Anybody who has tried to show you how to get rich quickly was selling you snake oil. While we don’t want to crush anyone’s dreams, and we readily acknowledge that a few people have indeed made a lot of money off of various business ideas, the vast majority of those who try to get rich quickly not only don’t get rich quickly, but don’t get rich ever. They would have been much better off to put their money into a high interest savings account.

The good news is that, with a little discipline, anyone can achieve a fairly sizeable amount of wealth. And while “rich” may mean different things to different people, we can assure you that with time and discipline, anyone can have a comfortable retirement without needing to worry about money.

The key is to start while you’re young. If you’re reading this and you’re a twenty year old just starting out in life (or even younger), take heed to what we’re saying. You’ll be glad that you did. You have a lot of time on your hands, but you need to get your money working for you as soon as you can.

If, on the other hand, you’re somewhat older than 20 years old, you can still do a lot to help yourself retire comfortably. Regardless of how old you are, you aren’t getting any younger, and the absolute best time you can start is now.

There are several different savings vehicles you can use to help you get ahead of the game before you retire. It really doesn’t matter so much what you do as much as that you do something to start putting money aside for retirement. Here are some of the better options:

• High interest savings account. High interest accounts typically pay as much as double what passbook savings accounts pay. They offer you the flexibility of having some access to your money if you need it (though you need to leave it alone) while still offering a reasonably attractive interest rate.
• CDs. Certificates of Deposit (CDs) offer much better interest rates than most savings vehicles, with the tradeoff being that you need to leave your money in the CD for the duration of the contract. Most CDs are for a year or more, and the longer you are willing to leave your money in the CD, the better rate you can generally get.
• IRAs/Roth IRAs. You can put up to $5,000 into an IRA and allow it to grow tax deferred. This makes them very attractive options, as long as you are willing to let your money sit there until you retire.
• Annuities. An annuity is a savings vehicle which allows you to save money, tax deferred, until you are ready to retire. When you retire, instead of taking out a lump sum, you are given a monthly income based on how old you are and how much money you have managed to save.

If we pay any attention to financial advisors at all, we already know that we should have several months’ worth of income as an emergency fund. But where is the best place to put it. Most experts suggest a high interest savings account.

When you consider your other options, it just makes sense. Really, you could put it:

• In a coffee can buried in the back yard. The problem here is that you could forget where you put it. Of course, you could draw a map, but that would mean anyone could find it. On top of that, it won’t earn any interest at all.
• In mutual funds. The problem here is that you introduce the element of risk. Not a good idea for an emergency fund. Additionally, it will take you longer to get your money if you need it for something like, oh say, maybe an emergency.
• In a passbook savings account. This is an option, and the money will be safe, but as far as interest goes, you might just as well have left it in the coffee can.

Clearly, a high interest savings account is the best option. Now, don’t get us wrong: high interest savings accounts are currently earning anything but high interest. The rates on most of them are still under 2%. Still, it’s considerably better than what you will earn on a standard savings account, and you will have ready access to your money.

Another benefit (or drawback, depending on how you look at it) to having your money in a high interest savings account is that you are limited regarding how many times per month you can withdraw money. In a perfect world, this would keep you from being tempted to drain your savings account over a shoe emergency instead of a real emergency. Unfortunately, we don’t live in a perfect world, and there’s nothing to stop you from buying 20 pair of overpriced pumps. But at least you’ll be limited regarding how many times per month you can do it.

So, once you have enough money put aside to qualify for a high interest savings account at your financial institution, transfer your money there and leave it alone until you have an emergency. If an emergency comes, you’ll be glad you left it alone. If an emergency never comes, you’ll be glad that you earned higher interest on your money.

These days, there are many options when it comes to saving money. There are all sorts of places you can put it, from burying it in the back yard to opening a high interest savings account. Each option has its relative strengths and weaknesses, of course, and different solutions work better for different people. With that said, however, there are some options that are better than others in most cases.

