Saving your money isn’t as easy as it once was. You could go with the archaic method of tucking your money under your mattress… or you could keep your money in a bank account and enjoy accumulating interest on your deposit.Those who are more cautious sometimes stay away from banking establishments, even though saving your money in a government-backed financial institution can ensure your money is kept safe, and should any fraud occur, there is a tangible trail and a system in place for retrieving your money. If you’re ready to explore your options, here are some tailor-made ways of stashing away your prized savings:
If it’s an easy access emergency fund you’re after, you’ll want an FDIC ensured savings account or money market deposit that gives you a high yield. Using our savings rate comparison feature to compare rates, it’s easy to separate the generous from the stingy. Accounts with a minimum of $0 to open:
- GE Capital Retail Bank is currently offering a high yield savings account that yields a 0.95% APY on all balances, which means that if you were to deposit $100, your money would grow to $105.26.
- Barclays Bank is another high-interest savings account option, offering a .90% APY.
- Ally Bank offers just under that APY, coming in at .87%.
- The Ally Interest Checking account offers a .25% APY on balances less than $15,000 and a .65% on balances that are $15,000 and up. There are no monthly maintenance fees, no minimum balance to open, 24/7 live customer care and no ATM fees, nationwide.
- FNBO Direct offers Online Checking that offers a .65% APY across the board, and costs $1 to open. An online bank, they too have no monthly maintenance fees, however they don’t offer the same perks Ally does.
- If you’re looking for a bank name you recognize, you’ll be disappointed. Big banks typically offer unexceptional interest rates on checking. However, Capital 360 offers .20% APY on balances up to $49,999, and costs $1 to open. Balances between $50,000 and $99,999 will yield customers a .80% APY, and balances above $100,000 receive .85% APY.
Investing for the Long-Term
Certificates of deposit typically offer higher rates than savings accounts, and as a strategy, investing in multiple CDs of different maturities can ensure your payouts build up and come back to you over a stretch of time so you can do more with your savings.
- There are plenty of top notch high-interest CDs, such as 24 month CD options from TIAA Direct ($1,000), Hudson City Bank ($500), and GE Capital Bank ($500).
- Ally Bank and Nationwide Bank both offer 1.10% APY on 24 month CDs.
Finally, there are also many credit cards that come with great rewards programs. If you have a cash-back card, such as the Chase Freedom® card, you can get a great value on cash back when you shop and charge purchases, and periodically claim your rewards as a strategy for generating extra cash.
Depending on your time frame and how quickly you want to access your money, some of these methods will be more suited to your financial situations than others. By assessing your needs, you can figure out which of these money-growing financial products is best for you.