Start Making Your Money Work For You – Open a High-Yield Savings Account

How much interest is your money in your bank account earning?  Do you know the percentage?  Odds are its some fraction of a percent that isn’t worth recognizing or remembering.  This is where economists freak out, because many of us aren’t acting as rational entities and aren’t maximizing our wealth/earning potential via the resources that are abundently avaialable to us.

For example, about a year ago, I opened up my first savings account since I was in middle school.  I called up my bank, which I had been with for years and told them I wanted to open a savings account.  They said they had a great account for me, called a “relationship savings account”, because I had a checking account with the bank.  They ran through all the benefits and the Annual Percentage Yield of .05% .  I said, “umm, ok” and opened the account.  This is how traditional banking is done.  However, why be traditional when we are in the age of computers, the internet and online banking!

When I started to get serious about my money, I started to read all sorts of articles discussing high-yield savings accounts (accounts that were earning as much as 2.5% at the time).  2.5% ! That is a 50 times higher return than the “great account” my local bank set me up with.  I started to shop for a new bank that day.  The catch here is that the majority of banks with high-yield accounts are online banks.  There is some trepidation towards putting money into an online bank.  Many people feel their money is disappearing because it has become “digital”.  Well, for the people that are concerned about such things, they should know that over 90% of the american money supply is digital money.  Also, the big online banks are FDIC insured, which means your money is insured by the government up to $250,000.  These online banks can offer such great rates because they don’t have the large overhead that comes with having local branches, allowing them to give extra benefits to their customers.

So, it would seem rational to make a transition from your brick and mortar bank to an online bank for your savings account.  The next question is, which one or where do I find the right bank for me?  Well, I have an assignment for you over the weekend.  Go and take a look at this fantastic post written at Get Rich Slowly this week.  JD has done all the grunt work for you, all that is left is to take your pick and open an account.

Moving money into a high-yield account is a great start to having your money work for you.  If you don’t have much money in your savings account at the moment, don’t worry.  Even a few extra dollars a year is likely better than what you would have been getting at your brick and mortar bank.  The idea is to build wealth, and once you have enough capital, you will see that the returns from these accounts can be substantial.

Check back here on Monday to see which accounts I have set up and why.

Have a great weekend.

1,026 Responses to Start Making Your Money Work For You – Open a High-Yield Savings Account
  1. Nancee Pullar
    August 9, 2018 | 8:03 am

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  8. Animierte Intro erstellen
    August 12, 2018 | 8:57 pm

    Thank you ever so for you post.Thanks Again. Fantastic.

  9. Felipe Roosa
    August 12, 2018 | 9:13 pm

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  10. sale car
    August 13, 2018 | 4:53 am

    My brother suggested I might like this website. He was totally right. This post actually made my day. You cann’t imagine simply how much time I had spent for this info! Thanks!

  11. Sharolyn Gilden
    August 13, 2018 | 6:40 am

    Appreciation for really being thoughtful and for deciding on particular fantastic guides most folks really would like to be aware of.

  12. Stephine Zumbrunnen
    August 13, 2018 | 2:43 pm

    HelloHeyHi there, You haveYou’ve performeddone a greatan excellenta fantastican incredible job. I willI’ll definitelycertainly digg it and for my partpersonallyindividuallyin my opinionin my view recommendsuggest to my friends. I amI’m sureconfident they willthey’ll be benefited from this siteweb sitewebsite.

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Leave a Reply


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Trackback URL http://mynextbuck.com/start-making-your-money-work-for-you-%e2%80%93-open-a-high-yield-savings-account/trackback/

Start Making Your Money Work For You – Open a High-Yield Savings Account

How much interest is your money in your bank account earning?  Do you know the percentage?  Odds are its some fraction of a percent that isn’t worth recognizing or remembering.  This is where economists freak out, because many of us aren’t acting as rational entities and aren’t maximizing our wealth/earning potential via the resources that are abundently avaialable to us.

For example, about a year ago, I opened up my first savings account since I was in middle school.  I called up my bank, which I had been with for years and told them I wanted to open a savings account.  They said they had a great account for me, called a “relationship savings account”, because I had a checking account with the bank.  They ran through all the benefits and the Annual Percentage Yield of .05% .  I said, “umm, ok” and opened the account.  This is how traditional banking is done.  However, why be traditional when we are in the age of computers, the internet and online banking!

