Did You Know?: 3 Ways to Save Your Savings**

Savings rates have seen better days. But that doesn't mean there aren't attractive rates out there to work with. In the current economy, saving should be a top priority. You never know when you may need to rely on your savings to temporarily replace a regular paycheck or pay for an unexpected expense. You can also use your interest earnings to help offset the increasing cost of living overall.

1. Aim high. Search wide.
   To maximize your savings efforts, find the highest possible interest rate on your savings account. A quick way to compare similar savings products and find really great promotions at various financial institutions is to check out online rate comparison tables. With just a few clicks, you can compare the rates being offered on various regular and promotional savings products from a handful of different banks and credit unions. You should also consider a few different types of savings products. The best rate may be on a savings, checking, or money market account, so review all three options to find the most attractive offer for you.
2. Contribute regularly.
   Interest earnings will always accumulate faster if the interest rate is being applied to a larger amount of money. If your savings product allows you to contribute additional funds, you should schedule regular deposits. Make things even easier and schedule automatic transfers or direct deposits from your paycheck or checking account.
   
   If you choose to use certificates of deposit (CDs), consider laddering them to ensure your funds remain relatively available. CD laddering allows you to take advantage of the higher yields (of longer term CDs) while still allowing your funds to remain relatively flexible (using short-term CDs).
3. Know your risk exposure.
   It's important to realize that you're not alone. There are government organizations and guidelines in place to safeguard you and your finances, but you should be fully aware of their limitations. For instance, make sure your accounts are fully FDIC-insured. For most, the FDIC now covers up to $250,000 per depositor per financial institution. For full details about FDIC insurance, please refer to the FDIC Web site located at http://www.fdic.gov.

** © Copyright 2009, Informa Research Services, Inc. ("Informa"). While all attempts have been made to provide effective, verifiable information in this article, neither the author nor Informa assumes any responsibility for errors, inaccuracies, or omissions. You should always seek the guidance of a licensed professional before making any major financial decisions.