Getting the best interest on your money

Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Seniors and Money and other Senior topics.

How do I know I am getting the best interest rate on savings"

Getting the best interest on your money

If you are able to keep a goodly amount of money in a savings account, are you getting the best interest available? You may want to put some of this money into a Certificate of Deposit. Check with your banker for the best rates to let your money work for you. If they offer you...say...5-1/4 interest on a 6 month C.D., ask if there is any way to earn more interest. I do, and I always get a better rate. Then have the bank deposit your monthly interest earned from the C.D. into your regular savings account, building up more savings! Remember, you pay taxes on income earned, but then you'll have these savings to pay the taxes.

   

Comments

Nobody has commented on this tip yet. Be the first.



Name:


URL: (optional)


Comment:


Not finding the advice and tips you need on this Senior Tip Site? Request a Tip Now!


Guru Spotlight
William Pirraglia