You more than likely already have a savings account at your local bank. There’s one problem with this: the interest rate sucks! You really need to consider opening a new online savings account. With these, you can usually get a rate 8-15 times higher than the rate at a small local bank. They are really easy to use as well! There are many different companies out there that you can do this with. I personally have experience with Emigrant Direct, ING Direct, and HSBC. I would recommend each of them.

Before signing up with any of these, I would suggest that you go to Bankrate.com and check out the best interest rates available. If they look like a reputable company, and their rate is high (3% or more right now), go ahead and sign up with them!

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