Step 1: Avoid Fees, and Seek Better Yields
If your bank is paying you zilch, consider a credit union. Because of credit unions’ nonprofit structure, they typically offer better interest rates on their accounts. Do some research comparing credit unions online at DepositAccounts.com.
“With some elbow grease you can earn a percentage point or two on your cash,” says Greg McBride, senior financial analyst at Bankrate.com.
Plus, 78 percent of credit unions surveyed don’t charge a monthly fee for checking, Bankrate.com reports — compared with just 45 percent of banks.
You can search for local credit unions at aSmarterChoice.org or ask friends and family if they belong to one: Often all you need to join is a connection to a current member.
Once you find a credit union, Ken Tumin of DepositAccounts.com suggests a two-pronged strategy: Use the credit union for your basic checking needs, then shop online for ... Read More Great Strategies.
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