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| 3 Low Risk Ways to Make Up to 7.40% on Your Savings |
By:
Skyler Christensen |
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Smart Easy Ways to Earn Top Yields:
1. 4.30% with Rewards Checking:
Royal Banks of Missouri is paying 4.30%, but only on deposits up to $25K. Like other interest checking requirements, in order to get the 4.30% you have to open an account at a {Missouri|local) branch, complete ten qualifying debit transactions and one EFT transfer EACH MONTH - for the majority of savers that is too overwhelming.
2. Up to 7.4% at Bank Loan Mutual Funds:
Some of the best bank loan mutual funds for this year as stated by SmartMoney Magazine are: 7.4% at Nuveen Senior Income(NSL), 6.6% at ING Prime Rate Trust(PPR),and 4.4% at Fidelity Floating Rate High Income(FFRHX).
Be aware that these funds are NOT FDIC insured, and have risks like: volatility, restricted access to your funds (you can only take out principal quarterly or once a month), and the underlying bank loans you are investing in have been made to companies with low credit ratings and the default rate on these kinds of loans is presently 9.10%.
The good news is bank loan mutual funds deliver steady income and will increase their dividends as the economy recovers and interest rates rise. Because bank loan mutual fund prices are as of this writing low, you are also likely to benefit from price appreciation.
3. 1.55%+ Online Savings Accounts:
No Risk, Government Insured, increase with inflation, and allow access to your cash anytime you need it. As the economy rebounds, rates on money market accounts will rise; though the returns may not seem impressive right now, they're probably going to rise in 2010.
Conscientious consumers will make a habit to check money market rates at a website like RateCatcher to ensure they are getting the best interest rates available.
Online, it only requires a few minutes to open an account; then you can be ready for the almost certain rate increases. So, start/increase your savings fund now by opening a money market account today.
About the Author:
Skyler Christensen has earned a Bachelor's Degree in Business Administration and blogs about personal finance at RateCatcher.
His mission is to increase investor's ROI while decreasing risk.
Consumers can boost their gains on http://www.ratecatcher.com by visiting http://www.RateCatcher.com now. |
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