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Re: Re: What are some of your frugal tips? A


    Ah yes, depositing money into an interest bearing account. A
    GREAT idea. But, how much interest? Your local bank and credit union pay VERY LOW INTEREST. Yes, you say, but I don’t want to tie my money up in a CD. I might have to access it in case of an emergency, and then they will PENALIZE me for early withdrawal. Perhaps I should just leave several thousand dollars in my savings or in my interest bearing checking account….just in case. Haven’t you heard? There’s a NEW PLAYER now! HSBC Bank pays 5.05% APY on savings accounts! No, it’s NOT APR, it’s APY. That’s Annual Percentage Yield, and it’s a little higher than APR. Isn’t 5.05% better than the 0.5% or 1.4% you’re getting now? Check it out here:
    Your money is FEDERALLY INSURED. If you decide to open an account, they’ll make it easy for you by withdrawing the
    money from your checking account, so you don’t have to
    mail them the money. You say it sounds scary? Well it’s
    not. I’ve already done it. It was easy. I put in $3,000
    that was only getting 1.4% interest in my credit union
    and it’s amazing how fast the interest is accumulating.
    No, I don’t work for them and I do NOT have any stock in
    their company.