When I started to get serious about my money, I started to read all sorts of articles discussing high-yield savings accounts (accounts that were earning as much as 2.5% at the time).  2.5% ! That is a 50 times higher return than the “great account” my local bank set me up with.  I started to shop for a new bank that day.  The catch here is that the majority of banks with high-yield accounts are online banks.  There is some trepidation towards putting money into an online bank.  Many people feel their money is disappearing because it has become “digital”.  Well, for the people that are concerned about such things, they should know that over 90% of the american money supply is digital money.  Also, the big online banks are FDIC insured, which means your money is insured by the government up to $250,000.  These online banks can offer such great rates because they don’t have the large overhead that comes with having local branches, allowing them to give extra benefits to their customers.

So, it would seem rational to make a transition from your brick and mortar bank to an online bank for your savings account.  The next question is, which one or where do I find the right bank for me?  Well, I have an assignment for you over the weekend.  Go and take a look at this fantastic post written at Get Rich Slowly this week.  JD has done all the grunt work for you, all that is left is to take your pick and open an account.

Moving money into a high-yield account is a great start to having your money work for you.  If you don’t have much money in your savings account at the moment, don’t worry.  Even a few extra dollars a year is likely better than what you would have been getting at your brick and mortar bank.  The idea is to build wealth, and once you have enough capital, you will see that the returns from these accounts can be substantial.

Check back here on Monday to see which accounts I have set up and why.

Have a great weekend.

1,026 Responses to Start Making Your Money Work For You – Open a High-Yield Savings Account
  1. Nancee Pullar
    August 9, 2018 | 8:03 am

    HelloHeyHi there, You haveYou’ve performeddone a greatan excellenta fantastican incredible job. I willI’ll definitelycertainly digg it and for my partpersonallyindividuallyin my opinionin my view recommendsuggest to my friends. I amI’m sureconfident they willthey’ll be benefited from this siteweb sitewebsite.

  2. masterbation machine
    August 9, 2018 | 1:10 pm

    Looking forward to reading more. Great article.Much thanks again. Really Great.

  3. Tamika Quinones
    August 11, 2018 | 4:15 am

    It’sIt isIts not my first time to visitgo to seepay a visitpay a quick visit this websiteweb sitesiteweb page, i am visitingbrowsing this websiteweb sitesiteweb page dailly and takegetobtain nicepleasantgoodfastidious datainformationfacts from here everydaydailyevery dayall the time.

  4. Fred Beirne
    August 11, 2018 | 6:23 am

    It’s greatenormousimpressivewonderfulfantastic that you are getting ideasthoughts from this articlepostpiece of writingparagraph as well as from our discussionargumentdialogue made hereat this placeat this time.

  5. Reyna Mentzel
    August 11, 2018 | 9:39 am

    I like the valuablehelpful informationinfo you provide in your articles. I willI’ll bookmark your weblogblog and check again here frequentlyregularly. I amI’m quite certainsure I willI’ll learn lots ofmanya lot ofplenty ofmany new stuff right here! Good luckBest of luck for the next!

  6. Willian Wrobleski
    August 11, 2018 | 7:43 pm

    I amI’m extremelyreally inspiredimpressed with yourtogether with youralong with your writing talentsskillsabilities and alsoas smartlywellneatly as with the layoutformatstructure for youron yourin yourto your blogweblog. Is thisIs that this a paid subjecttopicsubject mattertheme or did you customizemodify it yourselfyour self? Either wayAnyway staykeep up the niceexcellent qualityhigh quality writing, it’sit is rareuncommon to peerto seeto look a nicegreat blogweblog like this one these daysnowadaystoday..

  7. Cameron Guralnick
    August 12, 2018 | 7:57 am

    HiHelloHi thereWhat’s up, I log on tocheckread your new stuffblogsblog regularlylike every weekdailyon a regular basis. Your story-tellingwritinghumoristic style is awesomewitty, keep doing what you’re doingup the good workit up!

  8. Animierte Intro erstellen
    August 12, 2018 | 8:57 pm

    Thank you ever so for you post.Thanks Again. Fantastic.

  9. Felipe Roosa
    August 12, 2018 | 9:13 pm

    I’m impressedamazed, I must sayI have to admit. RarelySeldom do I encountercome across a blog that’s bothequallyboth equally educative and entertainingengaginginterestingamusing, and let me tell youwithout a doubt, you haveyou’ve hit the nail on the head. The issue isThe problem is something thatsomething whichsomethingan issue that not enoughtoo few people arefolks aremen and women are speaking intelligently about. I amI’mNow i’m very happy that II stumbled acrossfoundcame across this in myduring my search forhunt for something relating to thisconcerning thisregarding this.

