Show me the money? For many frugal-minded consumers, it's as simple as opening up a a new bank account.The average brick-and-mortar bank boasts minimal annual percentage yield (APY) compared to the slew of online banks boasting much higher returns. For example, the online Ally Bank earns 1.25 percent APY compared to Bank of America's .05 percent.
Our advice? Open an online savings account. Check out this list for the more popular online savings and checking accounts.
Also, several savings institutions are offering to-die-for perks to win back customers.
When shopping for a new bank, remember to ask them for latest sign-up deal, because the savings institution may not tell you about their current offer.
Click here for a list of bank perks.
