If you are one of the many people are wish you could get a little more out of your current savings plan, there are ways to make more money with the money you put into savings if you take the time to find a better deal. With current interest rates so low, you are lucky to even get one or two percent on your savings with a traditional passbook savings account. While stocks often put your money at risk, especially with today's fickle stock market, and investments into things like real estate is no longer a sure thing, just making some shifts with your savings account could yield you more cash.
Some people will make more money by investing some of their savings accounts into bonds. There are many municipal bonds that are really safe, and United States Treasury Bonds, which are also quite conservative as well but will usually often bring you in more money than current savings accounts. These investments are good long-term investments and are as safe as virtually any other investment.
Once you have stacked up a little more money, you could put your money into certificates of deposit with your bank. These certificates offer a little more interest than your savings account, and the longer you are willing to tie up your money in one the better interest rate you will get. Six months is the shortest time frame for a certificate of deposit, and some go as long as five years. You can make more money if you use the longer-range certificates as long as you do not need the money withdrawn, which you will pay a penalty for if you have to break the certificate before it is due.
If you get to a point where you have large sums of money in your savings you can turn that account into a money market account and make more money than before as well. Money Market accounts are basically a savings account with restrictions on how often you can withdraw funds or write checks from it. You may also be held to maintaining a minimum balance on the account or be hit by fees if you fail to do so.
All in all, you can make more money through very safe means if you are willing to take a look at what your bank has to offer. Many times even changing to a different bank could bring you more cash through more favorable interest rates too. Even if it seems like the differences are merely equating to a few cents at a time, those pennies will add up over the years and you will be happy you made the switch.
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