Fwd: How To Earn Over 20x The National Savings Rate

Hello!

High yield savings accounts are a great way to grow your savings, but most people have their money in accounts with low rates. Unfortunately, that means many of you are losing out on some easy cash!

If you're like most people, you probably don't even know what interest rate you're getting on your checking and savings accounts. You were probably told that when you opened your account, but that could have been years ago.

Savings accounts at brick and mortar banks are known for having really low interest rates. For example, here are some of the lowest savings rates I've seen:

• Bank of America's standard savings rate is 0.03%
• Wells Fargo Platinum Savings has an APY of 0.05%
• U.S. Bank has a standard savings rate of 0.01%

Those rates are crazy low, which means your money just isn't growing as quickly as it could.

This is why I was so excited to meet the people at VARO Money in person. VARO is a mobile banking app that offers free checking and high yield savings accounts.

Those banks I listed above often do have accounts with higher APYs, but that's once you have a high balance, like $25,000+.

Varo offers a higher than average APY to all of their customers, even if you are starting with just a penny. That means the average person can start growing their savings at a higher rate, which helps you save even more money.

If you're looking for a free checking account, as well as a higher than average interest rate on your savings account, look no further!

With VARO, you can start earning 2.12% with a balance as low as $0.01. Once you have grown your savings, you can earn up to 2.80%.

How does that compare to the national average savings rate? While it's actually higher than the ones I listed earlier, it's still a very sad 0.09%. That is a HUGE difference from what VARO is offering. If you are only getting 0.09%, then you are losing out on easy, passive money.

For example, if you have a $10,000 savings balance, you could be earning up to $280 a year just by having a high yield savings account with VARO. With the national average, you would only earn $9 a year.

Over a 10 year period, that same savings balance with a 2.80% balance would earn you an additional $2,800, whereas a savings account with an interest rate of only 0.09% would earn you a mere $90.

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Thanks!

Jo-jon

---------- Forwarded message ---------
From: Michelle Schroeder-Gardner <michelle@makingsenseofcents.com>
Date: Wed, Jun 12, 2019 at 11:49 AM
Subject: How To Earn Over 20x The National Savings Rate
To: jon-jon <joaoa.dsilva2019@gmail.com>

Michelle at Making Sense of Cents

*I'm an affiliate for VARO and may receive commission if you sign up. It's a service I highly recommend!

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