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Thrifty Tips - Your savings account might be losing you money.
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Tuesday, June 23, 2015
Greetings Thrifty Friends,
Do you have a little bit of cash lying around, but not enough to be gambling in the market? If you have a savings account with 5 or 10 thousand in it, which many people do, you are probably earning less than one percent right now, but you don't want to tie that money up in long term investments.
There are other things to do with that cash that are much more profitable that letting it sit in a savings account and will turn around much faster. Please scroll down for some ideas.
Keep pinchin' those pennies,
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TODAY'S THRIFTY TIP:
Treasury bills, or T-bills, are sold in terms ranging from a few days to 52 weeks. Bills are typically sold at a discount from the par amount (also called face value). For instance, you might pay $990 for a $1,000 bill. When the bill matures, you would be paid $1,000. The difference between the purchase price and face value is interest.
Your own bank probably offers Certificates of Deposit, or CDs. Most banks will let you open a CD for as little as $1,000. CDs can earn one-and-a-half percent on $1,000 on a 2 year deposit all the way up two-and-a-quarter percent on a five year deposit, which can be four, five or six TIMES as much as your savings account or even more!
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