5 Bank Account Moves Every Side Hustler Should Make

Owning a side hustle (or multiple) can be a fabulous way to get some extra cash flowing to your bank account. That said, simply plopping your earnings into your go-to bank account without giving it some second thought is not the most ideal way of properly managing your finances.

It takes a lot of thinking to ensure that you’re efficiently moving your finances in places where it’s safe, trackable, and organisable. Many people employ a slew of different money-keeping strategies, and it’s natural to feel overwhelmed by all the options out there that people swear by.

If you’re in the predicament of being at the crossroads of it all, then don’t worry. A bank account is still the best way to keep your cash in safe hands. That said, there are a couple of ways to ensure that you’re making the most out of this account type.

If you’re on the lookout to optimise your banking system, then read on. We’ll delve into five ways you can make the most out of your bank account as a prolific side hustler.

Let’s jump right into it!

Separate your business and personal accounts

A simple but effective strategy side hustlers should consider is separating their personal finances and business finances by having two separate bank accounts.

Small business owners may fall under the impression that having their funds in one account makes money transfers fast and easy—but that’s hardly the case.

In fact, it can be quite a headache dealing with your finances if you fail to make a distinction between these two cash flow categories.

One reason why this distinction is critical is that it makes your business books easier to record and clean up.

Having a side hustle implies that you’re providing goods or services to another person or entity, and to legitimise this mode of business, this would require you to regularly file taxes to your local tax office and record your transactions in your business’s accounting book.

Having two distinct accounts for business and personal funds helps you (and your finance team) more easily distinguish each transaction. This, in turn, simplifies recordkeeping and tax filing activities.

The last thing you’d want is to come up short of balancing your accounts or incurring a penalty for erroneously filing your tax reports. Understanding banking in Australia or your respective country is crucial, as tax filing modes can differ from region to region.

In any case, creating a business bank account helps you skirt past these issues. It not only reduces the chances of recording accounting errors but also paves the way for your business to scale its financial operations due to the smoother administrative process this move entails.

Open a high-interest savings account

Another way side hustlers can increase their earnings is by putting their money in a high-yield interest savings account. Traditional bank accounts typically pay out an interest of about 1-2% per month, which is respectable but hardly enough to be worth parking a lot of funds for.

There are higher-yield options out there, such as time deposits, but they often require a fixed lock-in period that can be stifling for a side hustler who needs to take out funds to fuel their business from time to time.

The best middle ground solution that provides the flexibility and security of a standard bank account and a high periodic yield is a high-interest savings account.

These accounts differ in one primary feature: and that is the higher interest payout these banks provide, ranging from 3% to 5% or more if there are promotional offerings.

Parking your business funds in such an account is often deemed the superior alternative as idle cash can be parked here and net you more earnings per cash stored in the account. In short, you’re getting free money on the table by using this bank account type.

While nothing beats scaling your business to increase your revenue and finances, this banking move is a simple switch that doesn’t require much effort to get up and running. Plus, it can benefit your finances for life as you can get more bang for your buck depending on your chosen plan and cash balance.

Review your cash flow reports

Another factor you should consider is reviewing your cash flow reports regularly. If you’re operating multiple side hustles, then it can be chaotic keeping track of the profitability of each activity and knowing whether it’s worth your time or not.

Going about it blindly is not the best way to do things. A better way to decide the worth of each client or side hustle is by doing a quantitative assessment on the matter.

And there’s no better way to do so than by taking a look at your bank account history and drawing your conclusions from your findings.

You can easily download cash flow history from your bank account and see the rate at which you make withdrawals and deposits. Besides the monthly or periodic reports, you can also see your average daily balance and historical balance, giving you a pretty comprehensive view of your banking activity over time.

By closely reviewing the figures in this report, you can see where your business is heading and whether your side hustle is meeting your business goals or not. From there, you can make a more informed decision on whether to scale or pare back operations.

Make the most out of scheduling features

Let’s face it: you want to spend less time fiddling with your bank, not more. This is especially true if you’re a side hustler, as you’re utilising your time for not just your main job but also multiple other projects.

The good news is that many bank account apps and websites have features that allow you to automate certain functions and help you perform a slew of financial functions faster, smoother, and with less effort than it would otherwise take.

For instance, you can configure your bank account to schedule certain payments or money transfers to various other bank accounts on set periods, like the end of a week or a month. This will require you an initial set-up, but once that’s done, you can leave payments in “set it and forget it” mode. This helps move your business and life along much more efficiently.

