Trend alert! Now you’re probably familiar with the whole concept of ‘passive income’, but have you heard of passive savings? Let’s break it down.
Passive income refers to a stream of income that requires little to no effort to earn and maintain. Lots of people will set up a passive income stream in addition to their full-time job to earn some extra cash on the side.
Think of things like share trading, investing in property, starting up an eCommerce store or other type of online work as a side hustle.
Passive savings (a.k.a the next big trend in banking) on the other hand, is much like passive income, in that it will help you bump up your bank balance without you having to lift a finger, only it goes straight into your savings! “But, how?” you ask?
Well, lately we’ve seen loads of banks, particularly neobanks, coming out with hot new savings-savvy bank account features like instant round-up’s and savings goal sub-accounts that are designed to help you score more bang for your buck on your bank balance, without having to do a thing.
Considering the mass state of economic uncertainty we are currently facing due to the coronavirus crisis, now could be a great time to jump on the passive savings bandwagon so you can start saving for a rainy day.
Here are some banger bank accounts sporting super-savvy savings features to get you started: