You want a good way to save for your future? I have a new online bank to tell you about that’s paying what amounts to a high rate of interest in today’s economic climate.
There’s a great organization that has built a history helping those in the academic field to invest and save for retirement. It’s called TIAA CREF.
Now TIAA CREF has launched a full-fledged online bank called TIAA Direct. Right now, they’re offering a simple savings account at .75% APY. (The interest rate can change at any time without notice.) Years ago, that rate would be a joke. Today, though, that’s a pretty good rate!
You need $25 to open the High Yield Savings account. Once it’s opened, then you can deposit money on your iPhone (no similar Android app yet!). Plus, you can access your money at a network of 23,000 free ATMs across the country.
Your statements are online. Pretty much everything is online. Like any other online bank, you can tie this one into an existing checking account.
TIAA Direct is also offering deals on home equity lines of credit (HELOCs) right now because they obviously have a lot of money to lend. So check ’em out as one more option to try to put money to work that’s basically not working for you right now.