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9 Best Passive Income Apps To Make Money in Feb 2023

This article covers the best passive income apps you can use to make money in Canada and the United States.

Multiple streams of passive income can mean the world to you if you plan on getting out of the clutches of the 9 to 5.

More time, more freedom… and control over your life. Who doesn’t want that?

The brutal fact is that most people must continually work at traditional jobs for most of their lives.

While there’s nothing wrong with this reality, you can hasten your financial freedom date by cultivating various ways to make money that do not require constant daily effort.

I previously wrote about legit passive income ideas that pay well.

best passive income apps canada

Best Passive Income Apps in Canada

The best passive income apps will help you make money using your smartphone or computer. 

From investing apps to cash back and side-business apps, there is an iOS or Android app you can use to generate residual income.

1. Open a High-Interest Savings Account

Savings accounts have gotten a bad rap over the last decade, with consistently low savings rates making them less attractive. 

Online banks are changing the narrative.

Financial institutions such as EQ Bank, Neo Financial, and Simplii Financial are now offering high-interest savings accounts that, in some cases, pay 100x the rates traditional banks offer.

EQ Bank: It offers a high-interest savings rate that is up to 150x what some big banks are offering. This hybrid account offers free and unlimited bill payments, Interac e-Transfers, and mobile cheque deposits. You can access your savings accounts with EQ Bank by using its mobile app.

EQ Bank Savings Plus Account

EQ Bank tfsa.

2.50%* non-promotional interest rate

Unlimited debits and bill payments

Unlimited Interac e-Transfers

No monthly account fees

Neo Financial: This digital bank offers one of the best savings rates in Canada, and it is non-promotional. Accountholders can also get a no-fee cash back credit card and earn up to 5%.

Neo Money Account

neo logo

2.25% non-promo interest rate

No monthly fees

Unlimited free transactions

Access to a no-annual-fee credit card

A high-interest savings account is one of the safest ways to keep your money. You may not earn extraordinary returns; however, you can almost guarantee your returns. There is also protection offered through regulations and insurance deposit insurance.

Lastly, no effort is required on your part.

2. Automate Your Investments

Investing in the stock markets is a time-tested way to become wealthy.

There are no easier ways to participate in the financial markets than to automate it using well-diversified low-cost ETFs (index funds) and an online investment manager.

Also known as robo-advisors, these online wealth managers take the guesswork out of your investments and set you up with a portfolio that matches your risk tolerance and investment objectives.

They manage everything so you can sleep well at night while paying lower fees than you would otherwise pay for the mutual funds at your bank.

Questwealth is one of Canada’s top online wealth managers. It offers free financial advice, automatic rebalancing, and low fees. It is almost “set and forget.”

You can invest up to $10,000 free in the first year.

Questwealth

questrade logo

Professionally managed ETF portfolios

Multiple accounts & low fees

Auto rebalancing and div reinvesting

Invest $10K free in 1st year

3. Earn Dividend Income

When you purchase the stock of a company or business, you become a part-owner and may be eligible to share in their profits by way of dividends.

Dividend-paying stocks can provide you with a steady income for life, and you can also earn capital gains if you decide to sell the stock after it has appreciated in price.

All investments carry an element of risk, and you need to know what you are doing to be successful when buying and selling stocks.

You can purchase stocks using an online brokerage account. Two online trading apps I recommend are:

If you are not up for the hassle of researching stocks and their financials or fundamentals, consider sticking with a robo-advisor.

Related posts

4. Get Paid To Shop

This semi-passive income strategy pays you for things you already do. The best cash back apps are mostly automated, and you simply get some money back every time you shop.

Cash back apps won’t pay you a ton of money; however, the 1-5% or more you get back will not hurt your wallet.

Five of the top cash back apps I use to generate some passive income are:

A. KOHO: This free prepaid card and budgeting app pay you up to 5% cash back on purchases. You earn real cash back and access to a high savings interest rate on your balance.

KOHO Prepaid Mastercard

KOHO Mastercard Prepaid Card 2

$20 sign up bonus after first purchase (use promo code CASHBACK)

Earn up to 5% cash back

Up to 2.00% savings interest on your balance

Unlimited Interac e-Transfers

B. Ampli: Ampli is a newer cash back app and a must-have if you shop at Leon’s, Lowe’s, Burger King, Mark’s, SportChek, and several others. Cash back is earned and tracked automatically with this app.

Ampli

ampli logo

$10 sign-up bonus with AMP10

Earn cash back at various retailers

Cashback app powered by RBC

Redeem earnings via Interac e-Transfer

C. Rakuten: Formerly known as Ebates, Rakuten is the most popular cash back app for online purchases. They are partnered with more than 750 stores in Canada and 3,000+ in the U.S.

