My Financial Ally
   Home, Car, Credit Cards, Savings, Credit Score
Home  >>  Savings


Best Strategy for Maximizing Your Savings

The strategy is extremely simple:

  • STEP 1:  Make sure that you have a free checking account.
    This means that you do not have to pay a monthly fee and that you do not need to abide by any minimum balance requirements in order not to be charged the monthly fee.
    Our recommendation:
      By far the best free checking account that we have found is the Electric Orange Checking Account from ING Direct.

  • STEP 3:  Place all your money into your checking account and then every month move them to the savings account that has the highest Savings rate that month. 
    Leave in your checking account just enough money to cover your expenses / bills.

    If you have both the Electric Orange Checking Account from ING Direct, and a balance greater than $50,000 then it is possible that in certain months it might not be worth the hassle to move your money out of the the checking account since you will be getting a great savings rate on your checking account money, anyway.

Good luck,
Your Financial Ally

User Comments on This Article

POST YOUR OWN COMMENT -- You do not need to have an account

Header (Optional):

50 characters remaining

Comment: 1200 characters remaining.

Name (Optional):

This will be displayed next to your comment.

Email (Optional):

Note: Your e-mail will not be displayed. It will only be used to notify you when your comment gets approved.

Enter the code you see in the image. Letters are case sensitive.

Change Image