You don’t have to use the same bank for your checking account, credit card and savings account. Instead, shop around and find the best place for each account. Your goals should be to reduce fees, earn more interest, earn rewards and improve your credit score.
Maximizing your Yield on Savings and Checking Accounts
Begin by getting a no-fee, no-interest checking
Continue reading Your Savings Account, Checking Account and Credit Card Strategy
Credit unions still only command 6% of the U.S. market, according to the National Credit Union Administration, a government regulator.
The small size doesn’t mean they should be overlooked as an option, however. Not only do credit unions tend to offer better interest rates and fewer fees, but their conservative nature (when it comes to the
Continue reading Credit Unions for Your Banking
Establish a banking relationship.
The Consumer Federation of America conducted a survey of check-cashing outlets and found that the average transaction charge for a $1,002 Social Security check in 2006 was $24.45. Their customers pay on average $19.66 every week to cash a $478.41 handwritten paper check. These charges add up on an annualized basis.
Continue reading Have a Banking Relationship
To eliminate banking fees start by signing up for alerts from your bank. Many banks will send you an email or cellphone text alert when your balance falls below a specific threshold.
Another option is to sign up for a “transfer service” that will automatically tap a savings account or a line of credit or
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If you think you deserve a higher rate of return on the cash you lend then consider an alternative to the Certificate of Deposit your local bank offers.
MoneyAisle.com allows you to auction your cash to the highest bidder. The good news is that all of the bidders are FDIC-insured banks. All of the
Continue reading Auction Your Cash to Increase Your Rate of Return
Best Savings Rates
Visit Billshrink.com and type in your current balance, the features you want (such as online bill paying or ATM access), and other information, and the site presents you with savings accounts and CDs that will leave give you the most return for your money. BillShrink can send you alerts when a better rate
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You may have too much money sitting in a low-interest checking account. Watch your account balance to make sure you don’t have too much money tied up in a low-interest checking account.
Checking accounts are notorious for paying a low rate of interest. Remember why you have a checking account: convenience.
Once the funds start to
Continue reading Your Checking Account is for Convenience – Make Sure Your Money is Working Hard For You