Don’t mistake what I am saying here. I am not saying that saving is dumb but savings accounts are in general a bad idea. Below I go over why savings accounts are bad and the alternatives you should be using or at least exploring.
Wasted Money
Savings accounts have notoriously low rates of return. According to the FDIC (Federal Deposit Insurance Corporation), which insures banking accounts, the national average savings rate is just .09%. We can be kind and round it to .1%.
Even on the high yield side, you are only looking at about a 2% annual percentage yield (AYP).
So lets say you have $10,000 in a savings account and you leave that money in there for one year. On average, you are going to have $1 dollar more and if you go after a high-yield account $2. And if you let $1,000 dollars sit in a savings account you would have a whole 10 cents or 20 cents respectively
Wow! Aren’t you lucky that you socked away money in that good ol savings account…
Do not fall into the trap. Always be thinking and driving for your money to make money for you. Do not be afraid to take a risk.
Instead of parking your money in a savings account try one of the following:
- Roboadvisor – Wealthfront
- ETFs (Exchange-Traded Funds) via Robinhood
- Individual Stocks via TDAmeritrade
Each of these options will actually put your money to work so that it is making money for you rather than just laying there on the sofa accumulating pennies that happen to slip through the cracks.
Do not follow old and trite advice. Explore and find what works best for you.
miserlymoney.com 
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