In a terrible economy, it is high time that the I Was Broke. Now I’m Not. team deliver ways to save money! This five part series will share the top five ways that we see people saving lots of money.
I believe that if you apply these five items, you will save over $1,000 a year. Don’t believe me? Try them out!
Part Four On-Line Savings Accounts
Do you have money in your savings account? If not, it should by your TOP PRIORITY. $1,000 as a minimum or $2,500 if you have kids or a house. I repeat – this should be your TOP PRIORITY!
For those with money in savings, how much interest is your bank paying you? If it is a local bank, it is likely that the interest rate is very, very, very low (close to 0%). On-line banks pay much higher interest because they do not have to pay the costs of maintaining local branches (people, buildings, etc). These on-line banks pay around 5X – 8X the national savings interest rates of other banks. I hold all of my savings in on-line banks and have done so for over two years now. They are FDIC-insured and are very easy to use.
There are several excellent on-line banks. Click HERE to see the on-line banks I use or recommend.
The bottom line is that your money should make you money – the most money possible. My on-line banks allow me to do that for all money that I plan on using within the next five years.