Rakuten

rakuten

$30 sign-up bonus when you spend at least $30

Earn up to 40% cashback

Features 2,500 stores and retailers

Redeem earnings by PayPal & check

D. Caddle: This last cash back app is just as good as the others. You earn real cash back for shopping in-store and online, watching video ads, and taking 30-60 second surveys.

Caddle

caddle

$1 sign-up bonus

Earn cash back on groceries

Cashback app powered by RBC

Redeem earnings via cheque

5. Start a Blog

Honestly, starting a blog is a tough endeavour. However, if you can put in the work and get it going, you can easily earn thousands of dollars every month.

Your blog can cover any niche or subject of interest, and you can easily start using the free WordPress software. A cheap and reliable web hosting like Bluehost will cost about $5 per month.

For more information on how to start a blog, read my 6-step ultimate guide for building a money-making blog.

Your blog can make money from display advertising, product sales, affiliate marketing (more details below), membership fees, online courses, and more.

The most popular blogging platform, WordPress, is also available on smartphones, so you can work while on the go.

6. Start an Online Store

The idea of an online or physical store often makes people think about the WORK involved. 

Yes, your online store will require some effort when starting up; however, you can easily automate things.

Dropshipping and the internet have made it easy to sell products you don’t own or keep an inventory of. Potential customers visit your site, order products, and pay, and the vendor ships them the product directly. You can also sell digital products.

Shopify offers an easy, mobile-friendly e-commerce platform for everyone. Using their pre-made templates, you can have your store up and running in no time.

Start with Shopify (includes a free trial).

7. Earn Rewards for Exercising (Sweatcoin)

The Sweatcoin app pays you to exercise by giving you points when you walk and are active.

This free workout app offers a passive way to earn free sports merchandise and cash through PayPal, and it is also fun to use.

Learn more about Sweatcoin in this guide or download the app.

8. Use Affiliate Marketing

If you have a blog or other online following, e.g. Facebook, Instagram, Pinterest, and Twitter, you can make money through affiliate marketing.

You promote other people’s products and services to your audience and earn a commission when they make a purchase. Some folks make six-figure incomes every month from this gig.

Armed with your phone, there are many ways you can earn income on the internet these days.

9. Rent Your Stuff

Sometimes, there’s just no need to reinvent the wheel. If you already have assets you are not using, consider monetizing them to generate passive income.

Airbnb: This app makes it easy to list an unused room in your home for rent or your entire home if you wish. The company vets all potential renters and provides insurance coverage to keep your mind at peace. 

This gig can easily make you thousands of dollars every year. Here’s how Airbnb works.

Turo: This car-sharing app allows you to rent out your car, and it is often referred to as the “Airbnb of Cars.” Easily list your car for free and set your own price and availability.

Car owners earn 70% or more of the trip price and enjoy a free $2 million in liability insurance and physical damage protection.

List your car on Turo and earn an average of $600 per month. You can also read my complete Turo review.

What is Passive Income?

Passive income refers to money you earn that does not require ongoing effort.

Don’t get me wrong.

While some passive income strategies are simply “set and go” from the start, many passive income opportunities initially require lots of work before generating income on a consistent and recurring basis.

How Much Money Can You Make?

How much passive income you can generate will depend on the strategy you deploy and, in some cases, how much capital you invest initially.

An established blog may earn $50,000 per month, while a fairly new blog may generate only $1,000 per month. A savings account will pay you interest based on the interest rate and your principal.

With multiple and diverse streams of income, you can rest assured that come rain or shine; your expenses will be paid for.

What are the Best Apps to Make Money?

There are tons of apps you can use to make and save money. I have written about some of them in the posts below:

For an exhaustive list of ways to make money, check out this list of 113 side hustles.

Are there any other passive income apps you are using and love? Leave them in the comments!

Top Make Money Offers this month

Start with $5 on the most popular get paid to site

Get paid to answer surveys and complete other simple tasks.

Redeem earnings for gift cards and cash rewards.

$5 bonus when you complete the profile questionnaires.

Start a work from home freelance proofreading business

Become your own boss and work at your preferred schedule.

Earn up to $43 per hour as a proofreader.

Take a 76-minute free workshop to get started on your journey.

Best cash back website for online shopping + $30 bonus

Get access to 750+ popular retailers and brands.

Cash back is automatically tracked and credited to your account.

$30 cash bonus after your initial online purchase of $30+.

Get paid to shop using RBC's cash back rewards app ($10 bonus)

Free cash back app for iOS and Android phones.

Earn rewards when you shop and redeem earnings via Interac e-Transfer.

$10 bonus after connecting a credit or debit card to the app.

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

1 thought on “9 Best Passive Income Apps To Make Money in Feb 2023”

  1. Gravatar for Incomeble

    Thanks for the wonderful article. I have been try making my passive income like create blogs, affiliate marketing, youtube content creator. It take lots of time and research, and hard work.

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