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 2: Open a free savings account in at least 2
of the following 5 recommended banks.
These 5 banks are recommended because they consistently have some of the Nation's HIGHEST SAVINGS RATES. In order of preference:
- 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.
Note: 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.
Your Financial Ally