Image courtesy of jenn_jenn
With all the uncertainty in the stock market, more people are keeping their cash in savings accounts. Most of the banks these days are paying low, low rates on savings. Why not earn a maximum return on your money with minimal risk?
I was reading through the February 2009 issue of Money Magazine and found out about a new site called MoneyAisle.
What is MoneyAisle? If you are looking for a high rate on your savings or CD, you can have banks bid for your business by offering you the best interest rates currently available.
If you are like me and are holding onto large amounts of cash, this is a good site for you. If you currently have your savings in one of the big megabanks, you are getting paid a paltry interest rate. For example, if you have $5000 in a money market account at Bank of America, you are earning an interest rate of less than 1%. If you have $25,000 sitting in the account, you are earning only 1%.
I'm currently holding my Savings Challenge funds in an ING account paying 2.4%.
Using the MoneyAisle, I was able to find a money market account paying 3.25% at First Trade Union Bank. The account is FDIC insured up to the entire amount in the account and there are no fees and a low minimum balance.
Using the site is easy and straightforward. You have an option of using the account with registering or you can register for more features. Registering is quick and allows you to build a CD ladder, compare rates and exclude certain banks.
Live Like A Millionaire in 2009
December Savings Challenge Update