4 'Free Money' Benefits to Take Advantage Of, From A Financial Expert

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.

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.

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.

Credit card rewards programs let you earn cash-back (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 2% cash rewards on all eligible purchases with no annual fee.

Unlimited 2% cash rewards on purchases

Earn a $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months

$0

0% intro APR for 15 months from account opening on purchases and qualifying balance transfers; balance transfers made within 120 days qualify for the intro rate

19.49%, 24.49%, or 29.49% variable APR on purchases and balance transfers

Introductory fee of 3% for 120 days from account opening, then up to 5% ($5 minimum)

3%

Excellent/Good

See rates and fees, terms apply.

Rewards credit cards allow cardholders to earn everything from cash back 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 back 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 $200 cash reward after you spend $1,000 in purchases within three months of opening the card.

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.

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"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.

$200 bonus offer: Chase Total Checking®. Open a Chase Total Checking account and set up direct deposit within 90 days of coupon enrollment. Offer expires 04/19/2023.

$12, with options to waive

$0

$1,500 daily balance to avoid monthly maintenance fee

None

Access to more than 16,000 Chase ATMs

None

*With Chase Overdraft AssistSM, we won't charge an Insufficient Funds 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. 

Yes

*Terms apply.

$100 bonus offer: Chase College Checking℠ account. Open a Chase College Checking account with qualifying transactions. Offer expires 04/19/2023.

$6 monthly service fee; no monthly service fee for up to 5 years if you're a student between the ages of 17-24 at account opening with proof of student status

$0

No monthly service fee if you have an average ending day balance of $5,000 or more in this account

None

More than 16,000 Chase ATMs

None

*With Chase Overdraft AssistSM, we won't charge an Insufficient Funds 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.

Yes

Terms apply.

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.

4.00%

No minimum balance requirement after $100.00 to open the account

None

None

None

N/A

Yes

Yes

See our methodology, terms apply.

Earn up to 4.55% APY

None

None

No max number of transactions; Max transfer amounts may apply

None

Overdraft fees may be charged, according to the terms, but a specific amount is not specified; overdraft protection service available

No

Yes

See our methodology, terms apply.

4.25%

None

None

Up to 6 free withdrawals or transfers per statement cycle *The 6/statement cycle withdrawal limit is waived during the coronavirus outbreak under Regulation D

$5 per transaction

N/A

No

No

See our methodology, terms apply.

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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