Tuesday, June 5, 2012

Is Your Savings Account Doing Anything For You?

Have you taken the time to look at your latest statement from your local bank where your preciously saved dollars are held?  A couple months ago, I received this statement in the mail and noticed that the APY on my savings account was being decreased at US Bank.  Take a look.....

This made me question whether I was getting the most out of my money, so I set out to compare rates at other banks.

I found this cool tool provided by my trusty companion Google.  It's called Google Advisor.  Its purpose is to compare rates on multiple different financial products including mortgages, CD's and normal savings accounts.

What did I find out? I was being totally taken by US BANK! I could get almost 1% on my savings by just switching to another bank.  What difference would this make over the course of a year? Well.....had I left all my savings in that account for another year I would have earned just $3 in interest, compared to what I'm on track to earn now.......$42!  I opened a new account with an online bank and got into a rate of .85%.

It was definitely worth the 20 minutes of my day.  Who wouldn't want $40 extra bucks this easily?

Here's the bank I use now and I highly recommend them, I've had a great experience and earned some extra cash!

Banking, Checking, Savings, ING, orange savings
Click the icon to learn more!

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