Friday, March 03, 2006

Baby Steps: Step 1

There's probably a bunch of people that have watched Marry Poppins and remember the song about how you should put money in the bank. So it probably shouldn't surprise me too much, but I often find myself in shock when someone says all their savings are in the bank. If you're talking a few hundred or a few thousand...ok, but when 10s or 100s of thousands is just sitting in a savings account or a local bank money market or CDs, I just can't help but shake my head. There's so many options of what can be done, but perhaps the number of options is daunting or it's all just too confusing. When people try to pull money out it's often like the Friends episode where Chandler wanted to quit the gym and the gym tries to keep them there. So here's some info and basic options to help people "quit the bank".

Step 1: Find a bank with a good savings rate. There's about half a dozen people now that I learned were making under 2% interest and with the rising rates, it's really not a problem to beat that. First, there are a few good savings rates at places like INGDirect (if you would like to make a few extra bucks signing up for ING Direct, feel free to send us an email for a referral and see the NOTE below), HSBC, and EmmigrantDirect. These places are FDIC insured which means up to $100,000 is insured so you can't lose the money. One can just search at FDIC to validate any of these banks giving high savings rates. So this is easy to do and can be done RIGHT NOW. Second, you can use electronic funds transfer (takes a few days) to transfer the money to your local bank at any time at no cost. This is an easy start as you consider what else you might try in the future.

We'll deal with step 2 later.

NOTE: We have a few ING Direct referrals left, so if you are interested in getting $20 to sign-up, please feel free to send us an email for details. Basically, this deal nets you $20 and we would get $10 for the referral.

1 Comments:

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