Welcome back to Money Made Easy, where we focus on simple ways to manage your finances and save money. In the latest installment of the series, CNBC Select Contributor and Financial Advisor Kristin O'Keeffe Merrick walks us through her best tips for rethinking how you manage your money in 2023.
Check out the full interview featured on TODAY in the video below and read on for some of Merrick's best strategies.
4 simple strategies to get 'free money'
Free money isn't just finding a $10 bill on the sidewalk or getting a birthday card from Grandma. Below are four easy money moves you can make to bank what is essentially "free money," according to Merrick.
1. Meet your employer's 401(k) match
Employer-sponsored 401(k)s often offer a company match for employees who contribute a certain amount to the retirement plan. For example, your company may promise to match up to 6% of your salary if you also contribute 6% into your 401(k) — basically doubling what you're able to put away for retirement.
"If you don't contribute to your 401(k), then your company does not match and then you miss out on that compensation," Merrick says.
And don't forget that your contributions to a 401(k) are tax-free, meaning they reduce how much you owe in taxes.
2. Maximize your credit card rewards
Credit card rewards programs let you earn cash-rewards (or other perks) on money you were going to spend anyway. For example, with a cash rewards credit card like the Wells Fargo Active Cash® Card, you can earn unlimited 2% cash rewards on purchases with no annual fee.
The Wells Fargo Active Cash® Card is great if you want simplicity thanks to its flat-rate 2% unlimited cash rewards on purchases and $0 annual fee.
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Apply Now to take advantage of this offer and learn more about product features, terms and conditions.
- Earn a $100 cash rewards bonus after spending $500 in purchases in the first 3 months.
- Earn unlimited 2% cash rewards on purchases.
- 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers. 18.74%, 24.74%, or 28.74% variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
- $0 annual fee.
- No categories to track or remember and cash rewards don't expire as long as your account remains open.
- Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
Balance Transfer Fee
3% intro for 120 days from account opening, then up to 5%, min: $5
Foreign Transaction Fee
3%
Rewards credit cards allow cardholders to earn everything from cash rewards to points and miles when they spend on the card. Those points and miles can then be redeemed to offset expenses on things like travel, while cash rewards can lower your credit card bill.
Plus, many of these cards offer a welcome bonus after opening a new account and meeting a minimum spending requirement. For example, the Active Cash Card comes with a welcome bonus of a $100 cash rewards bonus after spending $500 in purchases in the first 3 months.
Merrick adds one caveat with credit cards, and that is to understand what a card could provide for you and whether or not it actually suits your spending habits. You wouldn't want to get a gas rewards credit card if you barely drive, for example.
And the key to really maximizing your card's rewards is to make sure you pay off your balance in full and on time each month, otherwise the interest and late fees you would accrue eat away at anything you'd earn. "You should not be using credit cards for points if you carry large balances," Merrick warns. (See terms)
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3. Open a new checking account with a welcome bonus
"There's a lot of incentives these days for opening new accounts — there's actually cash incentives," Merrick says. "If you're ready for a new checking account, a good time to switch to another bank is when doing so would give you some free money."
The accounts below are currently offering new customer bonuses:
Up to $400 bonus offer: PNC Virtual Wallet. Open and use a select new Virtual Wallet.
$300 bonus offer: *Chase Total Checking®. Open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment (offer ends 10/15/2025).
Chase Total Checking®
Annual Percentage Yield (APY)
N/A
Minimum balance to open
$0
Monthly service fee
$12 ($15, effective August 24, 2025) or $0 with one of the following, each monthly statement period: Electronic deposits made into this account totaling $500 or more, such as payments from payroll providers or government benefit providers, by using (i) the ACH network, (ii) the Real Time Payment or FedNowSM network, (iii) third party services that facilitate payments to your debit card using the Visa® or Mastercard® network, OR a balance at the beginning of each day of $1,500 or more in this account, OR an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying Chase checking, savings, and other balances.
Free ATM network
With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
ATM fee reimbursement
None
Overdraft fee
$34
Mobile check deposit
Yes
Terms apply.
JPMorgan Chase Bank, N.A. Member FDIC
Information about Chase Total Checking® has been collected independently by CNBC Select and has not been reviewed or provided by the issuer of the card prior to publication.
$125 bonus offer: Chase College Checking℠ account. Open a Chase College Checking account with qualifying transactions (offer ends 10/15/2025).
Chase College Checking℠
Annual Percentage Yield (APY)
None
Minimum balance
Keep an average ending day balance of $1,500 or more in your checking account to waive monthly service fee
Monthly fee
$0 Monthly Service Fee for students 17 to 24 years old at account opening, enrolled in college or a vocational, technical or trade school, up to the graduation date provided at account opening (five years maximum) or $12 Monthly Service Fee
Free ATM network
With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
ATM fee reimbursement
None
Overdraft fee
With Chase Overdraft Assist℠, Chase doesn't charge an Overdraft Fee if you're overdrawn by $50 or less at the end of the business day OR if you're overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET, 8 PM PT, to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts
Mobile check deposit
Yes
Terms apply.
JPMorgan Chase Bank, N.A. Member FDIC
4. Transfer your cash to a high-yield savings account
In this rising-rate environment, now is the time to open a high-yield savings account and earn more interest than you would in a traditional savings account. You're essentially collecting "free" money by parking your cash in a savings account — especially one with an above-average APY.
"I want you to think about, if you're sitting on cash, where it's sitting and if it's earning you money and then maybe being strategic about where that money's going to go," Merrick says.
Some of the top high-yield savings accounts, like the ones below, are currently offering 4% APY and higher. If you have idle cash sitting in a traditional savings or checking account, it's worth moving your money to take advantage of the highest interest rates we've seen in decades.
Happen Bank LevelUp Savings
Annual Percentage Yield (APY)
4.00% (with monthly deposits of $250 or more), or 3.00%
Minimum balance
None
Monthly fee
None
Maximum transactions
None
Excessive transactions fee
None
Overdraft fees
N/A
Offer checking account?
Yes
Offer ATM card?
Yes
Terms apply.
Bask Interest Savings Account
Annual Percentage Yield (APY)
4.20% APY1
Minimum balance
None
Monthly fee
None
Maximum transactions
Up to 6 withdrawals or transfers per statement cycle
Excessive transactions fee
None
Overdraft fee
None
Offer checking account?
No
Offer ATM card?
No
Terms apply.
1Annual Percentage Yields (APY) and Interest Rates shown are offered on accounts accepted by Bask Bank and effective per the dates shown above, unless otherwise noted. Annual Percentage Yield is variable and subject to change at any time. No minimum balance requirement and no monthly service charge. Must fund within 15 business days of account opening.
Bottom line
Simple money moves like meeting your company's 401(k) match, earning rewards on your daily spending with a rewards credit card, opening a checking account with a welcome bonus and transferring your savings to a high-yield account can make your money work harder for you and give you "free" money for the things you were already doing.
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* Information about Chase Total Checking® has been collected independently by CNBC Select and has not been reviewed or provided by the issuer of the card prior to publication.
