Pull out your wallet. Take out all the cash you have. Go to the nearest window. Open it. Throw it out the window.
If you have money sitting in a savings account at a big bank, that's exactly what you're doing every single day.
The average interest rate in a savings account at a big bank is 0.1%. If you're storing a $50,000 emergency fund in there you are earning a mind-blowing $75 per year.
Online banks don't have to pay for their brick-and-mortar branches, so they typically offer rates on savings accounts that are much higher.
Don't throw your money out the window. Keep your emergency fund some place that's paying a good interest rate.
If you don't like Ally or Capital One, then click here to check out Bankrate's list of high-yield savings accounts.
They'll pay you an extra $850 a year to do it!
DISCLAIMER: This publication is for educational purposes only and should not be considered financial, tax or legal advice. These statements have been simplified for illustration purposes. Consult your financial planner or tax advisor for help with your specific situation.