Wednesday, May 9, 2007

A Little Savings for a Rainy Day

Since the advent of widespread use of the internet circa 1997, individual investors have all but abandoned traditional savings in favor of online trading, which is quick, easy and cheap.

The trouble with investing is that sometimes capital can be tied up for years, borrowed against or outright lost. Therein lies the American dilemma: the lowest savings rate in more than 70 years.

The previous generation of savers and investors - many of whom lived through the rigors of the Great Depression - was more inclined to save rather than invest, but Baby Boomers have lived a life of relative comfort, absent large scale economic catastrophe. Various recessions and the stagflation of the 70s accounted for about the worst of times for the current generation.

Lately, however, there's been a push to devote funds to actual savings - as in savings accounts - as a barrage of banks and other financial institutions have begun offering attractive interest rates on savings. affords consumers the opportunity to review the merits of some of the best savings account offers online. The recently launched site features short reviews with links to mostly online banks like FNBO Direct, Wells Fargo, HSBC, AmTrust, Emigrant Direct and others, offering interest rates ranging from 2.75 to as high as 6%.

It's a good place to start or expand your saving regimen as that rainy day seldom announces itself far in advance.

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