Update: December 22, 2017 Capital One 360 Savings Account now earning 1.00%
Transfer your savings to an account with a higher interest rate.
Now to be honest, this will not make you rich. This is just a way to capitalize on money that is already sitting there.
No doubt, everyone should have an emergency fund in a liquid (easy access) account and that is not at risk of loss. This is an account for when things go wrong and/or for the future. Stuff happens and you need money for it.
If you check the interest rate on your savings account, you may see a 0 followed by a decimal then followed by a bunch more zeros, than a number shows up. This just means the bank is using your money and in return you get, well, nothing. So why not send that money somewhere that will pay you to use your money.
The best way to do this is to look up the interest rates on savings accounts at Bankrate.com. Most likely, the highest interest rates are for online savings accounts. This is because they are not paying for brick and mortar locations. They save and you get paid.
The interest rates are still very low compared to stocks or bonds. Like I said earlier, this will not make you rich, it will only optimize what you already have. The good point about this, is that it is very easy. Just find the bank with the savings account you like, sign up and transfer money over. If you don’t already have money saved, just start an account and start saving. This is a one time process that will reap rewards forever after.
I had a savings account with a brick and mortar with an apr. of 0.02%. I transferred my savings over to a Capital One 360 savings account with a 0.75% apr. I am now making 0.73% more. It only took as long as it takes to type routing and account numbers.
Get $25 in a Capital One 360 Savings Account (Affiliate Link)
Multiple Savings Accounts with Nicknames
The feature that sold me on the Capital One 360 Savings is the multiple accounts. You can open up to 25 accounts and give them nicknames for free. I do this to organize my specific savings goals. I have one for vacations, one for big purchase and etc.
Why not get the most you can for your money?