Your Savings Account is Wasting you Time and Money

Your savings account is wasting you time and money

(Photo by RNM)   0.06% – According to the FDIC, this is the current national average interest rate for savings accounts. 0.06%!!!   Factoring in gas money to get to the bank, you earn approximately the same amount of money by simply putting your money under your mattress – Nothing.   As an example: If you invest $10,000 on January 1 and make no changes throughout the year, your savings account will have a balance of $10,006 on December 31. What’s the point?? Collecting loose change throughout the year could more-than-double that yield…   Why have a savings account in the first place?   There are a few good reasons to open a savings account.   1) It visually and physically distinguishes your running checking account from the money you’ve set aside for a rainy day, vacation, or down payment.   2) Your money is FDIC insured (up to $250,000 with […]

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