How to Save Outside of a Brick-and-Mortar Bank and Make More Money Your options are far and wide when you look past the big banks.
By Jeff Rose
Opinions expressed by Entrepreneur contributors are their own.
In this video, Entrepreneur Network partner Jeff Rose offers some helpful alternatives to putting your savings in a brick-and-mortar bank and bank account. These include:
- Online savings accounts. Online banking has become more of an option recently. For these online banks, Rose emphasizes making sure they are FDIC-insured. When these online banks do not have brick-and-mortar locations, which come with many attached costs, they may be able to pay more towards things like interest.
- U.S. Treasuries, or T Bills. An old-fashioned choice for some, but a good alternative to banks, especially considering the ease of purchasing on the Treasury website.
- Stocks that concentrate on dividends. Many of these stocks, when purchased online, can pay single-digit percentages versus the 0.5% or 0.8% of other stocks. These riskier dividend stocks are meant for longer-term investments, and can be an appropriate choice if you are not strapped for money and open to a fluctuating result.
- Bonds. Rose would concentrate on buying ETFs, though he warns that the fact a bond is not a stock, does not necessarily make it safer.
Click play to hear more from Rose about putting aside money without a brick-and-mortar bank.
Related: Why This Entrepreneur Never Regrets Turning Down a 6-Figure, Salary-Doubling Offer
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