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June 15, 2007, Newsletter Issue #71: Don't Save in a Savings Account
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Tip of the Week
Next to a dirty sock under your mattress, traditional savings accounts offered by banks and credit unions are the worst place to save your money. Interest rates on savings accounts don't keep up with inflation, so by putting your money in a savings account you're actually losing purchasing power over time. Instead of a traditional savings account, look into money marking investing, CD investing, and online banks to deposit money that you'll need in the near future. Check around to find something that is liquid enough for your needs, but that offers an interest rate that will let you compete with (or beat) inflation.
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