Build your credit score

Another essential habit you must build as a prolific side hustler is keeping your debt streams in check. This means constantly checking your bank account, reviewing its cash flow, and ensuring that every monetary action you take won’t work against you in the long run.

When your credit is controlled and properly optimised, you’ll find it exceptionally easier to take out loans to help your business empire scale to new heights.

The reason is simple: lenders are more willing to trust you and offer you favourable loan deals if you have a good credit standing. And, unfortunately, the opposite is the case if your credit score is lacklustre.

The process of building your credit score is straightforward, but it’ll take commitment.

It starts by ensuring that you pay your dues on time—having your credit card connected to your bank account and paying it before the deadline consistently helps a ton. It also helps if you only request small loans at a time.

By building your credit score, you can improve your financial standing and expand your financial potential. We hope these bank account moves will serve you well as you manage your finances. All the best!

This post may contain affiliate links.

More Recommended Ebike/Scooters

Check out these other ebikes and scooters I've reviewed:

Urban Arrow Ebike – Last year, I made one of the largest purchases I’ve ever made – I bought a $9,000 electric cargo bike from Urban Arrow. In my Urban Arrow review, I will discuss what it is and why I decided to buy this bike, as well as discuss how impactful a bike like this can be on your journey to financial independence.
Troxus Explorer Step-Thru Ebike – The Troxus Explorer Step-Thru is a fat-tire ebike that I’ve had the pleasure of riding for a while now. It has amazing power, great looks, and awesome range. If you’re looking for a great fat-tire ebike that offers a lot for the price, the Troxus Explorer Step-Thru is definitely one for you to consider. Check out my Troxus Explorer Step-Thru Review.
Hovsco HovBeta Ebike – The HovBeta is a folding ebike with great specs and a lot of interesting features, and importantly, it’s sold at a good price point. I’ve had a blast commuting with it and using it to do deliveries with DoorDash, Uber Eats, and Grubhub. Check out my Hovsco HovBeta Ebike Review.
Vanpowers Manidae Ebike – The Vanpowers Manidae is a fat tire ebike that I’ve been riding as my primary winter commuting bike and have also been using it to do food delivery with apps like DoorDash, Uber Eats, and Grubhub. After clocking in a decent number of miles with this ebike, I wanted to write a post sharing what my experience with the Vanpowers Manidae ebike has been like. Check out my Vanpowers Manidae Review.
Sohamo S3 Step-Thru Folding EBike Review – A Great Value Folding Ebike – The Sohamo S3 Step-Thru Folding Ebike is an entry-level folding ebike that offers a lot of value for the price point. I’ve been riding the Sohamo S3 for a while now, putting the bike through its paces, and I have to say, this bike has exceeded all of my expectations. Check out my Sohamo Review.
KBO Flip Ebike – The KBO Flip is an excellent bike. I’ve had a great time riding it and think it’s a versatile bike that can be used for a lot of purposes and can fit a variety of lifestyles. It’s worked out great for me as a general commuter bike and as a food delivery bike. Check out my KBO Flip Review.
Hiboy P7 Commuter Ebike – The Hiboy P7 is an excellent electric commuter bike that’s offered at an affordable price point. The range and speed of this bike are both very good, so you won’t have any trouble getting anywhere you need to go with it. As a food delivery vehicle, this is also good – with how much range it offers, you’ll be able to work all day on a single charge. Check out my Hiboy P7 Commuter Electric Bike Review.
Himiway Escape Ebike – The Himiway Escape is an interesting bike for anyone looking for a moped-style ebike. If you’re a gig economy worker, the Himiway Escape is particularly interesting and it’s possible to think of it as an investment, especially if you can opt to do deliveries with the Himiway versus using a car. It’s not cheap, but you can definitely make your money back when you compare the mileage you’ll put on your car versus using an ebike. Check out my Himiway Escape Bike Review.
Espin Sport Ebike – The Espin Sport is a good ebike for someone who is looking for an ebike that feels and rides more like a regular bike. There are many ebikes that are really only bikes in name. In reality, they’re basically electric mopeds. The Espin Sport, by contrast, is a bike you could probably ride without the battery and you’d feel like you’re just riding a regular bike. Check out my Espin Sport Review.
Varla Eagle One Scooter – The Varla Eagle One is an excellent scooter that can make sense for a lot of people. It can work as a primary mode of transportation. You can use it to work on gig economy apps like DoorDash, Uber Eats, and Grubhub. And it can also be a recreational vehicle if you’d prefer to use it for that. Check out my Varla Eagle One Review.
Varla Falcon Scooter – The Varla Falcon is an excellent scooter that offers a good amount of power at a lower price point compared to more powerful scooters. It’s not exactly an entry-level scooter, nor is it a high-powered scooter. I think it fits somewhere in-between those two categories – an intermediate scooter if I had to give it a category. Check out my Varla Falcon Review.
Hiboy S2 Scooter – The Hiboy S2 is an excellent entry-level commuter scooter that's perfect for someone looking to save some money in transportation costs and improve their commute. Check out my Hiboy S2 Review.
Hiboy S2R Scooter – The Hiboy S2R is one of the more interesting electric scooters I’ve been able to test out. It’s not a high-powered scooter, but for an everyday transport option, it’s very useful, especially given some of the unique features that it has. Indeed, for the price, the Hiboy S2R might be the best value scooter I’ve used. Check out my Hiboy S2R Review.
Fucare H3 Scooter – The Fucare H3 is a fun scooter and I’ve enjoyed testing it out. For a daily commuter or quick trips or errands, the Fucare H3 is probably the scooter I’ll use. It’s portable and easy to maneuver, so it’s just easier to take on the road when I need it. Check out my Fucare H3 Scooter Review.

