Savings Accounts

Savings Accounts are a great thing, but only if they do what they're supposed to do. These accounts give us a place to house our money that's quick and easy to retrieve, but also gives us a little bit of money in return for holding it there. Since the banks are using that money to make money, it's only fair that we earn interest and that interest should be more the .10%.

What does this look like? It's common knowledge and it's not a bad thing that banks use the money (deposits) of its patrons to lend to other people. This is partly how they make money. The bottom line is that we need a place to store that emergency fund, but why not get paid to store it? Here are some things to look for when choosing where to store that hard earned cash:

• There are many banks out there that offer 1.9 to over 2 percent APY. For a savings account that has a limited amount of allowed transactions per month, you should definitely get more than .10% APY.
• It should be easy to get started. If a bank's process to sign up is user friendly, then it says something about how they view customer service and about how easy or not so easy it will be to bank with them.

What to remember: Your money should work for you.