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Finances in 55 Seconds: Juice Up Your Savings
Posted By Miranda Marquit On 04/18/2011 @ 12:10 pm In Banking | 4 Comments
Take a look at your savings accounts. What kind of interest yield are you receiving? Chances are that you could do better — especially if your money is sitting in a traditional savings account at your brick and mortar bank. Indeed, most “regular” savings accounts  offered by banks and credit unions feature miniscule returns. That’s really not right when you consider how much money the financial institution is making by lending the money you have on deposit out to others at much higher rates.
It’s true that most people don’t expect to get much yield from a savings account. However, just because you don’t expect much doesn’t mean that you have to settle for rock bottom. Thanks to the Internet, you have access to savings account and CD rates  from all over the country. You can even access credit union options from institutions that have very broad field of membership requirements.
There’s no reason to settle for an interest rate of 0.5% on your savings account. Best of all, it doesn’t take much time at all to juice up your savings interest. You can do it in 55 seconds or less:
Once you know where to go, it will probably only take a few minutes to open an account. Most banks and credit unions have processes that permit you to open an account within 10 minutes. The whole process is fairly painless, and once you have made the decision to juice up your savings account interest, you can move right into carrying out your plan.
55 seconds isn’t a lot of time, but it’s about right if you want to kick start a better savings habit. Take less than a minute to see where you can enjoy better rates than what you are getting now, and you will be amazed at how much more your money can do for you.
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