How can you increase your savings rate? It takes time and a lot of discipline to do but with the right effort, you will be able to save and you can find a way to be financially secure. Set a goal for yourself so you can save money such as saving 10% of each paycheck. Look at your income and your expenses to know what you can afford to save. For some people you will need to start small, for others you an easily start with the 10% amount. It varies for everyone, just focus on saving what you can and not what you think you should. Here are some tips that can help you in being able to increase your savings rate.

Create a savings goal

What is the purpose of your savings account? Is it established as an emergency fund for rainy day needs or are you saving money to pay for future expenses like a car or as a down payment on a home? Establish the purpose of the savings account so it can assist you in creating the right type of savings goals to use. When you set goals, you need to set a savings amount such as 10% of your income or whatever you can afford. Most people save for retirement by using their employers 401(k) plan but many people don’t establish a separate savings account for emergency needs.

Find the best rates

To save money effectively you also need to compare savings rates in order to find out which savings accounts will be able to give you the best savings rates. The savings rates change all the time and a traditional savings account doesn’t pay a high amount of money in interest income. You need to compare rates in order to find the best banks to work with. Consider working with online banks as the online savings accounts typically offer a higher rate. The savings rates change but the online savings accounts usually offer 5 times the national savings rate! Consider using an online savings account not only because of the higher interest but also to keep your savings account separate so you are not tempted to spend the money.

Have discipline

When you are trying to save money you need to have discipline! Make saving into a priority! Create a budget that you know you can stick to and one that will be able to help you pay for your savings needs. You also need to look into trimming your expenses so that you can start putting more money toward your savings account. When you are saving money you also need to look into paying off your debt as quickly as possible.

Get a second job

If you have debt, get another job so you can start paying more money toward the debt. A second job can help you to put more money toward your savings account as well so that you can increase your ability to save money. Saving money is vital to your financial health and you need to focus on building up at least 6-8 months of your typical paycheck amount to have a strong emergency cushion to fall back on when you are struggling financially based on losing your job or other issues. Saving money is one of the best things you can do for yourself. Get started with a savings account today!

Although investors with GreenChoice Bank aren’t earning the best bank interest rates, they are investing with a bank that invests in their community’s environment. The bank does provide a better return than average than many of the big banks.

GreenChoice Bank is physically located in a Green building, the Green Exchange building, found on the north side of Chicago, Illinois. They have mapped out a 3800 square foot space for the GreenChoice Bank. The bank has a mission of reinvesting in the community they service in addition to focusing on environmental developments. GreenChoice financed Chicago’s very first prefabricated environmentally friendly house permitted and constructed in the city.

Placards line the walls exhibiting all of the sustainable attributes of the GreenChoice Bank. They have implemented paint for the walls that don’t give off any sort of organic type fumes as well as paneling that has been recycled from a turkey coop from Tennessee.

In keeping with the banking theme the lobby of the GreenChoice Bank is host to money. The creators of this unique bank used out of circulation money or paper currency fashioned into a convenience table for customer use.  The windows are designed to permit an unusual amount of natural light into the lobby of GreenChoice Bank.

GreenChoice is a community bank that is serving the community in more ways than one as a Green service banking provider. They are lending to small business platforms that are also green. GreenChoice Bank does have community ties to traditional business ventures, but they have also invested in sustainable real estate developing and small business endeavors. The bank is continually working on other green projects in the Chicago community as a whole.

The bank is interested in the ecological aspects of banking, but they do provide checking accounts that waive customer fees and pays an APY of 0.80% if the customer will receive electronic statements instead of paper statements, make a minimum of one online bill payment each month, make at least five point of sale debit card transactions along with one direct deposit per month.

Other investments where you can see a decent return for the investment are on certificate of deposits. A one year CD has a 0.80% APY which exceeds the current average rate which is 0.35% APY. A 4 year CD returns the investor an interest rate APY of 1.50% which is better than the national average for a 5 year CD at 1.19%

Along with promotion of going green with online bill payment and paperless statements, the bank is working to reduce waste. They have envelope free ATM customer deposits as well as checks and documents processing without paper. Customers can also request checks manufactured from recycled paper and even debit cards contain recycled plastic.

The banking industry has made green choices rather difficult to come by because of federal mandates for signatures and other guidelines. However, GreenChoice Bank has vowed to continue to seek out greener alternatives wherever possible for both their depositors and the city of Chicago. 

