According to the Bureau of Economic Analysis/US Department of Commerce, personal saving as a percentage of disposable personal income was 5% in January, compared with 3.9% in December. While the trend towards saving seems to be growing, people are leery about tying up their funds for an extended period of time while the economy still seems so depressed. Establishing goals for your savings and keeping your finances liquid in case of emergency are two important things to keep in mind when developing your personal savings plan. You want to save for something specific, while getting a good rate of return on your money. The obvious choice used to be a certificate of deposit, but with the instability of the economy you may want to have access to your funds in case something unexpected comes up. That’s why high yield internet savings accounts, such as cnbbankdirect, can be so beneficial.
These accounts allow you to access your funds easily with no penalty for withdrawal. With low minimum required balances and the ability to transfer online between your funding account and the savings account, liquidity is at your fingertips while still earning decent interest.
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