Earning 3.35% on your savings account may seem like chump change, but if you recently opened your 401(k) statement and learned that your portfolio plunged by 20% or more, then any sort of savings plan looks like a comparable goldmine.

Most brick ‘n mortar banks are downright cheap when it comes to savings accounts, even worse with interest paying checking accounts. Some banks act as if they are
doing you a favor by paying 0.25% on your balances, while few will pay more than 1.5% on every day savings.

Fortunately, internet banking has changed the way that banks do business, at least for those whose deposits are chiefly transacted online. With fewer employees and virtually no real estate to speak of, online banks keep their overhead low and pass on their savings to you.

I’m not about to endorse any bank these days, simply because so many of the larger ones are going through extraordinary times, requiring a federal government bail out or risk facing insolvency. When dealing with any institution, you’ll want to verify that they are FDIC insured, otherwise your funds could be at risk.

The following are some of the more noteworthy banks conducting business online, financial institutions to consider as a places to make your hard earned funds work for you:

ShoreBank – Some banks help you earn money while others do that and take up a cause. ShoreBank’s modus operandi is to give you a good return on your money while using some of their profits to support the environment. ShoreBank has funded solid alternative energy businesses, environmental protection groups, green collar jobs, sustainable business practices, nursery schools, educational institutions, churches, temples, homeless shelters, NPOs, and much more.

ING Direct – Disclaimer: I am a loyal customer of ING, having banked with them for many years. A global institution based in the Netherlands, the American arm of this bank offers various savings accounts, mortgages, equity loans, and more. The bank now offers business services too. So, am I recommending them? Well….

Dollar Savings Direct – Operating as a division of Emigrant Bank, Dollar Savings currently is offering 4.0% interest on a sixteen-month, one thousand dollar deposit. Founded in 1850, Emigrant is one of the oldest, continually operating banks in the U.S. If longevity is a factor in who you bank with, then there are few banks that have been around as long and are paying high rates for deposits.

GMAC Bank – If it weren’t FDIC insured, I probably wouldn’t include GMAC Bank on this list. Parent GMAC Corporation is owned by Cerberus Capital Management, L.P. (of Chrysler automobile fame) and General Motors, two companies who aren’t exactly doing well right now. But, with some of the highest earning rates in the nation, you may not want to pass this bank by. Just don’t expect a break on your car loan rate if your credit isn’t good!

E*Trade Financial – You may already use E*Trade to buy and sell stocks, so why not use them for your government backed savings account? Currently, E*Trade is paying 3.30% on every day savings, which means you only need to deposit $1 to get such a high rate of return.

EverBank – Based in Jacksonville, FL fast-growing EverBank offers a good rate on short term money market accounts as well as on checking accounts. Although you need to put $1500 down to open a high yielding checking account, there is no minimum balance requirement to earn interest.

With the financial markets in a tizzy, many consumers are looking for safe places to stash their cash. It looks like certain online financial institutions have what it takes to give you a high return on your investment and some peace of mind too!

Tags: checking accounts, deposit accounts, direct deposit, home equity, Loans, money market accounts, mortgages, online banks, savings, savings accounts

Consumers who want to save their future, are in a bind these days. Hammered by the stock market, seeing the financial crisis eat into their savings, and still wanting to save without losing money, lots of people are sitting out of the market until things improve. Yet, saving for the future shouldn’t be curtailed, but what if you are risk adverse?

One way that consumers are saving money is by depending on their banks again. Yes, local branches of big commercial banks, community banks, and other savings institutions are in fashion again. But, most savings rates are downright dismal, meaning you’ll lose a bunch of money over the long haul due to inflation.

Looking Beyond The Big Commercial Bank

There are some ways you can make more money from your regular old savings account, but you may need to look beyond your big box bank in order to do that. The following are some tips to help you build wealth slowly, a temporary diversion for some of your funds while the financial markets mend:

Credit Unions — In most cases it pays to look beyond your bank and head over to your local credit union to see what they have to offer. Once you confirm eligibility, you can join up for a small fee and reap the benefits of shared ownership in an entity that really looks after your good. Check out their various savings plans and you’ll see that rates are higher, usually much higher, than what First National Bank offers.

