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save it with a high yield

Posted on 08. Jun, 2009 by dara in penny pinchin'

For the first time in a decade, personal savings rose to over 4% according to an article on Bankrate. This is after we, as Americans, have saved more than 1%. So if you’re saving, pat yourself on the back! If you’re not, let’s talk about how you can make the most of your saving.

If you still have your main savings account at your local bank then you’re most likely missing out on free money. Because of the maintenance fees that brick and martyr banks have, they’re less likely to offer interest rates that can compete with Internet banks. Most Internet banks offer no fee high yield savings accounts that can run your traditional bank into the ground. Not to mention they’re FDIC insured, meaning your money is safe. Two of my personal favorites are ING Direct and FNBO Direct. You can check out a comparison of rates at Bankrate and decide which option is best for you.

Tags: high interest savings account, interest rates, saving money, savings account