Where does your money live ?

Jul 17, 2020

I know that opening new bank accounts is like finding a new dentist or doctor, it is never fun but please don’t let your money sit in a checking account earning nothing. Show your money some care and love.

Opening online money market accounts with online banks like Capital One or Ally Bank is actually pretty easy and painless. Then your money can live in a Money Market account and earn 1%. Now don’t laugh at 1%. Even with my most basic math, 1% is still better than 0% !

What I recommend is that you find a Money Market account that allows you to move money in and out any time without penalty. The higher interest rates usually require that you leave your money in the account for a fixed period of time. Depending on how much cash you have and your money strategies, that may work but please do be careful to match the account to your money goals. An increased interest rate doesn’t help if you cant access your cash without penalty for an emergency.

Choose to show your money some love and let it live in an interest bearing account.

 

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