We’ve all heard the story of the three little pigs. Just in case we have a straggler who missed kindergarten through second grade, though, here’s a recap:

1. Three pigs decide to move out on their own.
2. Pigs build houses. The first pig uses straw, the second uses sticks, and the third uses bricks.
3. A hungry wolf decides he wants pork chops for dinner. He likes to be called Big Bad, but we’ve never been that impressed with him. If he was so bad, he’d have gone after a steak instead.
4. The wolf blows down the first two houses. Fortunately (unless you were rooting for the wolf) the pigs manage to escape to brother number three’s brick house.
5. The wolf can’t blow the brick house down. Depending on the version, the wolf either gives up and goes away or the pigs make wolf stew.

Just like the three pigs and their houses, there are three types of “piggy banks” where you can put your savings. And like the three little pigs’ choices of building materials, there is one that is, by and large, better than the other two. Consider this:

1. • You could put your money into a passbook savings account. Of course, you’ll earn almost as much interest by burying it in the back yard. This does give you the advantage of having your money readily available if you need it, but it’s kind of pointless to allow your money to sit there earning less than 1% interest.
   • You could put your money into a CD (Certificate of Deposit). This will pay relatively good interest. The problem is that you won’t have access to your money if you need it until the CD’s term is up, which is usually a year or longer.
   • You could put your money into a high interest savings account. This offers you a better interest than a typical savings account. While it admittedly does not offer interest rates quite as attractive as CDs, it does give you more ready access to your money if you need it.

There are sometimes limits on how often you can withdraw money from a high interest savings account. However, these limits are usually not generally a problem if you are using your savings account to save money and withdrawing funds only occasionally.

Whether you are looking for a loan, starting a high interest savings account, or seeking other financial services, you will eventually be faced with the choice of conducting your business through a bank or a credit union. It’s a good idea to know a little about the similarities and differences between the two types of financial institutions in order to make an informed decision regarding whom you will entrust with your financial affairs.

While there are many similarities between the two, banks and credit unions are significantly different in their core philosophy and mission:

• Banks are for profit corporations whose main goal is to produce a profit for their stock holders.
• Credit unions are not for profit organizations whose main goal is to provide financial services for the benefit of the sponsoring community.

Banks and credit unions offer many of the same services. You can take out a loan from either. You can open a high interest savings account in either (although it will likely be called something different at a credit union). You can perform most of the same transactions in either type of financial institution. The difference is that when you join a credit union, you become a member. In essence, you are part owner of the credit union.

So, what exactly is the difference? Most people don’t really care about the philosophical differences as much as they do about the differences where the rubber meets the road. So, here they are, in a nutshell:

• As a member of a credit union, you have a voice (a vote) in the way certain business is conducted. As an account holder in a bank, you have no such privilege.
• Credit unions typically pay higher interest on savings accounts, because they aren’t sending money to stockholders.
• Credit unions typically offer lower rates on loans for the same reason. Incidentally, some credit unions are more stringent in their credit requirements for loans because they are cognizant of the fact that they are lending out members’ money.
• Credit unions often offer members only benefits, such as opportunities to buy life insurance and sealed bid auctions on repossessed automobiles.
• Credit unions often are not able to deal with large business loans. Of course, this varies depending on the credit union, but many credit unions lack the resources for larger loans.

If you’re in the market for financial advice, you probably already know that the so-called experts disagree on a good many things. There is plenty of conflicting advice available concerning where you should put your money and how much of it you should put there. One thing most financial advisers and experts do agree on, however, is that you should have a significant emergency fund, and that the best place for that money is in a high interest savings account.

The idea of an emergency fund, quite simply, is that you will have money on hand if you should run into a serious financial emergency. There are any number of financial emergencies which might happen to the typical family, and it’s beyond the scope of this article to consider them individually. Consider things like unexpected medical bills, auto repair bills, and household emergencies when you think of the kinds of things you would use an emergency fund for.

In order for an emergency fund to be useful to you, it must:

• Contain a sufficient amount of money to deal with typical emergencies. The dollar amount will vary from family to family, but for most families, $2,000 to $5,000 represents a good figure.
• Be readily available in case of an emergency. Having $1,000,000 does you no good during an emergency if you don’t have relatively fast access to it.
• Be left alone except in genuine emergencies. The exact definition of an emergency can differ from family to family, but the money in an emergency fund should never be used for anything that can wait.

A high interest savings account covers all of these bases for you. In addition, it offers you a significantly higher rate of return than a typical passbook savings account. Because the money is an emergency fund is not expected to be used under normal circumstances, it pays to let it sit somewhere where it will earn you an optimum rate off return.

It goes without saying that the average American family does not have $2,000 or more sitting around waiting to be deposited into a high interest savings account for an emergency fund. Still, the typical American family can build to that amount in a year or two with a little bit of self discipline. The trick is to put the money into an account and leave it alone.

High interest savings accounts help in this respect because they often limit how many withdrawals you are allowed to make in a given month. Unless you are prone to having daily emergencies, you won’t need to take money out of your emergency fund more than once a month anyway. Frankly, if you are taking money out more than twice a year, you are defeating the purpose of having an emergency fund and should re examine what exactly constitutes an emergency to you.

If you are looking to save a lot of money over the years then you will definitely want to be looking at high interest savings accounts.  If you save a lot of money then this type of savings account will also accumulate a large amount of interest over the years. Here are some articles discussing high interest savings accounts and some tips on finding the best ones.

1. Ubscure – This is a blog that eliminates the confusion between high interest savings accounts and high interest current accounts.
2. Consumer Boomer – This article gives readers a few tips to finding a high interest savings account and gives alternatives that may work in a pinch.
3. DepositAccounts -This blog features a top ten list of things to look for when searching for a high interest savings account.
4. Suite101 – This is a blog with 6 tips for getting more out of your money including finding the best high interest savings account rates.
5. BankAccounts – This is a guide for how to select and apply for high interest savings accounts with comparison shopping.
6. High Interest Rate Savings – This blog teaches readers about the many different types of savings accounts available and how to find the one that is the best for you and has the highest interest rate.
7. Savings Account Interest – This article examines the reasons why people like to have a high interest savings account and how they may find these rewards accounts.
8. Consumerism Commentary – This is a blog in which the author has researched many different types of high interest savings accounts and reveals to the readers where the highest interest rates were found online.
9. Money Instructor – This is a blog that focuses on a few different types of savings accounts and what their advantages are so you may decide which is best for your saving needs.
10. Savings Accounts – This article examines different types of savings accounts that yield high interest and great benefits to consumers.
11. All About Money – This blog takes the guesswork out of choosing a high interest savings account and remarks on why an online account may be more beneficial.
12. Priory Investments – This is an excellent article about high interest savings accounts, what amenities the best will offer and how to find them.
13. Every Classes – This blog discusses finding a reputably established bank online, comparing rates and packages and choosing the highest interest rate that yield the best results for your investment.
14. High Interest Savings Accounts – This blog outlines key facts about Health savings Accounts and high interest savings accounts to educate the reader about which choice is best.
15. MyBlogGood – This UK-based blog addresses the safety of high interest savings accounts, how secure your finances are and what benefits there are to opening an online account.
16. Rate Nerd – This is a blog featuring the top 5 things to look for when searching for a high interest savings account online.
17. Accumulating Money – This blog explains why high interest savings account are safe, ideal for future needs such as college tuition, and have many benefits that regular checking and savings accounts cannot match.
