You work hard for your money. Did you know your money can work hard for you, too? Your savings can grow with a savings account with a great interest rate, so you can afford to pile on a few fancy accessories?! How can you let your savings do most of the work for you?
I suggest you take a look at the rate and yield you’re getting with your bank to make sure you’re not missing out on extra savings. Some banks offer high-yield savings, while other banks offer little more than tiny one-percent savings yield.
We all know we should save, but sometimes other things get in the way and we have racks of shoes to prove it. Paying yourself first means you won't be tempted to spend the money you need to be saving. Tricky, eh? Saving now ensures you're never caught in a sticky situation without the cash to help you through it. Think of it like that umbrella you keep in your trunk for a rainy day — you hardly realize it's there until you really need it.
Your savings can really grow with one of WaMu's high-interest savings accounts. Total Deposits at Washington Mutual are FDIC insured. Thank you to WaMu for sponsoring this post.
Roberto Cavalli
Steve Madden
ras
Thanks for the sensible advice. I already had done this together with my husband. But whatever we save, we don't use it to spend luxury items but instead to save for retirement because we don't have 401K. We don't need to have 401K since we both own a few real estate properties and can be "money" in the future when we retire.
1I've had good luck with ING, and their rates are usually significantly higher than brick and mortar banks. It looks like WaMu is currently offering .25%, while ING is offering 3.65%. Big difference! Last year, when the economy was in better shape, I was making above 5% with ING. And the bonus--since there's a delay of a few days to transfer the money, it means I can't be spontaneous and spend a ton of cash on something I don't really need.
2HSBC is another great option for an Online Savings account with a high interest rate (I believe its at 3.8% APY right now).
Also there are checking accounts that earn interest as well. I just signed up with Schwab Banking with an online checking account that earns 3.21% APY.
Great ways to earn money when your money is just sitting in your account.
3I can't believe there are savings accounts out there that offer 4% interest!!! I still really want to invest in a CD, where I can make at least 5%.
4Checking accounts with interest too? I need to look into that.
5Wachovia just started this savings program called Way 2 Save that gives you 5% on the savings account and a 5% bonus at the end of the year. They transfer $1 from you're checking to the account each time you use your debit card. Not a bad deal. I think Bank of America has somethin similar if you prefer them!
6Bank of America has round up checking and the extra money goes into your savings. I've had the account for 3 months or so and even though I've only used my card a little I have $50 in my account that I didn't put in from the round up and interest.
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