Despite the rough economy, the internet has financial opportunities galore. For example, just this morning I received an email from a gentleman in Nigeria that was friends with an uncle of mine that I never even knew existed! In order to be the sole heir to his will all I have to do is deposit $1,000 a week for three months in order to pay for the associated executor costs, bank transfer fees, Nigerian Internet Scam Tax, etc. Fantastic!
Now, not all of you may have been lucky enough to have your Dad’s long-lost brother spill his seed throughout the African continent, so I propose another great destination for your hard-earned cash: a Bank of Internet High-Yield Savings account. With a competitive 2.00% APY, Bank of Internet is an especially great option if you’re just starting out on your savings endeavor. With no minimum daily balance required, no monthly maintenance fees, and only a $100 minimum initial deposit required, this account is especially great for you internet-savvy first time-savers.
Bank of Internet also makes an ATM card available when you sign up for your High-Yield Savings account. In case you require your savings to be flexible in unforeseen circumstances, you can make up to 6 transfers/withdrawals during any given statement cycle (per the Federal Limit). However, you might want to keep such withdrawals to a minimum since High-Yield Savings accounts tend to be more effective when you don’t spend the money you’ve already put in. So while you may be tempted to use your Bank of Internet’s $1000 in savings to buy one thousand 99¢ tacos, keep in mind that an untouched $1000 in a Bank of Internet High-Yield Savings account would net you about 20 tacos a year on interest alone!
Even if you don’t like tacos (though I know that you do), this Bank of Internet High-Yield Savings account is still a pretty good deal in today’s tough economy. The account is FDIC insured, and with no minimum account balance or account fees, it’s about as free as money can get. That is unless you have a long-lost rich Nigerian Uncle you didn’t tell me about. Lucky.
Find out more here.