18. PF&I – This is an article that gives simple tips on how to find the right high yield savings account either in a physical bank or online.
19. Bankrate – This blog discusses the many benefits of finding the highest yield savings account that is available and keeping an emergency fund.
20. Amateur Asset Allocator – This post compares high interest savings accounts with Mutual funds and a few different types of investment options.
21. The Tao of Making Money – This blog comments on the likely downturn on savings account interest and why you should lock in your rate now.
22. Studenomics – This is a post that examines what may be the best online bank rates and what the criteria is for students.
23. ArticlesBase – This blog comments on how high interest savings accounts are a great idea but finding one may be tricky because of some tough criteria.
24. Investopedia – This article outlines why a high interest savings account is safe, insured way for individuals and families to earn more interest than is possible with a standard savings account.
25. Bank Lady – This blog explains some information about high interest savings accounts and what the top 13 high interest savings accounts are right now.
26. Justin Pritchard’s Blog – This blog explains why even though high interest savings accounts are very beneficial, they are not offered to everyone.
27. Free From Broke – This blog gives 9 reasons why you need a high interest online bank account.
28. LifeHacker – This blog gives tips on how to find the best high interest savings accounts with the best rates available.
29. Best Cash Cow – This blog has compiled a detailed list of the top 30 high interest online bank accounts and included notes, minimum requirements and APY.
30. SavingsAccounts.com – This blog outlines the benefits of high interest savings accounts and how to find what you want.
31. Saving Secrets – This is another blog that has done all of the work for you and compiled a top 8 of the best online banks with a high interest savings account.
32. Best Savings Account – This blog compares different types of interest yielding accounts side by side and offers advantages to both.
33. ByteStart – This is a blog dedicated to aiding in the quest for the best high interest yielding account for your business.
34. Bankaholic – Not only does this blog give you comparison rates for different types of high interest banks but will also update the rate changes as they become out of date with the click of your mouse.
35. Moolanomy – This blog teaches readers how to search for rates, read reviews, and do their homework to find the best high interest savings account.
36. Saving to Invest – This article discusses how to find the best high interest rate savings account for your business.
37. Managing Money – This blog compares 8 different online banking companies with rates and descriptions so that the readers can find the one that is right for them.
38. Ezine – This article compares high interest saving account types and explains each and what the benefits and drawbacks can be.
39. Money Blue Book – This is a post that reviews their top 10 high interest online savings account banks and compares them side by side for the reader’s information.
40. Money Under 30 – This is another blog that compares the rates of 4 competing banks and gives the pros and cons to each.
41. Financial Web – This is a blog that compares high yield savings account rates internationally and reports which have the best rates, benefits, and least amount of prerequisite requirements.
42. Money Supermarket – This is a UK-based blog that compares international online banks, gives details about their programs and minimum deposits.
43. Bible Money Matters – This blog is a review of Discover Bank’s new high interest savings account and answers questions regarding the program and its safety.
44. Green Panda TreeHouse – This blog is a review of SmartyPig and serves as a comparison with a slew of other online high interest savings accounts.
45. Bargaineering – This blog is also a comparison blog and gives a lot of great detail about high interest savings accounts that is easy to understand.
46. Subprime Blogger – This blogger reminds readers that there is a lot of competition between online banks and high interest savings accounts so it is important to compare everything and read the fine print.