USAA Bank has been identified in the banking community as a best bank loan service provider along with their savings interest rates. In addition to great rates for savings and loan services they have customer service fees that are extremely low or nonexistent for many of their banking accounts.

USAA Bank is a bank currently servicing the military and their families. Although the bank was created as a service provider for the military and their families, they are not a credit union. Though, anyone outside of the military can become a customer with USAA Bank.

Delivering financial services that are low cost is a standard for USAA Bank. The services afforded span from free of charge checking accounts to free of charge savings accounts in addition to credit cards. Mortgages, financial investments and retirement accounts are also on their list of products which makes them a full service personal banking provider.

The best credit cards offered by USAA Bank are USAA Rewards MasterCard. If you are partial to Visa or American Express, USAA Bank also offers the same card for these two entities. All three are the same version of rewards card. The USAA Bank Rewards credit card will provide the card holder with one point earned for each dollar spent. The first purchase using your card will provide a bonus of 2500 points to get you started with your point accumulation.

Points can be redeemed for a variety of services and products. The value of your points will differ depending upon what you redeem points for. The most value can be seen from your reward points when you are redeeming toward travel rewards.

Travel rewards are redeemed at a value of one penny each. For an example, 20,000 points have a value of $200. The wonderful thing seen with USAA Reward Credit Card points that aren’t seen with a lot of reward cards is the fact they don’t have any blackout dates for redeeming your reward travel points.

Although you will see less benefit for rewards when redeeming for gift cards or cash, these are certainly available for the credit card holder. An example of redeeming these points is a $25 gift card for 3500 points or $25 cash can be realized with 3000 points for the USAA Bank Rewards credit card.

One of the nicest features about the credit cards from USAA Bank is their extremely low interest rates overall for their credit cards. USAA Bank credit cards have an interest rate of 9.9%. This exceptionally low rate is rarely seen with many other bank credit cards. Qualifying customers can find an even lower interest rate with the USAA Bank Rate Advantage MasterCard. The Advantage Rate MasterCard comes in with a rate of 6.9%.

You can transfer balances for a rate of 3% for all of the cards offered by the bank. However, even with their 3% transfer fee there is a maximum paid by the card holder of $75 for balance transfer fees. Compared with other banks that have no dollar maximum transfer fee for their card holders and charges of 4% to 5%, USAA Bank has a great deal for cardholders looking to transfer balances.

Compare Banks

Always compare banks in order to find out which ones can give you the best rates. As stated before the online banks may have a higher interest rate on their accounts. You also need to consider the history of the bank and if they have been stable with their investments and commonly remain competitive with their savings rates.

Account Fees

When you are comparing rates on savings accounts it helps to look into the account fees. Some banks will have minimum balance requirements that you need to maintain in order to keep the account. Other banks may not have account fees like this but they could charge you for having too many withdrawals on your account each month.

Account Protection

Does the bank provide you with account protection? How about FDIC backing? This is the best way to know that your account is safe and you will be able to recover your money in the event that the bank fails.

Account Access

The best banks will be able to provide you with online account access and many other features. Some banks provide you with mobile banking, making it easy for you to keep tabs on your savings when you are on the go.

What Are Your Goals

In order to get the best rates and to have the right type of return on your investment you need to understand what your investment goals are. Set these goals ahead of time as it will make it a lot easier on you as you are looking to the various savings accounts and banks to work with. As you are setting financial goals you need to keep in mind the risk tolerance level you are comfortable with. Most of the online savings accounts have very low risk so they are not something you need to be too concerned about.

Hopefully these tips will be able to help you get the best rate of return on your savings so you can start earning more money and setting aside a nice piece of money for a rainy day!

SmartyPig has one of the most competitive rates of interest offered in the financial community today at 1.10% APY. In addition to receiving a wonderful APY for a savings account the company provides an easy to navigate website for managing your account information.

Monies deposited with SmartyPig are banked with BBVA Compass financial institution. BBVA Compass is a trade name for Compass Bank. Customers that put funds in the SmartyPig Rewards Card will find their monies deposited with FNBO or the First National Bank of Omaha. Although the SmartyPig Rewards Card doesn’t earn interest both accounts are covered by FDIC insurance and provide a way to grow your savings.

