The highest savings account interest rate we have seen here, available to those in the US, is 3%, which is to low to bother with because it is not even keeping up with inflation. Why put money in a bank savings account if it is going to lose value over time even if it earns interest? You would be better off buying gold bullion.

How about putting it into a Paypal account instead, which is, at this writing in Mar '07, paying just over 5% interest. In addition to being able to buy and sell things online using Paypal, you can, once qualified, receive an VISA ATM card for your Paypal account. You can transfer money to and from your bank account for free. So you have virtually the same access to your money as if it was in the bank.

Paypal is a powerful financial tool for virtually everyone. If you deposit all the funds you receive into your bank account as soon as you obtain them and immediately transfer those funds to your Paypal account, you will start earning a comparatively good rate of interest. Then pay bills and pay for living expenses with a credit card that has a no interest pay off period. Pay the credit card off before you trigger an interest payemnt from your Paypal account. That way you will earn interest on the money you earn between when you recieve it and have to pay it out.

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