Open an online savings account today!

You can open one at basically any age, start earning compound interest today!

These are the reasons why you should open up an online savings account.





FIRST: Emergency Fund

If your car breaks down, or you have medical expenses that come as a surprise to you.

Aim for three to six months worth of expenses to insulate yourself against risks.

If you have more than six months of expenses look into investing that money to earn a higher yield.

If you're having trouble saving money to start this fund, use your next tax refund to kick-start your account to build a safer future.

SECOND: Prevent Impulse Buying

Online savings accounts don't allow you to take money out using a debit card, also it's not easy to just take the money out and use it immediately, this will stop you for impulse buying and help you save quicker.

THIRD: Force Yourself to Save

Set up automatic recurring deposits that will take money out of another account every month and deposit into your savings account, this will make sure that it gets saved before you get a chance to spend it.

Save up for something you need in your life, this could be a family vacation, a home renovation, or invest in yourself and your skill sets.

FOURTH: Compound Interest

These banks compound interest daily, which makes your money grow much faster over time.

If you are self employed, consider opening a high yield savings account to stash away your estimated taxes and make even more money!

There is always the option to use the interest to pay bills, but if you really want the money to grow, leave it in the account and let the new interest compound with the original balance to really power up your savings!

Banks to choose from:

Ally Bank
American Express
Capital One
Discover (Currently has a promotion going on which is free money for you!)

Full list from BankRate:
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