Savings Rate

• The most recent data for February shows the US savings rate increased slightly to 3.4% but has been markedly below average rates for a year.
• According to a recent Bankrate survey, 20% of Americans surveyed aren’t saving anything, inspite of record unemployment.

Interest Rates on Savings

• The bottom line here to shop around for a good rate, and include online banks in that search.
• We start this section with a video explaining why rates at banks haven't increased more.
• Savings accounts at online banks are banking’s “best kept secret.”
• Many traditional banks don’t need the deposits and so haven’t raised their rates.  This explains why deposits with online banks have grown at 2.5 times the rate of deposits at traditional banks.
• Kiplinger did a little research for you and came up with four online banks to consider.
• One of those is a relatively new offering by Goldman Sachs.  “Marcus” (named for the Goldman Sachs’ founder) is their online savings account, the first consumer account offered by the investment banking giant.

Savings Accounts for Children

• Women’s Day tells you what you need to know about opening a bank account for a child.

Savings Strategies

• Are you on a tight budget? Bankrate suggests eight ways to save money on a budget.
• Do you need more help savings?  Want to make it automatic and even fun? You might consider using Qapital in your savings strategy.
• Investors think Qapital is on to something: they just landed $30 million in new financing
• Are you saving enough for retirement?  Here is an equation to help you figure that out.

Health Savings Accounts

• What are Health Savings Accounts (HSAs) and how do you use them?
• If you decide to open one, how much can you put in an HSA?
• If you use HSA’s you will want to understand the changes coming for HSAs in 2018 so you don’t lose out.

Innovative Savings Plan

• Pennsylvania lawmakers are proposing 529 like plan for savings for first time home buyers, hoping to enable more to achieve the “American Dream” of home ownership.

About the Author