Improve Your Bank Accounts and Make Money
banksact on June 16, 2009 0
This year, US banks are expected to charge consumers over $55 billion in fees. The average savings account pays only 0.50% interest (and most checking accounts earn no interest at all).
Banks work by accumulating deposits, then loaning that money out as a mortgage or to a business. Those loans are paid back at an interest rate that is typically around 5.00% ~ 8.00%. If the average bank pays you only 0.50%, they’re taking that difference as profit — profits that could go to you. Get a savings account from banks that pay much more than 0.50%.
Better rates, better savings. Why settle for 0% from your checking or 0.50% from your savings? When compared to an account at 0.50%, a savings of $20,000 in a 5.00% account can earn you an extra $1,000 per year!
Upgrade your bank. Look for high-yield accounts for your checking and savings.
-
Dumbest Things You Do With Your Money
on May 8, 2010 0
-
Ways to Trick Yourself Into Saving
on April 30, 2010 0
-
How to Self-Diagnose Your Financial Health
on April 30, 2010 0
-
Chase To Add 90 Bank Branches in California in 2010
on April 29, 2010 0
{ 4 comments… read them below or add one }
Thank you for good information!
Hi. I like the way you write. Will you post some more articles?
Thank you for posting. I agree with most of the things you say.
Thanks very much for posting such a great article. I’ve actually been searching for a long time for this.