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| 1. Open an Online Savings Account If your savings account isn't earning close to 5 percent interest, then it's time to transfer your money to a high-yield savings account. Brick-and-mortar banks offer an average interest rate of just 0.46 percent on their savings accounts, according to Bankrate.com. Meanwhile, online banks such as HSBC Direct and Emigrant Direct have an annual percentage yield of 4.5 percent and 4.75 percent, respectively -- some of the highest rates out there. These accounts let you withdraw money penalty-free whenever you need it. To open an account, you'll need an existing checking or savings account to link to before you register online. Savings: Put a $1,000 deposit in an online bank account with a 4.75 percent rate and you'll have $1,047.50 in one year and $1,590.52 after 10 years. To grow your savings even faster, sign up for an automatic monthly deposit that will regularly deduct money from your checking account and transfer it to your online account. Putting just $20 a month in your account can add up nicely over time. 2. Take Advantage of Debit Card Programs If you've ever had an overflowing coin jar and have taken it to the bank, then you know that nickels and dimes can add up to big savings. Bank of America's "Keep the Change" program takes it one step further. When customers use their debit cards, purchases are rounded up to the nearest dollar, then Bank of America puts the "change" into an interest-earning savings account. For example, a $5.45 purchase would be increased to $6, with the extra 55 cents automatically deposited into your savings account. During the first three months, Bank of America will fully match these roundups and will then pay a 5 percent match thereafter. (Maximum annual matches are $250.) To qualify, you'll need a Bank of America Visa check card and a checking and savings account. Savings: If you use your debit card 20 to 25 times per month, which is the average amount, according to Bank of America, and the average roundup is 50 cents per purchase, you can save $120 to $150 a year. Above information provided by Smartmoney.com Questions to Ask Yourself About Your Relationship With Money? 1. Have you ever wondered why US money has "In God We Trust" printed on it? 2. Does money have something to do with our relationship with God? 3. If God is love, then does that mean if we love our fellow man and act accordingly then our money will grow? 4. What does God have to do with our money? 5. Why is there a tear, in the image of the pyramid on US money? 6. What does a pyramid have to do with US money? 7. Is your relationship with money healthy? 8. Will your beliefs concerning how to earn more money hold up under any conditions? published by purple monkey e-publication
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