Investment funds for savings along with the rewards card are covered by FDIC or Federal Deposit Insurance Corporation insurance up to the maximum allowed by law. This federal insurance guarantees your monies in case anything should happen with your savings institution such as failure or bankruptcy.

With no minimum balance requirement, this online savings prospect has a multitude of options to help customers achieve their financial savings goal. SmartyPig not only helps you save monies, it also offers a method to earn money to add to your savings with the SmartyPig Cash Rewards Card.

SmartyPig has a cash rewards card that provides cash back for everyday purchases of 10% at nearly 10,000 retailers. The MasterCard cash rewards/reloadable card delivers cash back for purchases that you currently make already such as gas and groceries. It’s simple and easy to use. In order to find which retailers provide you with cash back on what purchases, visit SmartyPig’s online website.

The cash you earn back can be placed in your SmartyPig savings account or left on your cash rewards card. You can set up your cash rewards card for recurring deposits to your card to help you reach your goals faster or simply reload your card whenever you would like to. The wonderful thing about this cash rewards card is you are using your cash and not credit for making purchases and earning money on many purchases you would have made anyway. Using cash instead of credit is always a bonus, but earning money back on your cash is what attracts many customers to this rewards card.

SmartyPig has a fantastic website that provides customers with tons of great information on their savings program and options. This is one way to manage a savings account that is smart, free of charge, secure and earns you a great return for a very safe investment.

Saving accounts with a high yield of interest are wonderful for your emergency funds that you may need in a year or less. A savings account provides access to your money that you cannot find investing in a certificate of deposit or money market fund. Investors aren’t penalized for withdrawing monies whenever they need them and they are protected from any failing institution by FDIC or Federal Deposit Incorporated Insurance up to the maximum allowed by law.

Online banks are becoming very popular in the marketplace today because they are able to present customers with so much more than counterparts not found on the web. Online banks don’t have expenses or overhead costs found with brick and mortar banks. Almost all of the monies saved by these online institutions can be passed back to customers in several forms including a higher rate of interest for savings accounts.

One of the highest savings account interest rates provided online today is supplied by Discover Bank. Along with a fast and hassle free account opening process, Discover Bank delivers an interest rate of 1.1% APY for savings accounts. Some online institutions that were a surprise to find as a savings account selection in the category of higher and competitive interest rates included Sallie Mae with an APY of 1.1% and American Express at 1.00% APY. All of these online banks are subsidiaries of banks that are leaders in the banking industry with an exceptional reputation for their customer service as well as their competitive interest rates.

There are also online banks that don’t have a brick and mortar counterpart that shouldn’t be discounted such as Ally Bank and FNBO Direct. These are two online banks that have fantastic savings accounts that are extending customers an APY of .99% and .85% respectively. Although the APY is under 1.00%, both are still viable investment prospects for savings accounts.

Several other online banks that have received great reviews in this same category are Capitol One Bank with an APY of 1.10% and Emigrant Direct delivering .80% APY.

Although a savings account option will provide you with the lowest reimbursement for an investment option when compared with other low risk prospects in this same category, make certain you have the best interest rate available for your online savings account.

There are numerous ideas and suggestions found all over the web. Many of the suggestions and ideas that are found all over the web may be ideas that you have heard before that are great as reminders and some are old ideas with a new twist. These are a couple of ways you can improve your savings that are a combination of both.

1)    Pay yourself first

Many of us have heard this idea before, but with our current economy is may be more difficult than before. However, whatever you can contribute to your savings when you pay yourself first will help the cause and in the long run.

As our paycheck seems to shrink as the price of everything grows it is harder to pay ourselves first. Though, if you can only put $25 in savings each pay period now when you were previously saving $100 each pay period, you are still saving and it is still a great idea.

Now is more important than ever to build your nest egg or emergency fund in an uncertain economy. Pay yourself first.

2)    Find paid incentives for saving

There are several paid incentives for savings if you know where to look. SmartyPig.com is a great online resource that provides terrific incentives for saving. These online savings banks pay customers to use their debit card on nearly every type of purchase you make. The more you use your debit card, the more you save. You are using a debit card which is wonderful because you don’t pay any interest on your purchases and you are being provided with cash incentives for spending your own money.