More Recommended Investing App Bonuses

For additional investing app bonuses, be sure to check out the ones below:

M1 Finance ($75) – This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $75 for opening an account. Check out my M1 Finance Referral Bonus – Step-By-Step Guide.
SoFi Invest ($25) – SoFi Invest is an easy brokerage account bonus that you can earn with just a few minutes of work. Use my SoFi Invest referral link, fund your SoFi Invest brokerage account with just $10 and you’ll get $25 of free stock. I also have a step-by-step guide for the SoFi Invest referral bonus.
Robinhood (1 free stock) – Robinhood gives you a free stock valued between $2.50-$225 if you open an account using my referral link.
Public (1 free stock) - Public gives you a free stock valued between $3-$70 if you open an account using my referral link.

More Recommended Bank Account Bonuses

If you’re looking for more easy bank bonuses, check out the below options. These bonuses are all easy to earn and have no fees or minimum balance requirements to worry about.

Ally Bank ($100) – Of all the banks out there, Ally is, without a doubt, my favorite. At the moment, Ally is offering $100 to customers who open an eligible Ally account and meet the requirements. Here are the step-by-step directions to earn your Ally Bank referral bonus.
Chime ($100) - Chime is a free bank account that offers a referral bonus if you use a referral link and complete a direct deposit of $200 or more. In practice, any ACH transfer into this account triggers the bonus. This bonus is easy to earn and posts instantly, so you’ll know if you met the requirements as soon as you move money into the account. I wrote a step-by-step guide on how to earn your Chime referral bonus that I recommend you check out.
US Bank Business ($400/$1200) – This is a fairly easy bank bonus to earn, since there are no direct deposit requirements. In addition, you can open the Silver Business Checking account, which comes with no monthly fees. Check out how to earn this big bonus here.
Current ($50) – Current is a free fintech bank that’s offering new users a $50 referral bonus after signing up for an account using a referral link. Current is an easy bonus to earn and also gives you access to three savings accounts that pay you 4% interest on up to $2,000. That means you can put away up to $6,000 earning 4% interest. That’s very good and makes Current an account I recommend to everyone. Check out my step-by-step guide on how to earn your Current Bank bonus.
Novo Bank ($40) - Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. In addition to being a good bank bonus, Novo is also a good business checking account. It has no monthly fees or minimum balance requirements and operates a good app and website. Indeed, it’s the business checking account I currently use for this blog. Check out my post on how to easily open a Novo account.
Varo ($25) – Varo is a free fintech banking app similar to Chime or Current. It’s currently offering a $25 bonus to new users that open a new Varo account with a referral link. The bonus for this bank is very easy to meet, all you need to do is spend $20 within 30 days of opening your Varo account. Check out my step-by-step guide to learn how to earn this bonus.

Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.

Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.

Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:

SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $300 if you complete a direct deposit.
5% Savings Accounts. I'm currently getting 5.24% interest on my savings through a company called Raisin. Opening a Raisin account takes minutes to complete, it's free, and all of your funds are FDIC-insured. I explain how it works, why I'm now using it to store my emergency fund and any other cash savings I have, and why I recommend everyone check it out in this review.
US Bank Business. US Bank is currently offering new business customers a $400/$1200 signup bonus after opening a new account and meeting certain requirements.
M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $75 for opening an account.
Empower. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.

Feel free to send Kevin a message here.