One of the benefits of the recent financial crisis is the permanent increase of the FDIC insurance for savings accounts from $100,000 per depositor, per institution to $250,000.
Another, is the general public’s increased focus on everything personal finance. Our friends at Moneysupermarket prepared an infographic today that will help with this very phenomenon: help you become more familiar with savings and money market accounts with some of the more frequently asked questions about them.
[Click on the picture below for the full sized version]
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Love the infographic.
Sadly the numbers of people who have no savings is also dire here in Australia.
I’m with Navy Federal and I recently asked them about raising interest rates, the lady just laughed like she heard a Richard Pryor joke. I got 2 CD’s with them, both have high interest as long as you add a minimum amount each month, but sooner or later I will look into either Ally or AmEx for an account I can’t touch…
That graphic page is way too busy. I don’t like it, too much junk on the page, too many colors and too many fonts. Hard to read.
I use the saving account for the 3 months emergency fund. That money needs to be accessible.
You’re right. I think the guys at MoneySupermarket will take this into account and improve on it next time around. Thanks for the suggestions.
I am not really a fan of savings account although I have one, I only use it to temporarily keep my money for expenses and bills payments. It may have a small interest rate but definitely a more secured one. But not to be used to fight off inflation.
I view them as a necessary evil. The interest is terrible but the account is necessary for emergencies.
I am a fan of high interest savings accounts at online banks. They have lower minimums than MMA’s and provide similar services. The only drawback is the 24 to 48 hour processing time.
What a great infographic. Thanks for sharing.
I think everyone who has any decent savings should have more than one way to save or invest it. The whole not putting all of your eggs into one basket deal is essential practice when dealing with money. Right now, I have term and whole life insurance (whole is like investing) with one company, savings with my bank, and investment and retirement accounts with another company. When my assets grow, I might even spread out more.