With the recent and ongoing economic crisis, Americans are changing their fiscal habits. One of these changes is the way we save money. We are now saving more than we have in recent history. As this recession has showed us, many jobs that we thought of as secure are anything but secure. This lack of security causes more people to put money away for hard times in the future or what is commonly referred to as an emergency fund. So, where is the best place to stash your cash?

IGoBanking – This online only bank is always among the top of high yield savings accounts and offers one of, if not the, best interest rates on savings; currently yielding 1.91%.

Ally Bank – formally a division of GMAC. Yeah, your taxes probably paid for this bank. This bank receives constant criticism over their high savings rates taking funds from away from credit unions, after taking taxpayer money. Their no-penalty CD currently yields 1.9% APY and a savings APY of 1.85%. Both require no minimum deposit.

These are two of the best yields that your will receive on cash. You should have at least on year’s worth of income saved in an emergency fund and these are two places to start, if you have not already.

If you already have an emergency fund, start building an income portfolio along with a growth portfolio. If you are not comfortable investing your own money, buy into an index fund such as the S&P 500 (SPY) and make regular purchases.

One of the best financial tips I every got was, “It’s not how much you make, but rather how much you keep.” Paying yourself before you pay others, including bills, is the easiest way to accumulate wealth. What do I mean by paying yourself first? Before my bills, are you crazy? Keep reading and you see how to make your wealth grow before you allow others to get their wealth.

How Do You Pay Yourself First?

Easy, when you get paid take a portion of that money and set it aside in one of the following accounts:

401K

The easiest way to pay yourself first is to setup a 401k and have automatic weekly or bi-weekly contributions. You also get the added benefit of lowering your taxable income. Talk to your employer’s finance or payroll office to set up your 401K.

IRA

If you don’t have access to a 401k, then you need to setup an Individual Retirement Account. You have two options: Roth or Traditional (please read the advantages of both before selecting one over the other). Fidelity has a tool that can help you in your decision process. Make monthly deposits or a yearly contribution as you wish. A great way to fund this account is to take your tax refund and deposit it immediately.

High Yield Savings Accounts

Make sure you have an emergency fund available. A high yield savings account, like Emigrant Direct, is a great place to stash for any unforeseen emergencies. Ideally, you should have about 12 months worth of income put away for hard times. Make monthly deposits to your emergency fund until you get 12 months of income. Your emergency fund should have priority.  Get more information on high yield savings accounts.

Investment/Brokerage Accounts

These are a little more risky than the other accounts, especially if you manage them yourself, but can also produce significantly higher returns. For most investors I would recommend the use of ETFs until you have some experience.

The IRA and 401k have bonuses: If you, for some reason, have to file bankruptcy these accounts are protected. A 401k also lowers your taxable income, saving you from paying more in taxes. A Traditional IRA can also, but has limitations. I would recommend anyone eligible for a Roth IRA. Get one.

Pay yourself first and survive on what you have left over. How much you pay yourself depends on you but I would recommend at least 10% of your pay. Make it a goal to pay yourself a little more each year. If you get a raise, automatically deposit the amount of the raise into one of the above accounts. These accounts are the foundation for building wealth and paying yourself before others will insure that you’re building your wealth before building others.

Looking to stash you cash in a safe place while earning some money? High Yield Savings Accounts might be for you.  The banks listed below are FDIC insured and offer rates at least 5 times higher than the national average, meaning you make more.  All you need is a checking account to make deposits and withdrawals.

The following list is just some of the well known high yield savings accounts.

FNBO Direct – No minimum balance, no fees, 2.8% APY, and also has a rewards credit cards that deposit cash into your savings account.

Emigrant Direct – No minimum balance, no fees, and a 2.75% APY. I have an account with Emigrant Direct and highly recommend them. Read my review of Emigrant Direct.

Etrade – No minimum balance, no fees, and a 3.0% APY. Etrade also has many other banking and investment products.

ING Direct- No minimum balance, no fees, and a 2.75% APY. ING Direct also offer a high yield checking account with no minimums or fees along with other banking and investment products.

HSBC Direct – No minimum balance, no fees, and a 3.0 APY. HSBC also offers other banking products.

IGoBanking – No minimums, no fees, and a 3.08% APY. Also offers a high yield checking accounts and CDs. Usually, IGoBanking has one of, if not the, highest yields available.

Most Americans aren’t saving enough money; but if you could make your money earn more, would you? Emigrant Direct is a high yield savings account that is available online only. Emigrant Direct usually pays around 6-8 times what you would get at your local bank, making your money add up quicker.

How Can They Afford To Pay More?
Emigrant Direct is an online only bank, which offers high yield savings account and certificate of deposits (CDs). Because they conduct all of their banking online or by telephone, they don’t pay the cost for buildings, employees, and other expenses that you local brick and mortar banks have. This allows them to give you more money, rather than the bank keeping most of your money.

Open A High Yield Savings Account Emigrant Direct
You can open an account with Emigrant Direct online, in a matter of minutes. All you need is a checking account to make deposits from and withdrawals to.

The current interest rate of an Emigrant Direct high yield savings account, An American Dream Savings Account as Emigrant Direct calls it, is 2.75%.

Get More Information at EmigrantDirect.com.