Bank of America has a Keep the Spare Change program that is similar to SmartyPig because you are using a debit card instead of a credit card to earn cash back. Every time you make a debit card purchase, the bank rounds up to the next dollar and pays you the difference in a savings account. The bank will match your account up to $250 for the first three months. That’s $250 free from the bank and whatever other spare change you can come up with from your debit card purchases.

BBVA has an incentive program for a savings customer that works along the same lines as Bank of America and SmartyPig.com. When you have your checking account linked with your Build My Savings Checking Account, the bank will match a percentage of your transfers up to $250 per year. U.S. Bank will hand out a $50 Visa Rewards card when you reach $1000 in your savings account

3)    Credit card companies are also providing incentives for savings believe it or not.

Credit card company’s incentives for savings accounts are for online accounts. Capitol One has Interest Plus savings that pays 1.1% interest on balances that are $1000 or more and American Express has an online savings account promotion for 1.15%. An absence of physical branches means they can offer a higher yield for savings than their brick and mortar counterparts.

4)    Link up your cash back rewards with credit cards to your savings account

Cash back rewards for credit cards are going full steam. Things that you would be shopping for anyway each month are a great way to cash in on cash back reward credit cards. Many cardholders will pay their balance in full at the end of each month and not waste their rewards on interest payments. A great way to improve your savings is to pay the cash back into your savings accounts.

These are four wonderful ways to improve your savings without a lot of effort or work on your part. Look into these four tools to improve your savings and make the most of each dollar you spend and save.

Don’t Get Hooked To Only The Rate

One of the most important things you need to remember when you are shopping for the best bank is that you have to consider more than the advertised rate. To find a good savings account you have to look at more than the interest as the fees on the account can easily reduce how much you can make on the account. Always compare not only the rates but the fees on the account as well in order to be sure that you are choosing the right bank to work with. If you are looking only for the rate, you need to consider online banks as they typically offer higher interest rates on savings accounts along with money market accounts and other investments.

Location

How do you prefer to do your banking? Are you the type of person that likes to drive to the bank to drop off a paycheck or are you okay with uploading the check from your home computer? A lot of people place a great deal of importance on having the bank close to their home or office so they have easy access to the bank when they need it. Determining the type of bank customer that you are will make it easier for you to be able to select a bank that fits your situation perfectly.

FDIC Insurance

Most banks are backed by the FDIC but always make sure to be on the safe side. The FDIC insurance will provide you with protection as you are guaranteed to get your money back in the event that the bank fails.

Account Access

The best banks are easy to work with and will provide you with several different ways in which you can access your account. Online account access needs to be easy to navigate and to use but it must also be secured. You do not want your confidential information getting stolen. Always check on the security of the website in order to know you are working with a quality bank. It is also important that you look at other options for account access like mobile access so you can keep tabs on your balance when you are not at home.

Fees

What type of fees are associated with the account? Will they charge you account fees if your balance falls below a certain limit? How about money transfer fees? ATM fees are also common with a lot of banks. What happens to your account if you overdraft? What is their policy for overdraft protection? Always check into the account fees before working with a bank so you know what you are getting yourself into.

Bank Ratings

When you are searching for the best banks to work with you also must consider the bank ratings. Use this snapshot to help you view which banks have been give high or low ratings over the past year. This will help you to see which banks you need to consider working with and which ones may not be as popular. Bank ratings give you a better understanding of not only the interest rate and account fees but they also provide you with details about account access along with customer service. We have collected bank ratings over the past year, which can help you to narrow down your choice in finding the best bank to work with:

Bill Pay

Do you prefer to set up online bill pay with your utility companies, internet providers, and your credit card companies? Look for a bank that provides you with free online bill pay as this will simplify your life and can prevent you from forgetting to pay some of your bills.

Customer Service

As you are looking for banks to work with you have to go into a few branches and find out what type of customer service they offer. Are they personable and easy to talk to? How about visiting with the bank tellers on the phone? Customer service can go a long way in helping you to choose the best banks that will be able to provide you with quality service.

Customer Complaints

When you are comparing banks you might find that the larger the bank gets, the more complaints they have. This is common as there are millions of customers that the bank is likely dealing with, making them open to scrutiny. Research the customer complaints with the Better Business Bureau and also read through the bank ratings in order to know what bothers most customers about the bank. Not only do you want to research the large banks but you also need to seek out some of the smaller brick and mortar banks in your town. The online banks usually offer higher interest rates on savings accounts but the interest may only be a small amount since the Federal Reserve is responsible for setting the rate.

