Save Money with Online Savings


High Interest Online Savings          It can be difficult saving money when you have no extra disposable cash to save. However it would be a shame to not start taking advantage of the high interest online savings accounts available to everyone today. Years ago a person had to open up an account at a physical bank and put their money in a regular savings account or a CD. With the advent of the internet however online savings accounts have opened up with much higher benefits than regular brick and mortar banks can offer.

Step 1

Online savings accountResearch the many online savings account banks available today. There are several savings accounts to choose from. Research the ones that offer the highest percentage APR interest rates on your money. Typically an online savings account can increase the interest you make on your money by up to 8 times the amount offered at a normal bank.

Step 2

Be aware of the requirement for each savings account. Some accounts require you to have a minimum balance in the account at all times lest you incur a fee. All accounts also limit you as to the amount of money you can withdraw from your account on a daily basis.

Step 3

Make sure to choose an online account that is FDIC insured up to a certain amount. This means that if something happens to the bank and they lose your money or go bankrupt, then your account is insured by the federal government and you will not lose your money.

Step 4

Open your savings account and start putting a small portion of your paycheck into the account monthly. 5% is a great amount. If you cannot afford that, then 1% will do. As long as you are continually contributing to your account your savings will grown.

Additional Advice

                   Make sure you choose a bank that is FDIC insured up to the maximum permitted by law.

                   As you make more money or reduce your monthly expenses take a portion of that extra money and put it into your savings account.

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