Multiply your penny

I’ve been snooping around looking for other ways to increase my income, I’m not talking about a part time job, it’s time you let your money work for you, even if it doesn’t make much. At the end of the day every little bit count.

If you don’t want any long term commitment with CD’s, but desire easy access to your money than online banking is the best way to go. They are increasing interest rate rapidly as there is a lot of competition they want your business.

Northfield Bank, Platinum Savings – 2.25% APY, When we are talking about money I think it’s always good to use real numbers so you can see the potential gain from this. From your local bank you probably have $10,000.00 in your savings, chances are you only receiving 0.01% APY. Math time now with 0.01% of $10000 = $1 that’s all you get for the year or $0.08 monthly. That’s sounds like a joke right?

Now let’s say you were able to get 2.25% of $10000 that’s $225 for the year or $18.75 monthly it probably don’t seems much but compare it to the numbers above and one more thing since it’s compound interest every month the amount will go higher because of the $18.75 more, the following month won’t be the same.
Get money get money get money….

As you prepare for retirement every little bit count, little saving around your 20’s over time can accumulate to big pay day when you reach 65 if you decide to retire at that age. In future blogs I will discuss the advantage of multiple legs income, and how to make the best of your money while living the good life.

Below is a list of Banks with good APY

1. Purepoint financial 2.15% APY
• Type: Savings
• To open: $10,000
• Check writing: No
• No Monthly Fees

2. Citizens Access 2.12% APY
• Type: Savings
• To open: $5,000
• Check writing: No
• No Monthly Fees

3. Goldman Sachs 1.95 APY
Type: Savings
To open: $1
Check writing: No
No Monthly Fees

4. American Express 1.90 APY
Type: Savings
To open: $1
Check writing: No
No Monthly Fees

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