THE AE JOURNAL

Saving is an essential way to help achieve desired goals and aid for emergencies. Emergencies are usually spontaneous situations that present themselves with panic and frustration. These situations can be a loss of a job, ill family member, or an unexpected trip. Whatever it may be, most individuals want to feel prepared for the situations at hand. Savings can be a critical and vital help for those persons who need to get through the unexpected.

Choosing the right savings account can positively affect your earning potential. It is important to choose the right account that can help you earn the most and benefit you the best. The road of discovery in finding the best saving accounts is not as complex as it may seem.

Here are a few tips in getting the best savings account:

1)Seek out a high APY rate ( Annual Percentage Yield) - Savings accounts that grant rates of 2% and higher are considered competitive. The higher the APY the higher yield you will gain, this is what maximizes your earning potential. Another thing that is great about APY is that they compound your earnings.

2) Get acquainted with your banker: Find how often your bank compounds their rates.

3)Keep your eyes peeled for banks that offer incentives for saving each month. For example, Bank Of America offers the keep the change program: A project that rounds all purchases made with your debit card to the nearest dollar. They immediately take the difference and place it into your savings account. It is a very easy and interesting way to save.

Many online banking accounts offer competitive rates with very low minimum monthly balances. In fact, many online banking companies are very competitive and often lead when it comes to competitive APY rates and low minimum required balances.

The following companies listed below offer competitive rates and accounts with low minimum required balances:


Company| Account Type |APY |Minimum Balances:



SmartyPig| Savings| 2.01% | $25
SFGI |Savings |1.85% |$1
ALLY| Savings| 1.49% |$0
ING Direct |Savings| 1.25%| $0


The following above information is as of 2/2/2010. Rates may vary over time. If you follow the above tips you will be on your way in earning the most you can gain.

Labels: business, finance, savings