Let's build on what I talked about previously a little further. As I've said, I leave the bulk of my money in a safe Online High Yield Savings Account. They provide the most competitive interest rates with immediate access (1-2 days) to your money, something not offered with CDs. However, not 100% of my money is here. Why? I'm fortunate enough to have a local credit union near me with something better for a portion of my money. Being a resident of Washington State, I have access to the Boeing Employee Credit Union (BECU) which offers a very competitive interest rate of 6.17% for the first $500 in my checkings account and the first $500 in my savings account. So just for banking $1000 of my money with them, I am making $5.14 per month! On top of this, any referral I get for BECU rewards my friend and I $25 each! Talk about easy money. After the $500 in each account, BECU only offers an interest rate of 0.5%, so I'm better off with my American Express Online Savings Account after the first $500 in each account. I am one to capitalize on every opportunity for my money to make more money. After the initial setup, there's no more work involve! So get to it! Look for a local credit union to replace the big banks here.
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