting your money in various financial institutions or investment programs is just one way of managing personal finance. Other means to save money without opening a bank account and being involved in any financial institutions are as follows.

Luxury Goods

Collectibles, such as luxury cars, pieces of jewellery, arts, watches and rare items, are things you can spend on and that will still have value when you sell them. Although the market can change abruptly, the demand for an item can push the prices up, thus increasing its sale value.

Precious Metals

You should also consider investing in precious metals, such as gold, platinum and copper. Bartering of physical goods may seem like a far-fetched idea, but some indications have shown how the value of these precious metals can go up when stocks, currency or bonds collapse.

Investment Farm

Buying an investment like a farm is one of the many choices if you want an income-generating business. With food being an essential and basic human need, farming is a business that will not die away easily.


Banks are not the only option if you want to save and grow your money. The financial industry has grown for the past years in such a way that various financial services are available for the public to choose from.

You are no longer confined to a savings account that offers a little interest rate. Now, everyone can choose the kind of investment or financial account that best works for them and their lifestyle. No option is risk-free, but it’s not an excuse to not explore the possibilities. If you are unsure which option you should try, you can consult financial experts who are willing to help you with smart money wealth management.

We, at Golden Eggs Home Loans, can help you grow your golden eggs. We can journey with you and make your money management and financial decision-making skills better! Contact us today.

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