What Are Your Needs?

As you are looking around for the best banks to work with you must always consider your needs. Are you looking for a bank that will help with your checking and savings account needs or do you want to find a bank that can help you out with credit cards, auto loans, mortgage refinancing, and other things? Understanding what your needs are ahead of time will help you to narrow down your list of banks to work with and can help you to find the best bank for your situation.

These are just a few tips you need to consider as you are searching for the best banks to work with. Everyone has different financial goals so it helps to take time to write out a list of your goals and priorities in order to find a bank that is going to work well with your needs. Once you have a checklist ready, you can start researching banks and comparing bank rates, account fees, and other things to find a quality bank to work with.

Finding the best internet only bank is just as important as identifying the best bank among their brick and mortar peers. Internet only banks are extremely attractive for customers running from high fees because many offer lower fees because they don’t have the overhead of one or more buildings to conduct banking business.

The best internet only bank has been identified by consumer reviews as ING Direct. They have received top recommendations by more than their share of reviews that include customers and financial experts alike. Their website and customer service has moved them to the front of the pack.

Although ING Direct is receiving the accolades as the best internet bank there are other banks that can count themselves as a close second and one of the best,  such as Ally Bank.  Ally Bank is getting a lot of positive attention for their banking products and services. Formerly GMAC Financial Services, Ally Bank competes competitively with ING Direct for web based savings accounts.

Kiplinger.com has recommended Ally Bank and Ally’s checking accounts can boast the same interest rate as their savings account. The online bank provides other investment products such as CDs or certificates of deposit. Initially when the bank was rebranded, customers raked in big rewards with special promotions aimed at getting new customers and retaining old ones. However, they still are second to ING Direct for the best internet bank award.

Several other banks that should receive honorable mention in the best internet only banks category are FNBO Direct and HSBC Advance (formerly HSBC Direct). FNBOs parent bank is First National Bank of Omaha which has earned high ratings from the banking community.

Although FNBO is earning high ratings they are falling short in the category of limitations for their transactions and difficult to find no fee ATMs. Some very positive aspects of FNBO is the minimum balance to open the account is only $1 and a separate online bill pay account does offer more liquidity for customers.

Finding the best internet only banks does provide customers with a variety to select from. Depending on what your needs and wants are in banking services can help you decide which of these will make a good fit for you.

Internet Only Bank

There are numerous Internet only banks and many are familiar whether you have heard of them or not. For instance, HSBC Advance which was formerly known as HSBC Direct is owned by HSBC Bank with branches in several states-predominately in California, Florida and New York states. Charles Schwab is an Internet bank for savings and checking accounts; nonetheless their brokerage for which they are well known is brick and mortar. Another prime competitor of Charles Schwab, E*TRADE also has brokerages that are brick and mortar and online savings and checking accounts.

Generally internet banks have deposits electronically transferred into your online bank account, but you can also mail your deposit to the internet only bank. The address for correspondence can be found on the bank’s website along with detailed instructions for depositing funds.

ATM Use

If your Internet only bank has ATMs available for customer use, deposits can be made via the ATM machine. Any transferred deposits between your local bank and Internet only banks will usually take two to four banking days.

ING Direct

If you are searching for the best Internet bank one particular bank is ranked at the top more than any other, ING Direct. Even with a savings account APY that is slightly below its competitors ING Direct is still rewarded by the industry as the best Internet bank.

Part of the ranking as the best Internet bank that ING Direct receives relates to its stellar and exceptional customer service ratings and an extraordinary website interface. Access to your online bank account is free via an ATM network that encompasses nearly 32,000 machines across the nation. ING Direct’s ATM network is via the Allpoint network which is wonderful for access. Allpoints network of ATMS are generally stand-alone ATMS located in convenience stores, restaurants, gas stations and many drugstores.

Opening an account with ING Direct is convenient as well as fast. Surprisingly an account can be opened faster than other Internet banks and they have developed promotional and referral bonuses which are very attractive for financiers searching for the best Internet bank. Internet bank accounts with this institution are also linked to Sharebuilder.com.

ING Direct has received top recommendations and ratings as the best Internet bank. However, there are many competitors that are ranking a close second or third. In order to maintain their edge the customer will profit in ING Direct’s race to keep customer accounts.