Money Talk
Posted by Ryan Woods
I'm no huge money nerd. To be honest I don't have that much to play with. But because I am a server my wife and I must be more careful in some ways than the average family. One month I might make a couple thousand in tips while the next I might make a few hundred. It all depends on the sections that I'm in, the time of year, the number of nights I work, and the number of Canadians I serve (whats the difference between a canoe and a Canadian? Canoes tip!).
Anywho, so we have a small lump of cash that sits in our savings account to cover for the months when I make peanuts instead of dollars. It sits in our savings account that makes a whopping .79% interest on the dollar. Pretty sweet. Last year I think I made all of 1.25.
I write all that to say that we've found a new cool thing. There are banks now that are completely web based. They cut down on the overhead and pass on the savings to you. They come highly recommended by respectable money management nerds and are risky in no way. Now instead of making .79% we are making 6.0%! That's 7.5 times more than we made in our regular savings account. We have full access to it, we can pull it out at any time. I know there are other ways to have your money work for you (Roth IRA's, money markets, and such) but if you're looking for a good ol' free savings account (they even have checking) try it out at www.hsbcdirect.com
Who knows, instead of making $1.25 this year we'll walk with nine bucks and some change.
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