Image Credits: borman818

Many people are trying to save every penny they can due to the current economy. Although they typically look at huge things to save money, we often forget the small changes we can make. Those small changes can add up over a time period to make big savings. Things like skipping that high priced coffee or that lunch date everyday can add up to larger savings over a year. Take a look at these stories of how you can save and examples of how others have saved more than just a few pennies.

1. Tight Fisted Miser: See how this blogger keeps a tight hold on his money and makes little changes along the way to keep his money growing.
2. 10 Online Shopping Tips: Learn how to shop online and save more than in a store.
3. Pocket Change Can Add Up: Simply saving your pocket change in one place can add up to a nice amount of money if you keep saving.
4. How to Spend Your First Paycheck: Read here on how you should spend your first paycheck when you are new to working. Start off by saving and it will become a great habit.
5. Frugal Kids Become Frugal Adults: Start teaching your children to save now and they will keep up the habit when they are older.
6. Small Changes Don’t Really Help: Learn why this blogger has started changing their tune when it comes to changes in your budget.
7. The Cost of French Fries: See just how much money you are spending when it is broken down.
8. Smaller Changes can Mean Bigger Savings: Read how one blogger says that by changing a few smaller expenses can mean that you will save more later.
9. What Does Being Frugal Get You?: One person shares their views on what being frugal gets you in the long run.
10. Big Brands Marketing Like Entrepreneurs: They are using better advertising strategies instead of being in your face product pushers. They know consumers are making stricter choices and want their product to be what you choose.
11. Summer’s Small Steps: One blogger shares small steps you can take during the summer to help save some bigger money.
12. The Frugal Girl: Learn different tips and ways to save big money. It may be something small but can add up in the end.
13. Can Frugal Living be Fun?: Read here as this mommy shows you that you can still have fun while living on a budget.
14. Down on the Farm: One family’s story of how they are living frugally in this economy.
15. Living on One Income: Learning how to make it work even in this economy. You can live on one income by making certain changes
16. Frugal Lifestyle: This mommy is learning how to live the frugal lifestyle while also having a great time with her family.
17. Frugal and Liking it: One bloggers journey to living frugal and how they like it better.
18. Frugal Living Tips: See how you can living frugal and create savings everyday.
19. 3 Ways to Live Frugal and Enjoy it: Tips like making cooking at home fun and taking advantage of parks can help to cut back on costs.
20. Frugal Living for Retirement: One day you will retire. Live frugal now so that when you do you have money to live on.
21. Unemployment Planning: Many people have lost their jobs recently. Are you prepared if you should face losing your job? Read here to find out.
22. Frugal Living: Learn how one mom lives frugal with her family.
23. Money Saving Mom: Read how this mom saves money even living in a high expense area.
24. Lauren’s Top Tips: This blogger shares what her top tips are to live frugally and save money.
25. Rather Be Shopping: This blog contains many tips on how to live frugal as well as where to find great coupons for savings.
26. The Key to Living Frugally: Discover what the key is to truly living frugally and still enjoying life.
27. Driving Frugally: Use these tips even when driving to save money.
28. Mrs. Money: This is an interview with this young professional who writes about saving money and living frugally.
29. Frugal is the New Black: One woman teaches how to live frugally while she is in Portugal.
30. Frugal Living can be a Challenge: Although you are trying to save money, it can be challenging to choose to live frugally.
31. Lessons I Learned From My Grandparents: Our grandparents may have been the best at teaching us just what living frugally means.
32. The New Frugal Mom: Follow this mom as she embarks on her new journey to living frugally.
33. Is Frugal Living Bad for America?: One blogger tackles this subject. See what our frugal living could do to the country, or not do to the country.
34. Living Smaller: Read how making small changes can add up in the future.
35. Living on Two Dollars a Day for Food: One student tries to live on only two dollars a day for their food allotment. Learn how their experiment went.
36. Going Frugal Family Style: Learn how to stay frugal even when you have a family.
37. 7 People Living for Free/Cheap: View these seven people’s stories of how they are living frugally.
38. The Art of Frugal Living: Learn how to live frugal and green at the same time.
39. Where Should You Be Financially at 30?: Read how you can save and where you should be at age 30.
40. Frugal Living in Isolated Area: Tips on how to live frugal in the most isolated areas.
41. Frugal Babe: Follow this mom blogger as she tells you about living frugal and organically to help yourself and the environment.
42. Why Live Frugally: Take a look here to see why you might consider living more frugally than you are now.
43. Missing Out: This blogger is living frugally but asks the question are they missing out. Have they been frugal but not enjoying their life? Find out.
44. Suddenly Frugal: Discover what it means for a family to be suddenly frugal.
45. Reasons to Live Frugally: Stop by here to see some reasons you may consider to live frugal and how to do it.
46. Baby Tips: Raising a child can be expensive. Here are some tips on how to be frugal while raising a baby.
47. The Frugal Pig: Find tips and tricks to live frugal while still living your life to the fullest.

Image Credits: alamosbasement

There are a number of things to consider before opening a high interest savings account, especially if you are doing it over the internet.  This is one of the numerous conveniences that the internet has provided us with along with being able to conduct any and all of your financial business.  Here are some steps that you should take when you are considering opening a high interest savings account.

Ignore all the offline and online advertisements – especially when there are claims of paying the highest interest or that they pay considerably more than the national average.  Many banks and financial institutions make statements of this nature just to attract your business.  Be smart and research these companies online and don’t listen to or read the advertisements.

Search a trusted website that deals with financial issues and investing – certain websites provide you with critical need-to-know information regarding numerous banks and other financial companies.  You can find out what financial corporation offers the highest paying FDIC insured checking accounts, money market accounts, and savings accounts.  Usually, those banks and other financial concerns that are not reputable or trusted will not be found in their listings.

Look at banks that offer the highest yielding savings account – we recommend that you investigate and research 10 to 12 of these businesses in order to find the best paying high interest savings account.  You also want to read customer reviews whenever they are available regarding the pros and cons of doing business with them.  This oftentimes helps to verify how satisfied their customers are as well as how reputable that corporation is.

