Making money off your savings

If you're looking for a better place to save money than your local bank, bankrate.com offers a rather useful comparison rate table of the highest interest rates on savings accounts, money market accounts and money market funds. And if you're not sure what the difference between these is, Austin Pryor's latest newsletter has an article on Why You Usually Get Your Best Savings Deals from Money Funds.

While the difference between 1% and 3% doesn't sound like much, it adds up. Even if you only have $5000 in an account with a 3% APY, that's an extra $150 per year in your pocket with no risk of losing your hard earned dough.

On a not so random side note... if you decide to open an account with ING Direct, let me know and if you list me as a referrer, they'll start you off with $25 in your account and I get a $10 referral bonus. They're offering 3% APY now, but with interest rates on the rise, you can probably find better rates with a money market fund.