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Getting your finances together online

In life few things are certain - but we can expect the unexpected. One year you may be rolling in savings while the next year you face the most unpredictable of scenarios and require a bankruptcy lawyer. This is why it's prudent to have a safety net. More people are taking advantage of online banking in order to organize their finances and plan for the future. Many prominent institutions have invested in powerful online tools for consumers, which allow you to keep track of your accounts, investments, and assets. If you're looking to get your finances together and assess your options, online banking could be a good avenue for you to explore.
Here are three ways it could benefit you to take your money to the Internet:
Diversifying your savings In today's economy it may make sense to rethink your retirement savings. Many people are diversifying their savings accounts by taking advantage of online banking accounts that give great rates on CDs, Money market accounts, savings accounts, and even IRA CDs. Learn how you can convert a traditional CD into a Roth IRA CD that will pay higher interest and void future taxation on your funds through contributions.
Finding a middle ground Many people use money market accounts because you get similar returns as from a savings account but with more access to your money. It's basically a mix between a savings account and debit account, with the benefits and disadvantages of both. You're not guaranteed the same kind of interest as with a traditional savings but you have the ability to withdraw money. For many people, this is a crucial feature. In case of an emergency, you can be assured you will access to your money without fear of crippling fees.
Investing with CDs Many people make Certificate of Deposit (CD) investments because they offer a multitude of financial benefits. They provide a variety of terms that you can fit to your situation; they provide short-term liquidity, they provide security as compared to stocks or bonds, they are FDIC insured, and they can offer great growth potential through plans of action like “CD laddering.”
Online banking is about more than just logging in to make sure your last cheque was processed. The more progressive banks are offering a range of options by which you can take control of your finances and make big decisions regarding the future of your savings account. These decisions may include diversifying your accounts and taking advantage of money market or CD accounts. Whatever option you choose, it's important to remember that your money is only as safe as you make it. It's up to you to choose a plan of action that safeguards your financial future.


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