Many times we have good intentions of leaving the money in the account to draw the interest we intended when the account was opened, but if you're like most of us, for one reason or another by the time the interest is to be paid, most of the money is gone.

Of course we had every intention of this not being the case but it does happen. Now how can we break this habit? First never obtain an ATM card on a savings account, and if you do, leave it at home when you go shopping. A savings account after all is for your future.

Lets talk about interest rates. They can vary some from bank to bank so you might want to check out the different banks in your area before opening an account. If you have any credit unions in your area be sure to check with them . Many times if you can join the credit union, the interest rates will be higher than that of most banks. And, if you have reached that golden age many of the credit unions will have special benefits just for you.

Once you have gotten used to leaving your money in the account, you will be amazed by how fast it will grow. After awhile you might want to consider transferring your money to an even higher interest paying account such as a money market account. After all it's your money and the reason you have it in the bank is to make as much as you can in interest.

Once you have reached a higher level of savings there are many high interest paying accounts you can invest in. Most require a minimum amount to be invested, and some start at $5,000.00 and go up from there. But, unless you have a better plan in mind this is a safe and sure way to build that nest egg. That is not to say that all investments will work out. But, if a person is frugal with his or her money an able to successfully save it, in time more and more investments will prove successful.

If this basic plan is conducted in only two or three short years there will be a collective pool of money that can be used for other areas of your life. Once you have an account established it can be handled online in most cases, if you prefer.

There are many benefits to on line banking. One is the amount of time you will save; another is the cost of driving. Of course you will need direct deposit to gain the most from online banking. If you have never tried banking this way I think you will be surprised by how much time and energy you do save. After all, if you're like most of us, there are not enough hours in the day to do the other things we like to do. But, hopefully that savings account will get you one step closer to your dreams.