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.
Tags: High Yield Savings Accounts, Personal FinanceStumble it!
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