If ya’ll have a savings account at a local bank, such as Chase or Bank of America, get rid of it! I’m almost positive that your interest rate is lower than any online savings. When I was with Bank of America, their savings rate was like 1% or .05%; I don’t remember exactly, but I know it was ridiculously low. The only reason there is a savings account is because the banks need to borrow money: They take your money at a low rate and give it to somebody at a higher one. I’m not sure what the savings rates are now, but I can guarantee it’s even lower than before. The Federal Reserve cut interest rates that the banks can borrow at, and now they don’t need to use your money anymore; therefore, you will get a rate closer to 0% than 1%.

But there are still a few banks out there that have a competitive rate. All those online banks don’t have a high enough market share to charge low rates, so they offer great savings. Yesterday, I ditched Emigrant Direct, which had a savings of 2.95%, for CountryWide: They have the highest…