How to earn higher interest on your military money

Military families that maintain strong savings accounts are less likely to fall prey to short-term payday loans with high interest rates and huge credit risks. You want to earn high interest on your military money, not pay out high interest on predator loans or high credit card rates for purchases.

So why not earn the highest interest rates possible on your military savings accounts? It's easy enough. There are bank products available, probably right at your local savings bank that will pay you more interest, have no risk, and are readily available.

First, consider money markets. If your military family needs fast access to your savings, money markets can give you higher interest rates and instant access to all your cash. Look for high interest, low monthly maintenance and small minimum balances.

The best money market accounts are tiered to pay you the highest potential interest on your balances, and offer flexibility and easy accessibility.

Money market accounts offer you many of the same benefits as certificates of deposit with the added benefit of being a checking account.

Military personnel can open a money market account easily at most banks. Depositing money in a money market is as easy as depositing cash into a savings or checking account. Some banks limit the number of checks that can be drawn against the money market account each month. The rate of interest is directly proportional to your deposited assets, making money markets more beneficial as your deposits grow.

Now - have you heard about Sweeps Accounts? You can actually earn more interest on your money while you sleep...hey, why not? Sweeps Accounts pay you higher interest rates overnight. A Sweeps Account invests your checking account balance overnight to earn higher interest on your money. Yes, there are banks that can turn your idle balances to hardworking capital, while you're fast asleep.

Here's how a Sweeps Account works: the bank analyzes your accounts for your daily transaction volume, your peg balance needs and more. They'll invest the remaining balance overnight in a high-level investment fund or secure money market portfolio, offering you a flexible and secure investment while generating the best possible overnight returns. 

Make sure your bank offers a Sweeps Account that is one of the highest-rated Sweep Investment Options, and administered through Federated Securities Corp.

Saving money is easier than you may think. Even if your military salary is a limited one for now, try allocating consistent savings from each military paycheck of just $10 or $20 a month and see how nicely it adds up over time, perhaps for your military family's next vacation. Creating automatic savings from your military salary is as easy as contacting your bank , getting your savings account and bank routing numbers, choosing the amount you want deducted from each military pay, and clicking submit. Instant savings. Now it's up to you to make that money work hard with the highest interest rates possible. You deserve it.