Four emails in six weeks

Everyone needs a savings account. For emergencies and for opportunities.

The emergency angle gets most of the press. But the opportunity element can be just as important. A missed opportunity is painful- especially when having some money in the bank could have made it happen.

Anyway- back to the title of this blog.

I have an online savings account that is connected with my local checking account. Easy to move money back and forth.

I like the interest rate the online savings account pays and the convenience.

I have received four emails from them in the past month and a half- first dropping the interest rate being paid from 1.2% to 1.05%.

The next email dropped the rate to 0.9% - then their message indicated 0.8% - and finally 0.6%.

I understand. Interest rates are low on bank accounts and money markets.

And it's ok- I only have enough in savings to feel secure and comfortable.

Take an inventory and make sure you have enough in savings- but please, do not have too much of your hard earned money at 0.6%.