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Savings & Spending Tips Cost of Banking An important place to make sure you're maximizing your earnings is in your bank accounts. This means both the interest you are earning on your account and the fees that you are being charged. Also, as you accumulate money, reposition it into higher-yielding investments. Does your checking account earn interest? Are you taking advantage of direct deposits into interest-bearing accounts? Are you banking with institutions that do not charge outside ATM fees? Is that 3% money market you opened eight months ago still paying you 3%? Do you get charged for talking to a teller?   Money Management Tip: The Rule of 72 The Rule of 72 is a way of determining approximately how long it will take for your money to double at a given rate of return. Example: Money earning a 3% annual rate of return will double in 24 years (72 divided by 3% = 24) Money earning a 6% annual rate of return will double in 12 years (72 divided by 6% = 12) See the Investment Types Course for further information.   Did You Know? You need a quick $20, but all you can find is the local bank (not yours). If you withdraw from its ATM, you will be charged $1.50 (on avg.). The chances are pretty good that your bank will also charge you for a total charge of $3.00. That's a 15% penalty on your $20 withdrawal! < PREVIOUS NEXT > #38599