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:
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