Archive for February 2, 2012
Five Better Ways to Save Money
Today, most major banks only offer regular savings accounts with an interest rate between 0.01% and 0.05%. These banks include Chase, Wells Fargo, Bank of America and Citibank. These savings accounts are virtually earning customers no money. In addition, all of these banks charge customers a monthly service fee if they don’t keep a minimum balance.
Thankfully, there are better options out there. Several online banks are now offering great savings account interest rates, and it’s easy to open an account from your home computer. Just link your new account to your regular bank account and start saving money smartly today.
Listed below five online banks that are currently offering the best regular savings account interest rates:
- Discover Bank: Discover is offering a 0.9% interest rate on its online savings account. There is no monthly fee; however, there is a $500 minimum opening deposit.
- American Express Bank: This savings account will also earn you an interest rate of 0.09%. However, there is no minimum opening deposit, no minimum balance and no monthly fee.
- Ally Bank: This savings account offers a 0.84% interest rate with no minimum opening deposit and no monthly fees.
- First Internet Bank of Indiana: The Tomorrow’s Tycoons savings account offered by this bank requires a minimum opening deposit of $100, but there is no minimum daily balance or monthly fee. The interest rate for this account is 0.65%.
- Nationwide Bank: Nationwide offers a savings account with an interest rate of 0.40%. There is a minimum opening deposit of $50. Also, you must either keep a minimum daily balance of $300 or set up a reoccurring monthly deposit of at least $25. Otherwise, you will pay a $3.00 monthly fee.
To search and compare bank rates, use BankRate.com; a great online resource for all things finance and banking.
Nancy Johnson works in the health care field and owns the site http://www.medicalbillingdegree.org In her spare time, she enjoys writing guest blog posts on various topics of interest.
