Almost everyone today has a credit card and a checking account. And most people with the previous 2 most likely has a savings account as well. With all of this assumed lets start with how these 3 items can be used together to save you money.

You probably see ads for credit cards all of the time that offer everything from cash back to airline miles. All of these rewards are there for the taking to anyone who can qualify. That means that if you are approved for a cash back card you will basically get paid for spending money (as long as you stay within your means). Other reward cards offer you airline miles or points that can be used for just about anything. A lot of cards also offer bonus points and savings for shopping in their own online mall to purchase popular items. If do not have a credit card or have a card that doesn’t offer rewards of any kind, then you need to start working on improving your credit score so that you can qualify for a rewards card and reap the benefits and savings.

Now look at your your checking account. Anyone who receives a paycheck most likely has one, but are you getting the most out of it? If you have a normal checking account and take advantage of some of the features such as bill pay and automatic reminders for low balances or recent deposits then you are probably pretty happy with everything. But what if you could be paid interest on your balance as well? That’s right, there are checking accounts that pay you interest. These checking accounts are offered by banks such as Ally, Everbank, ING Direct and FNBO Direct just to name a few. At the time that this article is posted the average interest rate between the four banks listed is 0.47% APY for their checking accounts (these are rates assuming minimum deposits, your interest rate will increase if you have more money in your account). Most physical bank branches do not offer any interest on their checking accounts. The one thing that all of these interest paying banks have in common is that they are considered online banks. They do not have a branch down the street where you can go and do your banking needs. This is why they are able to offer interest on your account; they do not have the overhead that physical banks do. Everything you need to do is available online. And with technology getting better and faster everyday all you need is one of these online accounts to do the same things you currently do a your physical bank. You can even link your new online checking account to your current physical bank account to get the best world. You can transfer money back and forth, at almost all online banks transfers are free, (It takes 2-3 business days for transferred money to show up in your account) and get the convenience of a bank down the street and a interest paying online bank.

Now combine the last two options that we talked about, credit cards and interest earning checking accounts. If you currently use a debit card and checks for most of your purchases then you are basically withdrawing money from your checking account each time you make a purchase. If you use a credit card for most of your purchases than you are withdrawing money from your checking account just once a month, when you pay your bill. This way you can allow your money to stay in your checking account longer and earn you more interest. Interest that you can now combine with the rewards that you are getting from using your credit card to make purchases.

Now, your savings account. online banks are able to pass the savings that the have from reduced overhead on to you in the form of interest. Lets take a look at some physical bank branches. At the time of the posting of this article Bank of America, Wells Fargo, Citibank, and Regions Bank have an average savings account interest rate of 0.04% APY for their lowest tier savings accounts. The interest rate for the same accounts at the online banks FNBO Direct, Everbank, ING Direct, and Ally Bank is 0.79%. Yes, you don’t get the luxury of traveling down to the local branch to see your favorite teller to deposits, withdrawal or transfer funds, but at almost 20x the interest that seems like a good tradeoff. But, again, you can link your current physical bank branch account, checking or savings, to any online account.

If you can utilize these 3 options together then you will be looking at a much nicer financial result then if you didn’t. Websites like Casavvy.com compares the latest offers from credit cards and updated information and products for online checking and savings accounts, and even outlines how all of these products can work together. From free airline tickets from your credit card company, to actually earning interest on the money in your checking account, to upgrading your current savings account to a interest rate that is almost 20x your current account. This might be the nicest 3-pack combo that your wallet has ever seen.