Savings Accounts Are Great

With the economy going directly into the toilet lately everyone has been talking about what the best place for their money is. For the longest time the stock market was one of the best places to have your money and make it do work for you, but that has changed somewhat in the past few years. The stock market now is a great place for investors who have money to spare and can buy up down stocks and wait a few years for the money to grow. For most people that's not a functioning path that they can take.

One of the best places for your money right now is in a normal plain savings account. Keeping it there is a safe place for the time being. The key to a savings account is of course actually putting money into it. I've recently adopted the plan of taking $20 a week and putting directly into my ING DIRECT savings account.

The Orange Savings Account. Earn 2.75%. Great rates, no fees, no minimums which is a great rate lately. Some of the other features of my savings account with ING DIRECT are:

- A variable 2.75% Annual Percentage Yield on savings every day
- No minimum deposit
- No hidden fees or service charges
- 24-hour access to your account
- A higher earning rate than most CD's or money market accounts without having to change banks!

Taking $20 a week and putting it into this account at 2.75% daily comes out to a savings at the end of the year of $974. Thats almost a thousand dollars tucked away for whatever you might need it for. All for the price of one meal at a restaurante each week. I don't know about you, but I can eat in once a week to save myself an extra $1000.

So with the economy taking a dive, you should take precautions with your money and save where you can. The market will more then likely go back up in the coming years, but wouldn't you rather be sitting on a nice chunk of money when it does?