September 12, 2011
Category: Money Management
Negative economic news is all around us! Dismal employment forecasts, the trauma of Irene as well as the debt ceiling debacle have continued to lower overall morale. I am sure many of us are rethinking our savings strategies for quite some time. I sat home one evening looking at my savings details, and I noticed that one of my money market savings accounts had accumulated a total of $1, yes one dollar, in interest after 2 years! This is an account which contains several thousand dollars on deposit! I was horrified and angry for not being more careful and started to search online for higher yield savings account options.
I read numerous articles that highlighted the best banks and credit unions. To my dismay, all the articles I read reported dismal returns of 1%-1.26% APY. Just last week, as I was setting up an automatic transfer of funds onto my ACE Elite™ Visa® Prepaid Debit card, I saw a link to Netspend's 5% APY Optional Savings Account. I couldn’t believe it and made sure I did all the research. Ever since, I’ve decided to let readers know about this incredible little-known savings option.
With the ACE Elite Prepaid Debit card, cardholders can put money aside by enrolling in the Netspend Savings Account which pays a very generous 5.00% APY- amongst the highest interest rates available in the United States today. This option is FDIC-insured and issued by federally-regulated banks. It just can't get better than this! If you are like most people who are getting very disappointed with current non-existent rates of return offered by traditional banks, there is no better alternative- it only takes a few minutes online: