Archive.fm

Money Girl

150 MG How to Make More Money on Your Savings

Tips to find the highest interest rates for your savings.Like what you hear? Help us out by writing a review at iTunes. Questions go to money@qdnow.com. Thank you!

Broadcast on:
18 Nov 2009
Audio Format:
other

Tips to find the highest interest rates for your savings.Like what you hear? Help us out by writing a review at iTunes. Questions go to money@qdnow.com. Thank you!

Hey, Fidelity. How can I remember to invest every month? With the Fidelity app, you can choose a schedule and set up recurring investments in stocks and ETFs. Oh, that sounds easier than I thought. You got this. Yeah, I do. Now, where did I put my keys? You will find them. Where you left them. Investing involves risk, including risk of loss. Fidelity brokerage services LLC member NYSE SIPC. Hear that? Pumpkin. That's fall calling. And the pumpkin spice latte is back at Starbucks. From that first sweater to late autumn weather. It's all a fall in just one sip. Order ahead on the Starbucks app. Hi, everyone, and welcome back to Money Girl's Quick and Dirty Tips for a richer life. I'm your host, Laura Adams. Thanks for joining me. You've probably noticed that the interest rate on your savings or money market deposit account isn't anything to brag about these days. Low interest rates can make having money in a bank account a little frustrating. The upside is that having money in an FDIC and short institution keeps it extremely safe. But what if you could get a higher rate of return without taking on a higher level of risk? In this episode, I'll give you tips about how to do that. To get the highest interest rate for your savings, you have to be proactive about searching for the best offers on a regular basis. The internet makes it easy to find the best deals. But remember that when you take advantage of a great savings offer, it's always subject to change. The interest rate on savings and money market accounts is a variable rate, which means it may quietly creep down to a less competitive rate without you realizing it. So never forget about your savings. Otherwise, you could be short-changing yourself. Your goal should be to move your money as necessary so it can grow as quickly as possible, no matter how much or how little you have. The highest interest rates for savings and money market accounts are online. I'll give you a list of the best ones that I've found at the end of the show. If you're wondering whether there are any significant differences between an online savings account and wanted a local bank or credit union, there aren't. Additionally, most online banks are FDIC insured, so there's no reason not to scout out a better offer. But if you've never had an account at an online bank, it may seem a little strange not to be able to go to a branch to withdraw money or to make a deposit. You can usually do both of those for free by using an ATM that's in the online bank's network. And if you have to go outside of the network, many banks will reimburse you for a certain number of ATM fees that you incur. But if you still want to use the services of a local bank, you can always keep your checking account at one. That's what I do, mainly for the convenience of depositing paper checks. My institution offers great online banking with free bill pay, but their interest rates for savings and money market accounts are pitiful. So for money that I want to save, I transfer it from my checking into a high interest online savings account. And if I need to access my savings, I simply transfer money back into my checking account without paying any fees. Funds and online savings accounts can usually only be accessed by electronic transfer. However, there are some that offer check cards. Some great sites to research current offers for both savings and money market accounts are bankrate.com, moneyrates.com, that's money-rates.com, and bankaholic.com. I also like to use billshrink.com, which is an independent free service that provides personalized savings account recommendations. You'll find links to these sites in the show transcript at moneygirl.quickandnerdytips.com. Good taste is easy to spot, but hard to pin down. You know it when you see it, and in today's culture, there's no greater signifier of taste than the car you drive. You want something sophisticated, but not stodgy. Daring, yet classic, approachable, but with an air of opulence. It may sound like a rare fine, because it is. And it perfectly describes the Range Rover Evoke. Drive a statement piece with pure presence. The Evoke is charisma and motion. This luxury SUV is artfully crafted and designed to stand out, and the reductive exterior is an elegant expression of Range Rover DNA. With clean lines, the minimalist design speaks for itself. The chiseled taillights give it a sense of motion, even at standstill. You'll find quality materials and solid craftsmanship at every turn, and you can curate your interior with a variety of distinct themes and trim finishes. It's an elevated drive for elevated lives. Explore the Range Rover Evoke at LandRoverUSA.com. September is a great month for planning. We start thinking about the rest of the year, whether it's back to school, big year-end work projects, holiday plans, or travel. Planning ahead is crucial in life, especially when it comes to what happens when you're gone. Getting life insurance may sound daunting, but Policy Genius makes the process a breeze. With Policy Genius, you can find insurance policies that start at just $292 a year for a million dollars of coverage. Some options offer same-day approval and avoid unnecessary medical exams. Policy Genius's technology lets you compare quotes from America's top insurers in just a few clicks to find your lowest price. It's the country's leading online insurance marketplace. And if you ever need help or guidance, they have an expert license support team to answer your questions, handle all the paperwork, and advocate for you throughout the process. It's never too late to plan ahead. Go to PolicyGenius.com or click the link in the description to get your free life insurance quotes and see how much you can save. That's PolicyGenius.com. Here are the most important criteria to consider when evaluating different savings offers. Number 1. APY, which stands for annual percentage yield. Number 2. Any introductory rate and the length of time it's offered. Number 3. Minimum opening balance. Number 4. Minimum daily balance to avoid fees. Number 5. Monthly service fees. And 6. Number of withdrawals allowed per month. So are you ready to hear my recommendations on where to find the highest interest rates right now? Here it goes. American Express now offers a very competitive online savings account at personalsavings.americanexpress.com. Not only are they one of the best known financial institutions, but they're offering the best rate, 1.7%. That comes with no monthly fees, no minimums, and FDIC insurance. UFB Direct at UFBDirect.com is also offering a savings account at 1.7%. It also comes with no monthly fees, no minimums, and FDIC insurance. The next best offer is from AllyBank@ally.com. It's a money market account at 1.55% with no monthly fees, no minimums, and FDIC insurance. Ally also offers a free check card for this account. So if your current savings rate isn't as high as these offers, I encourage you to check them out. You work hard for your money, and now's the time to make your money work harder for you. A quick reminder to get your free 30-day trial at gotomipc.com/podcast. It might revolutionize the way you work and travel. Thanks to everyone who's downloaded my newest audiobook Money Girls 10 Steps to a debt-free life. Get your copy today at audible.com/amazon.com or in the iTunes store. It's a great way to support the podcast and to get on the road to a better financial future. Stop by and become a fan of the Money Girl Facebook page. Feel free to make comments or leave short questions there too. Of course, you can always email me at money@quickanddirtytips.com or leave a voicemail message at 206-339-9069. If you forget my contact information, just go to the Money Girl section at quickanddirtytips.com. I'm glad you're listening. That's all for now. Courtesy of Money Girl, your guide to a richer life. With the Wells Fargo Active Cash Credit Card, you can earn unlimited 2% cash rewards on purchases you want and purchases you need. That means you earn on what you want, like trying out that new workout class and 2% cash rewards on what you need, like a foam roller for your sore muscles. That's the beauty of the Active Cash Credit Card. It's ready when you are with unlimited 2% cash rewards. The Wells Fargo Active Cash Credit Card, that's real-life-ready. Terms apply. Learn more at wellsfargo.com/activecash. Earning your degree online doesn't mean you have to go about it alone. At Capella University, we're here to support you when you're ready. From enrollment counselors who get to know you and your goals, to academic coaches who can help you form a plan to stay on track. We care about your success and are dedicated to helping you pursue your goals. Going back to school is a big step, but having support at every step of your academic journey can make a big difference. Imagine your future differently at Capella.edu.