  10. sale car
    August 13, 2018 | 4:53 am

    My brother suggested I might like this website. He was totally right. This post actually made my day. You cann’t imagine simply how much time I had spent for this info! Thanks!

  11. Sharolyn Gilden
    August 13, 2018 | 6:40 am

    Appreciation for really being thoughtful and for deciding on particular fantastic guides most folks really would like to be aware of.

  12. Stephine Zumbrunnen
    August 13, 2018 | 2:43 pm

    HelloHeyHi there, You haveYou’ve performeddone a greatan excellenta fantastican incredible job. I willI’ll definitelycertainly digg it and for my partpersonallyindividuallyin my opinionin my view recommendsuggest to my friends. I amI’m sureconfident they willthey’ll be benefited from this siteweb sitewebsite.

  13. Joel Stmartin
    August 13, 2018 | 11:51 pm

    I’veI have readlearn someseverala few just rightgoodexcellent stuff here. DefinitelyCertainly worthvalueprice bookmarking for revisiting. I wondersurprise how so muchmucha lot attempteffort you putyou setyou place to createmake this type ofthis kind ofthis sort ofsuch aone of theseany suchthe sort of greatwonderfulfantasticmagnificentexcellent informative siteweb sitewebsite.

  14. Avis Eberth
    August 14, 2018 | 12:56 am

    Very niceExcellentGoodVery good postarticlewrite-upblog post. I certainlydefinitelyabsolutely loveappreciate this websitethis site. Keep it upContinue the good workStick with itKeep writingThanks!

  15. Kirk Krausmann
    August 14, 2018 | 5:41 am

    Can you have a spam issue on this particular website; I am a blogger, and I wanted to understand your situation; many of us have developed some fine methods, and we’re looking to exchange methods with others, why not shoot me an email if interested.

  16. Karyn Nittinger
    August 15, 2018 | 12:56 am

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  17. http://www.homedesignpaterson.tk
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  18. http://www.homedesignplano.tk
    August 15, 2018 | 3:42 am

    Good site! I truly love how it is easy on my eyes and the data are well written. I’m wondering how I might be notified whenever a new post has been made. I have subscribed to your RSS which must do the trick! Have a great day!

  19. http://www.homedesignphoenix.tk
    August 15, 2018 | 4:55 am

    Nice read, I just passed this onto a friend who was doing some research on that. And he actually bought me lunch since I found it for him smile Thus let me rephrase that: Thanks for lunch!

  20. End Of Lease Cleaning
    August 15, 2018 | 9:07 am

    I really liked your article post.Much thanks again. Really Great.

  21. homedesignportland.tk
    August 15, 2018 | 3:39 pm

    You are a very bright individual!

  22. homedesignpeoria.tk
    August 15, 2018 | 3:47 pm

    Great awesome issues here. I am very satisfied to look your post. Thanks so much and i’m taking a look forward to contact you. Will you please drop me a e-mail?

  23. home improvement loans
    August 16, 2018 | 5:49 am

    Nice post. I was checking continuously this blog and I am impressed! Very useful information specifically the last part 🙂 I care for such info much. I was looking for this particular info for a very long time. Thank you and good luck.

  24. Caitlin Hufana
    August 17, 2018 | 5:47 am

    It’sIt isIts not my first time to visitgo to seepay a visitpay a quick visit this websiteweb sitesiteweb page, i am visitingbrowsing this websiteweb sitesiteweb page dailly and takegetobtain nicepleasantgoodfastidious datainformationfacts from here everydaydailyevery dayall the time.

  25. Usha Vallance
    August 17, 2018 | 6:59 pm

    HiWhat’s upHi thereHello friendsmatescolleagues, its greatenormousimpressivewonderfulfantastic articlepostpiece of writingparagraph regardingconcerningabouton the topic of educationteachingtutoringcultureand fullycompletelyentirely explaineddefined, keep it up all the time.

  26. Vern Gilkey
    August 17, 2018 | 8:59 pm

    HiWhat’s upHi thereHello, everythingallthe whole thing is going wellfinesoundperfectlynicely here and ofcourse every one is sharing datainformationfacts, that’s reallyactuallyin facttrulygenuinely goodfineexcellent, keep up writing.

Leave a Reply


Wanting to leave an <em>phasis on your comment?

Trackback URL http://mynextbuck.com/start-making-your-money-work-for-you-%e2%80%93-open-a-high-yield-savings-account/trackback/