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Make a $25, 10% return instantly.
By JD Bluefield | April 16, 2008
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The majority of savings accounts will barely keep up with inflation and are not the fast track to riches, but are a necessary evil. I use these accounts to store money for 1) Emergency Reserves, 2) Monthly Expenses (i.e. mortgage, credit cards, insurance, etc.) and 3) Investing Reserves (money ready to invest in opportune moments).
The main purpose of savings accounts and CDs are not to make money, but to maintain and store money. It may not be easy to find ways to “make your money work for you”, but the first and easiest thing to do is to keep from losing it. The easiest and most liquid way to do that is to seek the highest interest rates available in checking and savings accounts. And with the advent of the internet and online banking, finding the highest yielding banks are easier than ever.
Best place to research bank interest rates: I use Bankrate.com. Not only can you find the best online rates, but you can find local brick-and-mortar (an internet term for businesses with an actual building) banks.
Where can I get that $25 and 10% instant return? Currently ING Direct offers a referral sign-up promotion of $25 on an initial $250 deposit. This works out to an instant 10% return. If you add in the current 3.00% interest rate on savings accounts, that works out to a 13% return! Once you sign-up, you can refer your friends and receive a $10 bonus on your side and get your friends the $25. Unfortunately, when I signed up, no one referred me, so I never got this opportunity.
If you’d like to sign up now to receive the referral link, email me at jdbluefield@bluefieldmoney.com.
Where can I find the a good interest bearing checking account? If you live in Hawaii, check out my post on 4.0% checking accounts. If you sign-up, let your teller know that you heard about this from BluefieldMoney.com, also, when you sign-up you’ll receive a free gift.
Topics: Personal Finance, Savings |
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