Worthless Savings Accounts
Posted by GainingInterest on February 15, 2007
Does anyone ever get sick and tired of earning next to nothing on your savings account? You go to your local bank, open a savings account, and start socking away a little money at a time, hoping to one day save enough for that car, engagement ring, or house. In reality, you are losing money on the deal. The interest you are earning probably isn’t even enough to keep up with inflation. I checked with a few local banks in the past few days: 0.85%, 0.75%, 1.00% and 0.20%?!?! You might as well stuff a handful of $20 bills under your mattress.
Fortunately for us folks living in the 21st century, we have the Internet. All it takes is a couple clicks and you can get yourself a sweet savings account earning 4-5%. What’s the catch? You’ll have to take 10 minutes out of your day and be willing to make a lot more money than you currently are.
There are many great savings accounts out there that offer fantastic rates, but two of the more popular ones are ING Direct and Emigrant Direct. ING Direct currently offers a 4.50% return and Emigrant Direct is sitting at 5.05%. Which one is better? There are people on each side of this argument, but they are both great choices. Personally, I have an ING Direct account because of its user-friendly website and rock-solid reputation. I also have friends that swear by their Emigrant Direct accounts. Either way, you can’t go wrong.
All you need to do is take a few minutes of your time to sign up for an account and deposit a couple bucks. There are no minimums, no fees, and no hassles.
Give it a shot. What do you have to lose? Happy Valentine’s Day (or depending on your situation, Happy Single’s Awareness Day!).
