Better Save Now than Later

The recession might have ended, but we are still a long way from recovery.  Back in July, we wrote about some of the better online savings options that were available.  We hope that you took advantage of those “high” interest rates then, because since then all the institutions covered have reduced their savings interest rates.

Here are the current rates (APY) as of November 1, 2009:

There are, however, still a few institutions that offer interest rates over 2.00% APY, such as SFGI Direct’s Online Savings at 2.25%  with a $500 minimum deposit and ShoreBank’s Direct’s Online Savings at 2.15% with a $1 minimum deposit.  These places may be unfamiliar to you, but rest assured that they are FDIC-insured.  So if you haven’t started saving yet, start today before these interest rates fall as well.

If you have already opened a savings account and are discouraged by the falling interest rates, remember that your money still worked harder for you sitting in a savings account and collecting some interest rather than in a checkings around collecting no interest.  And nothing is standing in the way of closing your current account and opening a new one with a higher interest rate.  Happy Savings!

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