“The power of compound interest is the most powerful force in the universe.” ~~Albert Einstein
How would you like higher returns with no added risk?? Seems too good to be true, right? Well it’s not…if you put your savings into an online, high yielding, FDIC guaranteed cash account.
As my favorite Wall Street Journal columnist, Jason Zweig, recently wrote: “With a few clicks of the mouse, you can crank up the yield on your cash by 2 percentage points, often adding hundreds—even thousands—of dollars to your investment income annually.”
I’m here to tell you. Switching to a higher yield can make a huge difference.
A few months ago, my ace bookkeeper, Ben Falge, suggested I transfer my savings, which was earning .09%, to an online account (Citigroup360) paying 2%. Didn’t seem like a big deal, but I did it.
Last week he showed me what a big deal it was. My local bank had been paying me $185 in monthly interest. But that soared to $550 a month when I switched. Just this week, I moved that money to another online account, Ally, paying 2.2% interest. Ben estimates my monthly interest income will rise to $650. Now that’s a big chunk of change!
I encourage all of you to ‘Just do it!’ Now! Open a high paying online account. As columnist Zweig wrote: “You may never get an easier chance to raise your return at no extra risk.”
Do you have a favorite online bank you’d recommend? Leave a comment below.
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