Best High Yield Interest Rates

Many of you may remember when I was doting over Associated Credit Union's high interest CU $ave More Account in my earlier post.  I have had this account for a little over two years and have been always been proud to be earning what is currently a 5% APR on the first $500 without exposing myself to any risk... especially when the current interest rates in America are so low.

I am sure you can understand my disbelief when my Fiance' told me that we are eligible for a credit union through his company which offers a 4% APY on their Rewards checking account.  I was certain that he was simply mistaken or confusing the APY with a cashback rewards program.  I perused Southwest Airlines Federal Credit Union's website, and, low and behold, he was absolutely correct!  Moreover, this interest rate is applicable to the first $25,000!!!  There are a few MINOR requirements (direct deposit, estatements, and monthly debit card use), but with an interest rate like this, I will happily conduct all of our banking with them in order to fulfill these requirements.

In an effort to try and seek out a way that others who are ineligible for this credit union's membership requirements can benefit from such a great deal, I began a google search and am happy to report that I have found this list of similar high yield checking account.  I read through it, and it appears that mostly my midwestern readers will be eligible to benefit from accounts contained on the list.  However, Georgians can still take advantage of the CU$aveMore account, and I will let you know if I notice a local bank offering a High Yield checking account in the future.

Date Night On The Cheap

One of the easiest ways to save extra money each month is to eat out less.  Atlanta residents spend an average of 60% of their monthly food budget eating out!  One way to trim this portion of your budget is to do what you can to make each dollar go further when you do eat out.  Consider this the extreme couponing version of dating on a dollar...

East Cobb Moe's Taco with a side of chips and Salsa : $2 each on Tuesdays.
Movie at the Picture Show at Merchant's Exchange: .75 cents on Tuesdays.
Tuesday Date Night In North Atlanta: $5.50.

Take that Clark Howard!

Inflation Rate Surmounts Highest Available Cd Rates... Really?

I rolled my eyes this morning, while listening to the headline that the Inflation rate has reached 3% for the first time since 2008, while the best rates for a CD  are still between 1-2.5%.  (For those who don't know, inflation is the overall rise in the price of goods and services and, therefore, decrease in the purchasing power of YOUR dollar. A CD, or Certificate of Deposit, is a special type of savings account that offers a higher rate of return in exchange for a committment to leaving the money in said account for a prespecified period of time.)  This basically means that if you put your money in a CD, you are LOSING money.  

Unless you are planning on spending that money in the next few years, invest it.  (And I don't mean your run of the mill savings account, or you will REALLY lose money.)  However, there is an exception. An account that I have doted on for the last couple years is Associated Credit Union's CU $ave More Account. You can earn a generous (and risk free) rate of return which is currently hovering around 5% on the first $500 in this account.  As for the rest of your money.... If you are debt free and don't need the money, put it in mutual funds.  (More specifically, I recommend a Roth IRA mutual fund because you can still withdraw your contributions without penalty at any time in case of an emergency.... But that lesson is for another day.)  For now, close your CDs the first chance you get and head over to ACU if you are eligible.

Show me the Honey!

What is the best way to become an eventual millionaire?  Be a tightwad.  Make your number one charity be yourself.  This seems to be the mantra of America's self-made millionaires.  Those who know me might look at my extensive wardrobe and question how I could ever consider myself a tightwad, and I would then direct them to look at my receipts.  I am the queen of bargain hunting.  I am also the queen of investing and budgeting.  Do I have a lot of money?  Not yet, but I assure you that I one day will.  I spend a great deal of my time scrutinizing my finances.... Trying to discover where the source of my next pinched penny will be or where I can earn a better rate of return on my investments.   I frequently get calls from friends seeking advice on such things as couponing, investing, interest rates, tax advice, and the like.  I have decided to make it easier for everyone by stream lining this wealth of information onto this blog.  Do I know everything?  No, I most certainly do not.  However, I am an avid researcher and over-analyzer.  Combine this with my love of teaching others (first grade professionally) and you will understand why I felt compelled to create this site.  Who knows... maybe one day I will need to go through the archives to seek out some of my own advice.  I hope it finds you well and helps you on your own journey to financial freedom!  Happy Reading!