Monday, October 30, 2006
Shopping for rates
Shopping for the best interest rates is the best thing you can do for your personal savings. Look at it this way, if banks are going to give you money AND keep it safe, why not look for the best interest rates you can find?
Storing your savings in your bed at home gives you 0% yield and is not protected against theft. Currently GrandYieldDirect.com has the best rates online for savings. They will pay 5.25% a year on balances as low as $1. This is the best option for people with smaller savings accounts, and I think you should try to keep a small savings account so you can have more money working at higher interest rates.
Banks are paying you for nothing, you have to keep your money somewhere. I’d suggest spending some time at BankRate.com to find the best interest rates. Look out though, some banks try to stiff you with high withdraw fees or many restrictions on how you can withdraw.