Determine whether or not banking online is your best option – again, this is why all that initial research is so critical.  For all intensive purposes, banking online is as safe and secure as banking at a land-based entity.  However, there are still a few of those fraudulent companies and scams floating around on the internet.  Unfortunately, no matter what steps have been taken in order to protect individuals and their money from any unethical or illegal activities, we will never be rid of this malady.

If convenience and safety are ensured, online banking is the way to go – once you have ensured that the bank or financial institution offering the high interest savings account is a safe and secure website, the convenience of banking online can’t be beat.

Everyone wants to get the best return on their money as possible anytime they open a savings account.  This is the key reason behind the increased popularity of the high interest savings account, especially with the way in which the world’s markets have become so unpredictable and volatile in the past couple of years.  It obviously logical as to why an individual would open a high interest savings account, but the question that oftentimes arises is “are they safe?” Naturally, you want to choose an account where you will earn the best interest but you also want your money to be safe.

In the United States, the FDIC (Federal Deposit Insurance Corporation) guarantees the safety of your funds in your high interest savings account of up to $250,000 now.  Currently, there are nearly 8,000 financial institutions in the US that the FDIC insures deposits in.  Up until 1989, the FSLIC (Federal Savings and Loan Insurance Corp.) used to insure savings account deposits, but it was abolished by the FDIC.  Now the FDIC handles the guaranteeing of deposits at all financial institutions that are insured.

If you live in the UK, your funds are protected by the Financial Services Compensation Scheme or FSCS.  Your money is guaranteed for up to £50,000 for a single depositor and up to £100,000 for a joint account.  In any event, this is a testimony to the safety and security of your funds so you have the peace of mind knowing that the only risk involved is if that bank or financial institution goes belly up or fails.  It follows then that you should find out if the high interest savings account you are considering is insured by either of these corporations.

High interest savings accounts can be found literally anywhere in the world today.  A quick search online will reveal the numerous banks and financial institutions that are out there and offer high interest savings accounts.  The advent of the internet has made it extremely easy to not only search for these financial entities but to research them as well.  I typically advise people to research 10 to 12 of these companies while formulating their decision on where to open their high interest savings account.  Make sure you read all the fine print as well as privacy and security statements.  Also, pay attention to their Terms and Conditions or Terms of Service.

Just as the name implies, a high interest savings account pays higher rates of interest so you earn more money on your investment compared to the more conventional savings accounts.  Prior to the collapse of the stock market in late 2008, most banks and other financial institutions that offered these traditional savings accounts were paying up to (and sometimes over) 5% interest on regular passbook savings accounts.

Today, you’d be hard pressed to find a conventional savings account that even pays 1% interest on your funds.  This makes the search for a high interest savings account a bit challenging at times, but by following a few tips, you can fine-tune your search and eventually find a bank or financial institution (land-based or online) that fits your needs.  Thanks to the advent of the internet, it is now more convenient than ever to do a majority of things online such as shopping and of course, banking and making financial transactions from the comforts of home.

Finding the best high interest savings account is no exception to that rule.  A simple mouse click is all it takes which provides the investor with the greatest amount of convenience possible considering you don’t have to leave the house.  One of the first steps in the selection process is always due diligence and researching the different banks and financial concerns that offer high interest savings accounts.

Another tip to consider is to search for a bank or financial institution that compounds interest daily on your high interest savings account.  There are some companies (who will remain nameless) that will not add and compound that interest if you make withdrawals from your account.  Stay away from these.  After all, you should be able to have access to your funds in case there is an unforeseen emergency requiring a sizeable sum of money.

Pay close attention to certain documents or literature and their “fine print.”  This is where you will discover negative aspects of the high interest savings account you are considering opening.  Privacy and security statements as well as Terms and Conditions or Terms of Service should be carefully scrutinized before signing on the dotted line and opening that account.  Determine how easily accessible your funds will be and whether or not there are fees and penalties involved when withdrawing your money.  Granted, this all sounds like common sense, but you need to protect yourself and your money.