347 Years to Double Your Money?

Check out this article from Motley Fool:

Double Your Money in 347 Years!

Just look at the going rates on savings accounts at some of the biggest banks out there. According to investmentguru30's research, Bank of America (NYSE: BAC) clocked in with a 0.2% rate -- the best out of the rates he looked at.

Patience, grasshopper. You're going to need it. At 0.2% interest, it will take 347 years before your money doubles. But watch out -- don't dare let your balance drop below the required account minimum or make a fourth withdrawal during the month (you're only allowed three for free). Make one fee-generating move, and you could wipe out a year's worth of interest -- a whopping $2 on a $1,000 balance after one year -- in a single moment.

Hope is not lost, however. Thanks to online savings accounts, like the ones offered through MoneyAisle, you can get a much higher interest rates on either your bank CDs or your Savings. Playing the stock market (especially lately) is risky, and it's important to have cash on hand. If you're going to have cash on hand, you should be sure that you're maximizing the return on your savings as much as possible. Try a savings account auction at MoneyAisle - banks battle it out to give you a great rate on your savings - any time. It's free, and there's no commitment to buy.

And you won't have to wait 347 years to double your money.