Money Tips for Tomorrow

The next subject I would like to touch on is savings accounts. I recently got a new account at Wells Fargo. I love the bank (even lets me transfer money to international accounts for $2.50 instead of the $20 or more at other places)! The thing I wanted to talk about though is the savings account at this bank and all of the other traditional banks you walk into and open an account. Check out their interest they give you. I stopped listening when I hear .0...something. Understand that banks use your money to loan out to other people at a 6% or higher interest and give you back .01%! I use an online bank called ING DIRECT which gives back 1.5%. Yes the 1.5% is much lower than the 6% they loan the money out. The only problem is that you have to wait a couple of days to transfer your money to where you can get it but most of the time you don't need it because you want to use it on impulse buying and this will give you the 48 hour rule I talked about earlier. 1.5% does add up, trust me. Check it out and guarantee you will not have a savings account with another traditional bank again.

http://www.ingdirect.com