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  • Home
  • Savings
  • CD Rates
  • Mortgages
  • Bank Games
    • Bank Game: Financial Football
    • Bank Game: Road Trip to Savings will Make or Break You
    • Jet-Ski Your Debt Away
  • Articles
    • We Are Rich
    • Time or Money
    • 7 Correct Money Principles
    • A Penny Saved Is A penny Earned
    • Slash Spending – Boost Your Money Market Account
    • Save Money on Household Utilities by Going Green
    • Saving Money and Sanity with Realistic Savings Goals
    • Money Resolutions: 3 Steps to Keep Them
    • How to Earn 13 Times the National Average Savings Rate FDIC Insured
    • 3 Easy Rules for Saving Without Budgeting
    • Budget According To Priorities Not Impulses
    • How Market Linked Certificates of Deposits Work
    • 15 Money Saving Tips That Will Beef Up Your Savings Account
    • Simple Steps to Getting a Savings Account
    • Savings Tips for Thriving in the Recession
    • 10 Simple Ways to Save Money Now
    • Real Money Saving Tips- From Real People
    • Just What Is a Savings Account?
    • What is a Rainy Day Savings Account?
    • Money Market Account vs. Savings Account Comparison
    • How to Find and Reduce Hidden Expenses
    • Is Your Bank Doomed to Fail? 5 Ways You Can Protect Your Savings Account
    • Traditional IRAs

Is Your Bank Doomed to Fail? 5 Ways You Can Protect Your Savings Account

In the current economic climate, smart consumers are looking for ways of making their money go a little bit further. 

Online savings accounts have become very popular, with many feeling the need to build up savings to give themselves some financial breathing space, especially as they see many of their friends lose their jobs.

A leading savings comparison website tracks the best bank deals, online savings accounts and high yield money market accounts, prompting the savvy consumer to start saving or increase their savings.

The protection of a robust savings account is evident in a story of two friends:

One who put extra money into his savings while the other tried to pay his mortgage off early by paying extra money every month. When both lost their jobs, the friend who had saved had enough funds to pay his bills and his mortgage payments and was able to keep his house. Whilst his friend, due to not having any savings, was unable to pay his bills or make his mortgage payments, causing him to lose his house. Sadly, this is happening all across America and it is prompting many to increase their savings to help ensure a more certain future.

Unexpected Job Loss

With the economic future uncertain, change appears to be the only constant.  As such, any extra money that you may have should go toward your emergency fund as opposed to mortgage prepayment.

If you have 3 to 6 months worth of living expenses in your emergency fund before, now is the time to beef it up to 12 months. Why such a big jump all of the sudden? The greater margin of safety is needed because it is now much harder to get a decent job than it was a year ago. Even the most skilled workers could go unemployed in this economy for many months. In this troubled economic time, no one is assured of keeping his/her job.

Savings accounts may be the only saving grace for many of us. Growing your money in a savings account makes more sense now than ever. Making sure to save a specified amount each month will insure you will not be out in the cold when a real crunch hits.

Online savings account are enabled to pull any amount you specify out of your bank account on the date you allow them to do so. View some of the highest yield savings accounts where you can let your money work for you

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Advertiser Disclosure: Many of the deposit account listings appearing on this site are from advertisers from which this website receives compensation for being listed here. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). These offers do not represent all deposit accounts available. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit Union deposits are insured by the National Credit Union Administration. Many banks and credit unions show different rates on their own websites. Identify yourself as a Bankrate consumer to get the rates displayed in the listings above. If you are dissatisfied by the institution you choose or believe you have received an inaccurate quote, please let us know.

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APY

APY or the annual percentage yield is the real rate of return of an investment over a period of a year taking into account the effect of compounding interest.

Compound Interest

Compound interest occurs when the interest earned on an account is credited back to the account and then interest is earned on the new total balance.

Depositor Insurance

All banks and credit unions listed or reviewed on this site are either FDIC insured or for credit unions NCUA insured. Currently FDIC and NCUA insurance provide insurance up to $250,000 per depositor per institution.

National Average Savings Rate Calculation

The national average calculations were obtained from the Weekly National Rates published by the FDIC.gov website.

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