Since I’ve been fortunate enough to actually have my side income go up almost 100 fold in the last 30 days, I’ve found myself looking for another way to save it properly. Yes, it would be a lot easier to just go and buy a brand new 50" LCD with the money among other things, but I’m trying to actually save for more longterm goals and put a big down payment on a house. So with great pleasure, I give you 3 places to recycle money smart during a recession.
The main point that people need to remember that there’s a difference between a savings account, and a high yield savings account. I’m not talking about a money market account. I’m talking about a real high yield savings account that is FDIC insured. So let’s kick off the three places with PNC Bank.
PNC Virtual Wallet
I checked out PNC’s Virtual Wallet about a week ago and I’ve actually signed up with them since. It works very simply in terms of a regular bank account. When you signup for the account you’re presented with three accounts through one interface. First is your "checking". This functions exactly like a normal checking account. Second is your "short term savings" which is kind of like a "I don’t need these right now but I will in a month". I believe this middle account earns 1% interest. Finally there is the last account which is the actual savings account which should be your primary focus.
This last savings account earns 3% interest on any amount up to $25,000. After you pass the $25,000 mark it drops to 1%. I did not notice any restrictions on total money for the middle account, so I’m assuming any excess money you leave in the middle account will continue to earn 1%. It also includes free billpay, a really cool feature called the money bar, and other unique features that most other banks don’t have. This is a great account overall for what I refer to as receive & transition. To learn more about the PNC Virtual Wallet, click here.
FNBO Direct
FNBO Direct is a company run by the F irst N ational B ank of O maha. This is my primary high yield savings account for longterm growth. Advertising (as of right now) a 3.25% APY with free incoming wires (I haven’t noticed a single charge on ANYTHING with this account) this is great for longer term goals such as ones that are a year out. I’ve been using my account here for almost a year and the return based on interest literally stomps a regular bank account into the ground.
I’m not going to lie. Although this is a tough time, when I first signed up for this account it was a 6.00% APY. Boy did I enjoy that. I want to stress this main point however, this is purely a savings account . This is not for checking and/or billpay (although they do have features like billpay). It’s definitely worth checking out.
ING Direct
ING is another one of those known banks but not many people notice that they have a Direct section. Boasting a 2.75% APY (and a 3.20% APY on a checking account for over 100K) I had to put it in the list. The main reason I wanted to put it in the list was the 3.20% APY checking account. This would be great for a transition account for accepting paychecks and the like while deciding where to put it.
Sadly I don’t have an account with ING Direct so I can’t say too more about them, other than they’re highly recommended by a few of my friends. Here’s the link for ING Direct.
Overall
I know this list isn’t exactly huge or exciting, and for a lot of you I bet you didn’t learn a darn thing. However for some of you I hope I was able to help in some way. Also take note this is not a suckers overview and there are no affiliate links in this post at all. So enjoy the information and leave a comment if you wish. 
PS – Tweet Tweet @RobertAdler
{ 4 comments… read them below or add one }
Great post. I will read your posts frequently. Added you to the RSS reader.
Great post Rob, I’m going to have to try some of this action out.
Good information on your site. I am trying to build a good blog and would love any ideas you have to improve my site.
Rob – fantastic information here. I know that as an affiliate marketer I’m always looking for better ways to manage my money and save at the same time.
Thanks for the great information!
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