Online Institutions – Banks will a strong online presence, such as ING Direct, pay interest rates that are several times the rate your brick ‘n mortar bank offers. How can they do this? By keeping their overhead low, that’s how. Rates vary, but 3.5% on savings is common with certificates of deposit paying out as high as 5%.

Community Banks — The smaller the bank, the better the interest rate offered. Well, that isn’t always true, but many of the smaller banks operating in your community are not beholden to shareholders or have a minimal overhead and can afford to pay higher rates on your savings account. Check out Top 50 Money Market Rates and High Interest Savings Accounts to find a great rate available to you.

Finally, check with your current bank to see what “specials” they may be offering. You may be surprised to find that your big banker is craving deposit money and is offering a special rate on a CD or a savings account.

Define Your Savings Goals

Identify what you are looking to accomplish with your savings plan. First define your short-term savings goals such as:

— holiday gifts
— new entertainment center
— upcoming education expenses
— next summer’s vacation
— other

And then define your long-term goals:

— buying your first or second home
— saving for your child’s education
— planning retirement
— paying down debt
— other

For each goal, estimate the cost and the amount of time you need to achieve your goal. The list will be used to prepare your savings plan which you can create online.

Tags: Certificates of Deposit, community banks, credit union, money markets, online institutions, savings

Coupons have long been a staple of American life, offering clippable savings on a wide variety of food, clothing, entertainment, and personal items. When I was young, coupons ranging from five to ten cents were common, with the occasional twenty-five cent savings garnering the most attention.

These days coupon savings of at least fifty cents seem to get noticed, with customers preferring savings of one dollar and above or those for buy one/get one (BOGO) free items. Sunday newspapers long controlled the distribution market, sharing advertising revenue with coupons sent by US mail. Today, that has all changed as internet and “clipless” coupons prevail.

If you’re looking to trim the cost of your grocery bill, coupons can help you do just that. Let’s explore ways that you can save, to help you shave ten, twenty, even fifty percent or more off of your weekly grocery bill:

Go Clipless – In exchange for giving the grocery store some of your personal information, you can obtain a grocery card that can be used at that store which will automatically deduct store coupons for you without your needing to clip them. Saves you time and hassles, but make sure that you aren’t giving the store more information about yourself then you want as you are granting them the ability to track your spending habits.

Newspapers, Magazines, and Flyers – The old standby are those coupons that still appear in the Sunday paper, are placed in magazines, or come in flyers via US mail. Their numbers have dropped over the years, but big savings on all of your favorite brand grocery items can still be found.

Double or Triple Coupons – The battle for customers is still intense, therefore some supermarkets still offer special double or triple coupons (usually up to $1). Suddenly, that fifty cent coupon is worth one dollar and, when you combine that with grocery store specials, you can realize additional savings.

Internet Coupons – Recognizing that so many consumers rely upon the internet for their news and human contact, those paper coupons can often be found on the web, oftentimes right on the manufacturers website. Print them out, bring them to the store, and save just as you would with any other coupon.

Special Coupons – Besides each of the other mentioned sources for coupon savings, your pizza box is frequently the place where food coupons can be found. In addition, check the back of your favorite breakfast cereal, the inside lid of your preferred coffee, and the inside of the label on your peanut butter jar. Some coupons truly are hidden in plain site!

Although coupons aren’t always looked upon by consumers with favor, when used they can yield tremendous savings, just what every cash strapped American wants today.

Adv. — Do you want to save money? You’re not alone! Please visit SayLowerBills.com for information on how you can reduce your insurance costs, save money on doctor bills, and manage your debt obligations. Download a free family budgeting worksheet and learn more about increasing your savings rate today!

Tags: clipless coupons, clippable coupons, clothing, discounts, food, groceries, personal items, pizza, savings, shopping, specials, supermarkets