Give Yourself a Raise Today!
Cash Is King
Here’s something you can do today to put more money in your pocket. Get a better rate on your cash. Kelli Grant at SmartMoney.com says, “If you’re earning less than 4% on your cash, well, you’re just not trying.” Why do we leave money on the table? Because it takes too long to research it. This article does the research for you. Now it’s easy for you to earn more on your cash. All you have to do is pick one and in most cases open your account online.
Got Good Rates?
Here are some leading rates as of June 20, 2007. These rates are subject to change over time.
|Financial Institution||Savings Account Rate (APY)||Account Min||Monthly Fee||Notes|
|HSBCdirect.com||5.05%||0||0||doesn’t require a checking account. You can transfer to your existing one online. Online Payment account pays 2.5%|
|Citibank||5.00%||0||0||$50 for new clients. Must have 2 billpays in month for the higher rate otherwise 4.5% rate applies. Free billpay.|
|WashingtonMutual||5.00%||300||4||requires companion checking account for 5% rate, otherwise 0.25% rate. $4 monthly fee waived if balance > $300.|
|INGdirect.com checking||4.00%||0||0||up to 5.25% for balances over $50,000|
|INGdirect.com savings account||4.50%||0||0|
|FNBO||6.00%||0||0||rate guarenteed until 9/28/07|
|SchwabBank Interest Checking Plus Account||4.25%||0||$10||monthly fee waived if $1000 balance or $1000 monthly direct deposit. $1,000 minimum balance is waived for Schwab One brokerage accounts when you open both an Investor Checking account and a brokerage account.|
And, Finally, Why You Should Take Action
Let’s say you have $5000 in cash. If you are getting the average rate of 0.47% then you are earning a measly $23/year. If you switch to a 5.05% rate you will earn $258/year. Let’s put it another way. What if I told you you could have 2 coffees per week free or $258 worth of gas free or 2 lunches per month free, would you take that offer? Well if you fall into this category that’s what it could mean for you.
Here is a compound interest rate calculator where you can calculate how much more money you could earn by switching to a higher rate. Good luck and if you find any deals better than the ones listed above, please share them with us in the comments!
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