SAVINGS ACCOUNT RATES » Savings News

At Worthington Federal Bank in Alabama is offering a competitive 1.50% APY for the Extreme Savings Account. Here are some details of the account.

• 1.50% APY for balances of $1,000 and over
• 0.75% APY for balances under $1,000
• Maintain $100 minimum balance to avoid $7 maintenance fee
• Interest accrued daily and compounded quarterly

$100 minimum is required to open the account.

>> Savings Accounts

Other Terms and Conditions may apply to this offer - please contact the financial institution to review.

You've just received news that you'll actually be getting your year-end bonus check. Your first instinct is probably to run out and buy as much as you can as soon as you receive the check, but believe it or not, there are more responsible ways to handle the money.

So before you plan to blow all of your money, consider the top 10 things you can do with your upcoming bonus.

1.Purchase a Life Insurance Policy

If you don't already have coverage for your family, now is the time to think for the long term.

While your year-end bonus could provide some short-term financial solutions, life insurance offers financial security in the event of your premature death. Using part of your bonus to finance a policy is a great investment for the future.

Instead of having a few thousand now, your family could have a few hundred thousand down the line.

2.Reduce Your Credit Card Debt

Another great way to take advantage of your bonus is to pay down some of your credit card debt.

If your card has held a balance dangerously close to its limit for some time, it's good to pay it down; however, keep in mind that credit card issuers often penalize customers for paying off their entire balance.

So, before you commit to using your bonus for this purpose, it's good to learn more about ways to pay down your debt.

3.Cut Down Your Annual Expenses

Receiving an annual bonus provides an excellent opportunity for you to set aside money for your annual expenses - things that are not a part of your monthly budget.

For instance, you could set some of the money aside to pay for your personal property taxes and vehicle registration renewal. Or you might save some for your child's school clothes, shoes and supplies.

4.Save for an Emergency

This is a great time to set aside some of your money for emergencies (ex. if the car breaks down or your hours get cut on the job). You never know what type of emergency could pop up, which is why it's a good idea to always be prepared. If you're not sure of how you can save for an emergency, take time to review ways building an emergency fund.

5.Pay Your Taxes Early

If you think you'll owe taxes for the tax year you receive your bonus, you may want to dedicate some of the money to paying your taxes down or off, this way less will have to come out of your paycheck.

If your taxes are complicated and you're worried getting audited could spell trouble for you, you might invest some of the money in hiring a tax professional who could prepare your tax forms properly and save you money down the line.

6.Set Aside Money for Your Nest Egg

Investing in your retirement is more important now than ever.

With the financial crisis affecting millions of 401k plans and IRAs, now is the time to create a diversified portfolio that will grow in the coming years. Whether you're looking to rebuild your nest egg after losing some of it, or you're starting to save for the first time, it's a great idea to designate some of the bonus to this important task.

Finding out how much to set aside is a great way to start.

7.Hire Professional Assistance to Increase Your Credit Score

In addition to paying down your credit card debt, you could consider designating some of your bonus to work with a debt consolidation or settlement company.

Depending on who you work with, you will likely have to pay a fee for their services, but the payoff would be reducing your overall debt and increasing your credit score with the help of professional assistance.

8.Open a Health Savings Account

With Medicare in danger of bankruptcy not even a decade down the line, it's a good idea to set aside money in a health savings account (HSA) for retirement health expenses.

Even with Medicare, current retirees have to pay as much as $6,500 a year in health care costs. To avoid health care cost issues down the line, it's good to begin investing in an interest-bearing health savings account from your local bank or credit union today.

9.Invest in Your Children's College Savings

In 2009, four-year public college tuition costs averaged $7,020, while private institutions averaged $26,273.

According to FinAid.org, college tuition is increasing at an average rate of 8 percent per year, so if you have young children, it's a good idea to invest some of your bonus in their college futures. You could place money in an interest-bearing savings account or save in these other ways.

If you're not sure how much to set aside, take advantage of our handy college savings calculator to help you decide.

10.Buy Your First Home or Upgrade the One You Have

With the First-Time Home Buyer Credit being extended until July 1, 2010, this is a good time to use some of your bonus toward a down payment on your home. If you close on your home before the end of the year, you have the opportunity to obtain up to an $8,000 credit for the 2009 tax year - or up to $6,500 if you're trading up from your current home to a newer one.

While it's important to make sure you use your bonus in responsible ways, it also doesn't hurt to spend a little for pleasure (shopping, family outing, etc.). You've worked hard for your bonus, so unless you're in a stressful financial situation, you might designate some of the bonus for you as well to help maintain your worker morale for another year.

Although "eat, drink and be merry" may be your mantra this upcoming Thanksgiving, doing so on a budget is probably a mandate of the feast.

Even if you are greatly concerned about this expense, now is not the time to try less expensive or alternative fair . Thanksgiving is a national holiday that...

Dollar Savings Direct recently lowered its savings account rate to 1.60% APY . The rate was last reported at 1.70% APY. The features of the account, however, have remained the same and include:

• No monthly service fees
• 24/7 access to your account online
• Ability to link to your current checking...

If you're looking for a reasonable APY on a savings account, you might take advantage of the 1.40% APY with the Online Savings Account from Workers' Credit Union . Some details of the account include:

• Minimum daily balance to earn interest $50
• No fees or minimum balance requirements
• eStatements...

The Reward Savings Account at Lake City Bank Offers an impressive 2.01% APY . This account is similar to a reward checking account in that it rewards on lower balances. Here are some details of the account:

• Earn 2.01% APY on balances up to $50,000
• $50 minimum to open
• $200 minimum required to...

From the day after Halloween until the new year kicks in, stores start changing over their merchandise, commercials promote the "must haves" for the season and from your local pharmacy to the biggest mass retailer, there is a battle for your hard earned dollars.

It is no wonder that many find...

Thanksgiving through New Year's day marks the traditional American holiday season. For many, that time is stressful because of the expenses associated with the celebrations.If you are old enough to realize that Santa Claus is not real and it is up to you to fill the stockings of your friends...

Recently, CNNMoney.com asked Americans if they would be interested in helping to pay down the national debt, and the answer seemed to be a resounding "No!"

However, there is indeed a $12 trillion debt to pay down, and Uncle Sam is looking for Americans to make tax-deductible donations to help...

ShoreBank has lowered its Online High-Yield Savings Account rate to 1.95% APY from its previous rate of 2.15%. There are some definite perks to this account, even though the rate has dropped some (the rate is still very competitive, by the way).

Some continued benefits of the account include:

• 6...