#wormier

Traditional appointments in banks offer very little incentive to save. For example, I used a Wells Fargo savings account for the last five years. Meanwhile, I earned less than 1% interest on my savings each year. Basically, this means that by keeping my money in my savings account Wells Fargo, I lose money to inflation. As interest rates have risen over the past year, such a low return on savings just does not make sense, and certainly not happy to save.Luckily there are alternatives. Internet banks offer savings accounts with high interest and are linked to your checking account. For example, the ING Orange account currently offers an annual yield of 4.35% on savings. Emigrant Direct offers an interest rate even higher than 5.0% savings account. And most important of these banks are insured by the FDIC Internet as the great rendezvous in banks: Bank of America and Wells Fargo.Your Internet bank accounts linked to your existing account. You can transfer funds back and forth as you do with your normal bank accounts. The main difference is that it takes several days for an operation at the station, usually three days for the ING Orange account. In most cases, this gives you enough time to access your money.Now why does it make a difference? Well let's say you've managed to save $ 100 a month for 10 years. All the while a savings account that returned only 1% interest would increase to $ 12,620, primarily interest you earn $ 620 during this period of 10 years. A bank account that offers a substantial 4.5% increase to $ 15,150. It's $ 2,500 more than the other account. It gets even worse. Say you start with $ 5,000 in savings and you add $ 100 per month for 10 years. The income account interest of 1% increase to $ 18,000. Your bank account earning 4.5% on the Internet, declining to $ 23,000, a difference of $ 5,000 in ten years. The news is full of reports on the lack of personal savings in America, some even call it a crisis. The major banks have jumped at the opportunity and offer all sorts of programs to encourage savings. For example Bank of America offers a program called Keep The Change, which supplement the cost of each purchase and put money in your savings account. Although these programs can help provide a framework for savings, they can not really be saving you money at all. This is especially true if the interest rate your bank offers is not against the cost of inflation.If you're comfortable with the Internet and make purchases online, Internet banking is a excellent way for you to make your money grow and build a nest egg for your future.