Is Your Saving Account Worth Having?

Your savings account may be worth having or is it? With the current interest rates, it’s not even worth the trouble anymore. Your better off putting your money into a money marketing savings account such as Capitol One 360 which gives you 1 percent interest if you keep your balance above $10,000 or 0.7 percent if it is below this threshold.   It’s not worth keeping any money in banks when credit unions in most cases give you more for your money.  Many institutions also charge service fees for taking your money out before its maturity date.  Things will probably get better as our present president Donald J. Trump wants to make America great again and I believe we will see increases in our money markets over time.
Savings nowadays are hard to put away.  Interest rates are different from bank to bank and credit union to credit union.  Bonds often are used as a source of investing with various interest rates.  There are many other lucrative advantages to investing in many different items.  Everyone needs to keep their portfolios with a variety of financial interests.
Items such as bonds are often sold under different rates of interests and may often mature within two to three years.
Investing in college funds or other school associations allow families to invest their savings with a chance that their children can borrow against it to put it toward an emergency such as paying for their car or lease payment.  Many military organizations have areas where you can invest in thrift savings plans.  This allows you to save until your ready to retire. Most of this money you will have to pay taxes on so always keep that in mind. As you can see savings accounts just aren’t very ideal for trying to build a retirement, a savings account is useful for setting money aside for emergencies or to save up for a big purchase such as a car or house.

Ideally stacking cash or gold in your house would be a better investment but this isn’t recommended as your susceptible to burglary or these items mysteriously disappearing. Investing in rental property can be a lucrative long-term investment for retirement as this is a continuous stream of steady income that you can depend on monthly as long as your property is rented. Stocks could be good as well, but this is a double-edged sword. If you aren’t sure of what you’re doing or how to go about things you can get yourself in trouble quickly. On the flip side if you play your cards right you could end up doubling and sometimes tripling your initial investment.

In the end, should you get a savings account? Sure it doesn’t hurt to have one just remember it’s not a long-term solution to growing your money or for retirement. Mainly it should be used to set money aside for in case emergencies or larger purchases such as a vehicle or home. We’re almost sure you learned something today about savings accounts you may not have known before, with this knowledge we hope you’ll think twice about where you stick your money in the future.

 

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