Last night I had the opportunity to finish reading the new issue (April 2006) of Money Magazine and another great article caught my eye. Granted the title sounds too good to be true...what would you think reading "Triple the Return on Your Savings!" Sounds smarmy and shady, doesn't it? But when they say, "No Risk! (No Kidding)", well, they weren't kidding.
Author Carolyn Bigda has pulled together some excellent steps for anyone who wants to start saving at a great rate. I don't know about you, but I am pretty sick of getting less than 1% from my credit union, especially when I don't have that much to invest. Bigda's article touches on options for folks with lots of idle cash (money-market funds), folks who want their money back in a certain time frame (CDs), and other options.
The one that hit home for me, personally, is the section for those who are just starting to save. Whether you're a young Workerette new to the job crunch who is thrilled with a paycheck but wanting to be a good steward of your first few bucks, or someone like me who is rebuilding after divorce and enjoying the freedom of being able to save and spend as you like, Money's suggestion of an online savings account will probably be a winner.
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