Consumers Are Desperate for Alternatives to Low Savings Account Interest Rates

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Given the current environment of historically low interest rates, consumers are perplexed with where to put their cash savings. With bank interest rates paying just 2-4% (before income taxes and inflation) -- savers are put in the position of financially "treading water". A report written by a certified financial planner shows consumers how to fight back and use their savings accounts to beat the bankers at their own game.

Financial advisors say there are a number of alternative places for savers to stash their cash rather than in a bank or credit union, but some great ideas seem to be off the radar screen.

One of the most conservative ways that consumers can invest their cash is to pay off debt. Savvy consumers are figuring out that it makes much more sense to pay off their credit card and even mortgage debt, rather than earning a miserly taxable return on their savings. It's the perfect savings account alternative to accepting a meager (and taxable) interest rate from your bank.

The report, "The Wiser Mortgage Miser", was written by MJ Orr, CFP and explains a strategy for the most efficient way to take charge of their financial life! Whether it's paying off high-interest credit card debt or more specifically paying-off a 30 year mortgage in just 9-16 years, using this strategy with a small savings account can do wonders… without changing one's current lifestyle at all. And since there is no refinancing of your current mortgage, this smart strategy even works if your mortgage is larger than the current value of your home.

For example, the report describes exactly how to effectively use a $3,000 savings account that would otherwise only be receiving a 3% interest rate, in order to save an average of $72,000 of mortgage interest and fully pay-off their home in about half of the time. Of course, some people will save less and others will save much more interest based on differing financial situations.

Interested readers can get a free download of the first four chapters describing this little-known financial concept by clicking here: mortgage acceleration. One of the bonuses for people who purchase the report, is a $250-Off coupon for inexpensive software to show consumers exactly how much interest they can save and how many months until they can finally "burn their mortgage" by implementing this financial strategy for themselves.

For savers with as little as $5000 who are on the opposite end of scale and looking for much more aggressive alternatives to low-paying savings accounts, there are some interesting ideas that aren't the run-of-the-mill "BUY, HOLD and…. Pray" investing in mutual funds.

Traditional asset allocation programs of mutual funds have left most equity-weighted investors in the same exact financial position as they were in a decade ago; so many investors are looking for better alternatives. And investing a portion of one's portfolio in select options strategies is increasingly becoming an attractive alternative to just owning equity mutual funds.

Don't let the word "options" scare you off. There are a number of conservative option strategies that can make money whether the stock market goes up, down or sideways. Two of these option strategies are known as "iron condors" or "Double Calendar Spreads".

When set up properly in a diversified portfolio with using only a portion of one's risk capital (keeping the rest in cash) these time-tested option strategies can generate monthly income or wealth accumulation.

Trading options properly is not speculation and it should be managed just like one would run ANY business. Mr. Orr markets an in-depth video course on how to conservatively trade index options (not individual stocks). Being conservative by nature, Mr. Orr highly recommends that new traders begin with trading practice "paper money" as they gain skills and confidence and then start entering into small diversified positions over time.

For a limited time, Mr. Orr is offering eight free downloadable training videos to learn more. To get your free option trading training videos please visit:

In summation, by using as little as $8,000 from a savings account and giving up earning the tiny interest rate that gets taxed and loses to inflation, one can both cut years off their home mortgage as well as slowly build their wealth. Readers can learn other smart personal finance tips by clicking
this link.

MJ Orr is a practicing Certified Financial Planner for nearly ten years and serves clients across the USA. He is also the founder of the Association for Personal Financial Independence(APFI). He can be contacted at 770-777-8309.


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