My brother has used the same bank for the last twelve years. I have been actively trying to get him to move in a different direction. He currently makes a whopping 50 cents in interest every month due to the fact that his traditional brick and mortar bank, which shall remain nameless, is still using an archaic interest rate.

It is understandable for people do continue to do what is familiar. Most people do not realize that the world is changing at a lightning pace, and the financial world is no different. In this day and age there is simply no excuse to not have a savings account that yields a high interest rate. There are countless online banks that offer a good return on your money with their savings accounts. I have found that banks such as Emigrant Direct will give you a 5% interest rate on an entry level savings account. Do the math on that and you will be intrigued. If you were to put in $2,000.00 every month into that savings account you would get $100.00 in interest! That is astounding and I am quite positive that is a substantial increase from your current savings situation.

The fact that setting up such an account is so easy makes it even more inexcusable to not open one of these accounts. You can link the account directly to your current savings account for ease of money transferring.

If you feel that your investing is going south, then perhaps this simple solution could benefit you and your family.